Overview

The following action steps are for exploratory purposes only, to prepare for the training call. They are not an agreement to be added to your QBO permanently and take over the billing.

99% of our clients must start a new QuickBooks Online (QBO) when joining Collective. If you already have QBO, this might sound less than ideal. Especially if you've poured your blood, sweat, and tears into your old QBO.

3 Reasons for a new QBO with Collective

  1. QuickBooks Online - Self Employed is not the same flavor as Simple Start, Essentials, Plus, or Advanced. It's got the QBO name but it's not actually the same software.

  2. Your QBO with us can only hold the activity of your LLC with S Corp tax classification. We use it to create Profit & Loss reports for your S Corp's 1120s Business Tax return. If your QBO contains activity prior to your actual (or expected) S Corp effective date, we can't use it.

  3. If you are already an S Corp with many years of data in QBO, we can help you rebuild your books as of your most recent tax return importing and categorizing transactions from your checking and credit accounts. For prior years, we can journal entry in annual profit and loss reports.

Action

  1. Sign in to QuickBooks Online (QBO).

  2. Select the Settings ⚙️ icon then Manage Users.

  3. Go to the Accounting Firms section.

  4. Enter the accountant's name and email address as Prentiss Johnson [email protected] and Save.

  5. We will be sent an email with a link to sign in to your QBO company.

  6. Until we accept the invitation, our status will remain as Invited on the Manage Users page. After accepting the invitation, our status changes to Active.

  7. Click Next

  8. Click Finish.

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