How to maximize QuickBooks Online for e-commerce
Is your e-commerce business currently using QuickBooks Online? As your business grows, you may find that it’s no longer sufficient to handle all your accounting needs manually. Using accounting software can reap several benefits for your business; however, the first thing you have to do is set it up correctly to not experience problems down the road. In this article, we share with you some top tips for e-commerce businesses to maximize QuickBooks Online.
Customize company preferences
For QuickBooks to work best for your e-commerce business, add in your company preferences. For instance, if you have a perpetual discount for a category of items, such as 10% off for every two purchased, you will want to add it in. Be sure to turn these settings on:
- Discount
- Shipping
- Track quantity on hand
- Track quantity on price/rate
- Show product/service columns on sales forms
On top of that, you will want to make sure these sales tax settings are activated:
- Charge sales tax
- Mark all new products and services taxable
- Mark all new customers taxable
Update current account balances
After setting the company preferences, the first thing to do is update the balance on your company credit card and bank account. Making sure that your balance sheet is 100% accurate in its balances ensures that the rest of your financial data is also accurate.
Add products – Quantity and value
The next step is to add your products to give yourself an accurate view of your inventory and prevent overselling. You can either do this manually or upload using a tool like Transaction Pro Importer. Always ensure that product names are consistent across all systems to prevent any future confusion.
Add customers to QuickBooks
Now, it’s time to add your wholesale and distribution clients. It may not make sense to add each retail customer individually as there can be a lot of them, and the transaction amounts for each may be significantly lower than that of wholesale clients. Instead, add an “online customer” and key retail sales under this fake customer if you are doing fulfillment outside of QuickBooks.
Account for outstanding bills and invoices
Now that you have entered how much money is currently within your business, it’s time to account for outstanding vendor bills and customer invoices. Add any outstanding balances you have with vendors as accounts payable and money owed to you by clients as accounts receivables. That way, you will have an accurate record of when money needs to go out and come into your business.
Why e-commerce businesses should work with Fourlane for QuickBooks Online
Is your e-commerce business looking to get onboard with QuickBooks Online? If so, look no further than Fourlane. You can be assured that we take the time to understand your unique needs before recommending the most suitable solution for your business. To this end, Fourlane has been named Elite QuickBooks Solution Provider by Intuit every year since 2010, and we have served a wide range of satisfied customers across various industries.
If you need further information about QuickBooks Online for e-commerce businesses, please contact us today. Our hotline is 1 (800) 931-2120. Whether you need help with QuickBooks, advice on which QuickBooks to buy, or are outgrowing QuickBooks, our team of certified experts can help.
