I thought a quick tutorial on how to set up Outright for your small business would be a great way to help you get started! It isn't hard or scary, there is no reason to put it off any longer...so let's get started:
1) SIGN UP FOR PAYPAL:
If you haven't already, set up a PayPal account for incoming and outgoing funds. PayPal is free to sign up for. They do charge a fee for funds received. You might consider signing up for their debit card. This makes using the funds you have saved in PayPal easier to access.
2) SIGN UP FOR OUTRIGHT:
Sign up for Outright. This is FREE, quick and easy.
3) ADD YOUR PAYPAL ACCOUNT TO OUTRIGHT:
- Now, you will see your Outright dash board. From here, click on the 'Add another account' button, on the left side of the page.
- Choose PayPal
-You can choose to import ALL data, or click the link to import only future data
- Choose Authorize PayPal, go through the pages to finalize.
***For your peace of mind, Outright discusses their security of this data in their FAQ HERE
4) PERSONALIZE SETTINGS:
- At the very top of the page, click on the 'Settings' link.
- Most of these are self explanitory. But, let's talk about personalizing 'Categories'...
There are two columns, one for income, one for expenses. You can add and choose which categories you want to track for each. For example, you'll probably want to add an expense for PayPal Fees. If you are an Etsy or Ebay seller, you'll want to add an expense category for fees for each of those as well. If there are any other expensese you know you'll want to track individually, this is the place to add them.
5) CODE TRANSACTIONS:
- Now, all PayPal data has been imported in to your Outright account (or if you need to, click the 'Refresh' button on your dashboard page) . You now need to categorize the transactions. On both the 'Income' and 'Expense' tabs at the top of the page, you'll find the imported transactions. For each you need to choose the appropriate category.
- To do this: click on the 'Category' cell for the transaction, use the arrow to see the drop-down options. Make your choice, click the 'Save' button. Continue on like this for each transaction.
6) ADD OTHER TRANSACTIONS:
- If you have transactions outside of PayPal, you'll need to manually enter this data.
- To do this: Click on the 'Income' or 'Expense' tab at the top of the page. The first transaction line of the page is blank. Fill this in with your data, click 'Save', continue as necessary.
7) REPORTING
- Now, you are ready to view your reports! Click on the 'Reports' tab at the top of the page. Here you can view, download and export your financial reports.
Now, each time you return to Outright, click the refresh and code the new transactions. See...it really is SO simple to use! If you have any questions, comments or ideas, please feel free to comment or contact me directly.
and now i (@pravinastudio) retweeted :)
thanks again!