What steps are involved in creating an estimate in QuickBooks Online?

QuickBooks Online is a powerful accounting software that allows small business owners to create and manage their financial records with ease. One of the most important tasks for any business is creating accurate estimates for its products or services. In this article, we will discuss the steps involved in creating an estimate in QuickBooks Online.

Overview of Estimates in QuickBooks Online

An estimate is a document that outlines the estimated cost of a product or service that a business provides to its customers. Estimates are important for small businesses as they help in winning new customers and retaining existing ones. QuickBooks Online allows users to create and manage estimates easily.

Step 1: Set Up Estimates in QuickBooks Online

Before creating an estimate in QuickBooks Online, you need to set up estimates in your account. To do this, follow these steps:

1. Log in to your QuickBooks Online account
2. Click on the Gear icon on the top right corner of the screen
3. Select Account and Settings from the drop-down menu
4. Click on the Sales tab
5. Click on the pencil icon next to Estimates to edit the settings
6. Check the box next to “Estimates”
7. Click on Save to save the changes

Step 2: Create a New Estimate

Once you have set up estimates in your account, you can create a new estimate in QuickBooks Online. Follow these steps to create a new estimate:

1. Log in to your QuickBooks Online account
2. Click on the Plus icon on the top right corner of the screen
3. Select Estimate from the drop-down menu
4. Fill in the customer’s details such as name, email, and billing address
5. Enter the details of the products or services that you are estimating
6. Add any additional notes or comments that you would like to include in the estimate
7. Click on Save and Send to send the estimate to the customer

Step 3: Customize the Estimate

QuickBooks Online allows users to customize their estimates to meet their business needs. To customize your estimate, follow these steps:

1. Log in to your QuickBooks Online account
2. Click on the Gear icon on the top right corner of the screen
3. Select Custom Form Styles from the drop-down menu
4. Click on New Style to create a new form style for your estimate
5. Choose a template from the available options
6. Customize the template by adding your logo, changing the font and color, and adding any custom fields that you require
7. Save the form style and use it for your estimates

Step 4: Convert Estimate to Invoice

Once the customer has accepted your estimate, you can easily convert it to an invoice in QuickBooks Online. Follow these steps to convert an estimate to an invoice:

1. Log in to your QuickBooks Online account
2. Go to the Sales tab
3. Click on the estimate that you want to convert to an invoice
4. Click on the Create Invoice button
5. Review the details of the invoice and make any necessary changes
6. Click on Save and Send to send the invoice to the customer

Step 5: Track the Estimate

Tracking your estimates is important to ensure that you can follow up with customers and close deals. QuickBooks Online allows users to track their estimates easily. To track your estimates, follow these steps:

1. Log in to your QuickBooks Online account
2. Go to the Sales tab
3. Click on the estimate that you want to track
4. Check the status of the estimate
5. Follow up with the customer if the estimate is still pending
6. Convert the estimate to an invoice if the customer has accepted it

Conclusion

Creating estimates in QuickBooks Online is an essential task for small businesses. By following the above steps, you can easily create, customize, and track your estimates, which will help you win new customers and retain existing ones.

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