cancel
Showing results for 
Search instead for 
Did you mean: 
Jess H
Moderator

Tips and Tricks for making your QuickBooks Online Firm-Only Ledger work for you!

Here are some tricks for getting the most out of your QuickBooks Online Firm-Only Ledger!

 

 Import your own custom Chart of Accounts from your existing Practice product:

  • This way, you and your staff won’t have to relearn new account codes, and the fields in your QBO reports will map exactly to your existing system at year-end. Then, run the ‘GL Summary’ report each period to generate a net-movement journal for posting into your existing system, and voila, you’re on your way.

Every number-related cell in QuickBooks Online can calculate formulae:

  • This is especially useful when apportioning amounts without having to use a calculator (private use etc.).
  • Example: When journaling – you can include GST by using the following formula ($1,100 inc GST) – the applications are myriad:
    • 1,000 * 1.1 [tab]

Get to know your Accountant's Toolbox very well: 

  • When logged into a client subscription look at the toolbar of your QuickBooks Online Accountant file - the toolbox is denoted with a suitcase icon. 
  • Inside here you'll find plenty of advisor-only tools to take your efficiencies to the next level when you're preparing client work, particularly 'Reclassify Transactions' and 'Prep for Taxes.'
  • Hint - use 'Report Options' to set your reports to default to Cash or Accrual,or change the default period displayed. 

You can change the display name for your QuickBooks Online Firm-Only Ledgers in your QBOA Client List to something unique:

  • When in your Client list – click the Edit button next to the subscription you wish to change.
  • You will see the ‘Display name’ and the ‘Business name’ fields. The display name is only visible to team members in the firm (change this to whatever you like; i.e. David’s Family Trust), and the Business name will be the name listed on reports (David’s Family Trust as David’s Lawn-mowing Service).

  • This can assist with keeping your regular QuickBooks Online subscriptions with client access, and your ledger-based client subscriptions (with none) separate and distinguishable. This is also helpful when you want to send professional reports to your clients.
    • Try: “zLEDGER – David’s Family Trust” as the Display name (or something similar).
    • The ‘z’ at the front is to display it at the bottom of your client list (this list is displayed alphabetically in QBOA).
  •