How To Check Your Business Health in QuickBooks Online?

Our editorial team is again here with another article. Know how you can keep eye on business health in QuickBooks. When you own a business. It’s important to keep an eye on the health of your business. The most important information for any business is to see what you’re really making and spending.

QuickBooks Online is more than just an online bookkeeper. It can help to improve your cash flow, your customer relationships, your inventory readiness, and your future. 

if you are already using QuickBooks Online, you know how much effect its bookkeeping abilities have had on your company’s accounting tasks.

Once you’re connected to QuickBooks, it helps you categorize the previous month’s transactions. The first transaction you see is an expense if possible with books fills in who you paid and what it was for.

You can change this information if you need to in this case the office applies is correct. So, add it to your books. This is where Quick Books starts to help you out if found other expenses that look like the one you just added and has assigned them all the same category. If all this looks good to you add them all.

Related article: How to enter Employees Prior Payroll in QuickBooks Online?

Steps to Check Your Business Health in QuickBooks Online

You are able to see the health of your business just by connecting your bank and credit card accounts and Start learning QuickBooks that you need to categorize your transactions

Connect Your Bank and Credit Card Accounts

You can already connect your bank and credit card accounts when setting up QuickBooks. But if you have not done so, you can do so by clicking on the Connect account. QuickBooks automatically downloads all the transactions, once your bank and credit card accounts are connected.

Classify Your First Expense

The first transaction activity is an expense. If feasible, make a record to whom you have paid and what is the case, the category is office supplies. if needed, you can modify this information. In this case, the office supply is right, so you will click Add to add it to your books.

Review Your Transactions

QuickBooks downloads your transaction for the first time, it’s up to you to analyze and classify your expenses. Go to the Profit and Loss section on your dashboard and then choose Review Transaction.

QuickBooks Finds Same Expenses

This is what, where QuickBooks begins to support you. It’s got other expenses that look similar to the ones you’ve added and assigned them all the same category. If all of this sounds right to you, click Add them all.

Ask Your Accountant

If you are not confident about a category, you can choose to “Ask my accountant”.

Ask Your Accountant

Add Your Deposits

Now the customer’s check you deposited here QuickBooks classifies it into a sales account. Add it so that you can keep a record of this income.

See Your Updated Dashboard

After reviewing all your expenses, go back to your dashboard to view what you are doing.

Business Health in QuickBooks

Examine the Rest of Your Expenses

On your dashboard, look at the bank account area. If there is a number, the number of transactions left for review. To do this, click on the number.

QuickBooks Learns to Describe Your Expenses

Transactions in green mean QuickBooks understands that you have classified a similar transaction in the past, so it automatically assigns the same category to you. If you can see a category in black, QuickBooks is the best guess for classifying transactions. Select Add next to any transaction to add it to your books.

Business Health in QuickBooks

Look at Your Profit and Loss Report

Reports such as profit and loss reports display you more details about how your expenses are classified. To look at reports,  go to the report, and then click on profit and loss.

Business health in QB Online

Customize your QuickBooks Online as per your need

Customize your QuickBooks Online Business Health in QuickBooks

Now here’s a check from a customer you deposited QuickBooks categorizes it to a sales account. Add it so that you have a record of this income if Quick Books isn’t sure about a category for an expense. It’ll leave it as uncategorized you can pick a category or choose to ask my accountant to file it away to go over with your accountant later.

check from a customer you deposited

Congratulations. Now you can see what you made and spent last month. Now that you’ve reviewed last month’s expenses and income. It let you know if you have earlier expenses that need to be reviewed as you categorize more expenses. QB learns from you.

So, it can help a transaction in green means it recognizes that you categorized a similar transaction in the past so it automatically assigns the same category for you. If you see a category in black. That’s QB is the best guess for how to categorize this transaction. If it’s a wrong guess just change the category and QuickBooks learns for next time.

Reports like the profit and loss report show you more detail about how your expenses are categorized. You can even see your expenses as a percentage of your income. This is very helpful in understanding where your money is going now it’s your turn to see the business health in QuickBooks

see your expenses & business health in QuickBooks

Need more help to improve business health in QuickBooks

Still, having any question? Well, you can ask or get premier QuickBooks customer service by dialing our support phone number[quickbooks]. Our experts are eagerly waiting to solve out all your queries. You can ask your queries related to any other topic, versions, a product of Intuit QB. We have well qualified certified proAdvisors, who can really fix your errors within no minutes.

Read our other useful and informative post to learn more:

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Author: Editorial Team
Wizxpert Authors & Editorial team is blessed with the most qualified and experienced experts that support you with one of the best solutions for your queries related to Accounting and Bookkeeping. We are here from last 3 years in the assistance of our customers. Our main goal is to happy and satisfied viewers with our service. We are a team of 10+ members. Every member research on the unique issue and try to fetch out the relevant solutions of that particular problem. Our team always tries to get the update with every new release of Accounting and Bookkeeping solution, and also try our level best to convey that information in the very moderate form to our viewers.

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