QuickBooks Tutorial for Beginners

Introduction

• Video presented by Riley.
• Covers use of QuickBooks for:
  • Tracking income and expenses.
  • Sending invoices and accepting credit card payments.
  • Organizing and paying bills.
  • Managing taxes.
• Designed to take beginners to an expert level.

Signing Up

• Visit QuickBooks website via provided link.
• Choose between different plans:
  • Simple Start: Suitable for individuals doing their own accounting.
  • Essentials: For those with an accountant, supports multiple users and currencies.
  • Advanced: More suited for medium-sized businesses.
• Option to add QuickBooks Payroll.
• Complete sign-up with personal and business information to tailor the experience.

QuickBooks Dashboard

• Provides shortcuts for accessing various features:
  • Running payroll.
  • Creating invoices.
  • Adding bank deposits.
• Displays financial overview: linked accounts, profit & loss, invoices, expenses.
• Customizable layout.

Setting Up Bank Accounts

• Navigate to Transactions > Bank Transactions.
• Connect a bank account or credit card.
  • Example: Connecting American Express.
• Automatically imports transactions.
• Categorize transactions (e.g., expenses, payees, account type).

Categorizing Transactions

• Example: Categorizing a laptop purchase as "Computer Equipment."
• Add payee/vendor information.
• Memo for additional details.
• Mark transactions as business-related or exclude non-business ones.
• Importance of reconciliation to match bank statements with entered data.

Creating Invoices

• Customize invoice appearance: add a logo, match colors.
• Use existing or add new customers to invoices.
• Set payment terms (e.g., Net 30).
• Add products/services, set quantity, rate, and total.
• Customers can pay via credit card, debit card, or PayPal.
• Payments automatically categorized.

Tracking Expenses and Bills

• Track and add new expenses (e.g., monthly recurring expenses like QuickBooks subscription).
• Categorize transactions appropriately.
• Upload and review bills.
  • Example: Uploading a PDF invoice.
  • Correct categorization and marking bills as paid.

Reports

• Access advanced reports for detailed financial analysis.
• Examples: Balance sheet, profit and loss reports.

Managing Taxes

• Automates tax tracking based on invoices and business operations.
• Set up tax areas and preferences.
• Tracks varied tax obligations, especially for US states.

Payroll Setup

• Initial setup involves entering business and payroll contact information.
• Add employee details, tax info, payment methods.
• Calculate and submit payroll.

Conclusion

• Comprehensive guide for beginners to effectively use QuickBooks.
• Encouragement to engage with content by liking and subscribing.