Mastering QuickBooks Online For Beauty Industry Professionals
$497.00 10 Sections 45 Lessons
Course Description
Do you want to grow your business, but don't know where to start?
The beauty industry is a competitive field, and it's important to be on top of your finances. With the help of QuickBooks Online, you can stay on top of your business's financials from anywhere.
This course will help you determine which QuickBooks Online subscription is best for your business.
Once you have selected the best QuickBooks option, you will learn how to set up a brand new company, including setting up your chart of accounts; recording transactions, managing lists, running reports, and customizing QuickBooks for your beauty business needs.
I will be here to hold your hand all the way!
So let's jump in!
Course Content
MODULE 1 - Starting With QuickBooks Online
Is this your first time using QuickBooks Online? Have you tried using QuickBooks online in the past but gave up because it seemed like the instructions were in a foreign language? Well, worry no more; I'm here to help. In this first section, you'll be introduced to QuickBooks and all its moving parts.
Introduction To QuickBooks Online
Picking the right QuickBooks online subscription level for your beauty business
How to create a new QuickBooks online account
How To Navigate QuickBooks Online - Basic Navigation
How to invite your accountant to access your books
How to manage and create other users who need access to the books
How to set up your chart of accounts using Excel or Manually
How to set up your chart of accounts using Google Sheets
MODULE 2 - How to set up transaction accounts in QuickBooks Online:
Transaction accounts are the heart of your bookkeeping system. This is where you will record every transaction that comes in or goes out of QuickBooks. In this section, you will learn:
How to create multiple service accounts
How to create multiple booth rental accounts for your booth renters
How to create tip accounts
How to search-edit-delete accounts within the chart of accounts
MODULE 3 - Connecting Your Bank and Credit Card Accounts
Back in the old days, the most time-consuming aspect of bookkeeping was entering transactions. Fast forward to today, all the heavy lifting is done for you, thanks to cloud accounting/bookkeeping software. So hold on and enjoy the ride and watch how quickly it takes you to get where you are going. In this section, you will learn:
How to connect your bank account to QuickBooks Online
How to connect your credit card account to QuickBook online
How to manually upload your bank & credit card transactions to QuickBooks Online if your bank limits how far back they will allow you to automatically upload transactions
MODULE 4 - Important tips
Here are a few lessons to help you get the most out of QuickBooks Online
Understanding QuickBooks Online's proper workflow and why it's extremely important to understand when entering transactions into the system
Understanding bank balances in the banking center. Why is my balance in Quickbooks different from my bank balance?
How to set up vendors in QuickBooks if you are required to give them a 1099 at year end
MODULE 5 - Entering transactions into QuickBooks Online
This is where all the magic happens. Now that you've set up your account, it's time to spread the money around and let QuickBooks do what it does, spit out the perfect report(s) that will take your business to the next level.
How to automate transactions to save time and reduce errors
How to add expenses
How to create automatic invoices for your booth renters
How to record credit card payments
How to record a new loan
How to record a loan payment
How to record transfers
How to record owner tips
How to record owner tips using a journal entry
How to record sales tax from outside software like Square or Vagaro
How to remove unwanted transactions from QuickBooks
How to edit, void, and delete a transaction
How to record a transaction that was meant to be personal
How to record a personal investment
How to collect deposits from clients
MODULE 6 - How to create special purpose accounts or record special purpose transactions in QuickBooks online
These video lessons demonstrate how to create special purpose accounts or record special purpose transactions in QuickBooks Online. You'll learn how to create special-purpose accounts, record a special purpose transaction.
How to record a single purchase that includes retail items, salon supplies & Cost of services
How to use group tags to track other sources of revenue so you can create a profit and loss statement by group tags to see how much you are making with each source of revenue
How to attach receipts to a transaction in QuickBooks
How to break single transactions out by services - gift certificate sales - sales taxes - retail sales - Discounts
MODULE 7 - How to reconcile your bank and credit card accounts
One of the most important steps associated with bookkeeping is bank and credit card reconciliation. When you reconcile your bank and credit card accounts, you make sure you've recorded every transaction, and all the money has been accounted for. During the reconciliation process, you will confirm balances, correct transaction errors, and ensure everything has been entered correctly. THIS STEP SHOULD NEVER BE SKIPPED
Bank and Credit Card Reconciliation
MODULE 8 - How to create reports based on your needs and goals
Wow! You made it to the end. Now that your books are done ✅ and you are confident that everything is where it should be, it's time to look at your numbers and start making decisions. What decisions do you ask? How about:
1) How much can I afford to pay myself this month, OR how much should I transfer to my personal account based on the percentage I have decided to pay myself each month?
2) Based on my cash projection budgeted worksheet, how much should I put aside to pay my estimated taxes this month?
What portion of my net profit should I set aside for savings or retirement?
3) Based on prior months, what does my cash flow look like for the next three months? Will I survive another slow month?
4) Did I meet my goal of not exceeding my expenses for the month?
5) What percentage of my total revenue was spent on rent, supplies, cost of goods sold, e.t.c
How to read your profit and loss statement (Part 1)
How to read your profit and loss statement (Part 2)
How to read your balance sheet and what all those numbers mean
How to generate a vendor list and why you should pay close attention to the numbers
Using your profit and loss statement to manage your business and personal financial goals
BONUS MODULE 1- How to set track and achieve your business financial goals
The key to success revolves around setting goals. The first step is to set SMART business goals, then figure out what you need to do to achieve those goals. Using available financial tools such as QuickBooks paired with goal-focused spreadsheet tools can help you achieve success. Learn simple steps for quick financial results.
How to set track and achieve your business financial goals
BONUS MODULE 2-How To Calculate Your Estimated Taxes Using A Spreadsheet
A Live Demo Showing How To Use The Estimated Tax Spreadsheet Calculator - If your income significantly fluctuates each month, or if you would like your estimated payments to be as accurate as possible, your best option is to calculate your estimated payments each quarter based on your income to date. In this lesson, you will learn how to use the accompanying calculator to calculate your taxes.
A Live Demo Showing How To Use The Calculator