How to Set Up Advanced Settings in QuickBooks Online

How to Set Up Advanced Settings in QuickBooks Online

How to Set Up Advanced Settings in QuickBooks Online

If you are looking for the step-by-step procedure to set up advanced setting in QuickBooks Online then you are at right place. Keep on reading to learn in detail about it. QuickBooks advanced settings will be used as the default setting for financial reports such as profit and loss statement and balance sheet, and cash flow statement.

Dial QuickBooks 24/7 support phone number: +1-855-441-4417

Steps to Set up Advanced Settings in QuickBooks Online

  • First of all, Open the QuickBooks application and then click on the Gear icon at the top right.
  • After that, click on account and settings.
  • After that, click on Advanced and then click edit
  • After that, change the accounting setting according to your preferences and then save.
  • After that, Click on edit Company Type and Change tax form according to your choice and then save.
  • After that, Click on edit Chart of accounts and then change Discount Account setting according to your choice and then save.
  • After that, Click on edit Categories and then change Assign Classessetting according to your work and then save.
  • After that, Click on edit Automation and then tick Pre-fill forms with previously entered contentand automatically apply credits and then save.
  • After that, click on edit Other preferences and then change Customer label according to your preferences and save Other Preferences.

Description of each feature:

  • Accounting: This feature helps you to store the fiscal year for your business. There is only two type of accounting in QuickBooks: cash and accrual. So many small businesses like the cash method. If you don’t know which method you use, check to your tax return document or contact your tax professional.
  • Company Type is very important in QuickBooks. There are options you have to choose from are as follows:
    • Sole Proprietor
    • Partnership or LLC
    • Corporation
    • Nonprofit
  • Chart of Accounts: It allows you to enable the following features:
  • Accounting numbers: Most accountants tend to use this features but it is not commonly used by non-accountants.
  • Discount Account: If you use this features, then you should be sure you enter a discount account here. If you didn’t set up a discount account, you can do so from this screen.
  • Categories: This feature allows you to enable the following features:
  • Track classes: This features allow you to categorize income and expenses by department or product line. Once you enable this features, it will add a class field to all sales and expense forms.
  • Track locations: This feature allows you to categorize income and expenses by location like stores or sales region. Once you enable this features on, it will add a location field to all sales and expense forms.
  • Automation:
    • Pre-fill forms with previously entered content: this feature helps you to automatically complete the field on any form in QuickBooks based on the latest saved transaction for that customer, vendor and employee.
    • Automatically apply credits: this feature helps you to automatically apply credits to the next invoice you create for the same customer.
    • Copy estimate to invoices: this features helps you to quickly create an invoice by copying the items from an estimate that your customer has approved.
    • Automatically apply bill payments: This feature helps you to automatically apply your payments to the oldest existing bill that you have entered into QuickBooks for a vendor.
  • Time Tracking: It helps you to easily manage the hours that they work and makes it easy to bill your customers back for that work if you need to.
  • Multi-currency: It helps you to track transactions in foreign currencies.
  • Other Preferences:
    • Date Format: It helps you to select what format of data fields you like in QuickBooks.
    • Number Format:  It helps you to select what format of number fields you like in QuickBooks.
    • Warn if duplicate check number is used: this features helps you to checks that were previously used is being entered again.
    • Warn if duplicate bill number is used: this feature helps you to checks that were previously used vendor bill/invoice is being entered again.
    • Sign me out if inactive: In this features, QuickBooks automatically log out if you are not using QuickBooks.

I hope you find this article useful. If you have any query related to this or any other topic, you can call QuickBooks Online Support Number +1-855-441-4417.

Watch this video to learn more about How to set up Advanced setting in QuickBooks Online.

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