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Getting started with QuickBooks Online

Everything you need and resources for getting started with QuickBooks Online.
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  This article is all about reports and financial reporting tools available in QuickBooks Online. Reports really are the core of your accounting. They frame all of your sales, expenses and everything in-between to tell you about the health of your business.   Of course, reports are only useful if you’ve entered complete data, so make sure you’ve entered all of your business income, expenses assets and liabilities entered into QuickBooks so you get a comprehensive, accurate snapshot of your business every time you run a report.   How to Use Reports Center: Categories, Insights & Information | QuickBooks Online Tutorial 2018   Reports appear on the Reports Tab Dashboard list (Reports Center), or you can search for something specific from the search field at the top. There are tons of reports available. Most will follow this titling convention:  (What you want to know) by (the criteria specified) Some have very specific use-cases, giving you lots of options. There are common reports you’ll want to run on a daily or weekly basis such as:   Balance Sheet (which follows the Balance Sheet Equation) – tracks assets, liabilities and equity of your business – what you “own” and “owe” within a given time period. Assets   - Make sure you understand the difference between   current assets   (plan to sell within 1 year) and   fixed assets   (large purchases you plan to use over the course of several years). Liabilities   – again, know the difference between a   current   and   long-term liability   so you know how to enter things like open bills and loans appropriately. Note that while liabilities are what you   owe   and you’d assume this should be a negative number, it’s represented as a positive value here. Equity   –   the value of your business from the perspective of the owner (including their contributions, owner’s draw and net income [activity from income and expense accounts]). Profit & Loss Statement - tracks your income and compares it against the cost of running your business (i.e. expenses).   This is the most common report you’re likely to run. It’s essentially a summary of your income and expenses so you can see your cash flow. Net Income is your profit after your total income, expenses and Cost of Goods Sold have been factored in. This line shows up at the bottom of your Balance Sheet under Equity (above).  Sales by Product/Service Report – the easiest way to track your sales that can be customized to show varying levels of detail.    How to Use Reports: Understanding When to Use the 3 Types | QuickBooks Online Tutorial 2018    There are three primary types of reports and each has their uses. Summary Reports – for pulling “overview” data with some applied analysis, which is what you will probably use most often or on a recurring basis. List reports – for pulling broad data, such as all your existing accounts or products and services. Detail reports – for pulling “by-line” datasets within a specified date range, such as looking at your sales by customer.   How to Use Summary Reports: Summaries & Information | QuickBooks Online Tutorial 2018   Summary Reports focus in on specific data points (such as you’re A/P or A/R or total income by accounts) without getting too lost in the line-by-line details. Instead, get a mid-ranged overview of your accounts.   These types of reports are particularly useful for looking at long-range trends between specified periods of time.     How to Use Detail Reports: Transactions, Expenses, & More | QuickBooks Online Tutorial 2018   Detail Reports are for when you want to get into the nitty-gritty of your accounts.   These provide account summaries as well as individual line-by-line transaction details. “Customer Balance Detail” and “Sales by Customer Detail” Reports are common and useful for zeroing in on very narrow information or identifying a specific set of transactions.   The “group” function is also a great way to identify trends while having the specific details displayed side-by-side on the same page.   How to Use List Reports: Looking Up Customers, Vendors   List Reports are useful for looking at everything in your QuickBooks system, from Products and Services to Employee information to Payment Methods used by your company. Most are broad, but some can get fairly narrow -- want to see all the bills you’ve paid in QuickBooks over the last 3 months? There’s a report for that.   Want to hand your team a list of contact emails but not their phone numbers? Run a Customer List Report and customize with the phone number column removed.   Another use for List Reports is to clean up your data. Let’s say you want to remove inactive customers from your books but you have a large sales team: pull a CSV for (or print) a Customer List Report, sharing around your team to identify who is no longer a customer and hand it back to a single team member to make those customers inactive.     How to Customize Reports: Basics, Sorting & Date Ranges | QuickBooks Online Tutorial 2018   Running custom reports in QuickBooks lets you narrow in on the data that matters, render the data in ways that make sense to you and eliminate extraneous details so you can easily zero-in on account specifics. Moreover, going narrow with reports means knowing more about how each part of your business impacts its overall health, which ultimately helps you make more informed financial decisions.    Custom reports offer a lot of flexibility: you can apply various filters, sorting tools and ranges to pull very specific data sets.  But some custom reports need not be complicated – a Profit and Loss Report scheduled to be run and emailed on a Monthly basis is a simple one with powerful insights about the trajectory of your business.   You can apply these customizations at the top of the form in these two areas:     Depending on the report you use, different customization options will be available – not all reports have the same sets of filters, but most do. Don’t forget to hit “Run Report” to apply your customizations. Customizing also enables some other cool features which we will go into later in the article.     How to Filter Reports: Customers, Vendors, & Products | QuickBooks Online Tutorial 2018   Customizing reports with “filters” brings you down to the ground from a high-altitude view of your business. Clicking “Customize” from either the report page or the vertical ellipses tool next to the report on the list gives you access to a number of filters for both row and column report data.   Rather than browsing at the enormously diverse array of customizations available to build a report, ask yourself “what data am I really interested in?” Use that answer to find the necessary filters to arrive at your answer - through this process you, will learn what is available.     How to Add Columns to Reports: Comparing Customers & Time Periods, | QuickBooks Online Tutorial 2018   Customizing reports by adding, removing or reordering columns is another great to render the data in ways that make sense to you and eliminating information that is not as useful or potentially distracting, getting you to the insights you need most with the least amount of friction.   Displaying figures as percentages, rather than raw figures, is just one compelling reason to dive into the reporting features.      How to Save Customized Reports | QuickBooks Online Tutorial 2018   Once you find the perfect set customizations, rather than reenter the same set every time you want this data, you can save a customization. Give saved reports a unique name to distinguish them and click “save customization” at the top of the report page.   Here are a few custom reports you might want to create and have on hand at all times:   Monthly Balance Sheet Filters applied: (“All Dates,” “Date-you-opened” to “1/1/2020,” Display columns by “Months”)     Sales by Customer Detail Report for a high-value customer John Freeman Filters applied: (“All Dates,” Customize - Filter “Customer - by “Freeman Sporting Goods”)     Profit and Loss Report for only Landscaping Installation Income (Service)  Filters applied: (“All Dates” Display columns by “Months,” Customize – Filter Products/Service “Landscaping Installation”)     Profit and Loss Report for weekly utility expenses Filters applied P and L report: (“All Dates,” Display columns by “week” – Customize – Filters Distribution Account “Gas and Electric” and “Telephone”)     Saving reports also allows you to group them so you can set permission for who can access and view the data – which might be important if you’re working with sensitive information across a wide team.   Remember too that reports automatically update with fresh data every time you run them.     How to Automatically Email Reports | QuickBooks Online Tutorial 2018   The more features you can set on auto, the more time you will have to focus on more important business matters.   There are cyclical reports you can schedule right away that coincide with financial periods, such as a monthly Profit and Loss Report or a weekly Balance Sheet. Remember, custom reports don’t have to be complex and the interval may be enough to put it on this “recurring” email basis.    If there are custom reports you run regularly or you want constant updates on a particular report, consider scheduling them. At first, schedule them to send more often than you’d think you need and adjust from there – it’s better to get more information ahead of time than too little information too late.     To email reports, click on the Reports Tab and then the “Custom Reports” sub-tab. Select the report you want to modify, click “edit” and you can enable permissions for the report – which is separate from who will receive the email. Once you turn on “set email schedule,” you can designate the date, time interval and even set an end-date (or “none” for indefinite sending).     How to Create a Management Report: Different Kinds, Editing & More | QuickBooks Online Tutorial 2018   These are stylized “presentation-worthy” versions of reports that allow you to include notes. You can also export these into PDF or DocX files and even edit them to have a table of contents. Your team may prefer the standard format, but management reports are a great way to send a professional-looking PDF to share good news around to the team.  Set up for Success in QuickBooks Online Adding Items, Customers and Products to Lists Financial Reports and Reporting Features Creating and Managing Accounts   Check your progress Am I Ready to Send an Invoice in QuickBooks Online?   Learn everything you need to be successful in QuickBooks How to Customize an Invoice in QuickBooks Online How to Record Bank Deposits in QuickBooks Online  
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    Use custom reports to get the data that matters most to you.    While general reports in QuickBooks provide tons of actionable financial data, custom reports let you pull the exact data you need to dive into the nitty-gritty details of your business. This depth of understanding leads to better insights. Better insights lead to better decision-making and actionable outcomes.    Why do I need to customize financial reports?   Foremost, customize your reports so the data makes sense to you. At the end of the day, a report is only useful if you understand what the data is telling you. The filters in the customization module can be used to eliminate extraneous details or pull additional data points so you can easily zero-in on account specifics.   Moreover, narrowing the scope of reports helps you learn more about how each part of your business impacts its overall health. These insights empower you to make more informed financial decisions.      Get started customizing financial reports   Most reports can be customized using a consistent set of filters and display settings. These are particularly useful for narrowing the scope of the data in order to simplify your analysis.   Start from the Reports Tab. Select the “All” sub-tab to browse through the complete list of reports in QuickBooks Online, or use the search bar to find a specific report.   There are two ways to customize reports and both paths lead to the same customization modal: Method one: click the ( ) next to a report on the list and select “customize.”     Method two: if you’re already viewing a report, click the   button to apply customizations.     Before going deep into the customization modal, all reports have a basic set of filters at the top of the page. These let you adjust the report period and toggle between cash and accrual calculation of the report.   Once you click customize, a variation of following modal will appear (the filters available vary from report to report):   Use the expand arrows ( ) to bring up the nearly limitless customization options. It’s up to you to figure out which filters and display options work best for your needs.  Rows/Columns- lets you modify which columns and rows display on reports.  Filter- lets you select the specific accounts, sub-accounts, customers, vendors, and items that appear on reports.  Header/Footer- lets you toggle data tables and other information that appears reports, such as date and time prepared.  Remember - your ultimate goal is generating data that informs your financial and operational decisions. The data is only useful if you know how to interpret it.     Show me why I should run a custom report   Let’s customize a Profit and Loss Report so it’s easier to understand. QuickBooks has a number of semi-customized reports available. Personally, I prefer using the “Profit and Loss Report by % of Total Income Report” over the standard Profit and Loss Report because I can easily distil my business’ performance at a glance - it breathes life into what are otherwise flat numbers.   I also prefer percentages over raw numbers because I don’t have to do any calculations to understand the relative significance of particular income and expense categories.   For this Profit and Loss Report by % of Total Income Report, I applied the following customizations:    Items as% of income - so I can quickly see which areas of my business are having the biggest impact on my bottom line ( Customize > Rows/Columns )  Columns by month- so I can compare performance trends month-over-month ( Customize > Rows/Columns )  Negative numbers in red- so I can see where I’m taking the biggest hit   ( Customize > General )  Removed the company name- so there are fewer words on the page ( Customize > Header/Footer )    I made one additional customization that’s visible when I expand the report - Items as a % of Row ( Customize > Rows/Columns ). This lets me see which items brought in the majority of my income for the month and which month had the most sales for each item.       In a few seconds, I know that Fountain and Garden Lights sold well in January, Plants and Soil has brought in the most income to-date, and my combined Landscaping Sales account for roughly 44% of my total sales income in December. February wasn’t such a good month. Maybe it was the season?   Thanks to customization, I know Spring is an opportunity to rally.     Any other tips I should keep in mind to be successful?   If you want to email, print or export your report, click the icons at the top of the report page. This is the easiest way to share data with your team. Don’t forget to provide a brief summary of your findings.   Once you’ve found your perfect set of filters, you can save your customizations by clicking the “Save Customization” button at the top of the report. Give your custom report an accurate yet catchy name so it's easy to remember. If you create a report group, you can choose who can access these custom reports. You can even schedule reports to run and be sent out automatically via email (with the option to attach it as an excel file).       Check your Progress Am I Ready to Send an Invoice in QuickBooks Online?   What’s Next? How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online Setting up for Success in QuickBooks Online - Adding Products and Services, Customers, and Vendors t... How to Adjust your Invoice Payment Terms in QuickBooks Online        
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Being proactive means keeping a close eye on   open invoices. Knowing   what customers owe you, developing clear policies, and planning accordingly are incredibly for sustaining your business.   In QuickBooks Online, there are a few   tools   and   simple review techniques   you can incorporate into your workflow that will help you professionally manage   open   and   overdue   payments.
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When you’re new to QuickBooks Online, you have an amazing opportunity to learn and incorporate new workflows into your daily routine. Today, we’re bringing you   tips and tricks   to help you process transactions faster and more efficiently.   While some of these shortcuts are merely for added convenience, others can drastically reduce the time it takes you to complete tasks in QuickBooks Online.
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Many small businesses hire short-term or bring on   independent contractors   to complete projects. Properly accounting for   expenses associated with their work   is mission critical.   If you are using QuickBooks Online Plus, you can   track these expenses   and   file 1099-MISCs   for your independent contractors. It’s essential that you follow the process outlined in this article, not only for good accounting but legal reasons as well. There are also   hired-wired 1099 features   that only work up if you utilize these workflows.
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  We see lots of questions on   QBCommunity   about how to handle scenarios where the owner either puts money towards their business out of personal funds or uses business funds to pay for personal expenses.   These are both common scenarios and for more than financial reasons, it’s imperative to account for these types of transactions properly.   This will reapply some of the techniques we learned from the “Creating and Managing Accounts” tutorials as you may need to create some new accounts. For the workflows below, it’s very important to follow them in order and exactly as directed so your accounts remain accurate.     How to Record Business Expenses: Paying with Owner Funds | QuickBooks Online Tutorial 2018   Let’s start with a scenario where you, as the owner, paid for an expense for the business out of your own pocket. Create an “Owner’s Contributions” equity account (Accounting > Chart of Accounts > New Account) that you will use going forward.     Now, enter the Expense the same way you'd record a typical expense transaction, entering the date of the purchase and the payment method.  In the line item section, enter the expense and then add an additional line item posted to your new Owners Contribution account for the same amount as  a negative  value . This effectively “zeros-out” the expense. By doing this, your checking account (or whatever account you are paying from) records remain accurate - - you can track what you as the owner have contributed without impacting those numbers.     It’s also wise to utilize the memo section if you want to add an explanation for why personal funds were used – the more documentation you have, the easier tax season will be. You can even create sub-accounts of Owner’s Equity if you want to separate one-off payments from other types of purchases, like assets.   We recommend checking your Owner’s Equity Account in the CoA (click “view register” for more details) and your Profit and Loss Statement after entering an Owner’s Contribution. A quick review shouldn’t take more than a few seconds.   Give it a try - simulate a few of your recent purchases as if you, as the owner, had paid for business expenses out of your own pocket in Quick Books Online Test Drive.       How to Enter Personal Expenses: Paying with Company Funds | QuickBooks Online Tutorial 2018       Now, let’s look at the opposite scenario when business funds are used to pay for an owner's personal expenses. Create an “Owner’s Personal Purchases/Owner's Draw” equity account (Accounting > Chart of Accounts > New Account) that you will use going forward.   The detail type can also be “Personal Expenses” if you want to further differentiate this account from the Owner’s Contribution account you just created (note that the Category and Detail Type can be exactly the same, but the name distinguishes the two).   Enter the expense (in the case of the tutorial, a meal) and use your new Owner’s Draw account. When you go into your Balance Sheet or CoA, you will see the company payment method you used when you entered the expense has been reduced and your Owner’s Draw Account now has a negative balance. Check your Progress Am I Ready to Send an Invoice in QuickBooks Online?   What’s Next? How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online Setting up for Success in QuickBooks Online - Adding Products and Services, Customers, and Vendors t... How to Adjust your Invoice Payment Terms in QuickBooks Online  
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    This entry focuses primarily on the Chart of Accounts and associated reporting tools that pull information from those accounts. Most of the time, you create accounts as you work, such as when you first create a new product or service, log an expense or connect a bank account.  If you need to  modify an existing account or create new ones from scratch , you’d do so from the  Chart of Accounts . This is essentially a list of your accounts that determines how transactions are categorized and interpreted (i.e. whether a transaction adds or deducts from an account).     We generally recommend not making too many changes to the Chart of Accounts (referred to as CoA from here on) – it's complicated territory that should be explored once you’re completely confident using QuickBooks. However, we also believe every user should have a basic understanding of what the CoA is, how it organizes your finances and when to go in and make adjustments.   Here are some quick tips: If you haven’t done so already, review accounting and bookkeeping basics and the Accounting Terms You Need to Know Keep your CoA simple - - that means keeping the number of accounts to a minimum and giving accounts relevant yet understandable names Pay extra attention to Account Types as these are what determine transaction categorization If you don’t know what type of account to create, ask the community or follow the tutorial creators’ advice and create an “Ask my Accountant” account to house all transactions you’re unsure about   Understanding the Chart of Accounts | QuickBooks Online Tutorial 2018   The narrator uses the term “posting transaction” to describe transactions that impact your accounts - - which is most of them. There are non-posting transactions in QuickBooks Online that don’t affect your accounts in any way, such as Estimates, Delayed Charges or Delayed Credit, because those may or may not be processed.   Notice how a single transaction impacts a number of accounts. When the narrator makes a bank deposit for a single loan, both the checking and liability account increase for the $15,000 amount. By creating and categorizing accounts, QuickBooks automatically manages and runs the calculations.     Why don't you try creating a few transactions in Test Drive (above) and poke around the COA to see the results - - you may be surprised just how many calculations occur during a single transaction.      How to Set Up Your Chart of Accounts: Understanding the Basics | QuickBooks Online Tutorial 2018   This video is very important, so you may want to watch it a few times. We recommend creating new accounts sparingly. QuickBooks Online already provides you with most standard accounts and creates new ones when you do activities like connecting a bank account. Less is more - - meaning more time and less to manage.   If there’s one key take away from this video, think broadly about your account organization and structure them in ways that make sense to you and your accountant. A second and equally important point is the available types in the CoA:   Category type – determines if the accounts on the Balance Sheet or Profit and Loss Sheet. This is the more important of the two because the category type determines how transactions hit your books. Type detail – doesn’t determine how an account is used, it’s there for detail and tracking purposes. Think of it like a secondary description that will help you quickly distil lines on a report. If you need a refresher on reports and how these types impact them, click here.   Our trainer makes key distinctions between accounts that show up on your Balance Sheet vs. the Profit & Loss Report. You’re probably familiar with the Profit and Loss Report, which looks at all of your Income and Expense accounts, but you may not recognize some of the heavier accounting terms tied to the Balance Sheet. Essentially, the Balance Sheet shows your asset (what you own), liability (what you owe) and equity accounts (income and expenses).   Sub-accounts are a critical organizational feature for the CoA. Instead of having separate expense accounts for various utilities, you can create a “Utilities” parent account and separate “gas and electric” and “telephone” sub-accounts. You can go four levels deep with sub-accounts so you can break this down even further by different cell carriers if you wanted to.       Important  - Going forward, remember to add transactions to the appropriate sub-accounts and  not   the parent account (in the case above, in either “gas and electric” or “telephone,”  not   “utilities”) which becomes the aggregate for the child accounts.   Opening balances, as the video explains, are typically added when you have an existing account outside of QuickBooks that you’re recording for going forward with funds already in it, such as a bank checking account or an asset account.     How to Use Journal Entries | QuickBooks Online 2018   Journal Entries are tricky business. While par-for-the-course for accounting professionals, they should be a “last resort” for entering transactions. They follow strict accounting rules that may seem simple on the surface but can have a drastic impact on your accounts.   When transactions involve customers or vendors, use the standard transaction process. Journal Entries are generally used for making adjustments or obscure entries that aren’t part of your normal workflow. You would typically use Journal Entries for entering things like Depreciation.        Immediately, you’ll notice the terms “debits” and “credits” used, which we went over briefly in the QuickBooks Encyclopedia. The Journal Entry process (often referred to as JE) draws from one account and adds to another in order to keep everything balanced, a process that may not be familiar to non-accountants.   These types of entries are complicated.  If you’re at this level of complexity in your accounting, make sure you connect with your accountant for best practices.   Check your Progress Am I Ready to Send an Invoice in QuickBooks Online?   What’s Next? How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online Setting up for Success in QuickBooks Online - Adding Products and Services, Customers, and Vendors t... How to Adjust your Invoice Payment Terms in QuickBooks Online  
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The Quick Conversion Reference briefly outlines the features and benefits available for both QuickBooks Online and QuickBooks Desktop product lines. Identify which  tasks and features you need  for your business from the left-hand column and see  whether it can be done  in either Online or Desktop on the right.
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This guide is for anyone converting from QuickBooks Desktop (Pro or Premier) to QuickBooks Online. Each section offers step-by-step guidance and includes visuals, tips and hyperlinks to important resources. Start your conversion from the "Before you Start" section or use the links below to jump to specific points in the conversion process if you've already started. 
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  While many businesses send digital invoices via email, some customers still prefer carbon copies. If records are stored digitally, they're easy to access and organize. Creating, sending, and managing paper records in QuickBooks requires a bit more planning and  forethought . Do what makes sense for your operation, but always consider your customers' preferences.    Why should I send a paper Invoice?     Let’s reframe the question: if customers request a carbon copy, can you encourage them to go digital?   The advantage of digital Invoices is you can never really lose them. A deleted Invoice can always be recovered from an email trashcan, and in extreme cases, you can instantly send them another copy. There’s also virtually no wait time and thus no additional delays in payments. This a huge plus for busy buyers and sellers. If customers absolutely need a carbon copy for their records or simply prefers sticking to their routine, they can always print out the emailed version.   Then again, going the extra mile and sending them a printed copy may pay dividends in customer satisfaction. Get started sending paper invoices   To create a paper version, follow the normal Invoice creation process (if you need a refresher, check out “Your First Hour with QuickBooks Online”): add your customer’s contact information, the items being purchased, and check the tax and totals.   When you’re ready to print the Invoice, scroll to the bottom and click Print or Preview.     You’ll see a PDF preview of what the Invoice will look. Decide if you need to make any adjustments and if everything looks good, click Print.     Once you have the paper copy in hand, close the preview and go back to the Invoice. To record the Invoice, go down to the bottom of the form but instead of clicking Save and Send, click the arrow and select Save and Close.   By clicking Save and Close, the transaction gets recorded into QuickBooks but the digital form isn’t sent to your customer’s email, thus avoiding the confusion of receiving multiple copies. When you receive the payment against the paper invoice, you would follow the same process as a digital invoice and continue to digitally record the accounting.    Any other tips I should keep in mind to be successful?   While you may be tempted to send customers digital and paper versions of the Invoice, to avoid confusion, it’s best to stick with only one method. If you really want to send both, write “void” or “this is a copy” somewhere on the printed form so customers don’t accidentally pay you twice. Unless your customers are exceedingly organized, sending multiple copies complicates the process unnecessarily.   What’s Next? How to Adjust Invoice Payment Terms in QuickBooks Online How to Review Open Invoices and Send Payment Reminders and Balance forward Statements in QuickBooks ... How to Customize Invoices in QuickBooks Online   Check your Progress Am I Ready to Send an Invoice in QuickBooks Online?  
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      Account reconciliation  is the process of matching transactions entered into QuickBooks Online against your bank or credit card statements. This review should be done on a regular basis, once a month at the very least when you receive your statements.   The process itself can be done fairly quickly  if you connect your online bank accounts to QuickBooks Online and perform regular upkeep throughout the month. It's also important to learn how to use the Undeposited Funds account so transactions in QuickBooks match what's recorded on your bank and credit card statements.  Why do I need to reconcile my bank accounts in QuickBooks Online?    The balances in QuickBooks Online need to match your bank and credit card records so you have accurate financial data. Naturally, financial reports are only valuable if the base information is precise.     Moreover, your records need to be accurate when its time to file your taxes. By compiling and maintaining your account data throughout the year, you'll be well ahead for your next filing.    There are other underlying benefits as well. If you regularly reconcile your accounts, you'll know exactly how much money your business has in the bank and that you're always working with accurate data. Equipped with this knowledge, you can make  smart, informed business decisions.   If you don’t already, build account reconciliations into your routine. Future you will thank you.  Get started reconciling your accounts in QuickBooks Online   Select the  Accounting Tab from the Nav Bar and then the Reconcile sub-tab.  Start with your checking account and work your way through each connected bank and credit card account one at a time. Enter the Ending Balance and Ending Date as they appear on your bank statements. If the number you enter doesn't match the beginning balance recorded in QuickBooks, that's ok - we're about to figure out why.    Tip -  print out paper versions of   your bank statements and collect them in the same, accessible place (a folder, a drawer, anywhere but the floor). Having printed copies makes a side-by-side comparison much easier. When you're done, file these papers away and clear the space for next month's documents.    Go through your accounts  in QuickBooks line-by-line, checking that individual item amounts and aggregate totals match what's on your bank statement. Do this until the difference between the QuickBooks account and your bank statement(s) is $0.        Check out the reconciliation basics video above. The pro-tips at ( 0:52 ) and ( 1:12 ) will help you breeze through reconciliations and tackle any unforeseeable roadblocks.   Remember, the difference between what’s recorded on your bank or credit card statements and the relevant QuickBooks account should be...    If you don't get to $0.00, don't worry.  As the video notes, bank service charges, checks that are not cleared by your bank but are entered in QuickBooks, and transactions that posted to the bank but aren't recorded in QuickBooks are a few common causes  for slight ending balance variations.    Generally, these problems can be avoided if you only record transactions as they occur in real-time (or very soon after) and reconcile accounts frequently - it's far easier to recall month-old details compared to 6 months old.      Track down these anomalies systematically. Take it slow and check these common problem areas first before calling your accountant. There's a solution for each of these scenarios.   Following a procedure (whatever works best for you) will surely lead to a resolution. To start,  narrow down the scope of your search: if there's a big difference, there may be one or several skewed transactions; if the difference is marginal,  it's probably a fee or missing sales tax.  What happens if there's a different opening balance in QuickBooks this month, even though you reconciled your accounts correctly last month?  That means there's a discrepancy somewhere in the books.  Reconciliation discrepancies can be caused by one of the following reasons: Previously reconciled transactions have been modified, deleted, or added Reconciliation adjustments (Journal entries, etc.)   If you have a discrepancy, follow the steps outlined in this troubleshooting guide.  For a deeper dive into common reconciliation questions, check out  these issue-specific articles:  Zero or incorrect Beginning Balance in the Begin Reconciliation Window Fix reconciliation discrepancies Any other tips I should keep in mind to be successful? Make reconciliations habitual. Do them the same time every month, preferably soon after you receive your bank statements so you can make quick corrections.  As we mentioned earlier, when done regularly, bank reconciliations will make filing your taxes much easier. If you don't have all of your accounts connected to QuickBooks, note that your end of year numbers won't reflect the breadth of your business. Adding accounts retroactively may be quite difficult since you won't have nearly as much time to review the numbers. If you prefer a visual reconciliation guide, try   this article from the QuickBooks Resource Center .      What’s Next? How to Adjust Invoice Payment Terms in QuickBooks Online How to Review Open Invoices and Send Payment Reminders and Balance forward Statements in QuickBooks ... How to Send Paper Invoices in QuickBooks Online   Check your Progress Am I Ready to Send an Invoice in QuickBooks Online?  
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Getting paid is important to everyone, especially small business owners. So when something goes wrong, it is important to understand why, how to manage the issue and how to minimize these in the future. In this article, we will guide you through the what the typical payments process cycle looks like and some specific scenarios where holds occur. If you are currently experiencing payment holds, additional guidance is provided in our next article, “Managing and Avoiding Payment Holds”.   In order to have the best possible experience, we encourage you to read through this entire article to gain a thorough understanding of payment holds.  If you are short on time and need some quick guidance, you can also click on the individual links below to jump to the areas that interest you the most.   Contents When to Expect Funds in Your Account Good to Know - Credit Card Processing Cycle What Triggers a Hold? What Happens When Funds Are Placed On Hold? What Happens When You (the Business Owner) Void a Credit Card Transaction What Happens When Your Customer Voids a Credit Card Transaction   When to Expect Funds in Your Account When you are using an electronic payments system, it is important to have the right expectations of when funds will hit your bank account. The time it takes to process payments can vary based on a number of factors, such as the time of day. For QuickBooks Online Payments users, credit card payments typically deposit in about 2-3 business days and free ACH Bank Transfer payments deposit in about 2-7 business days.       Good to Know - Credit Card Processing Cycle         What Triggers a Hold?   When something unexpected occurs in your transaction(s), a hold may be placed on the funds. Here are some common reasons for holds:   When your payment processing exceeds the established maximum dollar amount expected on your account When a transaction is processed after several authorization attempts and failures When certain transactions require verification of your business type to ensure it is compliant with the Intuit Acceptable Use Policy When our systems identify processing patterns that pose a risk to any of the parties involved: You, your customer or to Intuit.   What Happens When Funds Are Placed On Hold?   Intuit will attempt to contact you via the phone number you have provided on your merchant account. You will then receive an email with detailed instructions on what additional information is needed in order to complete our review. For example, we may ask for a detailed invoice with the cardholder's name and billing address as they are reflected on file with their bank. To resolve the issue as quickly as possible, please submit any requested documents as soon as possible.   When will Intuit release these funds? We are unable to deposit any money from funds on hold until we complete our review. Once all of the requested information has been provided, the review is typically completed within 2 business days. What Happens When You (the Business Owner) Void a Credit Card Transaction? If you void a transaction prior to batching, the authorization for that amount remains, placing a hold on the customer’s credit card for around 7-10 days (or up to 30 days, depending on the policies of the cardholder’s issuing bank). What Happens When Your Customer Voids a Credit Card Transaction? A chargeback is a transaction that has been disputed by the cardholder or card issuer.  Here are the most common reasons for chargebacks. Listed below each bullet is a list of documents to dispute the chargeback.   The cardholder claims they did not get the merchandise or service. Rebuttal addressing the Cardholder's claims. Proof of Delivery. Signed proof of pick-up.  The cardholder claims the merchandise or services were not as initially described or were received in defective condition. Rebuttal addressing the Cardholder's claims. Proof that merchandise/service matched the description. Proof that the Cardholder did not attempt to return the merchandise. Proof of ongoing negotiations between the Cardholder and the Merchant. Outside opinion from a third party expert in support of the Merchant's rebuttal. The cardholder claims the transaction was cancelled and/or the merchandise was returned. Rebuttal addressing the Cardholder's claims. Proof that the Merchant's return/cancellation policy was properly disclosed to the Cardholder at the time of sale. Proof that the Cardholder's cancellation/return was not in accordance with the Merchant's properly disclosed policy. The cardholder does not recognize the transaction. A copy of the Transaction Record with showing what was purchased. The cardholder claims fraud or unauthorized charge. A copy of the signed and swiped receipt (if applicable). Rebuttal letter, Invoice, proof of delivery. Compelling evidence (i.e. photographs, emails, etc.), to support that the Cardholder made the Transaction and has received the merchandise/service. Duplicate transactions. Failure to respond to an inquiry (American Express only).     Please note:   Even if you work with Intuit to successfully reverse a chargeback, you still need to pay a chargeback fee. The chargeback fee is not a penalty fee but a processing fee for handling the issue on your behalf.   If you have received a chargeback, DO NOT issue a credit to the cardholder since they already received a credit from their bank upon the processing of the chargeback.     If you have need help with payment holds, please continue reading more in our next article “Managing and Avoiding Payment Holds.  
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If you have an Intuit QuickBooks Merchant Account who uses our credit card or ACH processing services, then this is an informative article for you.  Learn how to deal with a payment on hold. Learn how to get your money faster and avoid unecessary fees.
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