QuickBooks Online Basics

• QuickBooks Online vs. QuickBooks Desktop

• Choosing a QuickBooks Online Plan

• Which Web Browsers Are Supported?

• Subscribing to QuickBooks Online

• Logging into QuickBooks Online

• Browser Tips

• Accounting Basics

While QuickBooks Online has been around for quite awhile, it is only recently that it has become a major player in the accounting software arena. According to Intuit, there are now more than one half million QuickBooks Online subscribers, and the number is increasing daily. In this chapter we're going to first determine if the service is right for you, and then move on to some of the basics needed to use it efficiently.

ProAdvisor NOTE: New subscribers to QuickBooks Online are automatically set up on the newest user interface. Existing users are being ported over to the new interface. Therefore, if you're an existing user, some of the screenshots and instructions may not yet be applicable to your service. However, once your company file is move to the new interface, everything will match (except for changes made since the writing of this book).

Is QuickBooks Online Right for You?

The first thing you have to decide is if QuickBooks Online is going to provide you with all of the tools you need to track your company's finances. Let me begin by saying that QuickBooks desktop software users are going to find many of the same features, but in an entirely different user environment. Therefore, if you're contemplating switching, it will be a new experience, so be prepared.

Clearly, there are many benefits to using an online accounting service, so let's go over them first.

• Anywhere access to your accounting data. As long as you have an internet connection and a compatible computer, tablet, or mobile phone you can view and manipulate your accounting data wherever you are.

• Use mobile devices to access accounting information. With QuickBooks Online, you're no longer tied to your computer. You can also use your iPhone, Android mobile phone, your iPad or your Android tablet to access your data.

• Continual updates, both minor and major. With a QuickBooks Online subscription, you never have to update your software. The updates, including minor bug fixes and major overhauls, are automatically applied to the service when available.

• Multiple platform support. Access your data using Mac or PC.

• No need for a special QuickBooks server as all users log into the service and have immediate access to the same files. Only the Essentials and Plus plans offer multiple user logins.

• Automatic backups. Your files are hosted on Intuit's servers and are backed up automatically each night.

• Use FIFO inventory valuation method. The Plus plan, which is the only plan that supports inventory tracking, uses the FIFO (First In First Out) method. Only the QuickBooks Enterprise with Advanced Inventory desktop program offers FIFO.

• Invoice automation (Essentials and Plus only). Generate and send invoices, credits, and sales receipts automatically.

ProAdvisor NOTE: A personal observation about automatic updates. I signed up for Simple Start free trial while writing this book. I found that I was missing an option in Company Settings that all of the articles said should be there. I posted a query to the Intuit Online