Try connecting your bank account to QBO(QuickBooks Online) before you begin posting checks or deposits manually. Connecting your bank account will save you time and hastle. To connect your bank account. From the “Dashboard” click “Connect Accounts” at the bottom right corner. From there follow the steps.
Posting Checks: Click “Expenses” then “New Transaction” drop down menu, Click “Checks.” You can create “Bill” before posting a check or click “Expense” to post a debit card transaction.
Posting Deposits: Click “Sales” then “New Transaction” drop down menu, Click “Sales Receipt.” If you know you will receive money at a later date and don’t want to forget to post it or want to post it early click “Delayed Charge” from the “New Transaction” drop down menu.
The goal when using QuickBooks is to post as much detail as possible if you want more information from the reports. Or post as little as possible and get it done faster and maybe you don’t need a vendor address list report or vendor phone number list report. Sometimes its best to keep it simple. Just post basic transactions so you can run the Profit/Loss Statement and the Balance Sheet. These are the only 2 reports you need to file your tax return. Other detail will allow you to get info such as Profit/Loss by Class. If you want to classify $5000 in rental income to 500 west property and $1000 rental income to 2234 drive property, you use by class to seperate the income and give you more detail.
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