 QuickBooks Online 2022. Set up 30 day free trial to add bank feeds. Get ready because it's go time with QuickBooks Online 2022. Here we are in the Intuit website, Intuit being the owner of QuickBooks, that's I-N-T-U-I-T dot com. We're gonna be looking to get the 30 day free trial of the QuickBooks Online software to practice bank feeds with. So I'm gonna go into the QuickBooks item up top Intuit owning multiple different types of software. So we wanna go into the QuickBooks software. There's two major types of QuickBooks software, the online version and the desktop version. I like to go all the way to the bottom of the page, all the way to the bottom of the page being something that has been similar for a long time on the Intuit and QuickBooks website where they list their products on the left hand side just so I'm sure what product I'm focusing in on. And the one on top is the QuickBooks Online. That is typically the product that they focus in on with regards to the types of QuickBooks software. So then I'm gonna scroll down to the purchasing options down below and the purchasing options have looked very similar for a long time as well in that they do have this free trial for 30 days at this time. And to get it, you gotta toggle to the right to get to that 30 day free trial. As you do so, however, they're gonna strike some fear in your heart by basically adjusting the price down below. So you can see if I toggle back on over, they adjust the price down below to the $80 here. So, and if you toggle back on over, it's gonna adjust back down. So they're basically saying if you get the free trial, we're gonna charge you more after that point in time. However, if you're trying to practice with the software, you might wanna toggle it over to the free trial, test out the software, and then at a later point, possibly if you're looking to switch on over, then see if you could get a discount at that point in time, possibly talking to a QuickBooks distributor or something like that. So I'm gonna toggle over so we can practice with the 30 day free trial. And then I'm gonna go to the plus item, the plus item being the standard item or the recommended level that you would typically want to be looking at. You can see down here the differences between the different items. The simple start often not quite having everything that is needed for many people including the user's requirement here, how many people can use the software, manage and pay bills. So if you're managing and paying the bills and the time tracking, so it's possible that you could be using the simple start. If we go into the plus items, we have things like the tracking of the inventory, which is gonna be a major difference. And the more users can be there and track project profitability. So if the project tracking is something that's important to you possibly because you're using like a job cost type of system in some way, shape or form, then you would want to be going into the plus and it's available to us for the free trial. So I will be using the plus version. So then they also have the payroll. We don't really need the payroll for our practice problem here, but we can add it as part of the free trial. So why not just add it as part of the free trial? Just make sure that if you're using it just for the free trial purposes that you cancel it afterwards. And also just remember that the payroll is an add on type of feature. So if you're running the payroll within the system you gotta think, and I would think about it a lot for a long time for a good while before you actually go forward to the payroll process that you are going to be using possibly talking to a third party that you're not going to be paying for payroll such as a CPA firm or your tax accountant who you're not planning on paying for payroll just to give the third party advice to determine what level of payroll you might want within QuickBooks and or whether you want to use QuickBooks at all or possibly use something outside of the accounting software for payroll, a third party payroll provider possibly something like an ADP or a Paychecks or something like that. So I'm going to say, let's add the trial version and then it goes here and it scares you here with the cost of $80 per month but it says down here free trial, free trial. So I'm going to assume it's the free trial. I don't think they take your credit card or anything at this point in time and go right to the checkout. So then if you don't have an account yet you could basically set up your account here if you have the account then you could basically go into your account and see if you can move forward at this point from there. Now again, they're probably going to try to scare you at this point and say, hey look, we're still going to give you the offer if you pay for it now instead of the free trial this is the offer at this point in time. If you want to continue with the free trial you got to go to the unbold and uncircled item down here below which says continue with the free trial so that we can test it out with the free trial. Then it says welcome, we're glad you're here. Here's what we'll do together right now. Tell us what you need to help with. We'll ask a few questions to get to know your business. We'll bring in your transactions and organize your money. So as we go through these questionnaires I'll try to point out the types of things that I think are actually being used to help create your company file and some of the stuff it seems like they're kind of gathering information for their internal purposes possibly for marketing purposes but that's how things go these days. So we're gonna say next item here what's your business name? We'll use this to get you started in QuickBooks so you can put the business name in here. I'm gonna do a practice company so I'm just gonna call it bank feed practice file. Bank feed practice file that's what I'll call it. And then I'm moving from QuickBooks desktop and want to bring in my data. So in other words, if we were going from some other accounting software most likely the desktop version and transforming that into the online version then you possibly could take that old data file and help to transfer it in. It's not the easiest of processes but they have the capacity to do that. It's not a seamless process going from QuickBooks online to desktop. It is a lot easier to go from the versions of online if you're in a lower version and go into the advanced version because they're just basically adding or taking away certain features based on the price level they're providing. But the desktop you can kind of think of almost as a different software package entirely which it basically is but it's under the same umbrella of the same owners. So there's some interplay between that and the way the software will work in terms of the names of the forms and stuff will be similar as well although the layout of it will be very different. Your other option if you have some other software like QuickBooks or some other software if you're trying to transfer data to the new software like QuickBooks online is to just print out all the stuff that you need and start at the new point in the new software. So for example, you might say that I'm gonna start on January typically you wanna start at the beginning of the year January 1st, 2022. I'm gonna try to put or re-put in all my data just for that January period and then print out the balance sheet for the cutoff date as of the end of December 31st, 2021 in this case so that you don't need all the prior data and you're gonna try to hit the cutoff and say all my prior stuff is in the prior accounting software if there's questions about it I go into that data and all the current stuff is gonna be as of the cutoff date moving forward. So that's kind of your decision-making process if you're trying to move from one software to the next. Do I want all the data for the 10 years I've been in business to be transferred into QuickBooks online or do I wanna try to do the cutoff and just start at this point going forward and there's pros and cons to either method. Obviously, if you don't have the data in the current software you can't do the side-by-side comparison reports with the prior year and so on but if you have all the prior year stuff and it takes more time and whatnot there's more data in the system. So any case, we're gonna start a new company file. So I'm gonna say next year cause we're just practicing the bank feeds. What's your industry? Start typing and select the industry. Now the problem with the industry is you would think that if I typed in the industry and it is the case when you put the industry in place on the desktop version that it has an impact on the chart of accounts that they create. In other words, the desktop version actually has a side-by-side. You select different industries and QuickBooks tries to give you a chart of account tailored to that specific industry. From what I can tell and I keep on thinking they're gonna change this but I don't think they have that the QuickBooks online version has a generic chart of accounts that they keep making longer and longer which basically they're trying to say is gonna be applicable to all industries and basically so they have to make a very generic kind of chart of accounts with a lot of subcategories. So I think that means that to me it looks like this data input isn't really having much impact on the actual software to you, the end users but possibly is using more for internal use purposes as what it looks like to me although they might be putting up a flow chart that can help you with the industry. So I'm gonna try to skip the industry just to double check that to see if it has any impact because I would really like to not have a chart of accounts and basically create my chart of accounts from the bank feeds that I'm gonna be putting in place but again, I don't think they're gonna allow us to I think they're gonna give us that generic chart of accounts no matter what I do here and that's, you know, it is what it is. So we'll deal with that when we get there so I'm gonna skip this for now. Obviously, if you were in an industry you might wanna pick that industry but again, I think it's more for internal uses than actually helping you with the file. So what kind of business is this? Tell us about your business structure. We use this to help categorize your transactions. So it's sole proprietorship. Now again, these are, I'm gonna select a sole proprietorship. This is kind of the type of business structure you're in and so it's important to have the business structure that you want or you've thought about the business structure but similarly to the categorization before I don't think this is gonna have a big impact on the actual formatting of your software. In other words, you would think that if you chose a sole proprietorship, for example, the capital accounts or the equity section would be in alignment with a sole proprietorship calling it owner's equity or capital, if you chose a partnership you would think that the equity section would be called the capital accounts in terms of the chart of accounts that they provide you. If it was a corporation, either S or C corporation you would think that you would be using the term retained earnings but I don't think that they're changing those types of things with the chart of accounts. So once again, I think this is more for internal use than for an actual adjustment to a lot of the components of the software although you would wanna pick the area that's most applicable to you here. So proprietorship would be that you generally have a schedule C on your tax return that you're filing with. The partnership means that you have two people or more that are in business typically needing a separate return that flows through to the partner's 1040s not-for-profit is not-for-profit typically defined under the tax code as a qualifying for not-for-profit. The S corporation is a type of corporation but it's a flow through type of corporation separate tax return but flows through to the individual taxes similarly to a partnership in that sense, C corporation's separate entity in total taxes being applied on the separate C corporation level. So let's go to the next item. What does your business make money? How does it make money? We tailor your accounting categories based on your answers. Again, I'm not seeing a lot of tailoring based on the answers here for the categories of the chart of accounts but maybe they're changing that. I keep on thinking they're gonna change that but I'm gonna put, I'm gonna actually, I'm just gonna try to put, let's put, let's just put services. Now I'll do both. Products and services we'll keep them to here and say next. And so then it says what's your main role at the bank feed practice file? We'll customize QuickBooks based on your answers. So we're gonna, we can be either the owner, the employee, bookkeeper or other. And again, I'm not seeing a lot of difference on what they're actually gonna do to the file when you tell them this information. So it seems like it's kind of more internal information but I'm gonna say I'm, we're the owner in this case. We're gonna say we're the owner. And so we'll say next. And then, I mean, it would be nice if they tell us what exactly they're customizing based on this information we're giving them. I mean, what are you doing for me to give you this information different than if I, you didn't have the information because I can't really tell. But in any case, who else works at a bank feed practice file, help us understand who is part of your team, select all that apply. So I fly solo or employees. We might have employees, let's say contractors, other partners, owners, I plan to hire in the future. Again, this, I don't think this is gonna change the actual file. I think this is for internal needs so they can basically send you advertisements. But maybe there's something that they do differently based on that information. What apps do you use for your business? So we got PayPal, Square, Billcom, Next, either these are common types of apps that possibly could be helped to integrate into them. I'm not gonna get into them in a lot detail, although we might touch on PayPal as we think about our bank feeds because I believe you can't link to the bank feeds on the online version, which I don't believe you can currently do on the desktop version, which is great. I mean, that's could be useful. But we might get into more apps in a future in future tutorials because I'd like to dive into them, but not now. What do you want to do today? Help us understand, set up QuickBooks to start using it right away, explore QuickBooks before I set it up. We're gonna use it right away. Here we go, next. And power up QuickBooks to stay organized automatically. QuickBooks learns how to categorize transactions for you so you stay organized year round. One, securely link your business accounts. Two, review a few transactions. Three, get a snapshot of your expenses so we can link accounts. Now this is basically the bank feed component, but I'm not gonna link the accounts here. I'm gonna link it once it's set up for a couple different reasons. One, I want to basically talk about it in its own presentation after the setup process. And two, that I want you to know that you can set up the bank links anytime, right? It's not something that you have to do within the setup process. And if you don't do it, then you can't set up the bank feeds. No, you can set up the bank feeds when it's appropriate for you. I would like to take a look at the chart of accounts, take a look at what they did with the setup process and then think about the bank feeds that I would like to connect. So I'm gonna skip this one for now. And then what do you want to set up next? Invoice customers, tracks, receipts, and bills. So I'm gonna skip this one and let's see if we, I want you to just set up the file, QuickBooks. What is everything you want to set up? Your choice is help us build your setup guide. So at least they told us what they're trying to do, a setup guide. So I don't think there's, again, I don't think there's much change to the actual software. But if we give them this information, they're gonna make possibly a setup guide for us. So we're gonna say, okay, what are we gonna do? We're gonna accept online payments. Not right now. That's an add-on type of feature. So they're kind of trying to sell us the online payments if it would be appropriate for our business. Invoice customers, we would typically think we were gonna do that. Intern pay bills, most likely track receipts and expenses, probably time track. Maybe if you're a job cost system, that might be something you would be doing, like a law firm, bookkeeping firm. Pay employees or contractors, sure. Manage inventory, maybe. We're gonna say, yes, here, we'll put that on. And then add sales, add sales. And then product my business with insurance, no, because that's an add-on. They're gonna try to sell us insurance, you would think right there. Manage sales tax, yeah, we're gonna manage the sales tax. Okay, let's say next. And see what we've got next. We're almost ready to dive in. Testing the waters, creating transaction categories, building your dashboard. All right, let's go. So then they give us this nice little welcome page. Welcome to QuickBooks. Let's show you around. I'm not gonna take the tour. And then this is the page that they start us out on. So they've got the information, basic business info, get ready to invoice, send personal invoices, personalize your template, add your customers, add your product, tailor, and so on, and then organize expenses. This, I believe, is the questionnaire. So every time they asked us for information that I believe was for internal use, and I don't think it's gonna have an impact on the statement, when they said that they're gonna use it to do something to the software, I think this is it. This is the thing that they did with all that information. We gave them this wonderful questionnaire, which, you know, I'm not so in any case, whatever. But now I'm gonna go to the hamburger up top. Let's just take a look at the chart of accounts, which is currently in the bookkeeping area down below. Note there are two views here. We're in the default, which is currently defaulting as the accounting view. I mean, I'm sorry, the business view. You can't switch to the accounting view. I'll take a look at that in just a second. But if we go into the bookkeeping, we can then take a look at the account. And so I wanna go into my chart of accounts here, go into the chart of accounts, and then I wanna see the chart of accounts. And so they gave us this long, so I didn't even choose an industry, and they gave us this giant chart of accounts, which you can see is fairly, you know, it's kind of generic. Look at all the equity accounts that are here. They've got, they do have owners draws and whatnot in it, but they also have, you know, healthcare, and then they got retained earnings, which is a corporation thing. So they've got both accounts that sound like sole proprietorship accounts, and then they've got retained earnings, which is a corporate type of account. So they tried to put together, it looks to me like a master chart of accounts that could basically suit any industry and any business type, meaning inventory, non-inventory, service, non-service, retail versus wholesale. And then you've got, you know, any type of business, sole proprietorship, partnership, it's S corporation, C corporation. They've tried to make a chart of accounts, it's kind of generic. So what I'd like to do this time, because in my overall general practice course, we use this chart of accounts and try to adjust it. This time I'm going to try to kind of remove a lot of the chart of account information so that we can basically enter our own, in essence, chart of accounts from, and that will give us a more customized feel as we go along with the bank feed. So we'll talk more about that in future presentations. So for now, just note that if I go to the car dropdown up top and I switched to the accounting view, then this might be a more traditional view that you're used to seeing. And this looks like just A-B testing on the website for me to QuickBooks. This is what they used to have or the traditional look on the left-hand side to navigate in the chart of accounts. And then if we switch back on over to the business view it looks like this by default. And I would imagine the business view might look better if you were working on like a tablet, this kind of format where it has the items over here. And then when you go into it, it has a sub, a sub kind of category over here. But basically most of the navigation things are still there under each view. However, if you're working with things like chart of accounts and adding things to the chart of accounts, they do do some things differently. And in my opinion, the accounting view is way more easy to handle at this point. They're probably gonna keep changing this kind of stuff as we go forward. So we as users of the software just have to hope that the accounting and the marketing and so on are doing good A-B testing and they're picking the stuff that most people like and all the changes that they make go forward are in our best interests as they go forward. But the general underlying accounting, whatever they do on the accounting side will be the same, you know, a couple thousand year old whatever, thousands of year old like double entry accounting system. And so most of the stuff that they're gonna be changing is cosmetic kind of look and feel as you can see with the terminology which kind of makes me laugh a little bit. But they're going to very casual language on the terminology, like the get things done page. I love the one down here that get paid and pay page. So I think this might be appealing to some people. I think it's less professional. So I think it kind of actually may not be as appealing to bookkeepers because it actually, it's kind of taking down like the stature of the professionalism of bookkeepers, which could, you know, I don't know, it might sound kind of like, but in any case, so you can see the difference in the terminology on the other page where you're using more formal terminology like the dashboard, you're in the banking area, you're in the expenses area, not the paid area. You're in the sales area rather than the get paid area. And so it's more, it's a little bit more professional kind of terminology that's being used. So that could appeal to some might not appeal to other people. But again, the underlying workings of it will be the underlying workings of it. And we know what that is. It's the double entry accounting system. So that's just how you deal with these kind of web changes with an online kind of software. So we'll work with it more in future presentations, setting up the bank fees, looking at the chart of accounts.