Quickbooks Online workflow

Your QuickBooks Online account should be a comprehensive source of truth for your business. All transactions that you make are recorded as data within QuickBooks Online. Often this is done through automations, and sometimes it's done manually.

Sales data is added when invoices are created and when payments from customers are recorded.

Expenses data comes in when a business records that they've received a bill, spent money, and paid bills.

If you use QuickBooks Payroll, payroll data is added to the system automatically, reducing the need for manual data entry because it's fully integrated into QuickBooks Online.

Additional data comes in from third-party apps, providing business and industry-specific information. All the while, payments are going in and out of your bank accounts. And when bank accounts are connected to your QuickBooks account, bank transaction data flows from the connected account into QuickBooks Online.

In QuickBooks Online, bank transactions are matched to corresponding transactions’ data that's already there. Matches can be verified and then accepted, and any unmatched transactions can be appropriately categorized to make sure that they're correctly accounted for. Bank account reconciliations should be done regularly, to review the accounts in QuickBooks, to make sure that they match your real-life bank and credit card statements.

With this accurate and up-to-date data, period-end and year-end reports can be generated, helping you understand your business and helping you make decisions about your future.