QuickBooks, developed by Intuit, is a popular accounting software o ering various

features to help businesses manage their finances e iciently. Below is a comprehensive

list of QuickBooks features:

1. Core Accounting Features

 Invoicing and Billing: Create, send, and manage invoices. Automate recurring
invoices.

 Accounts Receivable (AR): Track money owed to your business.

 Accounts Payable (AP): Manage bills and vendor payments.

 General Ledger: Record and track all financial transactions.

 Bank Reconciliation: Match bank transactions with recorded entries.

 Expense Tracking: Record and categorize expenses automatically.

2. Financial Reporting

 Profit and Loss Statements: View income and expenses over specific periods.

 Balance Sheet: Track assets, liabilities, and equity.

 Cash Flow Statements: Monitor cash inflows and outflows.

 Customizable Reports: Generate tailored reports for deeper insights.

 Budgeting and Forecasting: Create and manage budgets to project finances.

3. Payroll Management

 Employee Payroll: Automate payroll calculations and tax filings.

 Direct Deposit: Pay employees directly into their bank accounts.

*Need to check with vendor/QB demonstrator if the tool has an interface

relevant to Indian payroll regulations. If not, we need to look for dedicated payroll
software to suit our business needs* E.g.: Zoho payroll, etc.
4. Sales and Payment Features

 Payment Processing: Accept credit card, debit card, and bank transfer
payments.

 Estimates and Quotes: Create and convert quotes into invoices seamlessly.

5. Time Tracking
 Project Time Tracking: Assign time to specific projects for accurate billing.
 Time Reporting: Generate reports for time-based projects and labour costs.

6. Project and Job Costing

 Job Costing: Track expenses, income, and profitability by job or project.

 Budget per Project: Compare project budgets with actual performance.
 Progress Invoicing: Invoice clients in stages as a project progress

7. Multi-Currency Support

 Multi-Currency Transactions: Send invoices, record expenses, and manage

accounts in multiple currencies.

8. Automation Features

 Recurring Transactions: Automate invoices, bills, and other transactions.

 Automated Bank Feeds: Sync bank accounts for automatic transaction imports.

 Rule-Based: Auto-categorize transactions based on custom rules.

9. Integration

 Third-Party Integrations: Connect with apps like PayPal, Shopify, Expensify, etc.

10. Cloud and Mobility Features

 Cloud-Based Access: Access QuickBooks anytime, anywhere via the web.

 Mobile App: Manage finances, send invoices, and capture receipts on the go.

 Data Sync Across Devices: Ensure up-to-date financial data on all devices.

11. Security and Data Management

 Multi-User Access: Assign user roles and permissions for controlled access.

 Audit Trail: Track changes and activities for accountability.

12. Tax Management

 Tax Preparation: Track tax liabilities and prepare returns.

 Automatic Tax Calculations: Sales and payroll tax calculation.

 E-Filing: File taxes directly with federal and state authorities.

*Need to check with QB vendor if the tool has features to suit Indian taxation
requirements*

What is the Chart of Accounts

The Chart of Accounts in QuickBooks is a list of all your company's accounts used to
categorize transactions, track finances, and generate reports. It includes categories like
Assets, Liabilities, Income, Expenses, and Equity.
On the Chart of Accounts screen, you'll see a list of accounts organized into the
following categories:

Assets: Things your business owns (e.g., Bank accounts, Accounts Receivable).

Liabilities: What your business owes (e.g., Loans, Debentures, Accounts Payable).

Income: Money earned through sales or services.

Expenses: Costs incurred to operate the business (e.g., Rent, Utilities, Supplies).

Equity: Owner’s investment, retained earnings, and drawings.

Add a New Account to the Chart of Accounts

From the Chart of Accounts screen, click the green "New" button.
Fill out the account details:

Account Type: Choose the appropriate category (Asset, Liability, Income, Expense, or
Equity).

Detail Type: Select the subcategory that best matches the account.
Example: For Expense > QuickBooks subscription, you might select "Dues &
Subscription".

Name: Enter a name for the account. Example: "Software Subscriptions".

Description (Optional): Add a brief description for clarity.

Is Sub-Account: If applicable, check this box and choose a parent account.

Example: We can create Expensify subscription expenses as a sub-account to "Dues &
Subscription".

Balance: If you are starting with a balance, enter the opening balance and date.

Connect Your Bank Account to QuickBooks Online

Connecting your bank account allows QuickBooks to automatically fetch and sync
transactions, saving time on manual entries.

Click on "Transactions” -> "Bank transactions"

Click the "Connect Account" button. Use the search bar to find your bank by typing its
name. Select your bank from the list.

Enter your online banking credentials. Allow QuickBooks to access your account.

After successful login, QuickBooks will display all your bank accounts.
Select the specific accounts (e.g., Checking, Savings, or Credit Card) you want to
connect. Choose the date range for transactions to import (usually up to 90 days or
more, depending on the bank). Click "Connect".

Confirm and Review Bank Transactions: QuickBooks will import your transactions
into the Banking page. Review the transactions and categorize them as needed.

Upload Bank Transactions Manually (via CSV File)

If your bank doesn’t support automatic connection, or you need to import older
transactions, you can upload transactions manually.
Download Bank Transactions

Log in to your online banking account. Download your bank transactions in a CSV
format. Save the file to your computer.

Prepare the File for QuickBooks

QuickBooks requires the CSV file to follow a specific format:

The file should contain the following columns: Date (MM/DD/YYYY or DD/MM/YYYY),
Description, Amount (Money spent or received), and Memo (Optional).

Upload the File into QuickBooks

Go to Transactions > Banking, Click the "Upload transactions" or "Link Account"

dropdown. Select "Upload from file". Click Browse, locate the downloaded CSV file,
and upload it.
Once uploaded, the transactions will appear under the "For Review" tab.

Review each transaction: Categorize expenses under the appropriate account (e.g.,
Rent, Utilities, Sales)

Entering Vendor Bills

Track amounts you owe to vendors (accounts payable), Keep organized records of bills
for future payments, monitor due dates and avoid late fees, and manage your cash flow
e ectively.

Steps to Enter a Vendor Bill in QuickBooks Online

Click “+ New” Under Suppliers, select “Bill”

Fill Out the Bill Details

In the “Vendor” field, select the vendor you received the bill from. If the vendor is not
listed, click “Add new” to create a new vendor profile.

Enter the date on the vendor bill.

Due Date: QuickBooks automatically calculates the due date based on your vendor
terms (e.g., Net 30). Adjust the due date if needed.

Enter the bill number as listed on the vendor's bill (optional but helpful for tracking).

Category Details: Use this for expenses like rent, utilities, or supplies.

Select the Category (expense account) for the bill. Add a Description (e.g., "O ice Rent
for June"). Enter the Amount.

Memo: Add any notes about the bill (optional).

Attachments: Upload a digital copy of the vendor's bill (PDF, image, etc.)

for record-keeping.
Pay Vendor Bills in QuickBooks

Once a bill has been entered, you can record the payment when you’re ready.

Click “+ New”. Under Suppliers, select “Pay bills”

On the Pay Bills screen, you will see a list of all unpaid bills. Use the Filter tool to locate
bills by vendor, date, or status.
Enter Payment Details: Select the account you are using to pay the bills (e.g., Checking
Account, Credit Card). Enter the payment date (e.g., scheduled payment date or as per
payment terms).

Choose the method used to pay the bill:

Check: For payments made by physical check.

Bank Transfer/Online Payment: For electronic payments.

Credit Card: If you’re paying the bill with a credit card.

Once all payment details are entered, click “Save and print” to print checks (if
needed).

How to Pay Bills Using Online Bill Pay

If you have Online Bill Pay integrated with QuickBooks, you can pay vendor bills
electronically. Go to + New > Pay bills. Select the bills to pay and choose “Bank
Transfer” as the payment method. Follow prompts to set up and confirm payment. The
vendor will receive an electronic payment, and QuickBooks will record it automatically.

What is QuickBooks Bank Feed

The Bank Feed feature in QuickBooks automatically imports transactions from your
bank and credit card accounts. It allows you to categorize, match, and reconcile
transactions easily.

How to Set Up and Use Bank Feeds

Go to Transactions > Banking. Under the “For Review” tab, you’ll see a list of
imported transactions.

How to Categorize Transactions: Click on a transaction to expand it. Select the

appropriate Category (e.g., O ice Supplies, Utilities, Rent). Add a Payee (optional but
recommended). Add a memo (optional) to describe the transaction. Click “Add” to
save the transaction.
How to Match Transactions

If a transaction matches an existing record (like an expense or invoice), QuickBooks will

suggest a “Match”. Review the suggestion and click “Match” to link the transaction to
the existing record.

What are Bank Rules

Bank Rules allow you to automate the categorization of transactions imported via Bank
Feeds. By setting rules, QuickBooks can automatically assign categories, payees, and
classes based on transaction details.

How to Set Up Bank Rules

Click “Transactions” > select the “Rules” tab. Click “New Rule” to create a new
automation rule.
Rule Name: Give your rule a clear and descriptive name (e.g., “Internet Bills”).

Under “Apply this to transactions”, choose which bank or credit card account this rule
applies to. If it applies to all bank accounts, select “All bank accounts”.

Choose the Transaction Type: Expense, Transfer, or Check. Select the Category where
this expense or income belongs. Click “Save” to activate the rule.
Run Expense Reports to Verify Categories

Go to "Reports". Search for and run the required reports.

Profit and Loss: See a breakdown of income and expenses.

Transaction Detail by Account: View individual expense transactions categorized by

account. Review the report to verify that all expenses are categorized correctly.
Creating an Invoice in QuickBooks

Creating invoices in QuickBooks is a straightforward process that allows you to bill

customers e iciently, send professional invoices, and keep track of your accounts
receivable. By properly managing and tracking invoices, you can ensure a steady cash
flow for your business.

Steps to Create an Invoice in QuickBooks

click “+ New” Under the Customers section, select “Invoice”.

Fill Out the Invoice Details

In the Customer dropdown, choose an existing customer. If the customer is new, click
“Add new”, enter the details, and save. Set the date of the invoice.
QuickBooks will automatically calculate the due date based on the customer’s
payment terms. We can also alter the payment terms accordingly. QuickBooks assigns
a sequential invoice number automatically. You can edit this if required.

Include a Message and Attachments

In the Message on Invoice field, add a note or instructions for your customer (e.g.,
“Thank you for your business!”). To include supporting documents (e.g., receipts,
contracts), click “Attachments” and upload your file(s).

Click “Save and send” to email the invoice to the customer immediately.

If you click “Save and send”, a draft email window will appear - Verify the recipient's
email address. Click “Send” to email the invoice. QuickBooks will track when the
customer views the invoice and notifies you.

Click “Sales” > “Invoices”. This will show the list of all your invoices with their statuses
– Paid, unpaid, overdue.

Tips for Managing Invoices

Automate Invoices: Set up recurring invoices for regular customers (e.g., monthly
subscriptions). Set Payment Reminders: Turn on automatic reminders to notify
customers of upcoming or overdue payments. Accept Online Payments: Enable online
payment options like credit cards or bank transfers to get paid faster. Run Reports: Use
the Accounts Receivable Aging Report to track unpaid invoices and follow up with
overdue customers.
What is Bank Reconciliation

Sync bank accounts and match transactions for accurate records. Reconciling your
accounts ensures your QuickBooks records match your bank or credit card statements,
which helps you catch errors, identify missing transactions, and maintain accurate
financial records.

Bank reconciliation is the process of comparing your bank statement with the
transactions recorded in QuickBooks to ensure they match. It helps verify:

All income and expenses are accounted for, there are no duplicate or missing
transactions, and Bank balances are accurate.

Steps to Reconcile Your Bank Account

Go to "Transactions" > "Reconcile".

On the Reconcile screen, you’ll see a form to fill in:

Beginning Balance: QuickBooks automatically pulls this from the previous

reconciliation. It must match the starting balance on your bank statement.

Ending Balance: Enter the ending balance from your bank statement. Click “Start
reconciling” to proceed.

Compare Transactions to the Bank Statement

Check o each transaction in QuickBooks that appears on your bank statement. Place a
checkmark next to each transaction that matches.
QuickBooks updates the "Di erence" (the di erence between the ending balance and
the cleared transactions).

Find Missing Transactions: If you notice a transaction on your bank statement that’s
not in QuickBooks, click “+ New” to add the missing transaction (e.g., Expense,
Deposit).

The goal is for the Di erence at the top of the page to be $0.00. If it’s not, recheck your
work. Look for duplicate transactions. Check if the amounts and dates are correct.
Ensure all transactions are included.

Finish Reconciliation

Once the Di erence is $0.00, click “Finish now” to complete the reconciliation.
QuickBooks saves the reconciliation, and you can view a summary or detailed
reconciliation report.

Troubleshooting Reconciliation Issues

Add any missing deposits, expenses, or transfers that appear on the bank statement but
not in QuickBooks. If transactions are entered twice, delete or exclude the duplicate
entry.

Ensure the beginning balance matches the ending balance from your previous
reconciliation.

Tips for a Smooth Reconciliation

Perform reconciliations monthly to stay on top of your accounts. Always confirm the
starting and ending balances match your bank statement. Connect your bank to
QuickBooks so transactions are automatically imported. Upload your bank statement
for reference when reconciling.