QuickBooks Online lists get ready to start moving on up with QuickBooks Online. We’re going to be using the free QuickBooks Online
test drive searching in our online search engine for QuickBooks Online test drive, selecting the option that has intuit.com. In the URL Intuit being the owner of a QuickBooks, we’ll be using the United States version of the software and verify
that we’re not a robot. Scrolling in a bit, holding down control up on the scroll wheel currently app, the one to 5% on the zoom in, I’m going to select the cog drop down just to note that we’ll be toggling back and forth between the business and accountant view currently in the accountant view,
we’re then going to duplicate some tabs as we do every time to put reports in right click on the tab up top to do so to duplicate right clicking the duplicated tab to duplicate again, back to the tab in the middle,
we’re going to go to the reports on the left hand side, open up the balance sheet as that’s thinking go to the tab to the right reports on the left hand side again, this time the P L Profit Loss income statement, we’re going to close up the hamburger otherwise known as the ham bogey.
And then we’re going to change the range from Oh 101 to two to 1231 to two, that’s January through December 2020. To run it, because we want to refresh it tab to the left.
And then we’re going to close the ham Bogey, scroll up again, range ins they are a changings a one a one to two tab 1231 to two tab and run it to refresh it. And that’s the setup process we do every time back to the tab to the left.
Now, we’ve been looking at the information as we enter data on a day by day basis, mainly in the New button here. So this is where we go every time or one place we can go. When we want we want to enter the day to day types of transactions,
the types of things we expect to be happening on a regular basis, that type of cycles sorted through as the customer cycle, the vendor cycle, the employees cycle. And then we’ve got the other kind of forum type things on the right in the others list.
Now when we set up the company file, we often think about those underlying type of things, such as the two major items that we might group as lists, the Chart of Accounts, and the products and services. Now there’s a couple of ways to get into these items.
And I think basically the term lists is coming in, like grandfathered grandfathered in from the from the quickbooks online software, or to the quickbooks online software from the desktop software, not that the desktop software has gone away, there’s still the desktop software, but because the desktop software was around.
First, some of the terminology that has been used has pulled over to the QuickBooks Online, even though the layout is different, some of the terminology on the desktop version being being designed around the layout.
So remember, as you’re learning accounting and QuickBooks, you want to get an idea of what the words mean for accounting terminology, as well as specifically for the software so that you can communicate with other people’s like your tax professionals, or your other bookkeepers. And people in the accounting office or whatever you are doing.
Otherwise, you might know where stuff is. But you won’t be able to say to other people, where is this located. So it’s useful to be able to come up with the proper names to locate things, the items that were under the lists dropped down, the old lists dropped down, and the QuickBooks Desktop version started to take on their own term, which is called lists.
And the two primary lists are the Chart of Accounts and the product and service list. Now, in QuickBooks Online, oftentimes, if I’m going to the chart of accounts, you could go to the right the left hand side and go to the accounting over here. And then there’s your chart of accounts.
And you could go to the lists by going to I mean, I’m sorry, you could go to the products and services by going to the sales, and then go to the products and services on the right. And if I check that out, just take a quick look at that on the business view to see where those two are located.
So we can, under the Business View, find those same things under the get paid and paid area. There’s your products and services. And then under your bookkeeping.
There’s your chart of accounts. So when you look at it this way, you might say well, why are they using the terminal lists in order to call out the chart of accounts?
Is it because the chart of accounts is a list of accounts, kind of but basically it was under the lists drop down in the Desktop version. The other way you can get to all the items that are kind of considered lists would be to go to the cog drop down up top, and then go to all lists.
And this could be a nice tool, especially as QuickBooks Online kind of goes back and forth between the business view and the accountant view.
Because you can always find your Chart of Accounts this way, as well as the other kind of items here that they’ve grouped under the term lists.
Now, the lists are something that you’re not going to deal with typically, on a day to day process, in that you’re not going to be changing, adding subtracting new stuff to the lists daily,
you might do it periodically. But they’re the foundational underlying thing. So when you start up a new company file, you’re gonna have to set up the chart of accounts and your products and services, in order to make the data input run as smoothly as possible.
Most people don’t get a good feel for the lists. Because oftentimes, when you work in an accounting department, you start at a job that already has these things set up, and you’re looking at a specific area that has already been set up.
So you never really get to see how it works from the ground up in that you’re building it from the ground up, and the second half of the course,
or a second course or second half of a course, we’ll go into the the new company file, so that we can then construct these ground based items that will be then built on to make the financial statement using financial transactions entered by the forms that we have been looking at.
Also, when we look at the bank feeds area, we’ll start a new company file, and we’ll create the chart of accounts as we enter in essence transactions. So the chart of accounts is is really important, we will go into it more in more detail.
There’s a lot of different options on how you might want to sort the chart or chart of accounts. And you want to have an understanding of how the chart of accounts is impacted every time you do a financial transaction,
which is typically done with the items in this new drop down where we enter the forms. So then within here, again, the other big one is the products and services. The other big list that we might call them from a bookkeeping standpoint,
or QuickBooks standpoint, those are the products and services that we’re going to set up in order to create invoices and sales receipts. And also the ones if we’re tracking inventory when we enter a bill or expense or check when we buy the inventory.
And then we’ve got reoccurring transactions. So we’ll take a look at the chart of accounts and the products and services later because they’re so important. Let’s just touch on some of these other lists. So we’ve got the reoccurring transactions. So you could set up transactions that are going to be reoccurring. So if they’re going to be happening in a standard interval,
it could save you some time to do that. And we could basically set up our and then go here and find those reoccurring transactions, products and services, we got the product categories. So you saw when we set up a product and service,
we added a new category one time, it’s not here anymore, because we started over again. But I think it was like we just made a test category. So this is just telling you that you might want overarching categories for your products and services to more easily group them.
So if you sell guitars, and then you sell bass guitars and drums, then you might have multiple guitars you want to group under the heading of guitars. So it will be a little bit more easy to sort them. You can also see that if I go in, I’m in the the business view,
if I get the get paid and pay area product and services, then you could see the sorting here in the different groups landscaping, sprinklers, and you could set up the groups as well as you enter a new item.
If I was to enter, say an inventory item, these are the category groups that we’re talking about. Okay, so I’m gonna close that out. And let’s go back into the cog and the lists again. So let’s just take a look at all lists, then we’ve got the custom form. So if I go into the custom forms, we’ve got basically the defaults here.
And this is the default form. If you wanted to add a new custom style form, you have the drop down invoice estimates and the sales receipts.
Now notice that when you’re talking about forms, it’s it’s interesting from a data input perspective, that’s kind of what our main focus on is on. Although we might have another section that will talk about some of the customizations of the forms.
But then there’s also the idea of which forms are going to be given to people outside of the business and and how can we customize those to make them look as appealing as possible for good business relations.
So for example, if you hit the drop down, something like an invoice is something that likely you’re clearly going to be giving to someone outside the business
Same with an estimate, that’s one of your initial contact forms in order to try to get business. So you would like to have your estimate be as appealing as possible.
So you might want to do more than just get it sorted out from a data input standpoint. But also, you know, get your logo on there and your contact and make it look, you know, as nice and possibly customizable as possible for those forms.
Some of the other forms that we enter the into the system like a check form, and expense form, are typically a bill form, meaning we’re entering
the bill in our system that we got from someone else for goods and services that we purchased. These are usually internal forms. So the customization of the look and feel of them, it’s not really that important, typically, because we’re not giving them to someone externally.
So then the drop down, we’ve got the customizations, we might go into that in its own kind of section in more detail. But our major focus right now is just to do the transactions and see what the actual transactions are going to be from doing the data input.
Okay, so then we’ve got the payment methods, let’s go into the payment methods. So this is your list of methods, it’s kind of an information tool when you enter some form.
So if I hit the drop down in, I was to say that we were going to enter a receive payment, or let’s say, a sales receipt, type of form,
the type of form if you’re at a check, register, for example, and then you’ve got your payment methods. So this is more of an informational type of thing here, it could help you to sort your information, when you’re like looking at your extra forms, at your data at your reports.
And so you could add a new list here. So you could like say it’s a transfer or something, transfer and add that as you enter the data into a form.
And it’s more of an informational tool, helping you to sort your reports, I’m going to say do you want to leave without saving, I’m going to say yes, I do.
So there, now we have a transfer on that list. So you can see that list and customize it. If you needed to delete something in the list. If the list is getting too long or something, then you could go in here, I can run, you can edit, and you can make it inactive.
So you can’t really delete it because it might already be used in some forms that have already been posted. But making it inactive will mean that it shouldn’t show up on the list anymore.
So to make it easier to use. So then we’ve got the payment methods going into the payment methods, we already looked at the payment methods, then we’ve got the terms. Now the terms are those those items when you say net 30, or something like that.
And so usually those are going to be entered into a like an invoice, if you have an invoice, then we’ve got our terms right here on the drop down for the terms. And this will net 30 means it’s going to give you a 30 days from the date of the invoice.
So now you can have your list of terms and you can set basically your, you know, different terms in that list. So I can close that out. And then if you wanted to make a new terms over here, if I say new terms, you can name the terms, you know, 40, or whatever I do in fixed number of days.
So you can select a fixed number of days, or you can say due by a certain day of the month. So you might say I want to want to do on the 15th day of the month whenever you know, so whenever I issue I can say it’s always due.
And I can expect it on basically those due dates due on the next month if issued within so many days of the due date. So those are basically your default options on the terms. So I’m gonna go back to the all forms and then attachments.
So as you’re doing the data input, if you have the attachments that you’ve been adding to it, then you can go here and have a list of those items as well, of the attachments that you’re putting along with some of the forms possibly you’ve got your tags.
Now tags is another area in and of itself that can give you some more detail on the sorting of the reports, it can give you some more sorting capacities.
And so there’s going to be specialized usages for when tags might be a useful tool or not. They’re similar kind of similar to similar to class tracking.
So you might use them for different purposes. But you have to make sure that you add the added tags as you do in data input. So you’ve got your money in and your money out. So you might you might create, for example, a group so if I go to the drop down, and we say we have a tag group,
and then we’re just going to say this is group one, I’m just going to make a generic thing. And then we’re going to say that add add tags to this group. So I can add the tags within the group. And I’m going to say
Tag A and then I’ve got tag b tag a and tag B. So there’s our two tags just to test it out. And then I’m going to say done. And then I can start to enter transactions. So I can go over to the right hand side.
And let’s just say we do an invoice. Now an invoice is going to appear in a money in, even though we know that the invoice isn’t actually the receipt of the money yet, it’s really a kind of a sales transaction.
So it’s a little bit simplified or deceptive with the money in but I believe it’s still going to be there when we enter the invoice. So just be aware of that, because it’s a sales kind of thing.
And let’s say we sell something to AAA. And I’m going to say, save it, boom, boom, boom. And let’s just say down here, we had the pumps again, we sold 100 Of those, and then I’m just going to add the tag of A,
so we’re selling it and you might say that a maybe a is like a sales rep or something like that. So we can we can track who is selling what kind of thing and give us some more detail with the tax. But remember, of course, you have to remember to add the tag. Let’s do another one. Let’s save a new.
And let’s say this was going to go for BBB BBB add it. And then let’s say that we sold this time, rock fountain, a rock fountain, and this one, let’s do this one for a as well. And then save a new. And then let’s do another one.
So a sell those two, but then on CCC customer, we’re saying that be sold something else like the rocks, they’ve actually go in the rock fountain. That’s weird. Okay, right. $20.
Okay, so let’s save that, and close it. And then if you add a money out type of form, which I think you have the same kind of thing here on that on that kind of overview, it could be an expense, a check, or even a bill form,
I think the bill form will still basically be recorded, even though it says money out there. And so I’m going to say let’s say on here, we’ve got a a, let’s say DDD, these are vendors now. So we’re going to say category, utilities or something.
And I’m going to say this is going to be tagged to a and then Save and New just to test this out. And let’s go from E and then save it and tag this to be. And let’s say this is going to go to to the telephone just to pick an expense.
And let’s say that for 300. Okay, and so now let’s just save and close that. And then if I go back into my tags, which I can go to my drop down up top, and let’s go to the all lists first. And then I’m going to go in to my tags. So let’s go into the tags here.
And so now you’ve got kind of a quick summary up top. And so I think see how it did, I think it did include the bill. I didn’t include included a mountain for B,
but it gives you kind of a quick summary. And you can basically you’ve got your reports down here. So you can run reports on it.
This is profit and loss by tag. So you can see it’s kind of grouping the P and L in a similar fashion if you’re familiar with a class tracking. So there’s pros and cons of using like class tracking tags,
it gets a little bit confusing, because if you’re going to try to use some of these items, then the question is, well, what’s the best option to use like locations, class tracking tags, they’re all really neat options, but it will dependent be dependent upon what you’re using them for.
You could have a job cost system, you might have sales reps, that you would like to add more detail to kind of track things within you might have different locations that you that you want to track in more detail.
And then the question is, well, how’s the best method that you can that you can do that tracking method and the tags, you know, you got the class tracking, which you can have a whole lot of classes,
but then the tags give you another level another layer that can be a more in depth. So we might try to get into tags and some specialty uses of them on their own,
or enough in maybe a future section or something like that, but, but there’s just a touch on the tags. So let’s go to the drop down again, and go to the lists again.
And let’s just go to the custom fields. So this is going to allow us to add more fields in our data input once again, allowing us to kind of sort our reports again, so it says here make information business decision informed business decision with custom fields.
So custom fields empower you to customize forms to gather meaningful insights, create meaningful and detailed reports to make better business decisions, track search and filter data points relevant to your business.
So this would also often be the case for like the sales side of things. So again, you might want to want to be putting more information on the form that you can put in, during the data input process,
which could allow you another item to sort by when you run reports. Now they’ve got a nice video here to demonstrate how it works. So I won’t go over it in a lot of detail. But I’ll just set one up, for example.
So if I was to add a field, for example, the common example is the sales rep, sales rep. And I just want to note here that as we’re looking at it, we have multiple different items when we’re trying to add these more reference tools as we run reports.
So we just saw the tags you might use, like a class tracking to on some types of things. So when you’re trying to add more detail into your reports, the question is, what’s the most effective tool? If I want to add the sales? Rep? Do I want to add tags to do that, if I do something,
I have to add the tags to the form. Or I can add another line on the form possibly with a custom field, which might steal again, at need to have another level of detail in order to run reports. And what kind of reports Am I looking to have this information on?
Do I want to be stored in my income statement in general, for example, on the income side, in which case, you might want like a class tracking type of thing for easy sort ability do I want to sort you know by the tags, or by another line item, so then you could sort like all the items here.
So these are the sales items, the the sales receipt, the estimate the invoice, the credit memo, you could select the purchase orders, this item here would show it as you print the form.
So remember, you have the internal form, that would be the data input. And then the question is, do you want this on the printed version as well, when you when you provide the form to the customer?
Because these sales forms are the forms that might be given to the external customer that not just internal forms? Possibly.
So do we want the data input just on our side? Or do we want it visible to them? When we provide them the email, the invoice or whatever the sales report is sales data input form, by email, most likely, or sending it? So here’s the information, sales receipt, invoice, and so on.
And the printability you can edit it here. So that’s the general idea of those items. So in the future robot, just remember that these term lists can get a little bit confusing, because you might say, why are they putting them under lists,
it’s basically under lists generally, because they’re they are basically lists all these are kind of lists of items. But they were also housed in essence under the dropdown of lists in the desktop version,
which I think is pulling over the main two lists that are critical to the foundational setup process are the are the Chart of Accounts and the products and services which we will go into in more detail shortly.
And then some of these other items are kind of specialty type of areas. And possibly we’ll we’ll take a look at them in their own section possibly in future presentations. And I think we have looked at both the accounting view and the and the business view. So I think that’s it and we’ll go on to more of these lists in future