Tag Archives: QuickBooks Online Singapore

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.

Happy new year!

2020 was like travel in a dark tunnel, full of fear and uncertainty.
Hope everyone has a good start in 2021, leave the fear behind, moving forward better and stronger.

New year, new start, new plan.

It is time to set a budget for 2021; project a healthy growth and monitor the spending for a better and profitable year.

Budget?
Yes, the budget.
Although most SOHO and smaller businesses seldom use a budget, it is good to monitor the expenditures during this uncertain period.

How to set a budget?

Consider using the average of your past few years actual (maybe past two to three years) if you do not know how to set a budget.

MoneyWorks

MoneyWorks support two alternative budget, A and B, for each financial year. You can enter directly into the budget editor, import, or paste from a spreadsheet. From the Show menu, select budgets to launch the budget editor.

MoneyWorks budget
MoneyWorks Budget

The budget editor is like a spreadsheet, rows of account and period in columns. Scroll down to the Profit and Loss account if you intend to prepare a budget for revenue and expenses. The sub-ledger, separated by a ‘~’, form part of the account list if you are using the departmental account.

Enter the monthly average of each account and copy across the periods. Save the budget, that’s it!

Monthly, you can view the progress by printing a Committed Budget report, compare the actual against budget.

QuickBooks Online

QuickBooks Online has an easy-to-use budgeting tool for SOHO and small businesses. It allows budget for the entire year, or budget for a specific project, class, or location.

Set up Budget in QuickBooks Online
Set up Budget in QuickBooks Online

Click the Gear icon (setting) and select budgeting. Then, click the Add Budget button from the budget list to add a new budget.

QuickBooks Online Budget
QuickBooks Online Budget

Enter the budget name, set the interval and continue with the budget value.

Use the QBO built-in Budget vs Actual report to monitor the actual performance against the budgeted value.

Plan it; monitor the spending, watch out the bottom line while you are busy with day-to-day.

Stay safe and healthy.