These shortcuts apply to QuickBooks Desktop for PC users. A separate set of shortcuts is available for QuickBooks for Mac users. Like most small business owners, you probably run at least one report regularly. Instead of going through the process of generating a report manually, you can automate the process with just a few quick steps.

However, the problem with Plus or any of the other versions is that you can’t compare cost estimates to actual costs by project. With Plus, you can make POs, track them, and send them to vendors. POs are essential because they help you specify what products and services you need from your vendor or supplier and by when you need them. When creating POs in Plus, you can input specific items you want to purchase. When your POs are fulfilled, you can convert them to a bill easily. Retailers and wholesalers should choose Plus so that they can track the quantity on hand and the cost of inventory.

QuickBooks Essentials vs QuickBooks Plus

However, you want to make sure you are matching the right outstanding checks. Traditionally, bookkeepers entered transactions into ledgers from source documents and then reconciled these ledgers to the bank or credit card statement each month. The advent of bank feeds in accounting software has provided a way to reconcile accounts almost in real-time. A recurring invoice, on the other hand, serves as a request for payment from your client, but it leaves actually executing the payment up to them. In QuickBooks Online, a recurring sales receipt can be used to automatically process a payment for a customer.

Within the Manage recurring payments list, go to the Status column, click the drop-down arrow and choose Suspend. Within the Manage recurring payments list, go to the Status column, click the drop-down arrow and choose Delete. You can drill down for additional details, modify or suspend recurring payments, and customize this report. Find the recurring transaction template linked to the account you want to delete. Your customer can cancel autopay by selecting the Manage payment link in the autopay confirmation email.

Make any transaction a base template for a recurring transaction

QuickBooks Online has five versions—Self-Employed, Simple Start, Essentials, Plus, and Advanced—and pricing runs from $15 to $200 per month. These vary in the number of users and features included and are built for different purposes. QuickBooks also hosts numerous webinars to help users get the most out of the software. Webinars last an hour and cover topics such as managing expenses, using QuickBooks Time, and sales and invoices. You can sign up for a webinar directly through QuickBooks.

• Review the remainder of the invoice for accuracy, then click on the “Save template” button at the bottom right corner of the screen to save your recurring invoice.
• This information may be different than what you see when you visit a financial institution, service provider or specific product’s site.
• But once you start actually using the software, QuickBooks can seem anything but simple.

This will offer you a customized recommendation based on the responses you give. Afterward, continue reading our article for a more detailed comparison of the five QuickBooks Online versions. QuickBooks also has a number of great support resources for its users. QuickBooks Support has over 700,000 articles covering everything from setting up live bank feeds to connecting apps. Step-by-step video tutorials are also available on a variety of topics. Ready to learn other ways to use QuickBooks to your advantage?

QuickBooks Self-Employed vs QuickBooks Simple Start

To change a recurring payment, click the customer name to open payment details. In some cases, you can make changes directly within the list. This article outlines the steps in modifying, suspending and tracking your existing recurring payments. Note that payments that were already processed CANNOT be modified. On the Create _ days in advance field, enter the number of days before the date set in the “Interval” section you want the bill to be created in advance. Or if you selected Reminder from Type drop-down, how many days before the transaction date you want to be reminded.

Meanwhile, Essentials gives you access to more than 40 reports, including those you can generate in Simple Start. You can drill down to a list of your outstanding invoices instead of only the total outstanding. The audit trail is somewhat similar to the Voided/Deleted Transaction Summary.

When you finish the recurring invoice, select Save template. Create your invoice, then select Create recurring invoice on the transaction. Then select Invoice as the transaction type from the drop-down list in the popup and click the “OK” button.

With QuickBooks Essentials, you can track billable time by job and assign it to a specific customer—something you can’t achieve with Simple Start. Once you’ve recorded your billable time, you can add them to your invoice and then send it to your client. This feature is ideal for service-based businesses that charge work by the hour, such as lawyers and independent contractors. We even consider it the best for tracking freelance income and filing tax returns in our guide to the best accounting software for freelancers.

They will be able to assess your business as a whole and advise you on which method will work best for your business. The hardest part is determining your process for entering the charges. From the End drop-down, specify if you want it to end that transaction after a number of occurrences, by a set end date, or to not end recurring. Manually update the Service Date field to the date the service was actually performed. Add or remove any product or service details in the Item details section.

Set Up Recurring Invoices

The functionality of these three types has been described in previous detail. Choose a name that you will remember quite easily. So that you know quickly for which customer that template has been created.

Every business has its way of reporting recurring expenses. In this case, we are setting up an “Invoice” so choose your customer for whom you want to set up the recurring invoice template. QuickBooks Online is the easier choice for users with little or no prior accounting experience. QuickBooks Desktop has a pretty steep learning curve, so if you’re new to accounting, make sure that you have plenty of time to learn the software before getting started. Make sure to take advantage of QuickBooks’ support resources, as well as resources from Merchant Maverick, to make it easier to learn the software.

Here, we have selected the transaction type as “Invoice”. Nonetheless, Plus has an advanced job costing capability, which is helpful for construction and contracting firms. If comparing estimated costs to actual job costs is critical to your business, check out Xero. Learn more in our QuickBooks Online vs Desktop comparison. Simple Start runs basic reports, including cash flow statements, profit and loss (P&L) statements, and balance sheets. Some of the other 20-plus built-in standard reports available include P&L by month and customer, quarterly P&L summaries, and general ledger.

Your customer makes sure the autopay checkbox shows as selected and displays the correct frequency and start date. To setup Autopay, your customer opens your invoice and selects Set up autopay to enroll. Your customers receive the invoice email normally, but now they have the option to set up Autopay.

• It will display the list of all recurring transactions if any previously set up by you.
• Some of the other 20-plus built-in standard reports available include P&L by month and customer, quarterly P&L summaries, and general ledger.
• Plus includes inventory accounting that allows you to monitor stock items and quantity—a necessity if you’re selling products.
• Make sure to add all of your business accounts to get the most accurate picture of your finances — and have all of your account information in one spot.
• You can choose which date of the month that the invoice will be created in the day and date drop down.

If you haven’t previously entered data for credit card transactions in QuickBooks Online, you can add transactions on the fly from the bank feed. If you suspended a recurring payment, the Status column and details page features a Resume option instead of a Suspend option. Say your customer returns from vacation and wants your services again.