Free 30 Day Trial Multiple Currencies Problem 4 1483

QuickBooks Online 2021, the multiple currencies practice problem for setting up a free 30 day trial. Let’s get into it within two, it’s QuickBooks Online 2021. Here we are on the Intuit website into it being the owner of QuickBooks, it’s at i n TUIT comm, we’re going to be looking to set up our free 30 day trial, we’re going to go then to the QuickBooks icon, I’ll typically go all the way down to the bottom of the page here where we have our list of products down below. The first one being QuickBooks Online. That’s the one the one we want.


That’s the one we’ll click on. Because that’s how you get to the area where we want it. And then we’re going to go down and we see that we have the free 30 day trial toggle here. If we toggle it on, it’ll increase the the scariness down here, because the price thing over here will increase but we’re looking for a free 30 day trial. And they usually will offer a discounted period upfront, or the free 30 day trial. If you’re using multiple currencies, you might want to be testing the multiple currencies first.



And then when you want to purchase it or use it in your own system, then you could turn it on in your own system or look to purchase it possibly from your accountant, or some other accounting professional QuickBooks professional that might then be able to give you a discount to be purchasing the software. So I’m going to toggle this on, it looks scary, but it says free trial here, try it free. So that’s what we want to do, we’re going to add that to the trial. It has 1775, the payroll has included looks a little scary here. But then again, the small italicized print over here says it’s a free trial, I don’t think you need the credit card in order to process it.



So if they don’t give you them, if you do not give them the credit card, you would think that they would not be able to charge you and it would be indeed a free trial. So I’m going to go through the checkout item, we’ll check it out, then you can either add a new account, if you do not have one, or if you do have an account, you can go down here to the sign in location. Once you continue, they may ask you like one more time where they’re saying, hey, you sure you want that you don’t want to take like the discounted price here for the three month or whatever. And we’re gonna say no, usually, because we want the 30 day free trial.



So the item down here, that’s a little less conspicuous. That’s when we want to be checking on. Next, we’ll go through our setup process, we have the welcome, you’re glad you’re here, or We’re glad you’re here. Here’s what we’ll do together right now, tell us what you need help with. We’ll personalize QuickBooks and make recommendations based on your needs. We’ll bring in your transactions and organize your company next. And then what’s your business name, we’re going to call it multiple currencies, multiple currencies, prop four, which is a funny name, but that’s what we’re going to call it, we’re not going to be importing any data from an Excel file, or from a QuickBooks desktop version, we’re just going to start a new QuickBooks file from scratch.



So I’m going to say next on this one. And then it says, what’s your role in the in the business? We’re going to say where the owner owner or I’m going to say, where the owner? That’s what I’m suggesting here next? And then does does someone help you with your books? I’m going to say no, we do it ourselves, who helps you run your business. So we can say that I fly solo employees, I’ll check these off, they shouldn’t have any impact I do not believe, but they could possibly have an impact on like the homepage where they set up the homepage area,



the thing I’m most concerned with is basically the chart of accounts things that will be affecting the chart of accounts, although the chart of accounts is not as heavily impacted, or it’s not as diverse. When you look at the online version versus the desktop version. If you choose different company industries in the desktop version, I’ll go ahead and check off the employees, contractors, other partners and owners, we’re not going to have any data for sole proprietorship I plan to hire in the future, I’m not going to check that off, because you would assume that QuickBooks would then be trying to sell you or upsell you payroll, which is usually an add on feature,



although they do have it included right now at this time with the 30 day free trial. So I’m going to say next, what do you want to do today, set up QuickBooks to start using it right away, I’m going to select that item and then say Next, I’m not going to be linking and we’re not going to link our bank accounts using the bank feeds. We’re not going to do that in our practice problem. But even if this was your normal set up process, you don’t typically need to do that. Now unless you want to, you can always go in after you set up the file and go back in and link your bank accounts and credit card accounts.



So we’ll skip that. What kind of business is this? I’m going to select a sole proprietorship. Again, this one you would think could have some impact on the chart of accounts, but it’s less of an impact than you would think or less of an impact than you might see on like the desktop version. Once again, for example, the sole proprietorship you would think that would affect the equity section in the naming of the equity section but it’ll still be called I believe retained earnings in the equity section which is really the name kind of for a corporation equity section and the partnership You would think you would have multiple capital accounts possibly.



But but it might be and then down here, the not for profit, if you are a not for profit, then you want to make sure to check that off. Because that’s where the terminology really could differ so that we have accounts that don’t sound like their revenue accounts, and their sound like not for profit accounts, although we still have a double entry accounting system, and so on. So we’re gonna say next, and how does your business make money, I’m gonna say we want products, just because again, this could affect the chart of accounts.



And I would like to have the chart of accounts have inventory included, or inventory account, and cost of goods sold account, in case we want to use that. So I’m going to say next. And what does your business do, I’m going to select all other miscellaneous store retailers. Now you want to be as specific as you can here and try to pick the industry that will be applicable to you. Although once again, the chart of accounts for QuickBooks Online is not as diverse by industry. So it could change a little bit by industry, that’s where my major concern is,



I’m going to pick this one because again, it has a store item, and I want to be picking up inventory and the cost of goods sold. I’m going to say then next. And then what do you want to set up next, I’m not going to set up invoices or the or the tracking of the bills or tracking receipts, and the invoice you could customize the invoice that’s something that you could do after you get into the system, the invoice or standard invoice will already be put in place. You can use it for recording. If you want to customize the invoice and put your own logos and whatnot on it.



You can do that now or at a future point as well. going to skip that what is everything what is everything you want to set up? This, I believe is more for QuickBooks informational purposes, although it could have an impact on the homepage, like the flow chart page. Or I do not think it’s going to have as much an impact on the chart of accounts, which is really where our focus is. So I’ll basically click most of these off here, we’re going to organize money in and out



Yeah, we want to do that invoice customers, most likely, you’re going to want to do that unless you’re in an industry where your cash basis industry and possibly just creating your books from Bank feeds or something like that. Track receipts and bills. Typically, we would want to have that pay employees and contractors most likely we will be paying employees or contractors, if not both ad sales, I’m going to select that item accept online payments, this may be an add on feature. So if you don’t have that, if you check it off, then QuickBooks might try to you know upsell you to the add on feature of that.



So I’m not going to check it off, enter and pay bills, we would typically want that track time, we may not be using that. But we could possibly use the tracking time manage inventory, we might want to do that protect my business with insurance, I’m not going to check that off, because I would assume QuickBooks then would try to upsell me to sell me insurance, which I don’t I don’t want to buy insurance from QuickBooks. So I’m gonna say done. And there we have it, we got our high five square root screen Welcome to QuickBooks, I’m not going to take the tour we’re going to close this out.



We then have our chart of accounts down below that has been generated by QuickBooks under the accounting tab, we could see the chart of accounts when the Chart of Accounts tab up top pretty pretty generic generic chart of accounts that we have here. Next time, we won’t do it this time. We’ll do it next time. But just to check it out. Because we’re we’ll be working in the multiple currencies, it’s going to be under the cog to turn on the multiple currencies under the account and settings. And then we’re going to do an advanced maneuver.



So we’ve got to go to the Advanced tab for the triple backflip, half spin rotation, advanced move, and then we’ve got the currencies down below. So here’s where it is you would select a little pencil here and then select your currency we’re going to use the US dollar as the home currency and then turn on the multiple currencies once turned on, it can’t turn it off. We’re not going to do it. This time. We’re going to do it next time we’re going to sleep on it, make sure that this is really what we want to do. And then next time we’ll go ahead and if we decide that it is what we want to do, we’ll do it.

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