- October 10, 2017
- Posted by: wp
- Category: QuickBooks, QuickBooks Online
Now we have the step-by-step procedure to set up an advanced setting in QuickBooks Online then you are at right place. QuickBooks advanced settings will be used as the default setting for financial reports such as profit and loss statement and balance sheet, and cash flow statement.
Need to follow some steps to set up Advanced setting in QuickBooks Online.
(a)click on the gear icon and top right
(b)click account and settings
(c)click Advanced and click edit
(d)click edit Company Type
(e)click edit chart of account and change Discount Account
(f)click edit categories and change Assign classes
(g)click edit Automation and tick pre-fill forms with previously entered content and automatically apply for credit and save.
(h)click edit other preferences and change customer Label & save other preferences.
Description of each Feature
(A)Accounting: It helps you to store a fiscal year for your business and is of two type cash and accrual.
(B)Company Type: There is an option you can choose (a)sole Properties (b) Corporation (c)Nonprofit etc.
(C)Chart of Accounts: It allows you to enable the following Feature (a)Accounting Number (b)Discount Account (c)Categories (d)Track classes.
(D)Accounting numbers: Most accountants tend to use this features but it is not commonly used by non-accountants.
(E)Discount Account: If you use this features, then you should be sure you enter a discount account here. If you didn’t set up a discount account, you can do so from this screen.
(F)Categories: This feature allows you to enable the following features:
(G)Track classes: These features allow you to categorize income and expenses by department or product line. Once you enable this features, it will add a class field to all sales and expense forms.
(H)Track locations: This feature allows you to categorize income and expenses by location like stores or sales region. Once you enable this features on, it will add a location field to all sales and expense forms.