QuickBooks Online For Dummies. David H. Ringstrom
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versions use 128-bit Secure Sockets Layer (SSL), the same security and encryption that banks use to secure data sent over the internet.
After you assess your needs, as described in Chapter 1, use the following information to identify the lowest subscription level that will meet your requirements. You can upgrade to a higher level at any time, but you can’t downgrade.
QuickBooks Online Self-Employed
This version is aimed at freelancers and self-employed people who file Schedule C of IRS Form 1040. Unlike the higher level offerings, QuickBooks Self-Employed allows you to mix business with pleasure, meaning that you can separate personal and business expenses and mileage. It’s best suited to someone with a side hustle who wants to keep track of their business and simplify income tax filing.
QuickBooks Simple Start
A QuickBooks Simple Start subscription is great for a new business with basic bookkeeping needs. With Simple Start, you can
Track your income and expenses
Download transactions from your bank and credit card accounts
Create an unlimited number of customers
Send unlimited estimates and invoices
Print checks and record transactions to track expenses
Track and pay sales taxes
Track, create, and send 1099 forms
Import data from Microsoft Excel or QuickBooks Desktop
Invite up to two accountants to access your data
Integrate with available apps in QuickBooks Online App Center
Although the Simple Start version supports accounts-receivable functions, you can’t set up invoices to bill customers on a recurring basis or track unpaid bills. It does include a trial balance and a general ledger, however.
Although the Simple Start version allows two accountants to work in the client’s company, Simple Start is still designed for a single user, so an accountant who uses QuickBooks Online Accountant can’t establish a Simple Start company for a client.
This version offers more than 50 reports that you can customize and save. Go to this address to establish a QuickBooks Simple Start subscription: https://quickbooks.intuit.com/pricing. If you’re on the fence between Self-Employed and Simple Start, you’ll have more options in the future with Simple Start.
QuickBooks Online Essentials
A QuickBooks Essentials subscription builds on the Simple Start functionality by allowing you to
Set up invoices to bill automatically on a recurring schedule
Use accounts-payable functions, including scheduling payment of vendor bills
Create and post recurring transactions
Track time
Control the areas of QuickBooks that your users can access
An Essentials subscription permits up to three simultaneous users and two accountant users, as well as an unlimited number of users who log in only to use time-tracking tools. In addition, Essentials subscribers can access 85 reports.
QuickBooks Online Plus
A Plus subscription goes beyond the Essentials level by adding the ability to
Create, send, and track purchase orders.
Track inventory using the first in, first out (FIFO) inventory valuation method. QuickBooks Online supports light inventory needs: If you sell finished goods you should be able to manage your needs. But if you need to assemble finished goods to sell, QuickBooks Online won’t meet your needs on its own. You can look for an add-on app to supplement your inventory needs; I talk about add-on apps at the end of this chapter.
Categorize income and expenses by using class tracking.
Track sales and profitability by business location. You can assign only one location to a transaction, but you can assign multiple classes to a transaction.
Give employees and subcontractors limited access to the QuickBooks company to enter time worked.
Track billable hours by customer. QuickBooks Online supports light job-costing needs, but it doesn’t allow you to cost labor automatically.
Track projects.
Create budgets to estimate future income and expenses. You can create multiple budgets per year, location, class, or customer.
A Plus subscription allows five simultaneous billed users and two accountant users, as well as an unlimited number of users who log in only to use reports or time-tracking tools. Plus subscribers have 124 reports. You can get the lay of the land in QuickBooks Online Plus by way of the free test drive at https//qbo.intuit.com/redir/testdrive.
QuickBooks Online Advanced
QuickBooks Online Advanced is the flagship subscription for users who have outgrown QuickBooks Online Plus, which allows you to
Have unlimited accounts, transactions, and classes.
Connect with a dedicated customer success manager to handle support questions; support calls go to the front of the line instead of waiting in queue. Customer success managers also provide information on online training and QuickBooks products; Advanced subscribers are entitled to five free online training courses annually.
Establish custom permissions for your users.
Efficiently import hundreds of invoice transactions into QuickBooks by way of a comma-separated-values (CSV) file. You can create such a file in Microsoft Excel or Google Sheets.
Edit or delete multiple invoices.
Batch-reclassify and batch-create transactions, including invoices, bills, checks, and expenses.
Enable workflows to trigger reminders for customers and team members.
Use up to 48 custom fields.
Visualize your data in the Performance Center with customizable chart widgets.
Employ premium app integration with services such as Bill.com, HubSpot, Salesforce, LeanLaw, and DocuSign. (Third-party subscription fees apply.)
Restore QuickBooks data to a particular date and time. You can also schedule automatic backups and reverse changes made to customers, vendors, and company settings.
Take advantage of a license for enhanced reporting capabilities called Smart Reporting, powered by Fathom. Fathom requires that your chart of accounts have no more than 3,000 active or inactive accounts and no more than 60 classes. Smart Reporting is included at no cost in Advanced subscriptions, or you can add it to a lower level QuickBooks subscription for