This module will teach you to download and track your credit card purchases in QuickBooks and reconcile them with your credit card statement to ensure that they match. You’ll also learn how to manage credit card sales with either a QuickBooks Payments account integrated with QuickBooks or a third-party credit card processor. You should consider accepting credit card payments as a convenience for your customers and to expedite the collection of outstanding invoices. QuickBooks Online gives you the option to connect your bank accounts directly to the software.

Fit Small Business’ Recommended QuickBooks Products

Additionally, you’ll learn how to write off bad debts, which are recorded as an expense in QuickBooks. He has a CPA license in the Philippines and a BS in Accountancy graduate at Silliman University. QuickBooks is by far the most popular small business bookkeeping program in the US, whereas Excel is a spreadsheet program that advanced users may use to create their own custom bookkeeping program.

You can upload your company logo, select from different templates, change the invoice colors, edit invoice fields, and add personalized messages for customers. Not only is QuickBooks the dominant small business accounting software on the market today, but it also offers supplementary products to augment your overall QuickBooks experience. In addition to its accounting products—QuickBooks Online and QuickBooks Desktop—these are the other solutions that can help you manage the other aspects of your business. This module covers how to manage your bills and record expenses in QuickBooks. As a small business owner or manager, you know that managing expenses is as important as generating sales. By the end of this QuickBooks lesson, you will be able to keep track of expenses in a couple of ways.

Managing Business Credit Card Transactions

1. All QuickBooks Online products have the same interface, and so do all the QuickBooks Desktop products.
2. You will also choose whether to turn on project tracking and inventory quantity and cost tracking.
3. Our comparison of QuickBooks Online vs Excel will help you better understand the differences between the two programs.
4. QuickBooks is the most popular accounting software suite widely used by small businesses to manage their financial transactions.
5. By managing all of your cash inflow and outflow activities in QuickBooks, you can print financial statements that provide useful information about how your business is performing.

This covers how to create sales forms and track sales and income in QuickBooks Online. By the end of this chapter, you will be able to keep track of your credit sales by creating and emailing invoices to your customers as well as recording cash sales where no invoice is needed. You will also learn how to apply payments received to outstanding invoices and receive partial payments from customers. Furthermore, you’ll discover how to track billable hours and bill your clients for the time worked. Depending on your product and plan, you can use what is a cost variance QuickBooks to create and send invoices, manage and track unpaid bills, handle inventory, keep track of project profitability, view financial reports, and more.

© 2024 Intuit Inc. All rights reserved

The best QuickBooks product depends on your needs and the size of your business. SMBs needing remote access to their account files should choose QuickBooks Online. If you want the speed and usability of desktop software, then QuickBooks Desktop is preferable.

The features and settings that you choose in this module will affect every area of QuickBooks. For example, you will set the default payment terms for customer invoices and vendor bills. You will also choose whether to turn on project tracking and inventory quantity and cost tracking.

QuickBooks Video Tutorials

Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. To get the most from our free QuickBooks tutorials, we recommend following along in your QuickBooks Online account (if you already have one) and completing the tutorials in the order they are presented. Learn about how to navigate QuickBooks Online, understand the difference between the Navbar, Create menu, and Gear menu, and learn how to enter new transactions. Whether they are contractors or employees here is how you pay your people with QuickBooks. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.

By connecting them, you can easily track both income and expenses in QuickBooks Online automatically, reducing the amount of data entry required. QuickBooks allows you to enter new bills and expenses and keep track of them automatically by connecting your bank and credit card accounts to the platform. By doing so, all your expenses are downloaded and categorized automatically. Along with producing quality invoices for your customers, you’ll also want to properly manage your expenses, whether high low method calculate variable cost per unit and fixed cost it’s to create an expense report or to simply better track your business expenses. Depending on your subscription, QuickBooks Online provides advanced features, like project and inventory management, class and location tracking, and journal entries.

For more about the differences between the two programs, read our comparison of QuickBooks Online vs QuickBooks Desktop. By managing all of your cash inflow and outflow activities in QuickBooks, you can print financial statements that provide useful information about how your business is performing. Lenders often require financial statements when you apply for a small business loan or line of credit. Perhaps you’ve just received your electric bill, but it’s not due until the end of the month. If you want to enter the adjusting journal entries bill to be paid when it’s due, you’ll want to use QuickBooks Online’s accounts payable feature, which you can access by clicking on the Bill feature in the application. Even though QuickBooks Online is user friendly, it might help to get a little more acquainted with some of its bookkeeping features, which include double-entry accounting.