Quickbooks Online: Getting the Most Out of Your Software

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Quickbooks Online has become a staple of small businesses.  Whether you are the business owner, accountant or the office manager you are likely going to need to know the ins and outs of Quickbooks Online.  You can have the best products or services in the world, but the taking care of the business side of things is often times where small businesses fall flat.  Mistakes can cause cash-flow problems, late bills, missed invoices and even tax issues.  All of which can have critical consequences.  Quickbooks Online will make the job of tracking your important financials much easier, but like any tool it is only effective when you know how to use it. This webinar will walk you through how to start getting the most out of your Quickbooks Online.

Your Benefits of Attending:

  • Learn how to make changes to your Chart of Accounts.
  • Learn how to add a bank account to your company.
  • Get guided through the process of setting up customers, vendors and items.
  • Understand the AP and AR Cycle.
  • Gain a better understanding of how to utilize the built-in reports.
  • Learn how to customize reports to meet your unique needs.

Join Tom Fragale as he shares his Quickbooks Online knowledge and gets you up to speed on fully utilizing your Quickbooks Online.

Level: Basic
Format: Live Webcast
Instructional Method: QAS Self-Study (Traditional)
NASBA Field of Study: Computer Software & App (2 hours)
Program Prerequisites: None
Advance Preparation: No
  1. Introduction
  2. Quickbooks Online Version Overview 00:02:00
  3. Chart Of Accounts 00:10:15
  4. Adding A New Account 00:11:03
  5. Changing An Account 00:12:45
  6. How To Set Up A Bank Account 00:14:56
  7. How To Set up Vendors, Customers, and Items 00:18:58
  8. Adding A New Customer 00:19:31
  9. Adding New Vendors 00:22:57
  10. Adding New Items 00:26:51
  11. Accounts Payable Cycle 00:35:54
  12. Purchasing Inventory From Vendors 00:43:21
  13. Accounts Receivable Cycle 00:46:43
  14. Creating A Manual Journal Entry 00:52:52
  15. Built-In Reports 00:54:54
  16. Attendee Questions 00:59:52
  17. Speaker Conclusion 01:02:02
  18. Presentation Closing 01:02:19
  • Tom Fragale

    Tom Fragale

    Tom Fragale is a computer professional with over 30 years of experience. He is a Microsoft Certified Trainer, a Microsoft Certified Office Master, and a Microsoft Certified Expert in Word and Excel. He has trained over 30,000 business people in on-line webinars, public seminars, and on-site training [...]

    View Full Profile

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You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.

  • Accounts Payable 00:35:54, 00:39:17
  • Accounts Receivable (AR) 00:13:45, 00:46:43
  • Chart of Accounts 00:10:17, 00:17:12, 00:28:24
  • Inventory 00:27:05, 00:32:50
  • Invoice 00:47:45
  • Purchase Order 00:43:47
  • QuickBooks Desktop 00:01:34
  • QuickBooks Online 01:01:41
  • Transaction 00:14:15
  • Vendors 00:18:51, 00:22:57, 00:43:24

Accounts Payable (AP): The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.

Accounts Receivable (AR): The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used.

Chart of Accounts: Chart of Accounts is the complete list of all the company’s accounts and balances. In QuickBooks, it represents and organizes the company's assets, liabilities, income, and expense. QuickBooks automatically creates your chart of accounts based on the industry and type of company you choose when creating your company file. If you just created your file, make sure to record the accounts' opening balances.

Inventory: A company's inventory typically involves goods in three stages of production: raw goods, in-progress goods, and finished goods that are ready for sale. Inventory or stock refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilization.

Invoice: An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice.

Purchase Order: A legal contract between a buyer and a vendor. It lists the materials or services to be purchased on specified terms and conditions (quantity, price / pricing conditions, delivery date).

QuickBooks Desktop: QuickBooks Desktop is a one-time purchase accounting software to be installed on your office desktop computer.

QuickBooks Online: QuickBooks Online is our cloud-based subscription service that gives you the freedom to work from any device — anytime, anywhere.

Transaction: In QuickBooks, a transaction type identifies what kind of transaction occurred, such as a customer transaction, bill payment or a bank transfer. When you submit a transaction, you type in a transaction code to represent it.

Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.

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Frequently Asked Questions

QuickBooks Online is a cloud-based subscription service that allows users to access their company's financial data from any device with an internet connection — ideal for businesses with remote teams or multiple users who need simultaneous access. QuickBooks Desktop is a one-time purchase software installed on a local computer, offering more advanced features in some areas like inventory management and job costing that have historically made it the preference for more complex operations. QuickBooks Online is updated automatically by Intuit, eliminating the need for manual version upgrades. Desktop requires periodic version purchases to stay current. For most small businesses — particularly those prioritizing accessibility, ease of collaboration with accountants, and straightforward accounting workflows — QuickBooks Online has become the preferred choice. Understanding the capabilities and limitations of each version helps businesses and their accountants select the right platform for their specific needs.
The Chart of Accounts in QuickBooks Online is the master list of all accounts used to categorize financial transactions — assets, liabilities, equity, income, and expenses. QuickBooks Online automatically creates a default Chart of Accounts based on the business type selected during setup, which provides a reasonable starting point for most small businesses. To customize it, navigate to the Accounting menu and select Chart of Accounts. You can add new accounts by clicking New and selecting the appropriate account type and detail type, and you can edit or merge existing accounts to better reflect your business structure. Adding account numbers improves organization and makes importing into other systems or working with your accountant easier. Maintaining a clean, well-organized Chart of Accounts is foundational to accurate financial reporting and should be reviewed periodically as the business grows and evolves.
In QuickBooks Online, the accounts receivable (AR) cycle manages money customers owe your business. The workflow runs from creating an invoice for goods or services delivered, to recording customer payments against those invoices, to depositing receipts to your bank account. The accounts payable (AP) cycle manages amounts owed to vendors. The workflow runs from entering a vendor bill when you receive it, to recording payment using the Pay Bills function when the invoice is due. Following these defined workflows — rather than recording payments directly as expenses — is critical for accurate balance sheet reporting, correct bank reconciliation, and clean aging reports. QuickBooks Online also supports purchase orders for tracking what has been ordered from vendors before the bill arrives, providing additional visibility into committed spend. Training on these cycles reduces one of the most common categories of QuickBooks errors: transactions entered outside the proper workflow that distort financial statements.
QuickBooks Online's built-in reports provide powerful financial visibility without requiring external spreadsheets. The most important reports to use regularly include the Profit and Loss statement (showing income and expenses over a period), the Balance Sheet (assets, liabilities, and equity at a point in time), and the Cash Flow Statement (tracking cash movements in and out). The Accounts Receivable Aging Summary shows outstanding customer invoices by age, making it easy to identify overdue accounts for follow-up. The Accounts Payable Aging Summary shows outstanding vendor bills, helping manage cash flow and avoid late payments. QuickBooks Online allows you to customize reports by date range, accounting method (cash vs. accrual), filters, and column selections, and to save custom report configurations for future use. Running and reviewing key reports on a regular monthly cadence enables proactive financial management and early identification of issues before they become significant problems.
Small businesses commonly make several costly QuickBooks Online errors that compromise the accuracy of their financial records. One of the most frequent is using the wrong workflow — for example, entering a bank transfer as an expense rather than using the Transfer function, which creates duplicate transactions. Another common error is failing to reconcile bank and credit card accounts monthly, allowing discrepancies to accumulate and making year-end cleanup significantly more time-consuming. Incorrect use of the Chart of Accounts — posting transactions to the wrong account type — distorts income statements and balance sheets. Skipping the invoice workflow in favor of directly recording deposits means accounts receivable reports are inaccurate. Not connecting the bank feed or failing to review and categorize imported transactions regularly leaves the books perpetually behind. Professional training on QuickBooks Online workflows, combined with a monthly bookkeeping discipline, prevents these errors and ensures the financial data small business owners rely on for decision-making is accurate and current.