QuickBooks Online 2022 30 day free trial, get ready because it’s go time with QuickBooks Online 2022, you may not want to set up your free 30 day trial. In fact, we recommend not setting up your free 30 day trial at this point in the course if you’re going to be following along with us from start to finish, because we’re not going to be using this 30 day trial the new company file until the second half of the course.
00:25
However, we want to set it up at this point, so that you see all the options that you have available to you comparing and contrasting a fresh company file with no data involved in it yet to a company file that already has data in it. For the first half of the course, we’re going to be taking a look at the test drive file, which already has data involved in it. So once again, we recommend if you’re following this course from top to bottom, that you don’t actually follow along with us and set up the free 30 day trial. But just watch this process and plan to do it in the second half of the course.
00:57
So that you can fully utilize that 30 days, when we’re focused in on the data input for a new company file. Here we are in a Google browser, you could use whatever browser is your favorite browser here. And I want to contrast the two tools that we’re going to be using both of them free, the first tool is going to be the QuickBooks Online test drive. If I go into that file, just search into my favorite browser, we’ve got this second one I think is going to be it is the Q Bo dot into it.
01:24
So it’s the QB o test drive. If I click on I’m not a robot, and continue, this is the test drive, that’s going to be basically available to everybody. Now if you log out and go back into it, it’s not going to save the data. But it gives you a file that already has data input involved in it. So this is the file that we’re going to be using for the first half of the course. And the second half of the course we want a fresh company file that doesn’t already have data input into it.
01:51
And that’s what we’re going to see how to set up at this point. So I’m going to add a new tab here and I’m going to go this time to the Intuit website, I’m going to go to intuit. And I’m just going to act like I’m purchasing QuickBooks from Intuit the owner. So it’s into it. So if I n t gi t.com, I’m going to close this first file, so it doesn’t mess us up because they’re both Intuit software’s for QuickBooks Online, I’m going to go then to the QuickBooks which is right here at this point in time.
02:20
So now we’re focused in on QuickBooks, Intuit owns multiple different types of software there, big financial services and, and software company, I like to go all the way to the bottom where we have a list of their products. And the first one is going to be QuickBooks Online. That’s the one they’re kind of gearing people towards most of the time. So you want to it looks a little bit overwhelming to look at all the products they have here.
02:44
And the different types of QuickBooks, just in the different types of QuickBooks can be overwhelming. But we’re going to be picking the QuickBooks Online. And that’ll take us to basically the sales page for QuickBooks Online. So here’s your purchasing options, we will probably go into these in a little bit more detail. So you can look at the differences between them.
03:02
But for most people, they’re looking for the plus item here, this is the recommended item. It’s a subscription model, we want the free item. Now the free things a little bit tricky. So it’s got this little toggle thing up here. Now remember, of course, Intuit wants you to sell you the item. So they’re going to try to give you a discount to purchase it, as opposed to giving the free trial, but we want to get the free trial.
03:02
And then if we want to discount at a later point in time. And to get the best deal, we would probably like to talk to like our CPA firm, or our accountant, and we might be able to get a discount in that way as well. So I think it’d be best if you’re practicing to say I’m going to I want to toggle over to the free trial. And then we’ve got the items that we can try for free, we want to try the plus item for free because that’s the one that most people will most likely be using. It’s the recommended item,
03:50
the most popular item as you can see, and again, we might go into the differences in a little bit more detail. But this inventory is going to be one of the key items, you might not be tracking inventory. So that might not be as big an issue for you. But we’ll go into that in a bit more detail in a future presentation. Here, we’re just going to say I’m going to try that one that’s going to be our free trial. And then it tries to tack on payroll. Now payroll is going to be an add on type of feature, you got to pay more for payroll, but we could still include it in the trial version.
04:16
So we can test out we can practice with the payroll here, which is a great tool to be practicing with, we’ll get into more detail on your payroll options. If you are thinking about payroll, I would recommend talking to someone that you’re not actually thinking about paying for payroll first to think about how you should set it up like a like a CPA firm, to give you some advice as to whether you should be purchasing payroll through possibly QuickBooks and processing it there or possibly getting payroll help from a third party provider like an ADP or paychecks.
04:46
If you get that third party advice, then you can be more reliant that you know they’re not invested in your business and then possibly make your decision from there. But we’ll practice with payroll here as long as they give us the free trials. That’s great. So now we’ve got this add up this, it looks really scary because they’ve got this ad in $75 a month. But it says right here free trial, and we haven’t given them our credit card or anything. So I think we’re okay, I’m going to go ahead and check it out. Now the next item says, Create an Intuit account.
05:13
So if you don’t have an Intuit account, you can create the Intuit account, if you have an Intuit account, then you might input your Intuit account at this point. Now, then you might get a pop up that looks something like this, it says skip the trial and save today by now and say 50% For for your first three months.
05:30
So once again, it’s trying to give you a discount at this point in time. So you purchase the items, we want to continue with the free trial down below. And note again, if you want to purchase the payroll, then you might think or purchase QuickBooks and the payroll possibly, you might then want to talk to an accountant that could help you to get a discount at that point in time.
05:48
So you might say, Hey, I’m foregoing the ability to get this lower price at this point. And however, you can probably find a discount when you’re going through the purchase process. So if you’re just practicing with the payroll, I would recommend possibly the 30 day free trial at this point in time, if you like what you are seeing and you want to then use it or purchase a company file, then you might want to talk to someone and see if you can get a discount for the purchasing process at that point. So I’m going to go ahead and continue.
06:17
And notice again, down here, it’s not bolded, it’s not green, you want to continue down here, just note that you still have the ability to sign up for the free trial down below. Now it goes to the setup process. It says welcome, we’re glad you’re here. Here’s what we’ll do together right now. Now the setup process is a very basic amount of information even more basic than when you set up on online on on a desktop version of your company file. But it needs some critical type of information in order to help kind of set up the type of company that you’re going to be in.
06:48
And some of the main things that it’s going to be setting up will be like the chart of accounts. But again, it’s not even as detailed with the chart of accounts as like the desktop version. So you can set it up once we once we get there. So don’t be too worried about any of this process, a lot of it is for their internal use as well. And that possibly being used to actually do anything to your file. So here’s what we do. So tell us tell us what you need. With help, I will ask a few questions to get to know your business, we’ll bring in your transactions and organize your money.
07:17
So I’m going to say next item, and what’s your business name, we’ll use this to get you started in QuickBooks. So I’m going to I’m just going to make up our company name. And so the in the second half of the course, we’re going to set up our name is get great guitars. And we’re going to imagine that we sell guitars and we have basically guitar lessons so that we’re going to be dealing with inventory. And we’re going to be dealing with service items. So then it says
07:43
And so you don’t have to follow along with that same name. But in the second half of the course, we will start doing data input from a fresh company file. And the idea being that we both start from the same place. And with no data in the system, we set up our company file. And then we go on a step by step process for the data input in the second half of the course.
08:06
So I’m moving from QuickBooks Desktop and want to bring in my data. So if you’re on the desktop version, and you would like to move to the online version, then you have this issue of do I need to transfer my data from the desktop version to the online version? Or do I just want to kind of start at one point in time in the online version? And leave my desktop version somewhere else?
08:26
That’s the same kind of question you have. When converting from any software, the question being, do I want to start the new software, possibly QuickBooks Online and just start my my information in terms of the financial data at this point in time, and use my old software? To answer any questions about the accounting information prior to that? Or do I want to actually transfer all the data that I have from all the prior transactions from my old software, to the new software.
08:53
And if you’re in the desktop version, they have some a little bit easier to do that in some ways, because of course, they’re both owned by the same company. So you possibly could be able to transfer that information in, we’re going to start a new company from nothing, as if we had another accounting system, we’ll have some beginning balances, we will have to enter. But we’re not going to be pulling in the data directly from another accounting software, such as the QuickBooks Desktop in our practice problem in the second half of the course.
09:21
So I’m going to say next on that one, and start What’s your industry so start typing and select the option that fits best. So we want to pick an industry up top and I’m going to pick also Lanius manufacturer all miss still are retailers except tobacco stores. Now this information could be critical because the system might use it to set up your chart of accounts. And what I would like to do is pick up a retailer store because I want to have the inventory that is going to be tracked within it.
09:51
So I want like a cost of goods sold accounts and I want and inventory accounts in depth Lee. So I’m going to say next. And then what kinda business is this tell us about your business structure. So again, I don’t think they’re actually going to make a lot of changes to your to your actual file from choosing different business structures. Although again, you would think that they could in a couple different ways, meaning a sole proprietor is someone who’s just one owner that owns the business,
10:18
and it’s a business account. So you would think that they would change like the equity accounts from something like a retained earnings to an owner’s equity type of accounts. That’s what they typically do if you choose a different industry or different type of business in the desktop version, but I don’t think they again, do that as much on the online version, they give you kind of a generic type of accounts. And you can just adjust them, I think this is more for internal use, mainly for the online version.
10:43
In other words, if you take a partnership, you’ve got two partners, so you would think you would need multiple capital accounts that would be involved or accounts for each partner, a not for profit is going to have obviously different needs. Because it’s a nonprofit organization, an S corporation is a type of corporation and a C corporation, or the S corporation being a flow through entity, the C corporation,
11:04
not a flow through entity, but they would both have, you would think a retained earnings account on the equity section, as opposed to like an owner’s equity type of accounts, or partners equity type of accounts. But again, I think I’m going to use a sole proprietor here, and I believe they’re still going to be using like a retained earnings account, not really adjusting the chart of accounts. So we’ll make those adjustments on our side and get kind of the basic structure.
11:29
And therefore I think this information is more for internal use, for the most part for Intuit, the owner of QuickBooks, so I’m going to say next, how does your business make money, we tailor your accounting categories, based on your answers, select all that apply. So I’m going to say provide services sells products. And as in something else, I’m going to just select these two. Now these two, you would think once again, that this would be telling QuickBooks, hey, I need something that’s going to allow me to track inventory, if I’m going to be selling products.
12:01
That’s why we chose the proper in the the industry type to be one that has retail sales, that sales inventory. But like I say, I don’t think they’re going to give us they’re going to give us a pretty general chart of accounts in the online version here. So and also note that what will keep it there, I’ll say next. And then we’ve got What’s your main role to get great guitars that’s the company name will customize your QuickBooks based on your answers.
12:29
So you could be owner, employee, bookkeeper or accountant or other I’m just gonna say owner here, but this actual file, what’s going to be the impact on the actual file that you’re going to set up and how it works, it’ll basically be somewhat the same, pretty much the same. So I think this is again, more kind of internal usage data for the QuickBooks Online, who sells work, who sell who else works for get great guitars help us understand who was part of your team,
12:57
I sigh flow, I have employees. So let’s say employees, contractors, other partners and owners I plan to hire in the future. Once again, I don’t think this is going to change your company file. I don’t think it’s going to change any of the chart of accounts or anything. I think it’s basically internal stuff that QuickBooks wants to track. For people that are that are testing out their software, What apps do you use for business, we’ll help you connect them. So you can see all your info in one place.
13:25
So these are the ability to connect different apps and the online is great to be able to do that we’ll talk more about bank feeds in a future presentation. So you can kind of connect your banking information, we’re not going to be conducting any any apps at this point in time. However, you do have the option at a later point even after your company file is set up to do that, so you don’t have to connect them during the startup process if you don’t want to.
13:47
So I’m going to go ahead and skip that for now. And then what do you want to do today to help us understand your goals Set Up QuickBooks QuickBooks to start using it right away explore QuickBooks before I set it up, I’m going to go ahead and set it up right away. And say next here and seeing it says link your accounts and see every everything in one place. So QuickBooks will automatically bring in transactions and save hours of manual entry.
14:16
One securely link your bank accounts to select the accounts you’d like to bring in free. See what your cash flow looks like. We’ll get to linking bank accounts later, that’s going to be our bank fee type of section. And note that the bank feeds are great tool. But oftentimes, people think they’re just going to link to the bank account and your whole thing is going to be just created for you from the bank. It’s not quite that simple, especially when you first do the setup process.
14:41
So we’re first going to learn an accounting system without bank feeds to know the forms and then we’ll talk about bank feeds so you can see how they fit into your system. And this is another area where if you don’t set up the bank feeds right now that’s okay. You could set up the bank feeds later. It’s not like it has to happen during this setup process. What do you want? To set up next invoice,
15:02
customers track receipt and Bill, I’m going to I’m not going to look professionals and get I’m not going to set these up at this point of time, I’m going to skip this here. And we’ll go to the next item, what is everything you want to set up, your choices will help build your setup guide, you can still use every part of QuickBooks. So these are going to be things that again, I think they’re more internal use for QuickBooks, but they’re also going to build this kind of setup guide, which might help you to kind of give you a give you a like a roadmap to some degree to help you set up things.
15:34
So I’ll go ahead and check some of these off accept online payments. I’m not going to check that off right now, in terms of of getting paid online through different kinds of formats of paying online might talk more about that later, we are going to be invoicing customers enter and pay bills, track receipts and expenses. track time, we’ll take a look at that pay employees and contractors manage inventory, we will look at that add sales tax, we’re going to do that protect my business with insurance, this is an add on,
16:04
they’re going to try to sell you something there and manage sales tax again in we might have to manage sales tax, we’ll check that off. So I’m going to say next. And see what we got here, we’re almost ready to dive in, test the waters create transaction categories built in your dashboard. Let’s go. Then it says Welcome to QuickBooks, let’s show you around so you can get get down. So quick tour, I’m not going to take the tour here, I’m just gonna close this out. And so there we have it.
16:33
So we have it set up now that they’ve changed, they’re gonna change the look and feel of this first page. So they gave us kind of a workflow, which is nice, it’s a little bit more similar to what we see in the desktop version with this kind of workflow up top. So that’s kind of nice, but they could change this, this field, this whole look and feel of how to navigate the center portion is something that they often kind of update and test out. So it could change over time.
16:59
Generally, the items on the left are going to be a bit more standardized. So this is going to be how going to help us kind of navigate through our process. So we generally got our navigation items on the left, which are going to be here with this toggle bar, and we’ve got the drop down with the cog, then up top. And when we look at the new items, these are most of the functions that will kind of be doing so you’re actually going to be working oftentimes with the items on the left, and then this cog up top and this new button.
17:26
And then of course the display field is going to be in the middle. So we’ll talk more about the navigation and everything in the future, I do want to take a quick look at the chart of accounts. So you go into the bookkeeping on the left hand side. So we’re in the bookkeeping, and then I’d like to see our chart of accounts, I’m going to see the chart of accounts, they did give us a large chart of accounts.
17:45
So I think they’re getting better at basically creating the chart of accounts from the data that we gave them in the data input process to give us kind of a starting point based on the industry and the other data that we input, we do have an inventory asset account, so we can deal with the inventory. In that account. If we scroll down, then we’ve got like our our general accounts that they set up, these are our equity type of accounts, they gave us the opening balance that draws the owner investments, the thing that’s a little bit unusual is they still use the retained earnings down here.
18:16
So we put in you’ll recall that we put in place that we had a sole proprietorship. So you would think this account would be called something like a capital account, or something like that. But I think just for some reason, the online version just sticks to that retained earnings as the account that’s going to be closed into, which is usually a term for like an S corp or C Corp, some type of corporation. And so then on the sales side, we do have our cost of goods sold items. And they got pretty detailed, they got pretty detailed with the types of accounts.
18:44
And they are using these sub accounts as well, which is a preference that you may or may not like set, you know, in terms of how are you going to use the sub account. So we’ll get more into the accounts later. But they did give us a pretty large list of accounts to work with. As we do data input, the general idea would be, you know, if there’s a chart of accounts that they recommend, that’s within kind of the industry that we’re having, we’re going to use that account. If we don’t quite like the name, then we’ll change the name instead of making a new account.
19:14
And then if they just don’t have the account that we’re using, then we’ll enter our own account. After a few months of data input, then we might want to go back into this huge long chart of accounts that they gave us and delete the accounts that we’re not using in our system. So we don’t have so many so many different accounts when when you know that might be a little bit overwhelming.
19:34
So we’ll talk more about that when we get into the data input section. So now in the future presentations, we’ll get more into the next option for the free navigation process. And that’s going to be with the Test Drive file.
19:49
So remember, this file is great to start a new company file in practice data input from scratch, but it’s not quite as good yet for navigation, because there’s no data in it yet. We’ll We have as a chart of accounts but no actual data we got no financial statements that we can be playing around with at this time so we’ll get into our next tool next time the QuickBooks test drive