Ultimate Guide to Get Started with the Latest FreshBooks

In case you’ve recently migrated from the classic to the latest version of FreshBooks, then you can find a lot of benefits by opting for the migration. The latest FreshBooks has been restructured from the ground up, including around 250 advanced features to level up the efficiency to run business with ease. This ultimate guide will help to gain knowledge about the latest FreshBooks thoroughly, including the improvements, new additions, and how to get started with the FreshBooks.

Setup for the Latest FreshBooks

Download the Mobile Application

The latest FreshBooks has a brand new smartphone application- it’s available for both iOS and Android. To download the application on your smartphone, follow these various steps:

For Android users:

• Open the Google Play store application.
• Type FreshBooks in the Search tab.
• Then, tap Install.
• As the installation process completes, tap Open.

For iOS users:

• Launch the Apple store application on your iPhone.
• Enter FreshBooks in the Search box.
• Then, touch the install option.
• Tap Open after it completes the installation.

In case you have been using applications and integrations to help you run your business, you will require a reconnection with them again once you’ve migrated to the latest FreshBooks.

In case you were using the XML API, it will still work the same with a few modifications, particularly for calls around Projects, Tasks, and Time Records. You also have the alternative to access your API URL and Authentication Token by tapping on the gear icon given on the top left of the interface, then tap the cursor on Applications & Integrations.

Reconnection with Your Bank Accounts

The latest FreshBooks facilitates its connection with various partners for automatic expense importing (along with Bank Reconciliation). It depends on the basis of your company; you can make connections with your bank and credit card accounts with the help of Plaid, SaltEdge, or Yodlee.

Re-inviting your Team and Reviewing the Roles

In case you would have used an Accountant, Contractors, and Staff working with you on the Classic version of FreshBooks, all of them will be questioned to undergo migration with you. You can also re-invite your Team Members in case all of them have still had to move from the classic to the latest. As a refresher, with the new roles in the latest FreshBooks:

• The Staff members having permission to create invoices will be known as Managers, or else the rest will be known as Employees instead.
• You can send invitations to up to 10 Accountants.
• A new Admin role gives you the authority to promote any Team Member to have similar authorities as you.

Set Up Email & Templates

If there are some custom emails you had set up in the Classic version of FreshBooks will have to undergo re-customization. You can take the help of the Emails & Templates section to customize your emails with Dynamic Variables.

Exploring the Latest FreshBooks

Account

Rather than using a unique sub-domain link to log into your account, Sign-In at my.freshbooks.com with your email id and password.

As soon you log in with your account, make sure that your account’s navigation has shifted to the left side instead of on the top of the interface like in the classic version. Some of the sections hide subsections as the Invoices has Retainers (It becomes visible when you will hover the cursor over the Invoices option.).

Settings

An innovative replacement to My Account and Settings Tabs options, this settings section in the latest version of FreshBooks helps you manage your account and business settings in the gear icon in the top left corner of the interface.

• Notification Bell - Keeps you up to date with all the activity in your account with in-app notifications fr almost every event, such as paid invoices, overdue invoices, and project tasks.
• Keyboard Quick-commands - Fastly navigate through your account with Keyboard Quick-commands.
• Multiple Businesses - Make multiple businesses beneath the login details and easily swapping between them without signing-out.

Settings for Business

• Company Profile - Update your company’s details as per the requirements.
• Items & Services - Manage every item and service you use in a central space.
• Applications & Integrations - Run your connected Applications & Integrations or browse all the complete list of applications.
• Receive Payments via online methods - Connect and run your WePay and Stripe accounts.
• Billing and Upgrade - Check out your Receipts and your subscription, along with update your payment details if required.

Personal Settings

My Profile - Here, you can make updates to your profile photo, email credentials, and much more as per the requirements.

Recommend FreshBooks - By using this feature, you can refer FreshBooks to your friends and family.

Dashboard

Same as the Home tab in FreshBooks Classic, look at the snapshots of your business’ finances with graphical representations to track outstanding invoices, revenues, expenditures, and unbilled time name some of them. You can use the following commands on your Dashboard:

• Invite - Send invitations to Team Members swiftly.
• Create New… - Use it to create new Clients, Invoices, and much more.

Accounting

FreshBooks has expanded its features to offer double-entry accounting, including new reports and features like:

Charts of Accounts - View the Chart of Accounts and sum up more custom accounts as per requirements.

General Ledger Report - Scroll down into each account in your General Ledger Report to look out for all the activities entered as transactions/ journal Entries.

Trial Balance Report - Check out the discrepancies in your account outcomes and make sure your accounts balance in this feature.

Balance Sheet - Having a feature contrasting to the Classic version, the Balance Sheet in the latest FreshBooks is automatically populated for you, and your Accountant can prepare Journal Entries to sum up some additional details to your Chart of Accounts, which readily reflects on the Balance Sheet.

Source: The Soft Journals