I hope this is actually easy and that I am just over-thinking things.....or that somebody can help me in the correct way to do this. I am a virtual assistant. My client has asked me to set up his QB account for his new business. I have QB experience but I have never encountered his situation. I am not sure the way of setting things up and going about it.
My clients business is car rental. He has a few cars that he rents out but he also handles the rentals of 2 other people's vehicles. Each vehicle will need to have the rental and expenses involved in the rental set up and kept track of. At the end of each month he will need to send the owners of the other cars their profit from their rentals with the breakdown of all of the rentals that month, the expenses associated with the rentals, and my clients fees for handling the rentals taken out. Can anyone help me in the smoothest way to set this all up? I would truly appreciate it.
Since it sounds like you're not familiar with bookkeeping or QBs, I'd go about it one of two ways.
First would be to see if you can work with your employer's Accountant and set up QBs accounts with him/her and keep working with them until you get familiar with QBs. Then just reach out when things come up that are not the typical entry.
Other way would be to explain the situation to your employer and suggest they bring in a QBs Advisor or other expert to set up the books and train you. Most entries are pretty straight forward, but again you could then reach out to the Accountant to get clarification.
And there are lots of how-to videos out there. So I'd start watching them now just to get a feel for QBs. So when you set up the books with whomever, you'll already understand where the Accounts are, where the Customers and Vendors are, etc. So you'll be able to pay more attention to the details more than the basics.
Bottom line is that entering in the vast majority of income, expenses, etc. is not that hard. So you'll be fine as long as QBs is set up correctly to begin with and you have a resource to go to for those trickier entries.