This time of year the phone is ringing off the wall for QuickBooks Online (QBO) setups. You can save time and gain consistency by taking advantage of the smart tools available via QuickBooks Labs from within QuickBooks Online.
Set up your data file starting with a strong backbone – the Chart of Accounts. If you venture into QuickBooks Labs you will discover some wonderful bonus features such as the Company Templates. Use this resource to take advantage of the “smarts” from our peers and build upon their template framework as you build out to company files. I personally use the thoughtfully prepared Peer Shared Chart of Accounts because they have already done the work, so why spend time recreating it?
To access this feature, and use these templates:
1) Company Gear Icon > QuickBooks Labs >
2) then Company Templates - On
Company Templates are now available (as shown below)
3) Select Template by selecting a Template type (i.e. Restaurant, Landscaping, etc.)
4) Choose the Template Name of the template you want
In this case I selected a Property Management Template created by Hector Garcia. (This is great template by the way; Thanks Hector).
5) After you have reviewed the template click Apply. (Shown above by the blue arrow.) At this point you’re finished or you can edit the company file to your specifications.
Did you know, each time you create a QBO company file a template is created? It’s true.
Select your Templates to see what you have already created, or what others within your Firm have created and opted to Share within the firm. One reason to use the Templates previously created is consistency of terminology within your firm; another instance of sharing templates across multiple QBO Companies is when a client has several franchises and you want to preserve the Chart of Accounts from one file to the next.
Even if you are not ready to share templates with the public you can opt to share templates within your Firm, or simply use your own previously created QBOs templates. Isn’t this GREAT!
QBO allows you to save time, and gain consistency by tapping into your own Firm or Smart Peers, 'way to go QBO' and QBO Labs!