How to set up Advanced Setting in QuickBooks Online?

Why is it Important to Set Up the Advanced Settings?

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Welcome to the Fit Small Business QuickBooks Online training course! In this lesson, we’re going to cover how to set up Advanced Settings in QuickBooks Online. These settings will affect what shows up on your financial reports, including your profit & loss statement, balance sheet, and cash flow statement.
Welcome to the Fit Small Business QuickBooks Online training course! In this lesson, we’re going to cover how to set up Advanced Settings in QuickBooks Online. These settings will affect what shows up on your financial reports, including your profit & loss statement, balance sheet, and cash flow statement. You can follow along on your own QB Online account.

To complete this lesson, you can either watch the video below, read through the step-by-step instructions, or do both. Let’s begin!

Why is it Important to Set Up the Advanced Settings?

Advanced settings is QuickBooks important because most of what’s here will be used as default settings for your financial reports, including your profit & loss statement, balance sheet, and cash flow statement.

There are also features here that determine how customer credits are applied and how you want QuickBooks to manage bill payments.

If you do not set up this area then your reports will be run using the default information for fiscal year, accounting method (i.e. cash or accrual), and chart of accounts. If these default settings do not match your actual business information, then it could result in incorrect financial reports. In turn, this could impact your tax returns, ability to get a business loan, and more.

How Do I Set Up Advanced Settings?
1:- Accounting
2:- Company Type
3:- Chart of Accounts
4:- Categories
5:- Automation
6:- Time Tracking
7:- Multicurrency
8:- Other Preferences

In this answer will be helpful for you. For more information about importing invoices into QuickBooks, dial QuickBooks Customer Tech  Support Phone Number 1-855-441-4417. You can ask any query related to QuickBooks from well qualified and experienced accounting experts.

Answered on September 21, 2017.
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