Category Archives: QBO

Select all transactions when reconciling bank in QuickBooks Online

The objective of reconciliation is to match the transaction and balances between the ledger and the bank statement and pick up data entry errors. You can either select the cleared transaction one at a time based on the statement sequence or selecting all transactions first and then unchecked those uncleared transactions. Use whichever method works better for you, but the latter is less common as it may prompt to mistake (e.g. same payment amount but for a different person or company).

However, if you still prefer to select all transactions and unchecked those uncleared transactions can do so by selecting the first radio button (on top of the first transaction). QuickBooks will prompt you to confirm your option; click on the ‘Yes, select all’ button to continue selecting all transactions.

QBO Bank Reconcile
QBO - select all transaction in reconcile

This method could be workable if most of the transactions are electronically transferred (e.g. PayNow) and only have a handful of cheques to monitor, or in a scenario whereby you are rushing to clear the backlog.

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QBO – Online Delivery Invoice

An invoice is an official document from the seller to the buyer. It can be:

  • Handwritten
  • Print from a word processor, spreadsheet, or accounting software
  • Digital copy (e.g. PDF)
  • E-invoice
  • HTML format (e.g. QBO’s Online Delivery)

Digital copy is to save the invoice into a digital format (e.g. PDF – Portable Document Format) and email it to the customer. Digital invoice has become common these days when most people are working from home. 

The e-invoice, on the other hand, refers to electronic invoicing. It is an electronic document created, exchange and process between businesses. The accounting software generates the invoice, send it to the e-invoice network (e.g. PEPPOL – Pan European Public Procurement On-Line) via the access point, and deliver it electronically to the customer. You may consider subscribing to Link4 (the e-invoice access point provider) if you are currently using QuickBooks Online (QBO). 

Online Delivery is a term used by QuickBooks Online to deliver an HTML formatted invoice via email. It tracks the progress from the moment the customer opens up the email to making payment. Although it is HTML formatted, the recipient can print a copy for filing, or you can consider attaching a PDF copy to benefit those who prefer to receive invoices in a traditional invoice format.

How to set up Online Delivery in QBO?

QuickBooks Online account and settings for Online Delivery Invoice

Sign in to your QuickBooks Online account, click on the Gear icon and select Account and Settings from the list. Then, go to the Sales tab and scroll down to the Online Delivery section to turn on the feature. 

Send an invoice.

Then, click on the Save and Send button on the invoice will email a copy of the invoice to the customer in HTML format. The invoice activity (e.g. when the customer has opened up the email) tracks at the bottom of the invoice.

QBO - Online Delivery Invoice
Online Delivery Invoice
QBO - monitor the invoice progress
Monitor the invoice progress

QuickBooks Online is a small business accounting software. Sign up for a demo to find out how to leverage cloud-based accounting software.

Switch over to QuickBooks Online

Simple, but yet could be challenging for some.

Switching over to new software, often, get overwhelmed by the rich features available; confused and wouldn’t know where to start.

Although QuickBooks Online (QBO) is a cloud-based accounting system, suppose to be easy to use, it may still be challenging for some. After entering the company name and selected the industry on the welcome page, what’s next?

Where to customise the invoice template, create the chart of accounts, update the products and services list, import the customer and supplier names, how to record the opening balances, etc.

Of course, help is readily available. There are QBO help articles and videos available on the official Intuit channel and non-official channel by blogger and YouTuber over the world. That’s the beauty of the World Wide Web; isn’t it?

Besides, you can also engage a QuickBooks consultant if you are still not comfortable, help you implement and shorten the learning curve. 

Here are a few steps for you to kickstart if you prefer to DIY (Do-it-yourself), set up your business finance in QBO.

QBO Gear icon

Gear icon. The gear icon will be the very first icon you click when using QBO. You need to set up your company preferences, such as the company address, insert logo, set up home currency (if you are using multiple currencies) and the first month of your financial year started from the accounts and settings page. Then, create the chart of accounts and update the products and services list; which you can find these lists under the gear icon too.

QuickBooks Online +New icon

+New icon is the place where you can find all the daily transactions such as invoice, receive payment, bill, cheque, journal entry, etc. It’s the most often visited area when using QuickBooks Online. Besides daily transactions, you record the opening balances, if any, via these transactions too.

QuickBooks is a form-based accounting system. Once you click on the save and close after creating an invoice, the system debit the accounts receivable and credit the sales automatically without needing to post a sales journal separately. The invoice emailed to your client automatically once you opt for online delivering sales form from the accounts and settings page.

QBO Search function

Oops! You make a mistake. Don’t worry. Go to the search bar located at the top of the page, click on it, and you can find your recent transaction. As long as you are authorised to change, you can edit and save the amended transaction.

QuickBooks Online navigator

The transactions which you have recorded registered in the transaction list. For example, the invoice and receipt capture in the All Sales list of the Sales Navigator, and the Bills and Cheque is under the Expenses list of the Expenses Navigator.

Go to Report Navigator, where you can find all the relevant reports to cross-check what you have recorded in your book.

Once you understand the flow of using QBO, you can try connecting your bank account to the bank. Pull down the bank transactions automatically into QBO to match or add into your book, and prepare your reconciliation.

Using QuickBooks is not difficult if you have set up correctly. QBO is country-specific, which has its GST or VAT set up, subscribe to QBO Singapore version if you are using it for Singapore business account. Contact the local office or consultant if you have doubts.

The three main things you need to know to kicks start your business finance in QBO:

  • the Gear icon to set up your preferences and lists
  • the +New icon to record your daily transactions
  • and find the transactions and reports from the navigator located at the left panel.

Easy?

Hope these are helpful for you to kickstart your book in QuickBooks Online.

For existing QuickBooks user in Singapore who intend to switch from Desktop to QuickBooks Online may contact us. It’s good to sign up a demo to see the differences between QuickBooks Desktop and QuickBooks Online before you dive into a new piece of software.