Important Settings for Optimizing QuickBooks Online
Published on: December 10th, 2024
There are a lot of settings available to customize your QuickBooks environment
In this guide, we’ll cover everything from how to set up classes in QuickBooks Online to tailoring sales forms and advanced settings.
By the end, you’ll be ready to maximize QuickBooks for your business needs.
Step 1: Accessing Account Settings
To begin setting up QuickBooks Online, navigate to your Account Settings. You’ll find this under the Company tab. For this guide, we’ll focus on two essential sections: Sales and Advanced.
Step 2: Customizing the Sales Tab
The Sales tab allows you to fine-tune how QuickBooks handles your invoices, products, and payments. Key features include:
| Setting | Purpose | How to Enable |
|---|---|---|
| Invoice Payments | Choose payment methods (ACH, Credit Cards). | Go to the Sales tab > Invoice Payments section. |
| Products and Services | Decide what details show on sales forms (e.g., SKU column). | Sales tab > Products and Services section. |
| Late Fees | Automatically charge customers for overdue invoices. | Sales tab > Late Fees > Turn On. |
| Invoice Reminders | Enable automatic reminders for due invoices. | Sales tab > Reminders > Enable. |
For businesses with recurring late payments, enabling Late Fees and Invoice Reminders can significantly improve cash flow without extra manual effort.
Step 3: How to Set Up Classes in QuickBooks Online
If you need a way to categorize transactions, classes are a must-have feature in QuickBooks Online. Classes allow you to group and filter data for better analysis, such as tracking income and expenses by department, project, or location.
Steps to Enable Classes:
- Go to the Advanced tab in your Account Settings.
- Find the Categories section.
- Turn on Track Classes.
- Click Save to apply the changes.
Once enabled, you can assign classes to individual transactions like invoices, bills, and expenses. This feature is perfect for businesses that need detailed reporting and a clearer understanding of profitability across different parts of their operation.
Step 4: Exploring Advanced Settings
The Advanced tab includes additional tools that can enhance your QuickBooks experience:
- Close the Books: Prevent changes to historical data after reconciliation.
- Enable Account Numbers: Add structure to your chart of accounts for better organization.
- Customize Formats: Adjust date and currency formats based on your business location.
These settings give you more control over your financial data and ensure accuracy as your business grows.
Save Time and Maximize Efficiency
By properly setting up QuickBooks Online and exploring features like classes, late fees, and reminders, you can simplify your accounting process and save hours of manual work. Customizing these settings allows QuickBooks to work for your unique business needs.
Key Takeaways
- Enable Track Classes under Advanced settings to categorize transactions.
- Use the Sales tab to set up payment methods, late fees, and reminders.
- Secure your historical data by turning on Close the Books.
Ready to start? Head to your QuickBooks Online settings and begin customizing today!