QuickBooks Online - flagg management inc

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Cloud Computing and
Supporting Small Businesses
Using QuickBooks Online
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Presenter: MB Raimondi, CPA.CITP
• Certified QuickBooks Advanced ProAdvisor
• Certified in QuickBooks Enterprise Solutions
• Certified in QuickBooks Point of Sale
• Certified in QuickBooks Online
• 13+ Years teaching QuickBooks nationally to
end users and accountants/consultants
• Charter Member, Intuit Trainer/Writer
Network (TWN)
• CITP (Certified Information-Technology
Professional)
Trumbull, CT
• MS, Taxation
• Sleeter Group Certified Consultant
www.mbraimondicpa.com
• Member/Instructor, National Advisor Network
(NAN)
• Co-Leader of Greater Fairfield Cy Chapter of
NAN
• Intuit Premier Reseller
What we’ll cover in this course
• Basic facts and benefits of using QuickBooks Online
• What type of client would be a good fit for QBO, and what
subscription options are available
• QuickBooks Online key features and how to use them
• General Overview of QuickBooks Online Accountant
• Client List & Accountant Center
• Learn about key QBOA time-saving tools:
• Bank reconciliation corrections
• Make corrections in batch
• Enter and view adjustments
Learning Objectives
By attending this course, you’ll be able to:
• Identify the differences between QuickBooks Online
Simple Start, Essentials and Plus subscription plans
and the types of clients each supports
• List the important QBO features and benefits
• Determine how QuickBooks Online Accountant can
benefit your practice
• Identify the timesaving tools and features available
exclusively in QuickBooks Online Accountant
• Manage your QuickBooks Online clients using
QuickBooks Online Accountant
• Troubleshoot and correct your QuickBooks Online
client’s reconciliation errors
Introduction to QuickBooks Online
Why QuickBooks Online?
• Web-based
• One of the fastest-growing small business
accounting solutions
• Rapidly gaining in popularity
• Great opportunity for bookkeepers and
accountants to increase your client base
Benefits to the Accounting Professional
• Always-on
connection to your
client data
• Easy setup
• Accountant’s User
login
• Supports Internet
Explorer, Firefox,
Chrome and Safari
(for Mac users)
• Mobile support for
Blackberry, iPhone
and Android
Benefits to Your Clients
• Affordable & convenient
• Top notch security
• Mobile access allows client to:
• Add and edit customers, vendors, and employees
• Create and email invoices
• View Balance Sheet and Profit & Loss reports
• Access vendor, customer, and employee lists
• View Bank account and credit card balances
• Understand who owes you money and to whom you owe
money
• QuickBooks Online contact information, which works with
your phone to make calls, create emails, and even look up
addresses using Google Maps TM
Types of Businesses
Using QuickBooks Online
Contractors
• Estimates, labor material and time pass thru job costing, delayed
billing
• Access from multiple locations – i.e. truck – can have remote
bookkeeper
Wholesalers
• Ease of use and web-based access, now tracks Standard FIFO
inventory cost!
• Create Purchase Orders
Retailers
• Merchant Account Service integration, auto credit card billing
• Shipping and tracking number, collects sales tax, customer
messaging
Consultants
• Online banking feature makes it easy to add expenses
• Able to add customer, create and send invoice from mobile device
Non Profits
• Class or Location tracking can be used for fund accounting
Recommend the Right Version of
QuickBooks Online
Simple Start, Essentials or Plus
Just Getting Started
• QuickBooks Online Simple Start
Up & Running
• QuickBooks Online Essentials
Established & Expanding
• QuickBooks Online Plus
QuickBooks Online Simple Start
For those clients who are just getting started or
have basic accounting needs, it includes these
features:
• Import customer data from Excel
• Create and manage invoices
• Track sales and expenses
• 20 business reports
• Connect 1 Bank Account
• Allows for 1 user
• $12.95 (No Payroll add on available)
QuickBooks Online Essentials
For clients who are up and running and need
additional features. QuickBooks Online Essentials
includes all the features:
• Automated Invoicing
• Create Estimates
• Full accounts payable
• 40 business reports
• Unlimited Online banking
• Allows for 3 users
• $26.95/month ($52.76/month with payroll)
QuickBooks Online Plus
QuickBooks Online Plus is for clients who are
established and expanding their business, with new
capabilities for inventory, reporting and a new user
experience. QuickBooks Online Plus includes all the
features of QuickBooks Online Essentials plus these
additional features:
• Create and send purchase
order
• FIFO based Inventory
tracking
• Class tracking
• Prepare and print 1099s
• Sales tax tracking
• Prepare 1099s
• Class & Location Tracking
• Budgeting and planning
• 65+ business reports
• Allows for 5 users
• $39.95/month
($63.16/month
with payroll)
Questions?
Features to Help Save
Time & Money
Income List
Not just a list of Sales Receipts or Invoices
A tool or “Command Center” to track customer
transactions: Estimates, Invoices and take action
on those transactions.
Income List
Deal with transactions in batch – print or email
multiple estimates or invoices at one time
Downloaded Transactions
Replaces old (Painful) Online Banking feature
Much cleaner interface and gets rid of “Full Automation”
(very messy)
Downloaded Transactions
User can choose to see
transactions from one
account at at time or from
all of them at once
User can choose to match or
add, and split the transaction
between accounts
Location & Class tracking can be
assigned as well
Inventory Tracking
QuickBooks Online can now track quantity,
purchase costs, sales revenue and cost of
goods sold for inventory items
• Basic inventory tracking
• No inventory assembly support
• FIFO inventory valuation
Purchase Orders
Purchase Orders are also available in
QuickBooks Online
• Add PO items to vendor bills
• Create and send directly from QuickBooks
Online
• Use for products and services
Location and Class Tracking
• QuickBooks Online allows you and your clients
to track using Location Tracking as well as Class
Tracking.
• Both class tracking and location tracking let you
track income and expenses for separate parts of
your business.
• You can use either one or both of together.
Class tracking
You can specify a different class for
each detail line of a transaction.
Location tracking
You can only assign a location to an
entire transaction.
Class is always called "class."
You can choose the term to describe
locations (Business, Division,
Department, Location, Property, Store
or Territory
Payroll
Three accurate online payroll options for Accountants and
Clients
Client runs
payroll
Accountant +
Client
Collaborate
Intuit does it for
client
Intuit QuickBooks
Online Payroll
Intuit Online Payroll
For Accountants
Intuit Full Service
Payroll
Pay by check or direct
deposit
Yes
Yes
Yes
Free expert support
Yes
Yes
Yes
Get year-end W2
forms
Yes
Yes
Yes
Federal & State
payroll tax forms
automatically filled in
Yes
Yes
Yes
Separate accountant
& client log-ins to
access the same
account
Yes
Yes
Yes
Intuit files and pays
taxes for you
Yes
No tax penalties,
guaranteed
Yes
Payroll setup
completed for you
Yes
Demonstration
Money & Time Saving
Features
Questions?
QuickBooks Online Accountant
What is QuickBooks Online Accountant?
• QuickBooks Online Accountant (QBOA) is a
web-based accounting solution offered by Intuit
• QuickBooks Online Accountant enables
accountants and bookkeepers to increase
billable time and perform essential tasks faster
What Does It Do?
Cross Workflow Tools:
 Client List
 Accountant Center
Signing up for QBOA
• If you are a ProAdvisor, sign up from your Software & Discounts page on
website
• QBO Certification is now live for ProAdvisors too!
Signing up for QBOA
• Go to accountants.intuit.com and sign up
• Get invited by your QBO client
QBOA Sign-In
QBOA.INTUIT.COM
Managing Clients w/QBOA - Client List
•
Organized Client List
•
Free to client to add the accountant user
•
Accountant should use the same user id for QBOA as they use to access their QBO client files
•
Quick Access to all QBO clients
Client List – QBOA “Dashboard”
Create New Company
Accountant Center Quick Tour
Demonstration
Client List & Accountant Center
Troubleshoot & Correct QBO Client
Reconciliation Errors
Troubleshoot & Correct QBO Client
Reconciliation Errors
• Identify when Auto Adjustment has been used
• Quickly see when a client has forced a bank rec
• Link directly to Auto Adjustment Transactions
• Easy view when clicking Bank Reconciliation Screen –
column in Bank Rec History
More Organized and Save Steps
Troubleshoot & Correct QBO Client
Reconciliation Errors
• Identify months with changes to previously cleared
transactions
• Quickly see which months have transactions that were
edited after being reconciled
• Cumulative total of all changes
• Quickly see which transactions have been changed
• Link directly to a list of changed Transactions
• See what was changed
• Easy view when clicking Bank Reconciliation Screen –
column in Bank Rec History
More Organized and Save Steps
Troubleshoot & Correct QBO Client
Reconciliation Errors
• Undo Bank Reconciliations
• No transactions are deleted
• Undo directly from the Reconcile Screen/Rec History
• Ability to undo multiple months at once, rather than one
at a time
More Organized and Save Steps
Demonstration
Troubleshoot & Correct QBO Client Reconciliation Errors
Key time-saving tools
Write Off & Reclassify in Batch
• You no longer have to locate and write off invoices on
a transaction-by-transaction basis.
• Automatically posts to customer credit “Bad Debt”
account (name and type detail) and applies to invoice
More Organized and Save Steps
Write Off & Reclassify in Batch
• Quickly correct mis-postings for NON ITEM based
transactions
• Item Based transactions show up so you can identify
issues; these need to be fixed manually
• Reclassify to any Income Statement or Balance Sheet
account
More Organized and Save Steps
Voided/Deleted Transaction Report
• Built off of the QBO Activity Log, the Voided/Deleted Transactions
report shows transactions that have been voided or deleted in the
selected period.
• Another way to see if transactions have changed after they’ve
been cleared
• No need to access the bank rec screen – this report is available
directly from the Accountant Center
More Organized and Save Steps
Demonstration
Write off & Reclassify in Batch
Making Adjustments in QBOA
• Adjusting Journal Entries
• Only available in QBOA, not QBO
New Insights and Save Steps
Making Adjustments in QBOA
• Adjusted Trial Balance
Report
• Set Period Dates and
open Adjusted Trial
Balance directly from
Accountant Center
• QBOA Only report
• Adjustments columns
pulls only from JEs
marked “Adjusting”
Save Steps and Improve Efficiency
Demonstration
Making Adjustments in QBOA
Working with QBO Clients
• Grow Your Practice
• Evaluate each client’s needs and determine which
QuickBooks is best
• QBOA provides tools for all types of accounting
professionals – day to day bookkeeping, periodic review,
annual returns or anything in between
• Always on access; no computer time to arrange
• Ever evolving: generally new features and tools released
every 6-8 weeks
Increase offerings and grow client base
Questions?
The QuickBooks Online EcoSystem
QBOA
Transaction
Method
CRM
Pro
Importer
QuickBooks
Online
Mavenlink
Avalara
SOS
Inventory
Learning Objectives Review
By attending this course, you’ll be able to:
• Identify the differences between QuickBooks Online
Simple Start, Essentials and Plus subscription plans
and the types of clients each supports
• List the important QBO features and benefits
• Determine how QuickBooks Online Accountant can
benefit your practice
• Identify the timesaving tools and features available
exclusively in QuickBooks Online Accountant
• Manage your QuickBooks Online clients using
QuickBooks Online Accountant
• Troubleshoot and correct your QuickBooks Online
client’s reconciliation errors
Appendix
QuickBooks Online vs. QuickBooks Desktop
QuickBooks Online has several advantages over
desktop editions:
• Invoice/Sales Receipt Automation
• Delayed customer charges/billing
• Anywhere, anytime access
• No software to backup or upgrade
• No need for transferring data via Accountant’s Copy files
• Automatic email reporting
• Low cost solution for non-traditional offices – no need for
pricey hosting services or multiple user licenses
• Income List
• Unlimited report reader and time tracker users
Quick
Books
Online
Vs.
Quick
Books
Desk
top
Generate Tax Return in ITO
• Integration with Intuit Tax Online
Connect with
www.facebook.com/IntuitAccountants
Twitter: twitter.com/IntuitAccts
Tweet this: I love #QuickBooksOnline!
Linked-In: bitly.com/IntuitAccountantsLI
Accountant Blog: blog.accountants.intuit.com

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