Thank you! This is very helpful! You explained everything so clearly.
@mskimmie3164 сағат бұрын
Please advise. I meant to send a request for 200.00 to a customer on zell but I accidently sent him money. When the pmy comes thru how do I catorgize it and how do I catorize the payment he sends me back. His invoice is for 200 but he will send me 400 due to my accident
@jayguerero473 күн бұрын
BRILLIANT. JUST. SAVED. ME. TODAY. THANK YOUUUUUU
@jenniferlara725313 күн бұрын
how to record deleted transactions from previous bank reconciliation?(income account)..thank you in advance for the answer
@mbarnettbillyАй бұрын
my accountant is asking me to move all accounts receivable deposits to income, how do i do this?
@LearnBookkeepingTodayАй бұрын
Hi Michelle - I'm not sure exactly what you mean by this. If you'd like, you can schedule a free 25min consult with me here: bit.ly/3ULmoi9
@cathymendoza40262 ай бұрын
i like how you explain the concepts very clearly and easier to understnad than most tutorials I watched. I hope you continue doing videos like this. Great job!
@user-ci7jn3bp8y2 ай бұрын
Thank you!!!
@RajThakur-uk5kh2 ай бұрын
Nice video in giving the good tips.
@hollieanderson-rambo172 ай бұрын
Yes please in depth videos please 🙏🎉
@JoseLopez-eo4ze2 ай бұрын
7:54 Technically, as an independent contractor (1099 filer) you should already have your own office space. Careful with businesses that try to pass you off as an employee when youre not. Don't wanna be hanging out with the wrong crowed.
@stephaniebird872 ай бұрын
I need this video, but for when my client is writing checks that bounce. Several from a liability account. What do I do with those when it wasn't money coming in but more money going out, it bounced.
@TobyMiller19702 ай бұрын
AJ, thanks for the video. Very helpful. Question: My new client used to handle his own bookkeeping, and he has not used "Undeposited Funds". He is a consultant and he invoices attorneys. The attorneys pay him with checks and sends them through the postal system. He gets the checks and deposits them into the bank. Should I follow the same steps in the video when the bank feed alerts me that he has deposited the checks or when he tells me via email?
@TobyMiller19702 ай бұрын
Very helpful!
@gleidismazo92502 ай бұрын
wonderful video!!! Thank you!!!
@graciousjackie15913 ай бұрын
Thanks, how can I improve on my analytical skills
@XYZOxyz3 ай бұрын
But in my case it has nothing to do with cheques. Who receives physical cheques anymore anyway? Could this be something else? What's the journal entry when money from customer is deposited to my account but I haven't applied it to my invoice? This is just a horrible account that's been unfortunately named
@LearnBookkeepingToday3 ай бұрын
If a payment is being immediately deposited into your bank account, then when you use the "Receive Payment" transaction to record the payment, you can set the "Deposit To" account in the header of the transaction to be the bank account (instead of undeposited funds).
@XYZOxyz3 ай бұрын
@@LearnBookkeepingToday Thanks. What are some of the other reasons that money would end up in “undeposited funds”? Is that maybe a flow through account for all customer payments?
@LearnBookkeepingToday3 ай бұрын
Yes, you can think of it as the intermediary when a customer has initiated payment but it hasn't hit your bank account yet. For example, even ACH payments can take a day or two. Sometimes bill.com seems to hold onto payments for up to 5 days after someone initiates it. "Undeposited Funds" is where these payments sit when you want to record that payment has been initiated but not yet reached the actual account.
@staceysmith94823 ай бұрын
Where should I post the funds if an invoice wasn't entered?
@LearnBookkeepingToday3 ай бұрын
I would always suggest creating either an Invoice or a Sales Receipt to record revenue transactions, even if you're creating it after the fact.
@TobyMiller19703 ай бұрын
Hi AJ, I have 1 more question about the last part of the video where you show how to record "Due From Company B". I understand where you mentioned that Company A should not categorize it as "office supplies expense", because it should not show up on their P&L. That makes sense to me and does not trip me up, but I was confused because I did not see how Company B can get the Office Supply expense to show up on their P&L. When I log into Company B's QBO account to categorize the transaction, do I follow the steps that you gave in the first part of the video?
@LearnBookkeepingToday3 ай бұрын
Hi Toby - That's right: For Company B, you post the Office Supply Expense as being paid from a "due to/from Company A" credit card-type account. Then this liability should match the "due from Company B" asset on Company A's books.
@tysonmadliger81103 ай бұрын
I want to create a DBA company and want to use the same tax accounts. Is it possible to change the name of the company and logo on the DBA? When I have created a new invoice template it changes the name of all of the invoice templates and changes the logo for all of the invoices.
@LearnBookkeepingToday3 ай бұрын
Hi Tyson, in general a QBO account is tied to 1 business/dba. So unfortunately, to my knowledge, you can't create multiple invoice templates with different business names.
@tysonmadliger81103 ай бұрын
@@LearnBookkeepingToday Thank you for your response. I think the only workaround I have found is to use a third-party company like Square for invoicing and payments. I can integrate Square to import the payment back into Quickbooks to keep everything under one business. It's not ideal, but I am hoping it will work.
@LearnBookkeepingToday3 ай бұрын
Hey again Tyson - I realized after posting my reply that there *might* be a workaround here after all. You may be able to use Locations to display a different business name on Invoices. When you create a new Location, there is an option to show a different name on invoices. Using Location tracking this way would also let you view a P&L for each line of business, as long as you tag each relevant transaction with the Location.
@TobyMiller19703 ай бұрын
How would you handle situation like this? My client used his personal Venmo account 7 times to pay a contractor. He also sent money (7 times) from his business checking account to his personal Venmo account to pay off the balance. Now, there are 7 transactions in the For Review tab in the bank feed. How do I categorize those 7 transactions in the For Review tab where he paid off the Venmo balance? Not sure how to handle or record the 2 different parts: 1) business expense paid with personal funds and 2) outgoing money from business account to pay off the balance of the personal account. Thanks!
@LearnBookkeepingToday3 ай бұрын
Hi Toby - Thanks for your question! Which personal account someone uses is not relevant to the business bookkeeping, so it doesn't matter if he used his checking account, personal credit card, or venmo. The process is the same as what I show in this video: You will set up a "Due to Owner" account in the chart of accounts as a Credit Card. Then record the 7 payments to the contractor as Expenses posted to that "credit card." This will now show that the business has that liability balance to pay back the owner. The payments out of the business checking account should then post against this "Due to Owner" "credit card," reducing its balance back to $0 and reflecting that the business paid him back.
@TobyMiller19703 ай бұрын
@@LearnBookkeepingToday , thank you AJ for taking time out to respond and show that I can use the same approach that you shared in the video. Thanks also for your videos.
@tinamarshall86214 ай бұрын
We use QB Premier Contractor 2021, we do not want to change to online, but we need to upgrade by May 31, 2024. We also use a PR Subscription, we don't use all the features of Premier, could we just go with Pro 2024?
@jacobsolomon4274 ай бұрын
How much do you recommend to charge?
@monroelandexcavation5 ай бұрын
I have a CRM that linked to QB and duplicated everything. It's a mess. Any idea where to start? My accounts receivable is -$97k
@rodneygiovanatti54255 ай бұрын
Great detailed explanation. I really appreciate how you explain why things are done
@LearnBookkeepingToday5 ай бұрын
Thanks Rodney!
@alisonthorngren5225 ай бұрын
how does this work when you are working with third parties, i have a third party pushing me invoices, and i have my bank account synced online so when i match it is making my A/R and undeposited funds way off
@LearnBookkeepingToday5 ай бұрын
Hi Alison - it’s hard for me to say what’s going on here without really seeing it. If you’d like to set up a consultation to look at it together, feel free to email me at [email protected]!
@FeliciaDanielleBurns-rh6qu5 ай бұрын
Thank you, thank you, thank you!!! My CPA encouraged me to get Quickbooks online but I’ve had no formal training and I’ve been duplicating transactions and even though I was reconciling my bank statement I didn’t know I needed to reconcile the credit card statements, so when I did that I duplicated and made my profit and loss statements way off.
@user-zj8bv9be2w5 ай бұрын
Thank you AJ. I thought the video was helpful but it didn't address my question. I have a deposit still showing as undeposited even though it has been recorded to income, A/R and the bank account. All entries appear to be correct but the undeposited entry has not been offset?
@LearnBookkeepingToday5 ай бұрын
Hi Angela - It’s a little hard for me to say what’s going on based on this comment alone. But if you are saying that you have a Deposit that is posting directly to Income, then this is the issue. The customer Payment should be added to the Deposit, not a “manual” row posting to Income.
@omomoschool9305 ай бұрын
Thanks for sharing
@reaganhernandez58616 ай бұрын
The CPA is ok with me just using vendor capital one and expense gas and fuel... Been doing it for a year now QuickBooks gave me an error message must choose a credit card??? I don't understand can you help
@LearnBookkeepingToday5 ай бұрын
Hi Reagan - I assume you are talking about importing bank transactions in QBO. It is probably prompting you to set a transaction as a “credit card payment” when you are trying to just post it to Gas And Fuel Expense. Is that right? To allow you to post it this way, you should click over to the “Categorize” option for importing this bank transaction.
@princekojorockson52776 ай бұрын
How does account receivable and payable work with cash and cash equivalent in QuickBooks online
@smallbiztaxlady6 ай бұрын
Thank you!!
@user-lm9kt6es3u6 ай бұрын
Is there a certain QBO tier for these features or will it work for all of them?
@LearnBookkeepingToday5 ай бұрын
I believe you need to at least be using QBO Plus to access Classes and Locations
@markrevnell19216 ай бұрын
Thanks so much. I've spent over 2 hours trying to find a way do this, before finding your very helpful video. You're a champion!
@marvingarcia89826 ай бұрын
Thank you for help. Still very confusing. My question is, how come that when the deposit hits your bank feed, and you match it to that payment, its does not take it out of undeposited funds? It should automatically leave the undeposited funds becaus its now in the bank, but it does not. So confusing.
@LearnBookkeepingToday5 ай бұрын
Hi Marvin - If you are properly matching a deposit in the bank feed with a payment, the payment will be removed from ‘undeposited funds.’ Are you sure you are matching the payment? Please feel free to email me some screenshots or more details, and I’ll see if I can help: [email protected]
@materializepllc6 ай бұрын
thanks for this video, very helpful
@flashsplat6 ай бұрын
What do you do when accepting online payments and say.. after stripe takes their 3%, only $970 was deposited, but the client did pay the full $1000?
@christinadimanno91546 ай бұрын
this was super helpful, thank you!
@tatianat26526 ай бұрын
Very helpful. Thank you
@lisavenable64996 ай бұрын
This video was very helpful and saved me so much time trying to figure out how to account for this bounced check. Thank you.
@MollysMindofficial77 ай бұрын
Thank you!!
@MollysMindofficial77 ай бұрын
Thank you so much!!
@sriyanipremasiri67607 ай бұрын
Hi,I hope to join a bookkeeping/Accounting firm as an virtual employee. I like to work for US,UK,Australian or New Zealand bookkeeping firms. I live in Sri Lanka(My country-It is south Asian country).How can find a job?
@TrickShotsbyKayen7 ай бұрын
What can you do if the payment comes from a credit card directly to the bank through a payment processor? Such as Wix.
@brynnmatthews17308 ай бұрын
I really appreciate this video. Thanks!
@seannorthmore48028 ай бұрын
How do you get rid of a open balance on an existing invoice that was partially paid. The customer changed the final scope of work or refused to pay the remaining balance. So all of our outstanding A/R has to do with partial invoice balances. We run our company on a Cash basis.
@LearnBookkeepingToday5 ай бұрын
Hey Sean - Sorry for the delay here. In this case, you should enter a Credit Memo for the customer, either using the same Product/Service that you originally used to bill the customer, or using a Product/Service that posts to Bad Debt Expense.
@user-pz5fo1dn9v8 ай бұрын
This video was helpful, I would also need help with Desktop Pro Plus. I love your videos always give me an answer. Thank you very much.
@familygernand90278 ай бұрын
How do I clean up books that someone has left moneys in the undeposited funds for 8 months and reconciled the bank statements? Make a JE? Mind you theses are invoices that are paid. Should I void the invoice and add a memo paid but duplicate deposit?
@blink82qt8 ай бұрын
Very helpful!
@torirenaud8 ай бұрын
It shows as depositing to 'undeposited funds' what does that mean?