1. Figure out your dashboard
Your QuickBooks dashboard can be configured two different ways: A business view or an accountant view. If you’re a business owner or manager, the business view is best, while the accountant view will rely on accounting-specific jargon and processes. You’ll be able to toggle between the two by clicking the Settings gear icon on the top right.
You’ll also want to eventually add users as part of your setup. The main user should be the “primary admin,” but you can add other admins or standard users (with customized levels of access).
2. Input company details
Open the Settings gear icon on the top righthand side of your dashboard and select “Account and Settings” from the dropdown, followed by “Company.” This takes you to your company details page, which you can edit to add your company name, logo, contact info, and physical address (both legal and customer-facing).
3. Set up sales settings
Your “Account and Settings” menu includes the “Sales” and “Expenses” tabs, and beginners will need to add data to both these pages in order to allow the QuickBooks software to correctly generate reports.
Key information to add here includes: Sales form design and content, invoice automation setup, and VAT details, as well as the year-end date that company reports will use. Many features can be toggled on or off, allowing you to chose what expenses or sales elements should be used, from purchase orders to tracking items by customer.
4. Import business data
You can import your existing data spreadsheets into the QuickBooks system by navigating to the Settings gear icon and selecting “Import Data.” You can upload files listing customers, suppliers, products and services, invoices, sales receipts, bills, credit notes, and charts of accounts. Common file types are accepted, including MS Excel and CSV files.
5. Connect your bank cards
Accounting software is all about connection, and getting credit cards, debit cards, and bank details added is essential. To add your bank, visit “Settings,” “Account and Settings,” “Bill Pay,” and “Bank Accounts.”
6. Connect your payroll software
QuickBooks Accounting supports integrations with other payroll services, but it offers its own software as well. We rate QuickBooks Payroll highly and it will appear as the “Payroll” tab on your dashboard if you use it.
We can also offer deals on the best payroll software solution on the market. Whichever service you use, you’ll want it integrated with your accounting software to automate your tax process.
7. Add integrations
You’ll also want to add integrations with any other business software service you already use. QuickBooks offers a range of integrations covering areas including sales, compliance, marketing, and cash flow forecasting. Visit the QuickBooks App store to find what you need.
8. Figure out your tax needs
Tax season arrives for everyone, and your business should be prepared ahead of time. Find out which tax deadlines are relevant, depending on the federal, state, and local regulations that may apply to your operation. If you’re using QuickBooks Payroll, it has the tax reporting functionality needed to walk you through this process, although you’ll still need your federal and state ID numbers.
How to Undo Reconciliation in QuickBooks Online
If a reconciliation has too many discrepancies, reversing that reconciliation might be the best move. If you just need to start fresh from a previous reconciliation, you can get your accountant to reverse the current one.
You’ll need a plan that allows multiple users in order to add your accountant. Here’s the process for adding an accountant:
Settings > Manage Users > Accounting firms > Invite
Your accountant can then navigate to the main “Reconcile” page and select the “History by account” button on the upper-right corner. This allows them to undo the previous transaction without needing to manually edit individual transactions from within the register.
You can also manually edit each transaction:
- Navigate to Accounting > Your Company > Chart of Accounts
- Choose your account and select View Register
- Click the “R” status until it is blank or says “C” for cleared
- Click “Save” and select “Yes” when prompted to confirm
What Are Some Alternatives to QuickBooks Online?
QuickBooks Online stands as the best accounting software that our researchers have tested, due to a great feature catalog, reporting tools, a top-quality support team, and a customizable interface.
Other options are well worth considering, though. We’d also highly recommend FreshBooks, a solution that has almost as many features and comes at a slightly lower price. It’s a particularly attractive pick for ecommerce businesses, since it has inventory management tools across all plans.
Other top options include Xero, which integrates easily with the best retail EPOS systems, or Wave, which offers good tools for tracking outstanding payments to suppliers. We’ve explained more about these software solutions in our guide to QuickBooks alternatives, and we’ve built a table for quick reference as well:
Next Steps: Ready to Use Accounting Software?
Paperwork can be intimidating, but it doesn’t have to be if you use the right tools. QuickBooks Online is one of the most feature-rich, but easy-to-use accounting solutions on the market, and can help to make the process infinitely smoother.
Once you’ve set everything up and learned how the process works, it’s just a matter of checking in on a daily or weekly basis to make sure it’s all running smoothly.
Our research team has crunched the numbers, testing eight software brands across eight research subcategories to confirm that QuickBooks offers the best service with a top overall score of 4.7/5 points. QuickBooks has the best payroll software as well, although we offer a quick quiz that can pair you with all the top payroll options for your industry. If you’d like to try other great accounting software, we have you covered as well, with deals on FreshBooks, Xero, and others.
