QuickBooks Online – Changes to Company Settings Interface

By: Stacy Kildal

QuickBooks Online recently introduced an update to the Company Settings interface, and the updates really, really make things easier to edit.

Historically, all the settings have been located on one big page that you could just scroll through, or a giant list of short cuts on the left side of the page:

settings intro

It sort of hurt my brain to deal with this.

The new look is in line with the new QuickBooks Online aesthetics, giving it the more up to date look, plus it’s organized much better so that it’s easier to do an initial setup or make changes down the road.

Accessing settings in new QuickBooks Online hasn’t changed. You’ll still click the Gear Icon (or company name) in the top right corner of any page, then choose Company Settings from the Settings column:

settings 01a

The first thing you’ll notice is that there are 5 sections, replacing the… I’m not really sure what phrase to use here… mess of headers? Seems as good as anything, so there you go. Anyway, there are 5 sections, Company, Sales, Expenses, Payments and Advanced, and I find that new QuickBooks Online users are able to jump to the sections they need to in order to get started as quickly as possible.

The first section, Company, allows you to edit the company name, contact info, reporting method, add EIN, as well as add a logo. Once you’ve made the changes you need, just click the big blue “Done” button in the bottom right corner.

settings 01

The Sales section gives you options to Customize your sales templates (you can also do this directly from the forms themselves, and I have a detailed article on how to do that here). You can also choose whether you want to include certain information on these forms such as shipping, custom field, as well as turning on custom transaction numbers (this allows users to override the default reference numbers that QuickBooks Online assigns transactions), discounts, using service dates and customer deposits.

Other choices here are whether to show the products & services column on sales form or use inventory – this is the “Track quantity and price rate” – when you click that, the area will expand and you can click the option to Track Quantity on Hand.

settings 02

The Expenses section is where you’ll be able to do expenses by Customer (for job costing), as well as turning on Purchase Orders and the preferences related to them (3 custom fields, custom message).

settings 03

In the Payments section, you can either sign up to accept credit cards (My recommendation? DO THIS. I cannot believe it took me as long as it did to start taking credit cards from my clients, and with QuickBooks Online, you can automate this process, and make it so easy to get invoices paid. When you email them from QuickBooks Online, you can choose to let the customer or client pay online. They open the email and are able to click on a link to view the invoice and pay right then with a bank account or credit card. I love this. LOVE IT!). All you have to do is click “Learn More”

You can also connect an existing Intuit Merchant Service account (if you’re moving from QuickBooks Pro, Premier, Enterprise or Mac) from this screen as well by clicking “Connect”

settings 04

The Advanced tab is where most accounting professionals will want to start. This is where you’ll set up the fiscal year, set the closing date (and password, don’t forget the closing date password!), as well as turning on account numbers.

Additional settings here are some miscellaneous ones that don’t fall within the Company/Sales/Expenses categories – they’re more general use options. Date format, warnings about duplicate transaction numbers, automatic sign out, etc.

settings 05

I wasn’t going to mention it, but I might was well – the ability to search via CTRL + F has been removed, but I didn’t notice until it was brought to my attention. The redesign has pretty much eliminated the need for it, because it’s not one big mash up of everything on one long page. Just my opinion, I’m sure some people will disagree, but it’s all good, right?

One last thing to mention with this update is that it’s FAST. No more waiting for the page to load; the QuickBooks Online development team overhauled the page to improve the overall architecture and has been retooled so that it looks good and works well on mobile devices.

Next Steps in QuickBooks Online After Converting from QuickBooks Desktop

By Woody Adams

NOTE: This article addresses any possible conversion work related to Merchant Accounts, Payroll and Inventory. Woody pulled this post conversion doc together from various existing KB articles on the subject.

Merchant Services/Credit Card Processing

The QuickBooks Online Recurring Transactions process is not the same as the Merchant Service ReBill feature which is only available in the Merchant Service Center. The QuickBooks Online Recurring Transactions integrates payments with your QuickBooks customers. The Merchant Service ReBill feature does not integrate with QuickBooks Online and should not be used. For this reason,  all recurring transactions templates have to be RECREATED in the new QuickBooks online file. Once created in the New QuickBooks Online, delete the Rebilling transactions in the Merchant Services Center to ensure there is not duplicate processing and charges incurred. 

Suspend the recurring payments first with MAS team or suspend it yourself thru the MSC. (merchant service center)

Unlinking/Linking merchant account from QuickBooks Desktop first:

Check the Recurring Charges set up within QuickBooks Desktop: (must login as QuickBooks Admin user)

  • The recurring charges need to be turned off in order to avoid double-charging the customers.
  • If you set them up in the merchant service center, you log in to that and suspend them there, or you can call the MAS team and they can do it, 800-558-9558.
  • If you setup recurring charges in QuickBooks Desktop: Choose Customer > CC Processing Activities > Automatic Credit Billing > Suspend.  Click Suspend for each recurring charge.

Linking your merchant service to QuickBooks Online:

  • Sign in to QuickBooks Online.
  • Click Gear Icon, Settings, Company Settings, QuickBooks Payments, Link Merchant Service
    • (Old QuickBooks Online: Choose Company > Preferences > Accept Credit Cards.)
  • Click start here as shown in the image below:



Once the payment account is detected, you’ll see a screen like this.  Click Next to proceed.



When the account has been successfully linked, you’ll receive a confirmation page like below.  Click Done.



Because the account was successfully linked, in preferences you’ll see a Linked payment account section showing that your QuickBooks Online company is currently linked to a payment service.


Notes to Consider:

  • Depending on the specific type of merchant account you have, you may not be able to link it from the website.  In that case, you’ll need to call Payment Services support at 800.558.9558 to complete the process.
  • If you want to unlink the currently linked account and link another, you’ll have to contact Payment Services support at 800.558.9558.


Set up a recurring monthly charge for a credit card, simply create a Recurring Transaction.

Create a Recurring Sales Receipt for monthly charges:

  1. Click Gear Icon, Lists, Recurring Transactions

(QuickBooks Online Classic) Choose Company > Recurring Transactions.

  1. Click New.
  2. For Transaction Type: select Sales Receipt and click OK.
  3. Enter in a Template Name
  4. Choose the Template Type as Scheduled.
  5. Check box to Automatically send emails. The customer will receive an email each time their card is charged.
  6. Choose Customer: drop down menu
  7. Set the Interval of when to charge your customer

Note: If you use the “Days in advance to create“ option when setting up a sales receipt for a recurring charge, the charge will process on the date the transaction is created, not on the transaction date. For example, a sales receipt that recurs on the 15th of each month, if created 10 days in advance, will process the credit card charge on the 5th of the month.

  1. Enter in all appropriate billing address info
  2. Choose which credit card type for the Payment method.
  3. Click Enter credit card details
  4. Fill out products or services you are selling, etc.
  5. Save template.


Payroll to New QuickBooks Online

A basic conversion into the New QuickBooks Online occurs at the transaction and employee level and includes payroll transactions, though not payroll detail information.

  • Transactions and payroll accounts are converted in order to balance your books, but details behind the transactions (such as payroll item breakdown and employee year-to-date numbers) does not convert.
  • Paychecks and liability payments convert as regular checks. These checks do not convert to the QuickBooks Online Payroll module. But during QuickBooks Online Payroll setup, you will have opportunity to enter YTD amounts.
  • Liability refunds, adjustment transactions, and opening balance transactions that affect accounts convert to journal entries.
  • Basic information about employees is converted, but their payroll information does not. After you convert your data, you can sign up for QuickBooks Online Payroll and walk thru the payroll setup interview for all employees, items and history. You will then be ready to create paychecks and manage your payroll through QuickBooks Online. When you set up payroll, you are asked if another payroll system was previously used. Choose yes. This will allow you to enter year-to-date information for each employee and report any previous liability payments.

(Woody also has a short video detailing this process here.)


It is important to mention, if I had a QuickBooks Desktop file with inventory, I would NOT convert it to my QuickBooks Online subscription. Instead, I would start the QuickBooks Online account from scratch, importing the lists, entering an opening balance journal entry and any open transactions, choosing to forgo the historical data. The QuickBooks Online data will start clean, and the time it will take to run thru the below steps to resolve post conversion inventory issues might not be worth it in most cases…

Let’s say you have just imported your company file from the desktop edition and you were using inventory. Your inventory parts would have been imported but won’t yet be set up as inventory in QuickBooks Online yet.

We have some steps you can take to get everything set up properly using the inventory valuation summary report. Note that this solution becomes increasingly more difficult the longer you wait after importing because buying and selling products after you’ve imported them can affect your numbers. 

  1. In the QuickBooks Desktop file, Choose Reports > Inventory > Inventory Valuation Summary.
  2. In the Dates drop-down, select All.image5
  3. In QuickBooks Online, print a Balance Sheet report (Reports > Recommended Reports > Balance Sheet). Choose All Dates then click on Print tab. This way you’ll have a before and after report after you’ve made your changes.
  4. In QuickBooks Online, click Gear Icon, Settings, Company Settings
  5. Click on Sales tab on left, then the Edit icon to the right of Products and Services
  6. Check box to track quantity on hand, the default is set to Off, now it will be On.
  7. This move creates an Inventory Asset-1 account on the chart of accounts. The reason for this is the conversion from QuickBooks Desktop already created an Inventory Asset account on the Chart of Accounts, with a current balance for all dates.
  8. Click the Gear Icon in upper right of QuickBooks Online file, Lists, Products & Services List. You will notice that every item in this list that was an inventory part in QuickBooks Desktop has two sub items under it, one for Cost of Goods Sold and the other for Inventory Asset. These are not accounts, but items added to make sure the reports are correct now that the data it in QuickBooks Online. We will be eventually deleting these sub items. Looks like so: image6
  9. Highlight the parent item and click Edit tab at top of the Products & Services list
  10. Check the box, I track quantity on hand for this product
  11. In the Initial quantity on hand field, enter the exact quantity found in the valuation report (see the screen shot below) and a date. Note: After the inventory quantity and as of date are entered, no transactions prior to that date can be created.
  12. Choose the Inventory Asset-1 account for the inventory asset account.
  13. In the Purchasing Information section, enter the exact cost from the QuickBooks Desktop inventory valuation summary report.
  14. In the Sales Information section, enter the sales price if not there already from the conversion (it should be there).
  15. Click Save. (Upon saving the change, an inventory adjustment is made crediting Opening Balance Equity and debiting the Inventory Asset account. However, now you have just doubled your inventory asset which is not correct. Please see Step 21 below to resolve with a journal entry…)
  16. Go back to the Products and Services List and click to highlight the sub-product named Cost of Goods Sold under the product in question.
  17. Click Delete, then Yes.
  18. Go back to the Products and Services List and click to highlight the sub-product named Inventory Asset under the product in question.
  19. Click Delete, then Yes.
  20. You’ll need to repeat this process for each “inventory” item converted from QuickBooks Desktop to set up its quantity and cost and inventory asset account.
  21. Finally, you need to make a Journal entry in QuickBooks Online to resolve the duplicate inventory asset balance caused by inventory adjustment created when you enter the initial Quantity on Hand for the products & services. Check out this example:image7
  22. The journal entry needs to debit the Opening Balance Equity account and credit the Inventory Asset account that was generated from the conversion from QuickBooks Desktop. Do not credit the Inventory Asset-1 account as that has the current balance for QuickBooks Online and will be your inventory asset account going forward. The Journal Entry looks like this:image8
  23. Once done, go to your chart of accounts and either delete the old Inventory Asset account or merge it into the Inventory Asset-1 account. I suggest merging, because who wants a -1 in the account name?
  24. How to Merge:
  • Edit the old Inventory Asset account from the Chart of Accounts
  • Change the detail type from other current assets to inventory
  • Delete the account number if there is one
  • Change the account name to Inventory Asset-1 and click Save
  • Click Ok to warning about changing the detail type of an account
  • Click Ok to warning about merging accounts
  • Edit the Inventory Asset-1 account
  • Remove the -1 and click Save.

 (Woody has a short video detailing this process here.)

Bonus–How to Reset Your QBO Data During the First 60 Days

You can do this if you are within 60 days of starting your your QuickBooks Online subscription.

Caution: Please keep in mind that this process will delete any data that has already been entered into the company. Once the data is deleted it cannot be restored or reversed.

  1. Log in to your QuickBooks Online company file
  2. Change the URL to include /purgecompany (EXAMPLE:
    URL shows: https://qbo.intuit.com/c28/app/homepage
    Change to: https://qbo.intuit.com/c28/app/purgecompany)
  3. The next screen will provide a summary of the items being deleted. In order to confirm that you do understand the data will be deleted you must type in the word Yes and click OK.
  4. If the industry you desire to select is different than the one showing feel free to change and mark whether you would like the system to create accounts based on your industry or start with an empty chart of accounts. Once your selections are complete, click Wipe Data.
  5. When the deletion is complete you will be rerouted to your home page.
  6. If you select an empty chart of accounts, there will be 2 accounts in the file, Retained Earnings and Services Income (or whatever income account based on the industry type you selected in Step 4).
  7. Note: It is just as easy and maybe even better to re-export your QuickBooks Desktop file to the same QuickBooks Online subscription.

4/9/14 Show: Dawn, Woody & Stacy Answer Questions


Questions we answered:
1. Multi-user in QBOA: Hi, is there any way I can let other users into my QBO Accountants account? I would like to have other members of my firm access certain files.
2. Voided check causing unbalanced reconciliation: I accidentally printed a check with a date from a reconciled month. I caught the error after the check was printed, so I went back into the transaction and voided the check per normal. Now, I am trying to reconcile this month and the beginning balance is off. The reconciliation discrepancy report says that this particular check is the culprit. How do I fix my beginning balance? I have tried running another reconcile as instructed by online support, but the voided check reconciles as zero and I am unable to correct my beginning balance.
3. Owners Draw and Retained Earnings: I have entered a new company (sole proprietor) and there are just a few Owner Draw entries. I see that all of them are automatically showing up in Retained Earnings when I pull a Balance Sheet. However, there’s a difference of 71 cents between the two. I don’t understand it. What other categories would Retained Earnings be drawing from? These equity accounts are confusing. I changed QBs generated “Owners’ Equity” to Retained Earnings based on support advise. (Since Owners Equity was pulling a report instead of a register, I was told that it was actually Retained Earnings) Now I have a total of 4 equity accounts: Retained Earnings, Owner Draw, Owner Contribution and a new Owner Equity that I created, although I’m not sure what to do with the new Owner Equity account.
5. We have QuickBooks Premier Contractor Edition 2012, multi-user. I am the host computer: Recently every time I shut down QBs it kicks the user off. Never did this before – is there a solution to this problem?
6. I am trialing QB online and I imported my banking information: I am getting an error that i need to select a different type of account for this transaction. They are mostly banking fees and some debit transactions. Please help.
7. Asked to Rebuild Data Every time I Backup Data: Every time I go to back up my company file I get a message saying I need to rebuild my data. I followed the instructions from this thread http://www.linkedin.com/groups/Back-up-prompts-rebuild-each-155819.S.116702663. I went to my QBWIN.LOG and searched for error messages… this is the only thing that came up as an error. LVL_ERROR–el_cname.c (24699) : CHECKPOINT: 2640: Thu Feb 27 21:06:49

Current QBO Billing Possibilities for Accountants and QB Consultants to Consider for their Clients

By: Woody Adams

Create a new QBO Sub from the Old QBOA Platform:









  • client qbo file is added to the QBOA client list
  • accountant is auto established as the accountant user and the master admin user of the qbo file
  • promo is set immediately for the first year of the subscription


  • there is no 30 day trial
  • promo is only good for first year of sub
  • extra step of transferring the master admin to client
  • promo does not always match ProAdvisor discount
  • promo is good for first year of the subscription
  • client credit card must be entered by 2nd login attempt to QBO file
  • promo can vary from 20-50% off depending


Create a new QBO Sub from the New QBOA Platform:












  • client qbo file is added to the QBOA client list
  • accountant is auto established as the accountant user and the master admin user of the qbo file
  • bill firm option offers 30% discount for life of QBO sub
  • staff multi-user access and single client list for firm supported


  • if firm does not want the Wholesale Billing Program, promo is only good for first year of QBO sub
  • promo varies from 20-50%
  • extra step to transfer master admin to client
  • promo does not always match PAP discount
  • client credit card must be entered by 2nd login attempt
  • no 30 day trial


Create a new QBO Sub from quickbooks.com:


  • client or accountant can browse to quickbooks.com
  • sign up for a 30 day trial to QBO
  • there is a 50% discount for first year of the subscription
  • invite accountant at the client’s leisure (if client starts sub and invites accountant later on)
  • website is always up to date with latest promos
  • easy to add payroll here too


  • promo is only good for first year of sub
  • varies from 0-50%
  • does not reflect PAP discount
  • accountant is added as accountant user by client (or accountant) in order to be accessed via QBOA


Sign-Up Clients from accountants.intuit.com—Remember, you can copy and send the link to sign up to QBO to your client right from accountants.intuit.com. It will match the current quickbooks.com promo, but there will be surprise promos when you go this route too. Looks like the below image:










When you click on Sign Up clients, you will see option to copy link to send to new QBO client:









Note: Some short videos to consider, the first is if you do not create the QBO sub from QBOA and need to get invited to your client’s QBO file; the second is how to transfer the master admin to your client at some point after creating the QBO subscription from QBOA.

How to get invited as Accountant User: http://youtu.be/Pbjm4fGbtzI

How to Transfer Master Admin to your client: http://youtu.be/Sht-NVjb-E4




From Intuitive Accountant:

Apparently the rumors are true. Today, we confirmed that on October 22-23, 2014 in San Jose, California, Intuit QuickBooks will host, for the first time ever, a major event…
Read the rest of the article here.