WSW QB Ledger
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Welcome again to another Workshop Wednesday brought to you by School of Bookkeeping dot com. Where we have casual conversations for serious workflows. This is take two. Apparently I didn't realize that I was on mute the whole time, but thankfully several people let me know. We are going to be talking about today about QuickBooks Ledger which is a new the newest offering for QuickBooks [00:00:30] on in the QuickBooks online ecosystem.
So what we want to talk about first is What is QuickBooks Ledger, right? What is it? Who is it designed for? And then we'll walk through, setting up a new QuickBooks Ledger client. We are working on a new course for QuickBooks Ledger. And the, in simplest terms, what is QuickBooks Ledger?
Is it simple start without customers, right? So that's the main thing to, to put into [00:01:00] the frame of reference as far as what kind, where does this fit into the to The QuickBooks ecosystem. But if let me go ahead and share my screen again so that we can take a look at it.
Now only QuickBooks online accountant will be able to set up and utilize the QB QuickBooks ledger, right? Now that doesn't mean that your client can't have access to it. And there are ways to invite the client or have the client be, have access to the books, but it's really isn't [00:01:30] designed for that.
So if you've ever gone into, if you've gone in recently into your QuickBooks Online accountant, you'll see this little tab here or placard or card. I'm not sure what the technical term is for it to talk about the new ledger. And you can click on this button and it will take you. Again, since we've done this before it'll take you to to, to the QuickBooks page about what QuickBooks Ledger is and and to find out more information about, right?
[00:02:00] So the main goal of this is to is to satisfy the books to tax clients, right? And those books to tax clients are Small entities, right? Since you have this idea of simple start without customers. That kind of puts in, in, in the frame of reference, what kind of capabilities this QuickBooks Online subscription will actually have, right?
You can only have one user you can only have, so many accountants the [00:02:30] reporting is going to be based off of Simple Start. Think of that when you're thinking of, oh, is this a good, Fit for my client and this page has some nice frequently asked questions, down here at the bottom like which types of clients are best suited for quickbooks ledger I'm going to read through that in house bookkeeping clients after the fact clients basic write up clients tax only clients multi entity with non operating entities or holding companies you know the business that is in a building that is owned [00:03:00] by the same Individual, right?
So the real estate type of thing where their investments, they're not really worried about tracking the customer. They're more about worried about tracking the revenue. And of course the expenses that are associated with that entity. So real estate property management, these might be, but again, as long as they're not necessarily tracking the customers and or the clients and the transactions that feed into those [00:03:30] customers and clients.
That is a good idea. Kind of frame of reference there. How do we add clients to QuickBooks Ledger? Let's just walk through that. So you do that as the accountant. All right, and as the accountant you will go into your QBOA And just like adding any other customer or any other client you're going to do that through the add client button in the upper right and this is relatively new this wizard that kind of walks through this For four options.[00:04:00]
So we're going to name this and I'm going to call it QB ledger. Take two, right? Got to put in an email in there. All right. And then down at the bottom the team access, right? So you're going to add this as a subscription. It does need to be under the. ProAdvisor discount, right? So this is a firm build, only the firm build [00:04:30] option will be, will work.
Let me go ahead and get rid of the Workshop Wednesday blocking over everything there. This is why I needed a co host, so to tell me, one, I was on mute, and two, that there's something blocking the screen. But yeah, so you gotta choose the bill. My firm ProAdvisor discount. Only the QuickBooks Accountant firm build will be able to use it.
End users can't find QuickBooks Ledger on the QuickBooks Ledger website, right? So they have to be [00:05:00] connected to an accountant in order for this to work, right? So when we click next, then we choose what version of QuickBooks you would scroll down all the way down to the bottom there, and then you'll be able to see the QuickBooks ledger there.
We'll select that, and then hit next. You still can run payroll through QuickBooks Ledger, and then obviously use the QuickBooks Time as well. So you could add those services on if you wanted to or not. And then it's just going to give you the total. [00:05:30] And then here is the caveat here. So if you want to have the client be able to access QB Ledger, this check mark here of make me the primary admin, I certify that I'm acting on behalf of my client and with my client's consent.
Would be unchecked. So the email address that you would do in step one with the contact information would be the client's email instead of your own, right? [00:06:00] Or whatever it is that you put in there. And this would be unchecked. Otherwise, you can be the client, the primary admin. And you're going to be able to not invite your client.
Now, why is this important? The big advantage of QuickBooks Online in general is the bank feeds. This is going to cause a, an obstacle if you're, [00:06:30] if no one has access to QuickBooks other than the one accountant. So the ability to be able to do this and set up the bank feeds is typically a better solution done by the client, right?
So if the client has access to be able to do this, then this is a fantastic way for them to be able to set up their bank feeds. The challenge is you only get one shot to do this right. So if [00:07:00] you are not the prime, if you take, if you set up the company and you're the primary admin, then, um, the ability to get your client into this subscription is severely limited, right?
So you might as well just start over with a new subscription at that point. But I'm just going to choose myself as the primary admin because this is just a test. And then I'm going to place the order. Spending ten bucks [00:07:30] to show this to you. Alright it is a QuickBooks Online subscription. So it has all the abilities of a QuickBooks Online subscription.
So if you're using You know, if you already have this client as a, in your desktop and you want to move them up to this QB, QB ledger then you're able to do that, right? You can migrate data into QuickBooks on online ledger but again, of course, remember, you're not going to see anything dealing with customers.
So let's go ahead [00:08:00] and Pop on over into ledger. This is ledger test. Take two. I ain't done this before. And we'll go ahead and launch this. Alright. And of course my right tool takes over. I don't see
the menu bar on the left side. But I gotta put in so real estate. I'll just say, real estate. Alright, I'll just say [00:08:30] that. And I'm gonna say this so it skips through all of the setup. Windows here. Yes, I'm going to be bringing in my desktop data, right? So here's this challenge here to link your bank accounts right on the home screen or the dashboard here.
If you're the only user being able to access this, then you got to set up the bank feeds, right? Which means. You're either going to have to get that client's information and enter [00:09:00] that in, or go over to your client, log in to your QBOA, go into their QB Ledger, and then allow them to set it up at their location, which is a nuisance to say the least, right?
Fill in the blanket. All right, so when we go into looking at the sidebar of the things that you can do you'll notice by the new button we have nothing to do with customers, right? So there's no customer list. There's no customer anything that's related [00:09:30] to a customer. There's no sales tax.
There's no there's not much of anything of anything dealing with customers. So that's the whole idea of this QB ledger to be being able to do that. So you've got your transactions. So just going through the list here, you, as an accountant, you'll have your client overview, the books review, all of those tools that you'll have that you have as a QBO accountant.
But there's nothing dealing with sales, right? So any of those things the [00:10:00] products and service list invoices, estimates, and the customer lists themselves. It just isn't even there, right? In transactions, you have your normal options of the bank feeds reconcile rules, the chart of accounts and things of that nature.
Expenses, you're going to attract expenses. So you have Expenses, vendors, and setting up contractors. You don't have the ability to set up bills, right? Because remember, this is [00:10:30] sub SimpleStart, right? There's no bills, there's no accounts payable in SimpleStart. You only have that option if you're in Essentials and higher.
And then your reports, right? You're going to have access to the reports. And it looks exactly like QuickBooks Online because it is right. You have your profit and loss balance sheets and those favorites. So you have the company financial expenses employee reports. Again, if you set up payroll, you'll have the payroll section [00:11:00] for reports time and then taxes and then adding apps.
So you can still add apps. But now remember, of course, that you're the only company. user of this QuickBooks Online subscription. So you would be setting those up. Now, of course, if you let the client be the primary admin, then of course they can be able to access and add those apps. But remember, of course, you only have those one shot option to be able to do that.
So let's see, what else do we we talked about giving [00:11:30] access to your client. You can I would say upgrade. If this, if you realize, oh, okay, we need to step into the other areas of or other flavors of QuickBooks Online. So you can upgrade from this to Simple Start, Essentials Plus and or Advanced.
I guess not and. Or one option. The other thing about that is you're not able to downgrade companies into Ledger. So if you have clients that you've been trying to do this with and using Simple [00:12:00] Start, you won't be able to downgrade them into Ledger. It's only one way out rather than Back into back into Ledger.
And, let's see here. We've given that as a high level tour. You, again, you can import from, or migrate from desktop. So if you have these clients already established in your QuickBooks desktop just like any other QuickBooks Online subscription, you'll be able to migrate them into into QuickBooks Online.[00:12:30]
And choose this this company to do that. But one of the great advantages of QuickBooks Online Accountant is the Books to Tax feature. If you are preparing. Taxes. This is a phenomenal feature. You'll have the prep for taxes option. And if you've ever used it before, it's a really slick feature where you're able to look at the end of the year, make your tax adjustments, choose what entity you're sending it for, [00:13:00] and then it sends it over to ProConnect tax online and fills out.
Essentially, most of the of the tax return for you from the business set up inside of QuickBooks Online. So if you are a tax professional. These ledger clients are going to really streamline the way that you do things inside of QuickBooks, the QuickBooks online ecosystem. So again, keep an eye out for the finished QB ledger course that we're going to be putting on schoolbookkeeping.
[00:13:30] com and Tell us what you think, what do you think about QB Ledger? So we'll we'll talk next week about solopreneur which is another offering, but we'll obviously look familiar for those of you who've used self-employed. We'll see you next week on the workshop and we hope you have a great day.
