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Jess H
Moderator

How to set-up QuickBooks Online Firm-Only Ledger

A QuickBooks Online Firm-Only ledger will allow you to connect bank feeds, prepare your clients books, submit STP events to the ATO (on behalf of your client) – and minimise the amount of manual data entry you have to do at year-end. Because the firm-only ledger doesn’t include client access – you’ll find everything below can be done by you on behalf of your client.

 

We’ve collated some relevant resources for you in order to make your transition over to QBO Firm-only ledger an easy one.

 

Step 1: Import a Chart of Accounts (this is especially useful if you wish to support another entity type or you want to keep your account codes and names for efficiency at year-end).

 

Note: If you need to delete the existing chart of accounts within QuickBooks Online, first purge your subscription (available within the first 90 days from purchase).

 

Learn how to import a Chart of Accounts.

Find out more about Detail Types for you Chart of Accounts.

 

Step 1 (a): Speaking of Entity types; here’s assistance from Andrew Noble of LodgeiT on how to set up Trust beneficiaries in QuickBooks Online.

 

Step 2: Switch on GST (if needed – this will activate the GST field in-product)

  • Note: once turned on, it is unable to be turned off.

 

Step 3: Set up Direct Bank Feeds

 

Step 4: Set up Payroll (including STP for any closely held or other businesses)  

 

Don’t forget – if you need more training and/or resources for your firm to build knowledge about QuickBooks Online you can find more here:

 

QBO Learn and Support page:

https://quickbooks.intuit.com/au/learn-and-support/

 

ProAdvisor training page:

https://quickbooks.intuit.com/au/accountants-and-bookkeepers/education-and-events/

 

ProAdvisor Account Management Team:

1800 618 521