About QuickBooks Online Essentials
 
 

 

About QuickBooks Online Essentials


QuickBooks Online Essentials is made by Intuit, the same company that created the QuickBooks accounting software. QuickBooks Online Essentials is online software, or software as a service (SaaS). This means that you can access the software by going online and logging in. You do not need to download a program to your computer in order to use QuickBooks Online Essentials, but you can complete many of the same tasks that you would use the regular QuickBooks software to do.

QuickBooks Online Essentials is free to use for 30 days. After that, a subscription fee is required to continue using the service-based software. This is an excellent option for companies or individuals who don't have a lot of money to pay all at once for software, or those who will benefit from an online version because they need to access QuickBooks from multiple computers or locations.

QuickBooks Online Essentials contains all the features and tools that a small business, or even a contractor, would need to keep track of vendors, customers, and financial accounts. You can pay bills using QuickBooks Online Essentials, prepare payroll, and even print checks. However, to do things such as prepare budgets, keep track of employee time, and create purchase orders, you must upgrade your account to QuickBooks Online Plus and pay a higher monthly fee. The online version does not provide the inventory capabilities that its desktop counterpart does, the same capabilities that make the desktop version perfect for even larger companies.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 9.30.07 AM.png

Benefits of Using QuickBooks Online Essentials

As cloud-based services become more and more commonplace, small business owners and accountants are also finding ways to take care of daily financial and accounting chores online by using QuickBooks Online Essentials. One of the biggest benefits of using QuickBooks Online Essentials is that you can access your records from anywhere. This means, if you are a small business owner, you can enter transactions from anywhere, even from home on your laptop. Come tax season, your accountant can simply login to your QuickBooks Online Essentials account and get everything he/she needs.

There's also no longer a need to install updates or patches - or to worry about installing one program on several computers. Everything you need (and love) from QuickBooks is now online.


Who Uses QuickBooks Online Essentials?

Everyone from independent contractors to small businesses to accountants can use QuickBooks Online Essentials for accounting tasks. 

· Accountants can use QuickBooks Online Essentials for tax purposes.

· Independent contractors can use QuickBooks Online Essentials to enter invoices, keep track of their bank accounts, and make end-of-quarter or end-of -year taxes easier than ever.

Small businesses can use QuickBooks Online Essentials for inventory, invoicing, banking, and much, much more!

 

Terms You Should Know

 We are going to provide definitions to you now so that we know you understand exactly what they mean -- and how to apply them to your use of QuickBooks.

These terms are listed below. All definitions are quoted from www.businessdictionary.com.

1.      Assets: "Something valuable that an entity owns, benefits from, or has use of, in generating income. In accounting, an asset is something an entity has acquired or purchased, and which has money value (its cost, book value, market value, or residual value). An asset can be (1) something physical, such as cash, machinery, inventory, land and building, (2) an enforceable claim against others, such as accounts receivable, (3) right, such as copyright, patent, trademark, or (4) an assumption, such as goodwill. Assets shown on their owner's balance sheet are usually classified according to the ease with which they can be converted into cash. See also intangible assets and tangible assets."

2.      Chart of Accounts: "System of accounting records developed by every organization to be compatible with its particular financial structure, and in agreement with the amount of detail required in its financial statements. It consists of a list of ledger account names and numbers showing classifications and sub-classifications, and serves as an index to locate a given account within the ledger."

3.      Expenses: "Money expended or cost incurred in a firm's efforts to generate revenue, representing cost of doing business. Expenses may be in the form of actual cash payments (such as wages and salaries), a computed 'expired' portion (depreciation) of an asset, or an amount taken out of the firm's earnings (such as bad debts). Expenses are summarized and charged in the firm's income statement as deductions from the income before assessing income tax. Whereas all expenses are costs, not all costs (such as those incurred in acquisition of income generating assets) are expenses.

4.      Liability: "Accounts and wages payable, accrued rent and taxes, trade debt, and short and long-term loans. Owners' equity also is termed a liability because it is an obligation of the firm to its owners. Liabilities are entered on the right hand-side of the page in a double-entry bookkeeping system."

5.      Owners' Equity: " Capital employed in a firm, computed by deducting the book value of the liabilities from the book value of the assets. Whereas the term 'assets' universally means 'total assets,' some experts propose that the term 'liabilities' should not include long-term liabilities because (since they are incurred in funding the operations of the firm) they are part of the capital employed. Being based on the historical value of the assets, it rarely reflects the current (market) value of the funds invested. Also called net assets, net worth, shareholders' equity, or shareholders' funds.

Accessing QuickBooks Online Essentials

Getting started with QuickBooks Online Essentials begins with going to the website located at https://quickbooks.intuit.com/online/. Click the Try it Free button to get started with your free trial, as shown below:

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 9.35.35 AM.png

 

Next, you'll want to select Sign Up For Free Trial for QuickBooks Online Essentials.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 9.41.00 AM.png

You'll then be asked to sign up. As the site states, no credit card is required for the 30 day free trial.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 9.43.29 AM.png

Fill in your information the website, then select Sign Up.

If you are prompted with the Ready to buy now and are not ready to purchase, select Continue to Trial in the bottom right-hand corner.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 9.45.47 AM.png

After a short pause while QuickBooks creates your account, you'll then be taken to the Set Up Company screen:

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 10.42.44 AM.png

 

Fill in your Company name, Company address, City, State, Zip code, Phone number, and insert a picture of your Company logo, if you have one. 

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 10.31.31 AM.png

Once you have filled in all of the necessary fields select Save and next.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 10.49.29 AM.png

You'll then be taken to the Set Up QuickBooks screen:

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 10.54.27 AM.png

Fill out each section: "Your Industry", "You Sell", "Company Type", and select the appropriate options for "How do you like to get paid."

 

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 11.00.06 AM.png

Once you have filled in all of the necessary fields select Save and next.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 10.49.29 AM.png

 

After a short pause you will see the screen pictured below:

Interested in learning more? Why not take an online class in QuickBooks Online Essentials?

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 11.04.29 AM.png

Select Save and next.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 10.49.29 AM.png

You'll be asked if you would like to use QuickBooks Online Essentials on a mobile device.

 

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 11.07.53 AM.png

 

If you would like to have access on your mobile app select Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 11.18.00 AM.png otherwise select Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 11.17.51 AM.png

 

You'll then be taken to your home page:

 

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-05 at 11.19.46 AM.png


 Getting Started with QuickBooks Online Essentials





Navigating QuickBooks Online Essentials

QuickBooks Online Essentials is broken up into tabs to make navigating the program easy.

The main tabs appear on the left of the screen and are pictured below:

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 3.10.08 PM.png

They are: Home, Customers, Vendors, Employees, Transactions, Reports, Taxes and Apps.

In the top center of your screen you will see Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 3.44.28 PM.png, this toolbar allows you to search transactionsMacintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 3.49.39 PM.png, create customers, vendors, employees Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 3.49.48 PM.png, and view recent transactions Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 3.49.53 PM.png.

 

Click the Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 3.49.39 PM.png tab to search transactions:

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.02.02 PM.png

Click the "Create" Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 3.49.48 PM.png tab to create an invoice, estimate, expense, and check. 

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.04.46 PM.png

To have even more options within the Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 3.49.48 PM.png tab, click Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.06.13 PM.png

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.07.12 PM.png

Now you have four options they are: "Customers", "Vendors", "Employees", and "Other" options. There are also sub tabs within each option.

To close the Create dropdown menu click Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.17.51 PM.png.

Click the Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 3.49.53 PM.png tab to see recent transactions. Click it again to close the recent transactions dropdown.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.19.59 PM.png

At the top right of the QuickBooks Online Essentials screen, you can sign out of QuickBooks Online Essentials. Click the Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.53.13 PM.png beside where you see your company name, and select:

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.53.52 PM.png

You can also make changes to your account. Click sub-tab Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 4.19.57 PM.png under the Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 4.20.03 PM.png tab, to do things such as update billing, company, and personal information. The options are shown below:

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.58.09 PM.png


The QuickBooks Online Essentials Home Page

The Home page is shown below:

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 5.02.41 PM.png

Now, let's explore the home page. In your "Activities" section, click "Take a tour of the home page."

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.23.29 PM.png

There are 7 main features of the home page. 

1.    Create new - Your one-stop shop for creating new transactions, including invoices, sales receipts, bills, and more.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.25.35 PM.png

2.    Income - Enter your invoices and sales receipts to track who owes you and what's overdue.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.28.26 PM.png

3.    Expenses - Enter your bills to keep track of where you spend your money. Even better when you connect your bank!

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.29.12 PM.png

4.    Profit and Loss - This P&L report shows a snapshot of your business income and expenses over time.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.29.50 PM.png

5.    Activities - See a list of recent transactions, upcoming tasks, and messages from your customers and accountant.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.30.21 PM.png

6.    Bank Accounts - Connect your bank accounts, and we'll automatically download the transactions. No more manual data entry!

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.30.48 PM.png

7.    Your Company - Manage all the details of your QuickBooks account - subscription, users, importing data, multiple companies, and more.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.31.30 PM.png

Take time to become familiar with the home page. It gives you a good picture of what QuickBooks Online Essentials will do for you.

 

The Home page gives you an overview of what you need to do and what you can do. The Activities section lets you know what needs to be done.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-06 at 4.23.29 PM.png

 

The Company Tab

Let's click on the Company tab Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.19.02 PM.png, in the top right hand corner of your screen. It's pictured here, below.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.19.40 PM.png

The Company tab is where you'll go for information that pertains to your company.  Here, you can manage all the details of your QuickBooks account - subscription, users, importing data, multiple companies, and more. Now, let's look at the Customers tab.

The Customers Tab

Pictured below, the Customers tab is what you'll click on whenever you are entering invoices or transactions. This is also where you'll create your Customer list.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.23.49 PM.png

The Vendors Tab

The Vendors tab is where all information about your vendors is located, including your vendors list, purchase orders (upgrade required), and bills. It's pictured below.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.26.21 PM.png

The Employees Tab

If you do payroll using QuickBooks, this is where you'll go to prepare payroll checks. Don't worry. QuickBooks makes it easy once you get set up.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.27.49 PM.png

The Transactions Tab

The Transactions tab has five sub tabs, Banking, Sales, Expenses, Registers, and Print Checks.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.31.29 PM.png

The Banking sub tab is where you'll go to add financial accounts, including cash accounts. It's also where you'll find your checkbooks and checkbook registers.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.32.23 PM.png

The Sales sub tab is where you'll go to create and view an invoice, payment, estimate, sales receipt, credit memo or delayed charge.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.36.16 PM.png

The Expenses sub tab is where you'll go to create and view a bill, expense, or check.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.38.11 PM.png

The Registers sub tab is where you can view balances of various accounts.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.44.35 PM.png

The Print Checks sub tab is where you can setup and print checks.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.46.27 PM.png

The Reports Tab

The Reports tab is where all the reports available in QuickBooks are located. You can go here to run dozens of different types of reports and summaries. You can even customize these to your needs.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.48.27 PM.png

The Taxes Tab

The Taxes tab has two sub tabs, Sales Tax and Payroll Tax.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.51.10 PM.png

The Sales Tax sub tab helps you set up and manage sales tax for your business.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.52.44 PM.png

The Payroll Tax sub tab helps you set up and manage sales payroll taxes for your business.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.55.53 PM.png

Getting Help in QuickBooks Online Essentials

Some programs out there have Help files that severely lack in the "help" department. It can be hard to find what you need. That is not the case with QuickBooks Online.

Anytime you need help, you can simply click the Help button Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 3.59.51 PM.png toward the top right of the screen:

https://cdn.4uc.org/gmzo/468/8900149/download/images/gmz8149x22477z8771040.jpgMacintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-08 at 10.08.57 AM.png

 

This opens up QuickBooks Online support. Just enter the topic you're looking for and click Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 4.01.23 PM.png.

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 4.00.33 PM.png

You can also click Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 4.10.45 PM.png when it is available. When available, this feature will further explain items in more detail, as shown below:

Macintosh HD:Users:stephencarges:Desktop:Screen Shot 2014-04-07 at 4.13.50 PM.png

QuickBooks Online Essentials walks you through every step and every page. You'll never be left needing help and not be able to find it.

 
 
Popular Courses
 
Learn More! Take an Online Course...