How to Set Up Your Company in QuickBooks Online

Get the most robust Accounting and Bookkeeping course and resource on the internet!
Bulletproof Bookkeeping® Mastery Course with QuickBooks Online
nerdyurl.com/BB-Course-Reg
Index
0:48 Screen sharing starts
1:07 Adding a client
3:45 Assign an employee to your client's books
4:14 Seth keeps master admin as his
5:35 Telling QuickBooks file about the company
6:00 How would you describe what the business does best
7:39 Encourages people not to import a chart of accounts
8:28 Second step, Seth usually skips and chooses later
8:58 Goes straight to the chart of accounts
9:18 First thing you do is link the bank accounts
10:07 Pay attention to the bank URL when setting up
11:14 Creates a manual bank account
11:28 Auto creation of a balance after set up, delete it not the right number
12:18 Delete that entry, find it by sorting the date
13:29 Shows in another video how to download a csv file with transactions when bank feeds aren't working
15:15 Looking at the income account in chart of accounts
15:58 Uncategorized Expenses is set as default, don't duplicate
16:30 When setting up a company go through all the settings
17:00 Upload their company's logo
17:22 How the company named is displayed that's how it will read on purchase orders and invoices
17:35 Add a EIN
18:11 Need to know type of company sole prop, s corps, c corps
19:50 Marketing preferences, useful to receive emails on important updates
20:08 Usage setting, shows limits
21:34 Sales Settings, Don't over beautify your invoice
24:54 What does SKU mean?
25:14 Price rules, different pricing on different criteria
26:17 Realtor clients, quantity and price/rate turned on
27:20 Be careful with checkbox on turning on late fees
27:54 Progress invoicing
28:10 The default messages when sending out an invoice
29:46 Expenses Setting
30:11 If you purchase and sell the item check the box
31:00 Question marks in bubbles explains what you are checking off
31:21 QuickBooks Payments ACH Payments 3 to 5 days free
33:00 Advanced Settings, first month of fiscal year
33:30 Cash based companies still accrual ran
34:46 Closing the books settings
35:52 Chart of Accounts setting, don't enable account numbers settings
36:32 Shipping, discount, tips account
36:35 Turn on classes and locations
38:57 Automation settings, Seth sticks to the defaults
40:39 Workout with your old accountant to keep wholesale
41:14 Projects automatically turned on
41:46 Time tracking
42:15 You can turn on multi-currency but its irreversible
42:51 Other preferences settings
43:25 Warnings on duplicate numbers
44:00 Seeing customer drop down in expenses, adding it if not there
45:22 Gear icon, all lists
45:44 You can have other choices with respect to location
46:10 Bookmark pages you will access frequently, adding in Airtable
47:43 Every expense has custom URL, how to save the generic
49:04 Spend the time to go through the settings
49:28 Setting up service items
50:25 Click on new, pulls up product and service information
This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Nerd Enterprises, Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Nerd Enterprises, Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.

[@OffGridNorthIdaho]

THIS is the kind of video teaching I have been looking for! THANK YOU! Most info-packed and spot-on video I've seen yet.

[@nerdenterprises]

Thank you!

[@kathycostello2681]

Hello, do you have any videos about switching from QB Desktop to QB Online?

[@nerdenterprises]

Sorry, I don't. This is something that depending on the situation can be very simple or very complex. Generally it requires a consulting session or two to prepare and then do it.

[@kathycostello2681]

Thanks so much for the quick reply! @@nerdenterprises

[@CarlosFlores-ve9ps]

i do not see this option for me, why ?

[@nerdenterprises]

Which option?

[@CarlosFlores-ve9ps]

@@nerdenterprises the option to add another company

[@CarlosFlores-ve9ps]

@@nerdenterprises i have been on the phone with quickbooks self employed for hours and they cannot help me. my head is going to explode

[@CarlosFlores-ve9ps]

so basically, i have been operating as a sole propriotership getting payed to my ssn and track everything on QB-selfemployed. now i have a registerd EIN and am going to start using QB Online. i want to create a seperate company to add my sole propriotership data for this year so i do not lose it and can cancel my QB selfemployed subscription. but i do not want to simiply import it to my new company because that income was not brought in under my company EIN.

[@nerdenterprises]

@@CarlosFlores-ve9ps QBO Self Employed is very simple and limited. If you want to set up a new company you have to go onto Intuit's website and sign up.
Use this link, it'll get you 50% off for the first year --> quickbooks.intuit.com/partners/irp/qbo/?cid=irp-22436