[0:00] QuickBooks has some useful settings to help you keep track of your sales. Let's go over the options and settings so you can decide what QuickBooks tracks when you record a sale, turn on time saving features like automated late fees for unpaid invoices, and customize your messages to customers. To get started, go to settings and select Account and Settings then Sales.

[0:22] Let's start in the Sales form content section. Click the pencil icon to edit this section. Here you can select which additional info you'd like in your form when recording a sale. For example, if you charge customers for shipping, or track shipping addresses, toggle on ""Shipping." Not all businesses need to track this info, so they're not on by default.

[0:44] Make sure you're tracking everything you need to get the most out of your sales data. If you always give all of your customers the same number of days to pay their invoices, enter it in the Preferred invoice terms field. And if you always want your sales to be printed or emailed in a batch after recording them, choose that option in the Preferred delivery method section.

[1:08] QuickBooks will remember these as your default settings, so you don't have to. In the Products and Services section, you choose how to track the things you sell or services you provide. Nearly every business tracks specific products or services on sales forms. If you need to keep track of specific information, like a Stock Keeping Unit, toggle on the Show SKU column.

[1:31] If you keep an inventory of products and track quantities in QuickBooks, toggle on these options. These features are only allowed in QuickBooks Online Plus and Advanced. You can skip this if you only sell services. Here's a unique feature in QuickBooks. Price rules lets you set up automatic price changes based on the date of the sale or the type of customer you're charging.

[1:55] Do you create estimates for customers and then charge them multiple times as work is completed on a job? Make sure you turn on the Progress Invoicing feature. You can also personalize your communications with customers. Use the Messages section to customize your emails to customers. Also, if you'd like to receive a copy of messages you send to customers, check this box.

[2:19] You can also customize the message QuickBooks sends to customers to remind them of unpaid balances. Delivery options let you choose how much detail to include on emailed invoices and sales receipts... and whether or not you include a PDF record of the sale in your emails.

[2:37] Last, if you send statements to your customers, you can choose whether or not to list each product and service they've been charged for... and whether or not to include how overdue they are on old invoices. Now you're ready to set up your own sales settings.

[0:00] QuickBooks has some great features to help you keep track of your expenses. Let's go over the options and settings that let you see your profitability from different angles, such as by project or for your business overall. We'll go over your options for tracking expenses and also turn on purchase orders. To get started, go to Settings and select Account and Settings, then Expenses.

[0:24] These are all your expense settings. Showing the Item Table on expenses is only needed if you're using QuickBooks to manage your inventory and want to mark an expense, bill, or check as an inventory purchase. Toggle on this setting to track expenses per customer or project. This is a great feature if your business works on a project basis.

[0:46] And if you do, see the video at the end to learn more about tracking your expenses and profitability by project and how to work off an estimate. This lets you measure the profitability of your customers and projects. Toggle this feature on to charge customers for expenses related to the work you're performing for them.

[1:07] If you want to charge customers a markup on expenses, check this box and enter your default markup rate. Note that you can change this later when recording the expense. By default, when customers repay you, it's tracked as income so that you can see both the reimbursement and the original expense on your statements. If you check this box, QuickBooks tracks it all with the same expense account.

[1:32] So when you spend the money, the expense account will go up, and when you're repaid, it will go back to zero so that you won't see any effect on your financial statements. Last, if you charge sales tax on billable expenses, check this box here. Note that this is pretty rare. If most of your vendors give you the same amount of time to pay bills, use this field to choose the most common Terms.

[1:56] That way, anytime you enter a new bill, QuickBooks will automatically enter the terms and save you some time. Use this toggle to turn on purchase orders. These let you send orders to your vendors. You can also customize your purchase order numbers and customize the email message you send with purchase orders. Now let's see where these settings show up.

[2:19] Select the Create button, and now you can record purchase orders. Also, there's a place on Expenses, Checks, and Bills to record which customer or project you spent money on. There's also a link to show you how to make expenses billable at the end of this video if you want more help. Now you're ready to customize your own expense settings.

[0:00] QuickBooks Payments lets you accept online, in-person, and keyed-in payments inside QuickBooks Online, so you get paid faster and your books stay up to date. In this video, we'll walk through how to activate payments, verify your business info, and manage your payment settings. To get started, select the gear icon, then Account and settings. Open the Payments tab.

[0:22] If you already use Merchant Services or the GoPayment app, select Connect your payments account to link it. To activate a new account, select Activate payments. First, verify your information. Enter your legal business name, the last four digits of the business owner's social security number, and the owner's phone number.

[0:43] Select Continue with autofill to let QuickBooks pull in your business details, or Enter info manually. Next, review your information. Confirm your business details. Use the toggle to add a DBA if your business goes by a different name. Then enter the owner's information. When everything looks right, select Save and continue. Last, choose where to deposit your funds.

[1:08] If a bank account is already linked, select it to use the same account. To use a different bank, select Add a bank account. Review the terms, then Complete set up. QuickBooks reviews your information to get everything ready. Once approved, you'll see a confirmation that Payments is ready to go, along with quick links to send an invoice or create a payment link.

[1:31] You'll also get an approval email summarizing what you can do with QuickBooks Payments and any additional tools you're approved to use, like QuickBooks Bill Pay and QuickBooks Business Network. After activation, manage your account anytime from the Payments tab in Account and settings.

[1:50] Here you can view your merchant details, deposit speeds, deposit account, monthly statements, and dispute protection coverage. To pass payment processing fees to your customers, from Account and settings, select Sales, then Invoice payments. Turn off your business payment methods to give customers the option to cover the fee when they pay by bank transfer.

[2:12] Now you're ready to accept payments and get paid faster in QuickBooks Online.

[0:00] This is Jason from the QuickBooks team. Advanced settings has many features that can have a big impact on how QuickBooks works for your company. For example, you can change report settings, set up classes to track sales and expenses in specific locations, and turn on different automation features. Let's go over advanced settings so you can decide what works best for you.

[0:26] To get started, go to settings and select Account and Settings. Then select the Advanced tab. These are your advanced settings. Let's start with something basic, your fiscal year. If your fiscal year doesn't start in January, you can change it here. You can also set the first month of your income tax year, as well as the accounting method you use to run reports and file taxes.

[0:53] This is also where you can close your books at the end of the year. This prevents users from making changes to any transactions or accounts prior to the closing date. This is important since you used these exact numbers when you filed your taxes. When's your closing date? After you file your taxes, most businesses set the last day of the previous fiscal year as their closing date.

[1:16] In the next section, you choose which tax form your company files. If you're not sure, choose Other/None for now and consult your accountant. Other features help with tracking. For instance, account numbers help you organize your Chart of Accounts. This lets you assign numbers to accounts. You can use the number instead of the name when you record a transaction.

[1:38] You can also show those account numbers on reports. You can assign the accounts that QuickBooks uses when you charge customers for shipping, record tips received, or mark up billable expenses. QuickBooks has default accounts, but you can always change them. Here's a unique feature in QuickBooks. Classes lets you divide your income and expenses between different parts of your business.

[2:01] If your business has multiple offices, you can track them with locations and even set up separate sets of contact information for each location. This lets you track profitability by departments, groups, orgs, funds, locations, or anything else you want to track. QuickBooks can also warn you when you don't enter a class on a transaction.

[2:23] Pre-fill forms with previously entered content can help you save time. With this feature turned on, QuickBooks automatically fills in transactions based on the last transaction for that customer, vendor, or employee. If you want QuickBooks to automatically apply credit memos to open invoices, make sure Automatically Apply Credits is checked.

[2:42] If you charge customers for your expenses, you can check this box and QuickBooks will remind you to invoice outstanding billable expenses or even automatically invoice your customers for those charges. The last setting in this section only applies if you use bank or credit card registers. With this turned on, QuickBooks tries to apply money out transactions with open bills from the selected payee.

[3:08] Do you need to track the profitability of your projects? Make sure you turn on the Projects feature. This enables a whole new section in QuickBooks with features specifically designed to help you manage projects. This menu lets you switch between Business and Accountant View.

[3:25] Accountant view is for users who are familiar with accounting, while Business view is for users who are new to accounting and mainly want to focus on things like tracking sales and expenses. You can switch your view at any time you like. If you want to track what specific services your team performed when working for a client, check the Add service field to timesheets checkbox.

[3:48] This adds a field to timesheets. You can also let your employees and vendors see how much you charge clients for their work. And with this menu, you can change the first day of the work week to a different day. Turn on Multicurrency if you do business with customers, vendors, or bank accounts that use different currencies.

[4:07] In the last section, you can change the date and number format and change how QuickBooks refers to customers. This is handy if you'd rather refer to customers as Donors, Clients, or anything else you see on this list. We always recommend you turn on warnings for duplicate numbers. This helps to ensure that you don't enter the same bill, check, or purchase order twice.

[4:29] And finally, you can choose how long it takes for QuickBooks to log you out if you're not at your computer. Now you're ready to set up your own advanced settings.