Small Business Webcast

Free Continuing Education for Small Business

Quickbooks Overview - Essentials Every User Should Know

Some things we are going to go over today are: Which version of QuickBooks is best for your business? How to memorize reports. How to make accounts inactive. Making and canceling an accountant’s copy and why an accountant’s copy is useful. Making and adjusting journal entries. Reconciling the payroll account when you are using an outside payroll service, and recording deposits in the undeposited funds account.

The first thing we will talk about is the QuickBook versions. There are four different versions of QuickBooks: QuickBooks Online, QuickBooks Pro, QuickBooks Premier, and QuickBooks Enterprise Solutions. Within QuickBooks Online, there are several different versions, as well. Some good things about QuickBooks Online is that you are able to access it anywhere you have the internet, so for those that are not in their office very often, traveling a lot and need access to their QuickBooks anywhere they go, I definitely would recommend QuickBooks Online. It also makes it easier for your accountant to access your QuickBooks account without having to do a backup, emailing it, bringing it on a thumb drive, or anything like that. You could just give your accountant a login and password to your QuickBooks Online and they can log in from wherever they are.


It is a subscription-based service. It is a monthly fee, and it does start at $12.95 a month. The different levels, the more features you want or need, the more it is going to be per month. If you are going to be doing payroll, not all of the levels do payroll. That $12.95 a month one does not do payroll, so you do have to take that into account what exactly you need to get out of it before you decide which one will be right for you.

The most basic desktop version is QuickBooks Pro. It allows for 3 simultaneous users, and it does work great for more small businesses. It is the most basic. It does allow you to do payroll if you purchase the additional payroll subscription, and as long as you are not working with a lot of inventory, if you are basically just using it as a check register with a few other basic functions, QuickBooks Pro should work fine for a small business.

QuickBooks Premier would be the next step up. It offers a few extra things that QuickBooks Pro does not. It allows 5 simultaneous users rather than just 3. It does give you some more industry-specific reports, and it does make it so that you are able to track by class. One example would be if you are a contractor working on multiple accounts and you want to be able to track your expenses by . . . maybe you are building 5 houses at once, you want to be able to track your income and expenses by those 5 different houses, that would be tracking by class so you would want to use QuickBooks Premier.

Then the highest level of QuickBooks is QuickBooks Enterprise Solutions. It is the most advanced version and you can buy industry-specific versions. You can get QuickBooks Enterprise Solutions: Contractor’s Edition. It allows for large inventory tracking and it does allow 20 simultaneous users. This is going to be a much bigger business where you are having multiple people needing to access your QuickBooks at once, or if you have maybe a retail business or a manufacturing business that requires a lot of inventory tracking. The payroll subscription is an additional cost per year for Pro, Premier and Enterprise Solutions, the Payroll module does not come for free with any of the versions.

Someone has a question: Paul asks, ‘Would you recommend Online level if you are a consultant? Could you access your client’s QuickBooks version?’ You are consulting for other people and you are wanting to check out their QuickBooks? If they have QuickBooks Online and you are trying to look at their QuickBooks, then Online would work well for them if you are trying to access it. If you just have a consulting business and you are traveling a lot, and you are needing to access it at any time, then Online would work well for you. If you have a laptop that you are with all the time, that you travel with, that you bring with you, and all you are doing is consulting, you are not tracking any inventory and you are the only person trying to access it, then QuickBooks Pro would probably work just fine, as well. Does that answer your question, Paul? OK. Great.


The next thing I want to talk about is memorizing reports. If you are using specialized reports or have a report that you use on a regular basis, it is also a good idea to go ahead and memorize that report for easy future access. If every time you are going to QuickBooks and looking at a profit and loss you are pulling out the basic profit and loss open and then you are going to customize it, maybe change what is showing, changing the standard date range, just making little tweaks to it so it shows up the way you want it to and you are tired of doing that every time you open the profit and loss and look at it, then you can memorize it and access it basically every time you pull it up after you memorize it, it will show with the most recent date range, as far as information.


Basically, what you do is go down to Reports, and in this case, I am going to show you a profit and loss, so Company and Financial, and then open the Profit and Loss standard.


Once it comes open, you go up Modify Report to make any modifications that you want to it, so that it shows exactly how you want it to show. Once it is all ready to be memorized, you hit the Memorize button on the upper left. When you hit Memorize Report, this Memorize Report box will pop open and you can name it, in this case, I named it ‘Custom profit and loss’. Then you want to choose which memorize report group you want it saved in. I believe this case, I saved it under Company.


Once you have it memorized, if you want to access it again with the most current data, you go under Report, Memorized reports, then you would find the memorized report list that you put it under, Company. Then you can see my custom profit and loss. It is just a little time saver, as far as looking at reports; you do not have to go in and customize it every single time. Maybe you want to go in, and perhaps you pulled 4 reports on a monthly basis. You can go in, pull open all 4 of those reports, customize them exactly how you want them, memorize them, and you never have to do that customization again.


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