Getting Started with QuickBooks Online

QuickBooks is the most popular accounting software for small businesses. The desktop version has been around for more than 25 years, and the online version more than 10 years. It is affordable, easily accessible, and ideal for non-accountants. Many competitors have great software, but you need accounting or bookkeeping knowledge to use it, whereas someone without this knowledge can set up and use QuickBooks. Before diving into the nuts and bolts of setting up QuickBooks for your business, you should understand what QuickBooks is and what your options are when it comes to using it. Once you know what your options are, you will be in a better position to choose the version of QuickBooks that will best suit your business needs. We will then show you how to create a QuickBooks Online (QBO) account and how to navigate in QBO.

If you don’t have previous experience as a bookkeeper, then you will need to know a few bookkeeping basics before you get started. In the Small business bookkeeping 101 section, we cover five key areas in terms of recording transactions in your business: money coming in, money going out, inventory purchases, fixed asset purchases, and liabilities. In this section, we will also cover the importance of the chart of accounts, accounting methods, and what double-entry bookkeeping is.

We will cover the following key concepts in this chapter:

• What is QuickBooks?
• Exploring QBO editions
• Choosing the right QBO edition
• Creating a QBO account
• Navigating in QBO
• Small business bookkeeping 101

Once you’ve got these key concepts under your belt, you will be ready to dive into setting up your business in QBO.