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QuickBooks Online

The Ultimate Guide to All Online Plans

CPA911 Publishing, LLC

QuickBooks Online Basics

• QuickBooks Online vs. QuickBooks Desktop

• Choosing a QuickBooks Online Plan

• Which Web Browsers Are Supported?

• Subscribing to QuickBooks Online

• Logging into QuickBooks Online

• Browser Tips

• Accounting Basics

While QuickBooks Online has been around for quite awhile, it is only recently that it has become a major player in the accounting software arena. According to Intuit, there are now more than one half million QuickBooks Online subscribers, and the number is increasing daily. In this chapter we're going to first determine if the service is right for you, and then move on to some of the basics needed to use it efficiently.

ProAdvisor NOTE: New subscribers to QuickBooks Online are automatically set up on the newest user interface. Existing users are being ported over to the new interface. Therefore, if you're an existing user, some of the screenshots and instructions may not yet be applicable to your service. However, once your company file is move to the new interface, everything will match (except for changes made since the writing of this book).

Is QuickBooks Online Right for You?

The first thing you have to decide is if QuickBooks Online is going to provide you with all of the tools you need to track your company's finances. Let me begin by saying that QuickBooks desktop software users are going to find many of the same features, but in an entirely different user environment. Therefore, if you're contemplating switching, it will be a new experience, so be prepared.

Clearly, there are many benefits to using an online accounting service, so let's go over them first.

• Anywhere access to your accounting data. As long as you have an internet connection and a compatible computer, tablet, or mobile phone you can view and manipulate your accounting data wherever you are.

• Use mobile devices to access accounting information. With QuickBooks Online, you're no longer tied to your computer. You can also use your iPhone, Android mobile phone, your iPad or your Android tablet to access your data.

• Continual updates, both minor and major. With a QuickBooks Online subscription, you never have to update your software. The updates, including minor bug fixes and major overhauls, are automatically applied to the service when available.

• Multiple platform support. Access your data using Mac or PC.

• No need for a special QuickBooks server as all users log into the service and have immediate access to the same files. Only the Essentials and Plus plans offer multiple user logins.

• Automatic backups. Your files are hosted on Intuit's servers and are backed up automatically each night.

• Use FIFO inventory valuation method. The Plus plan, which is the only plan that supports inventory tracking, uses the FIFO (First In First Out) method. Only the QuickBooks Enterprise with Advanced Inventory desktop program offers FIFO.

• Invoice automation (Essentials and Plus only). Generate and send invoices, credits, and sales receipts automatically.

ProAdvisor NOTE: A personal observation about automatic updates. I signed up for Simple Start free trial while writing this book. I found that I was missing an option in Company Settings that all of the articles said should be there. I posted a query to the Intuit Online Community and found that someone who had signed up for a Simple Start trial version three weeks earlier indeed HAD the option. I then contacted QuickBooks Online support and was informed that I had a newer release of the service in which the option had been moved, and that the other person would eventually be updated to the new release. It makes me wonder just how automatic the updates really are.

While there are a great many advantages to using QuickBooks Online, there are, unfortunately, some drawbacks as well.

• Cost. If you need sophisticated features such as inventory tracking, 1099 preparation, budgets, class tracking, and location tracking you'll have to sign up for the most expensive plan, Plus. All these features (and more) are available in the QuickBooks Pro desktop version.

• Multiple company files. If you have more than one company for which you track finances, you'll have to subscribe to a new plan for each company with QuickBooks Online. Using QuickBooks desktop software you can track unlimited companies.

• Advanced features such as sales orders, progress invoicing, change orders, job costing reports, and the ability to receive partial purchase orders are only available in QuickBooks desktop versions.

The bottom line is, if you only want to track a single company, need the benefits of an online service, and can live without the advanced features lacking in QuickBooks Online (see previous bullet list), the service is right for you.

QuickBooks Online Plans

QuickBooks Online currently comes in three versions (plans). As you might expect, each version offers different options at a different price. Obviously, the more options, the higher the price. You can find a handy comparison chart at http://quickbooks.intuit.com/online/compare.

ProAdvisor NOTE: Some things that you will NOT find in any online edition are multiple currencies, job costing, price levels, progress invoicing, and memorized transactions.

Simple Start

For the basic user with minimal needs Simple Start is the ticket. It offers income and expense tracking, but no accounts payable or inventory tracking. In addition, you're limited to a single user. Simple Start also lacks advanced features such as 1099 preparation, budgets, class tracking, and location tracking. In addition, it is limited to 20+ reports. At the time of this writing the subscription price is $12.95/month.

Here is a listing of specific features found in the other plans that are missing from Simple Start:

• 1099 Preparation (Plus only)

• Attachments — This is the Attachments center, where you can upload and store attachments for later use. While Simple Start does not have access to the Attachments center, Simple Start subscribers can still attach files to individual transactions

• Automatic Invoicing

• Budgeting (Plus only)

• Class Tracking (Plus only)

• Custom Fields

• Delayed Charges

• Delayed Credits

• FIFO Inventory Valuation (Plus only)

• Inventory Tracking (Plus Only)

• Location Tracking (Plus only)

• Multiple Users

• Purchase Orders (Plus only)

• Recurring Transactions

• The ability to enter bills

• The ability to pay bills (logical since you can't enter them)

• Time-Tracking (Plus only) — both single activity and weekly timesheet

• Vendor Credits

The bottom line here is that Simple Start will work fine for you if you want to invoice customers, track your income, expenses, and sales, do payroll, and run basic reports. If you need accounts payable (tracking bills), automatic invoicing, purchase orders, inventory tracking, and the other things on the list above, you need to move on to the Essentials or Plus plan.

Essentials

The Essentials plan, which currently costs $26.95/month, includes everything in the Simple Start plan plus the following:

• 40+ Plus Reports

• Accounts Payable (enter and pay bills)

• Automatic Invoicing

• Custom Fields

• Delayed Charges & Credits

• Up to 3 Users

Plus

Plus includes everything found in Simple Start and Essentials, but adds the following:

• 65+ Reports

• Budgets

• Class Tracking

• FIFO Inventory Valuation Method

• Inventory Tracking (on hand quantities)

• Location Tracking

• Prepare 1099s

• Purchase Orders

• Time-Tracking — single activity and weekly timesheets

• Unlimited reports-only users

• Unlimited time-tracking-only users

• Up to 5 Users

Plus is currently priced at $39.95/month.

Upgrade and Downgrade

If you have subscribed to Simple Start or Essentials you can upgrade to Essentials or Plus. If an upgrade option is available, you'll see an Upgrade icon in the upper part of the screen. As a matter of fact, if you try to access a feature not available in your version, you're automatically taken to an upgrade screen.

Downgrading is another story. If you are subscribed to Essentials or Plus, you cannot downgrade to Simple Start or Essentials. You'll have to cancel your current subscription and create a new subscription to the desired plan.

Supported Browsers

I know that I read somewhere that QuickBooks Online is browser independent. It's mostly true; however, when I tried accessing the service with the Opera browser, QuickBooks Online balked and told me to try one of the preferred browsers. For the best results it's recommended that you use Chrome, Firefox, or Internet Explorer. Clearly, the newer the version, the better. Actually, QuickBooks Online works best with Chrome, so that might very well be your first choice.

Subscribing

There are two ways to subscribe, depending on your current accounting system. If you're already using a QuickBooks desktop application (either PC or Mac) you can subscribe by exporting your desktop company file to QuickBooks Online.

ProAdvisor TIP: As of this writing, none of the U.S. versions of QuickBooks Online support multiple currencies. If you need multi-currency support you'll have to sign up for one of the international versions (http://global.intuit.com/choose -country.jsp).

Unfortunately, using this method automatically signs you up for the QuickBooks Online Plus version, from which you cannot downgrade. If that's the plan you want, check out the section entitled "Importing from QuickBooks Desktop" in Chapter 3 for detailed instructions.

ProAdvisor TIP: It you want to subscribe to a Simple Start or Essentials plan, you can subscribe on the QuickBooks Online website, and then import your desktop company data after you login to the online company. See the section entitled "Importing from QuickBooks Desktop" in Chapter 3 for more.

Subscribing online is simple. Head to the QuickBooks Online website (http://quickbooks.intuit.com/products) and click the Try It Free for 30 Days link for the plan you wish to subscribe to.

ProAdvisor TIP: Ask your accountant if he or she subscribes to QuickBooks Online Accountant. If so, you may be able to get a discount by signing up through your accountant.

You're immediately asked for basic info to create a user id (see Figure 1-1).

Once the company is created, QuickBooks Online is launched, and you're asked for the additional information shown in Figure 1-2.

ProAdvisor TIP: If you plan to import your desktop application data you should enter the company name (the only required field on the form) and click the Save And Next button. When you get to the third screen (Figure 1-3) be sure to answer Yes to the import data from QuickBooks question. When you click Save And Next, a dialog appears, asking if you're ready to import from QuickBooks. Click Continue to perform the import. The information in your desktop file will overwrite whatever you enter here (assuming your desktop company file already contains the information).

As you can see in Figure 1-2 above, with the exception of the Company Name field, all other information is optional at this time. After you fill out the company information click Save And Next to move to the final setup screen (see Figure 1-3).

The questions are self-explanatory, but if you have any problems, you can always change your answers later (Tools Menu (gear icon) |Settings | Company Settings). Once you're done click Save And Next to move on to the final setup page which provides some statistics on your business and a listing of features and settings customized for your particular business type. Click Save And Next to be taken to the QuickBooks Online Home page where you can begin utilizing the program.

See Chapter 3 for detailed instructions on setting up a new company and importing data from QuickBooks desktop or other applications.

Logging in

Point your browser at https://qbo.intuit.com, enter your User ID and Password, and click Sign In. It doesn't get much easier. Once you get to the login screen you might want to create a bookmark to make it easy to access.

Browser Tips

Regardless of which supported browser you're using, there are a few things you can do to improve your experience with QuickBooks Online.

One of the first things you should do is enable pop-ups. QuickBooks Online uses them, and if pop-ups are disabled on your browser, you'll go crazy trying to figure why QuickBooks Online isn't working. Check this document for instructions on turning off popup blockers in the different browsers -https://qboe.custhelp.com/app/answers/detail/a_id/2701.

Create Separate User Profiles

Since Chrome is the preferred browser, let's start there. Chrome allows you to create separate user profiles with which you can open separate company files simultaneously. This comes in handy if you need to compare data in two or more company files.

To create a new user profile in Chrome, follow these steps:

1. Click the Chrome menu icon (three horizontal bars to the right of the Address Bar) and select Settings from the menu that appears.

2. Move to the Users section and click the Add New User button to display the Create User window shown in Figure 1-4.

3. Select an icon for the new user profile.

4. Give the new user a name.

5. Check or uncheck the Create A Desktop Shortcut For This User option. When the option is enabled, a shortcut is placed on your desktop, which you can later use to open Chrome with the selected profile.

6. Click the Create button to add the new user and open a new instance of Chrome using the user profile you just created.

ProAdvisor TIP: After you create one new user profile a user icon appears in the top left corner of the Chrome browser. To create additional users simply click the icon and select New User from the drop-down menu that appears.

Creating a new user profile in Firefox is a little more complex. You have to first run the Profile Manager and then create your new profile. For detailed instructions go to Firefox support (https://support.mozilla.org/en-US/home) and type create user profile in the search box. Click the magnifying glass icon to start the search. The first document that appears should be Use The Profile Manager To Create And Remove Firefox Profiles. Click the title to open the document, and follow the instructions.

Open QBO Screens in Separate Browser Windows

If you want to compare screens or reports in QuickBooks Online you can do so quite easily by opening each screen in its own window. In Chrome, some links offer the option (when right -clicked) to open the related screen in a new window. Even if the link doesn't offer the option you can still click the link, copy the URL, paste it into a different browser tab, and then drag the tab below the Address Bar to create a new window. You'll find most browsers work the same.

Bookmark QuickBooks Online Windows

Since you can't customize the navigation bars to include links to specific windows it appears that you always have to follow the same path to get a particular screen each time, regardless of how many clicks it takes. For example, let's say you run several reports each morning, including the A/R Aging Summary, an A/P Aging Summary, and Time Activities by Employee Detail reports.

The best case scenario is that you click Reports | Frequently Run | to open each report. By adding a bookmark folder called QBO Favorites to your browser's bookmarks toolbar and bookmarking each report you can reduce the access clicks for each to two — click QBO Favorites | . Only saving a single click is no big deal right? Wrong. Each time you start from scratch within QuickBooks Online you have to wait for each screen to load (Reports and Frequently Run). By bookmarking the reports, you bypass those screens and go directly to the report. To add a bookmarks folder in Chrome follow these steps:

1. Click the Customize icon (three horizontal parallel bars) on the right side of the Address Bar and click Bookmarks | Show Bookmarks Bar.

2. Right click the Bookmarks Bar that appears under the Address Bar and select Add Folder from the context menu that appears. The New Folder dialog seen in Figure 1-5 opens.

3. Enter QBO Favorites (or something similar) in the Name field.

4. Make sure that the Bookmarks Bar folder is selected in the list, and click Save. The Folder is immediately added to the Chrome bookmarks bar.

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Excerpted from QuickBooks Online by Thomas E. Barich. Copyright © 2014 CPA911 Publishing, LLC. Excerpted by permission of CPA911 Publishing, LLC.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

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