QuickBooks can handle most of your basic small‑business accounting if you set it up correctly and follow a simple weekly routine. The core steps are: set up your company file, connect your bank/credit cards, customize your chart of accounts and invoices, record sales and expenses, then review reports regularly.
Start and set up
- Choose the right QuickBooks plan (Simple Start, Essentials, Plus, etc.) based on whether you need things like bills, inventory, or payroll.
- Create your company file by entering your business name, address, fiscal year, and choosing cash or accrual accounting, then set business or accountant view in the settings.
Connect banks and cards
- Link your business bank accounts and credit cards so QuickBooks can automatically import transactions into the Banking/Transactions area.
- Go through new transactions regularly, assigning each to the correct category (income, expense, asset, liability, etc.), and then reconcile to your bank statements monthly.
Set up customers, vendors, and products
- Add customers and vendors with contact details so you can quickly use them on invoices, bills, and payments later.
- If you sell products or services, set up your items list (Products and Services) with names, prices, and income/expense accounts so every sale/expense posts correctly.
Invoicing and getting paid
- Use the Sales menu to create and send professional invoices, customizing logo, colors, and payment terms in the form styles/settings.
- Turn on online payments (if available in your region) so customers can pay directly from the invoice, and use automatic reminders for overdue invoices to help cash flow.
Recording expenses and bills
- Enter bills from suppliers (if you buy on terms) and then record bill payments when you pay them, or record direct expenses for things you pay immediately by card or bank.
- Attach digital receipts to expenses and use consistent categories (e.g., rent, advertising, supplies) so you maximize tax deductions and keep clean records.
Use basic reports
- Open the dashboard and Reports section to monitor Profit & Loss, Balance Sheet, and Accounts Receivable/Payable so you always know profit, cash position, and who owes whom.
- Run reports for a month or quarter, compare periods, and share them with your tax pro; this turns your day‑to‑day entries into useful insights and easier tax prep.
Simple weekly workflow table
Task| How often| Where in QuickBooks
---|---|---
Categorize bank transactions| 1–2x/week| Banking/Transactions tab110
Send invoices| As needed| Sales → Invoices110
Record bills/expenses| Weekly| Expenses/Bills or Expenses610
Reconcile bank accounts| Monthly| Banking → Reconcile16
Review P&L and cash| Monthly| Reports → Profit & Loss, Cash flow15
If you tell what kind of business you run (service vs products, employees or not), a more tailored QuickBooks setup checklist can be outlined for you.
