In this QuickBooks Online 2023 tutorial, we will focus on e-commerce inventory management and cost of goods sold (COGS) using the cash basis accounting method. By following this practice problem, you will gain the necessary skills to effectively manage your bank books with QuickBooks Online.

(more…)

Welcome to QuickBooks Online 2023! In this update, we will explore how to efficiently manage your bank books using the latest features and functionalities. One common scenario we will address is handling e-commerce transactions, specifically inventory sales conducted online through third-party platforms like Shopify or Amazon. Our goal is to seamlessly integrate the data from these platforms into QuickBooks Online to generate accurate financial statements. In this blog, we will focus on using bank feeds as a method to import and reconcile data. Let’s get started!

(more…)

In the ever-evolving world of business, managing finances and inventory efficiently is crucial for success. QuickBooks Online 2023 offers powerful tools to help you streamline your financial processes and boost your profitability. In this blog post, we will explore the purchase cycle in QuickBooks Online and compare it to the unique challenges faced in e-commerce businesses. By gaining the necessary skills, you’ll be able to optimize your financial management and drive growth using QuickBooks Online in the year 2023.

(more…)

In today’s digital era, e-commerce has become a prominent avenue for businesses and sole proprietors to sell physical inventory. With the help of web-based applications like Shopify, Amazon, and eBay, entrepreneurs can facilitate the logistics of their e-commerce operations and establish a robust online presence. However, it’s essential to consider the accounting perspective, specifically for those using QuickBooks Online, and understand how it fits into the bigger picture.

(more…)

In today’s digital era, leveraging e-commerce platforms can significantly enhance your business’s growth and profitability. QuickBooks Online 2023 offers the necessary tools and features to streamline your financial management processes, especially when integrating with popular e-commerce platforms like Shopify. In this blog post, we will explore how you can earn the skills needed to maximize your success with QuickBooks Online 2023 and adapt the traditional inventory and sales flowchart to accommodate e-commerce operations.

(more…)

In the world of e-commerce, businesses rely on online platforms such as Shopify, Amazon, and eBay to facilitate their operations. These platforms offer various features and services that help with the logistics and sales of physical inventory. However, it’s essential to consider the accounting perspective, especially for businesses using QuickBooks Online in 2023, to ensure financial information is accurately recorded and organized.

(more…)

In QuickBooks Online 2023, one of the first steps to getting started is to download your bank transactions from your bank. You will need to have an account set up in QuickBooks that is tied to your bank account. Once you have set up the account, you can connect directly to your bank by going to the Banking tab and clicking on the Connect to Bank option. Alternatively, you can upload your transactions by clicking on the Upload Transactions button and selecting the format you want to use, such as CSV or QBO.

(more…)

(more…)

Great, let’s now see how we can use this estimate in QuickBooks Online to create progress invoicing. First, we need to create the estimate in QuickBooks Online. To do this, we can go to the Customers tab on the left-hand menu, and select Create Estimates. Then we can enter the details of the estimate such as the customer name, job name, and the three buckets of expenses i.e., materials, labor, and overhead. We can also enter the markup percentage and the markup amount as per our Excel estimate.

(more…)