Password alone is not safe!

QuickBooks Online (QBO) is a cloud-based accounting system, using a web browser to access your accounting data. No software program installed on your local computer, and the data (company file) hosted in Intuit’s secure cloud server.

The advantage of using a cloud-based system is that you do not need to invest in a computer server to host your data; it is a cost-saving, especially for a new startup. 

You always have the updated software version, do not need to worry about compatibility, or migrate the database from one version to another.

You can access your account anywhere, anytime. Be it at home or office, either using a Windows or macOS, open up a web browser, go to the QuickBooks Online (QBO) sign-in page, enter your ID and password. That’s it! 

Remotely accessible is essential these days when working from home is the norm.

A browser-based software solution is simple to use and convenient to access, but password alone is not safe! Anyone with your credentials can access your account and make unauthorised changes. Scary.

To protect you from password thieves, you can and should set up two-step verification. 

What is two-step verification?

Two-step verification is an extra security layer on top of your usual sign-in ID and password. A one-time security code will send to your mobile phone number whenever you sign-in to QuickBooks Online.

How to set up two-step verification?

QuickBooks Online two-step verification
QuickBooks Online two-step verification
  • Click on the User Profile icon (at the top-right corner of the QBO page) after signing into QuickBooks Online with your credentials. 
  • Click on the Manage Your Intuit Account link.
  • Select Manage Sign In & Security option from the User Account page.
  • Check! Ensure you have entered your mobile phone number correctly.
  • Switch on Two-step verification.
  • Select Text Message in ‘How should we contact you?’ option (you can opt for Voice Call if that is better for you).
  • Close and exit your setting.

How does two-step verification work?

On the subsequent sign-in to QuickBooks Online, you will receive a 6-digit security code via SMS message or voice call depending on your setting. Then, enter the 6-digit security code into the Verification Code box shows on the web browser to continue accessing your QBO file(s).

Two-step verification protecting your account by making sure it is you that sign in to QuickBooks Online; an extra layer of protection you should set it up to safeguard your valuable financial data.

Reset QuickBooks invoice sequence number

In our previous post, we mentioned resetting the invoice sequence number for the new year.

Invoice number has to be unique and sequential.

Both QuickBooks Desktop and QuickBooks Online do not have a system preference to set the invoice running sequence. If you prefer to have a yearly sequence number for †he invoices (e.g. IN20-10001 for the year 2000 and IN21-10001 for 2021), you can overwrite the invoice number when entering the first invoice in 2021. The subsequent invoice will follow the new order until you reset it again.

Reset QuickBooks invoice number
Reset QuickBooks invoice number

The same concept applied when switching from a manually invoicing system or another computerised accounting system to QuickBooks. You enter the first invoice with your preferred invoice number, and the next invoice generated will then follow the new sequence. And, of course, you can continue with your existing running sequence. Example: the last invoice entered in your old accounting software is 4321, you enter the first invoice in QuickBooks as 4322, and the next invoice number generated from QuickBooks will continue as 4323 automatically.

There are some differences between the Desktop and Online version. Some features in QuickBooks Desktop may not be available in the Online version. Consider sign up a trial or attend a demo if you have been using QuickBooks Desktop for years and thought of switching over to the online version.

New year, new sequence number!

The official document (e.g. Invoice, Credit Note, or Purchase Order) reference number must be unique and sequential.

The invoice reference number is auto-generated if you are using a computerised accounting system. Some users may preset the running sequence (e.g. IN100001) when rolling out and leave it running without resetting.

And some users may prefer to reset it once a month or yearly. For example, you may preset the invoice as IN20-10001 for invoices issue in the year 2020, and reset it to IN21-10001 on the first day of 2021.

Edit invoice number
Edit invoice number

If you are using MoneyWorks and would like to reset the invoice number, you can go to the Edit menu and select Document Preferences from the pull-down menu. Then, click the ‘Seq Nos’ tab and change the Invoice number to your preferred running order. Check the checkbox for ‘Change starts new seq’ before you save the setting.

That’s it!
Your next invoice will run in a new sequence.