 QuickBooks Online lists. Get ready to start moving on up with QuickBooks Online. We're going to be using the free QuickBooks Online Test Drive, searching in our online search engine for QuickBooks Online Test Drive, selecting the option that has Intuit.com in the URL, Intuit being the owner of QuickBooks. Support Accounting Instruction by clicking the link below, giving you a free month membership to all of the content on our website broken out by category further broken out by course. Each course then organized in a logical, reasonable fashion, making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again, click the link below for a free month membership to our website and all the content on it. We'll be using the United States version of the software and verify that we're not a robot. Scrolling in a bit holding down control up on the scroll wheel currently at the 125% on the zoom in. I'm going to select the cog dropdown just to note that we'll be toggling back and forth between the business and account and view currently in the accountant view. We're then going to duplicate some tabs as we do every time to put reports in right click on the tab up top to do so to duplicate. Right click in the duplicated tab to duplicate again back to the tab in the middle. We're going to go to the reports on the left hand side open up the balance sheet as that's thinking go to the tab to the right reports on the left hand side again. This time the PL profit loss income statement going to close up the hamburger otherwise known as the hamburger. And then we're going to change the range from 010122 to 123122. That's January through December 2022. Run it because we want to refresh it tab to the left and then we're going to close the hamburger scroll up again. Rangings. They are a change in 010122 tab 123122 tab and run it to refresh it. And that's the setup process we do every time back to the tab to the left. Now we've been looking at the information as we enter data on a day by day basis mainly in the new button here. So this is where we go every time or one place we can go when we want. We want to enter the day to day types of transactions the types of things we expect to be happening on a regular basis. The type of cycles sorted through as the customer cycle the vendor cycle the employee cycle and then we've got the other kind of form type things on the right in the others list. Now when we set up the company file we often think about those underlying type of things such as the two major items that we might group as lists the chart of accounts and the products and services. There's a couple ways to get into these items. And I think basically the term lists is coming in like grandfathered grandfathered in from the from the QuickBooks online software or to the QuickBooks online software from the desktop software. Not that the desktop software has gone away there's still the desktop software. Because the desktop software was around first some of the terminology that has been used has pulled over to the QuickBooks online even though the layout is different. Some of the terminology on the desktop version being being designed around the layout. So remember as you're learning accounting and QuickBooks you want to get an idea of what the words mean for accounting terminology as well as specifically for the software so that you can communicate with other people. Like your tax professionals your other bookkeepers and people in the accounting office or whatever you are doing. Otherwise you might know where stuff is but you won't be able to say to other people where is this located. So it's useful to be able to come up with the proper names to locate things. The items that were under the lists dropdown the old lists dropdown and the QuickBooks desktop version started to take on their own term which is called lists. And the two primary lists are the chart of accounts and the product and service list. Now in QuickBooks online often times if I'm going to the chart of accounts you could go to the right the left hand side and go to the accounting over here. And then there's your chart of accounts and you could go to the lists by going to I mean I'm sorry you could go to the products and services by going to the sales and then go to the products and services on the right. And if I check that out just take a quick look at that on the business view to see where those two are located. So we can under the business view find those same things under the get paid and paid area. There's your products and services and then under your bookkeeping there's your chart of accounts. So when you look at it this way you might say well why are they using the term lists in order to call out the chart of accounts. Is it because the chart of accounts is a list of accounts kind of but basically it was under the lists dropdown in the desktop version. The other way you can get to all the items that are kind of considered lists would be to go to the cog dropdown up top and then go to all lists. And this could be a nice tool especially as QuickBooks Online kind of goes back and forth between the business view and the accountant view. Because you can always find your chart of accounts this way as well as the other kind of items here that they've grouped under the term lists. Now the lists are something that you're not going to deal with typically in a day to day process in that you're not going to be changing adding subtracting new stuff to the lists daily. You might do it periodically but they're the foundational underlying things. So when you start up a new company file you're going to have to set up the chart of accounts and your products and services in order to make the data input run as smoothly as possible. Most people don't get a good feel for the lists because oftentimes when you work in an accounting department you start at a job that already has these things set up and you're looking at a specific area that has already been set up. So you never really get to see how it works from the ground up and that you're building it from the ground up. And the second half of the course or a second course or second half of a course will go into the new company file so that we can then construct these ground based items that will be then built on to make the financial statement using financial transactions entered by the forms that we have been looking at. Also when we look at the bank feeds area we'll start a new company file and we'll create the chart of accounts as we enter in essence transactions. So the chart of accounts is really important. We will go into it in more detail. There's a lot of different options on how you might want to sort the chart of accounts and you want to have an understanding of how the chart of accounts is impacted every time you do a financial transaction which is typically done with the items in this new dropdown. Where we enter the forms. So then within here again the other big one is the products and services the other big list that we might call them from a bookkeeping standpoint or a QuickBooks standpoint. Those are the products and services that we're going to set up in order to create invoices and sales receipts and also the ones if we're tracking inventory when we enter a bill or expense or check when we buy the inventory. And then we've got reoccurring transactions. So we'll take a look at the chart of accounts and the products and services later because they're so important. Let's just touch on some of these other lists. So we've got the reoccurring transactions so you could set up transactions that are going to be reoccurring. So if they're going to be happy in a standard interval it could save you some time to do that and we could basically set up our and then go here and find those reoccurring transactions. Products and services we got the product categories. So you saw when we set up a product and service we added a new category one time it's not here anymore because we started over again. But I think it was like we just made a test category. So this is just telling you that you might want overarching categories for your products and services to more easily group them. You sell guitars and then you sell bass guitars and then drums. Then you might have multiple guitars you want to group under the heading of guitars. So it'll be a little bit more easy to sort them. You can also see that if I go in. I'm in the the business view if I get the get paid and pay area product and services. Then you could see the sorting here in the different groups landscaping sprinklers and you could set up the groups as well as you enter a new item. If I was to enter say an inventory item. These are the category groups that we're talking about. Okay so I'm going to close that out. And let's go back into the cog and the lists again. So let's just take a look at all lists. Then we've got the custom form. So if I go into the custom forms we've got basically the defaults here and this is the default form. If you wanted to add a new custom style form you have the drop down invoice estimates and the sales receipts. Now notice that when you're talking about forms it's it's interesting from a data input perspective. That's just kind of what our main focus on is on. Although we might have another section that will talk about some of the customizations of the forms. But then there's also the idea of which forms are going to be given to people outside of the business and and how can we customize those to make them look as appealing as possible for good business relations. For example if you hit the drop down something like an invoice is something that likely you're clearly going to be giving to someone outside the business. Same with an estimate that's one of your initial contact forms in order to try to get business. So you would like to have your estimate be as appealing as possible so you might want to do more than just get it sorted out from a data input standpoint. But also you know get your logo on there and your contact to make it look you know as nice and possibly customizable as possible for those forms. Some of the other forms that we enter the into the system like a check form and expense form are typically a bill form. Meaning we're entering the bill in our system that we got from someone else for goods and services that we purchased. These are usually internal forms. So the customization of the look and feel of them is not really that important typically because we're not giving them to someone externally. So then the drop down we've got the customizations we might go into that in its own kind of section in more detail. But our major focus right now is just to do the transactions and see what the actual transactions are going to be from doing the data input. OK so then we've got the payment methods. Let's go into the payment methods. So this is your list of methods. It's kind of an information tool when you enter some form. So if I hit the drop down and I was to say that we were going to enter a receive payment or let's say a sales receipt type of form the type of form. If you're at a check register for example and then you've got your payment methods. So this is more of an informational type of thing here. It could help you to sort your information when you're like looking at your at your forms at your data at your reports. And so you could add a new list here. So you could like say it's a transfer something transfer and add that as you enter the data into a form. And it's more of an informational tool helping you to sort your reports. I'm going to say do you want to leave without saving. I'm going to say yes I do. So there we have now we have a transfer on that list. So you could see that list and customize it if you needed to delete something in the list. If the list is getting too long or something then you could go in here. You can run. You can edit and you can make it inactive. So you can't really delete it because it might already be used in some forms that have already been posted. But making it inactive will mean that it shouldn't show up on the list anymore. So it'll make it easier to use. So then we've got the payment methods going in the payment methods. We already looked at the payment methods. Then we've got the terms. Now the terms are those those items when you say net 30 or something like that. And so usually those are going to be entered into a like an invoice. If you have an invoice then we've got our terms right here on the dropdown for the terms. And this will net 30 means it's going to give you a 30 days from the date of the invoice. So now you can have your list of terms and you can set basically your different terms in that list. So I can close that out and then if you wanted to make a new terms over here if I say new terms you can name the terms you know 40 or whatever I do in fixed number of days. So you can select the fixed number of days or you can say do by a certain day of the month. So you might say I want to want to do on the 15th day of the month whenever you know so whenever I issue. I could say it's always do and I can expect it on basically those due dates due on the next month if issued within so many days of the due date. So those are basically your default options on the terms. So I'm going to go back to the all forms and then attachments. So as you're doing the data input if you have the attachments that you've been adding to it then you can go here and have a list of those items as well of the attachments that you're putting along with some of the forms possibly. You've got your tags. Now tags is another area in and of itself that can give you some more detail on the sorting of the reports. It can give you some more sorting capacities and so there's going to be specialized usages for when tags might be a useful tool or not. They're kind of similar to similar to class tracking. So you might use them for different purposes but you have to make sure that you add the added tags as you do in data input. So you've got your money in and your money out. So you might you might create for example a group. So if I go to the drop down and we say we have a tag group and then we're just going to say this is group one. Generic thing and then we're going to say that add add tags to this group so I can add then tags within the group and I'm going to say tag A and then I've got tag B tag A and tag B. So there's our two tags just to test it out and then I'm going to say done and then I can start to enter transactions so I can go over to the right hand side and let's just say we do an invoice. Now an invoice is going to appear in a money in even though we know that the invoice isn't actually the receipt of the money yet. It's really kind of a sales transaction. So it's a little bit simplified or deceptive with the money in but I believe it's still going to be there when we enter the invoice. So just be aware of that because it's a sales kind of thing. And let's say we sell something to a and I'm going to say save it boom boom boom and let's just say down here we had the pumps again. So I sold 100 of those and then I'm just going to add the tag of a so we're selling it and you might say that a maybe a is like a sales rep or something like that so we can we can track who is selling what kind of thing and give us some more detail with the tax but remember of course you have to remember to add the tag let's do another one. Let's save a new. Let's say this was going to go for BBB BBB added and then let's say that we sold this time rock fountain a rock fountain and this one let's do this one for a as well and then save a new and then let's do another one. They sold those two but then on CCC customer were saying that be sold something else like the rocks they actually go in the rock fountain that's weird OK rate $20 OK so let's save that and close it. And then if you had a money out type of form which I think you have the same kind of thing here and that on that kind of overview it could be an expense a check or even a bill form I think the bill form will still basically be recorded and even though it says money out there and so I'm going to say let's say on here we've got a a let's say DDD these are vendors now so we're going to say category utilities or something and I'm going to say this is going to be tagged today. And then save and new just to test this out and let's go from EEE and then save it and tag this to be and let's say this is going to go to to the telephone just to pick an expense. And let's say that's for 300 OK and so now let's just save and close that and then if I go back into my tags which I can go to my drop down up top and let's go to the all lists first and then I'm going to go into my tags. So let's go into the tags here and so now you've got kind of a quick summary up top and so I think see how it did I think it did include the bill. I didn't include included amount for B but it gives you kind of a quick summary and you could basically you've got your reports down here so you can run reports on it. This is profit and loss by tag so you can see it's kind of group in the P and L in a similar fashion if you're familiar with the class tracking. So there's pros and cons of using like class tracking and tags. It gets a little bit confusing because if you're going to try to use some of these items then the question is well what's the best option to use like locations class tracking tags. They're all really neat options but it will dependent be dependent upon what you're using them for. You could have a job cost system. You might have sales reps that you would like to add more detail to kind of track things within. You might have different locations that you that you want to track in more detail. And then the question is well how's the best method that you can that you can do that tracking method and the tags. You know you got the class tracking which you can have a whole lot of classes but then the tags give you another level another layer that can be more in depth. So we might try to get into tags and some specialty uses of them on their own in maybe a future section or something like that but but there's just a touch on the tags. So let's go to the drop down again and go to the lists again and let's just go to the custom fields. So this is going to allow us to add more fields in our data input once again allowing us to kind of sort our reports again. So it says here make information business informed business decision with custom fields. So custom fields empower you to customize forms to gather meaningful insight create meaningful and detailed reports to make better business decisions track search and filter data points relevant to your business. So this would also often be the case for like the sales side of things. So again you might want to want to be putting more information on the form that you can put in during the data input process which could allow you another item to sort by when you run reports. Now they've got a nice video here to demonstrate how it works so I won't go over in a lot of detail but I'll just set one up for example. So if I was to add a field for example the common example is the sales rep sales rep and I just want to note here that as we're looking at it. We have multiple different items when we're trying to add these more reference tools as we run reports. So we just saw the tags you might use like a class tracking on some types of things. So when you're trying to add more detail into your reports the question is what's the most effective tool if I want to add the sales rep. Do I want to add tags to do that if I do so then I have to add the tags to the form or I can add another line on the form possibly with a custom field which might still again need to have another level of detail in order to run reports and what kind of reports am I looking to have this information on. Do I want to be sorting my income statement in general for example on the income side in which case you might want like a class tracking type of thing for easy sortability. Do I want to sort by the tags or by another line item. So then you could sort like all the items here. So these are the sales items the the sales receipt the estimate the invoice the credit memo you could select the purchase orders. This item here would show it as you print the form. So remember you have the internal form that would be the data input. And then the question is do you want this on the printed version as well when you when you provide the form to the customer. Because these sales forms are the forms that might be given to the external customer. They're not just internal forms possibly so do we want the data input just on our side. Where do we want it visible to them when we provide them the email the invoice or whatever the sales report is sales data input form by email. But most likely or sending it. So here's the information sales receipt invoice and so on and the printability you can edit it here. So that's the general idea of those items. So in the future just remember that these term lists can get a little bit confusing because you might say why are they putting them under lists. It's basically under lists generally because they are basically lists. All these are kind of lists of items. But they were also housed in essence under the dropdown of lists in the desktop version which I think is pulling over the main two lists that are critical. To the foundational setup process are the are the chart of accounts and the products and services which we will go into in more detail shortly. And then some of these other items are kind of specialty type of areas and possibly we'll take a look at them in their own section possibly in future presentations. And I think we have looked at both the accounting view and the and the business view. So I think that's it and we'll go on to more of these lists in future.