No that should be just fine! I like creating the fixed asset first in the chart of accounts, but doing it in the expense screens has the same end result. Just make sure it's a Fixed Asset and not set as a current asset

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The total amount of cc payment collected is entered via the journal entry into the clearing account in a given time frame and the daily deposits are handled in the bank feed by clearing out that clearing account

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Can’t say without more info, but generally credit cash or loan and debit any physical fixed assets and/or goodwill (purchase price - physical fixed assets) while also accounting for any outstanding liabilities from debt taken on during the acquisition.

Awesome, thank you!

For this, it is possible, and I’d be glad to get you set up. This would require a training session with me to go over as it’s more complicated and customized. Essentially what we would do is set everything up to utilize Invoices (or Sales Receipts) instead of Journal Entries and run the sales tax through QBO that way. Here’s a link to book: calendly.com/essentially-intentional/training-with-gunnar-1-hour

I'd create two different Estimate and Invoices templates (form styles in QBO) and name them accordingly for each location. You can change the logo there in the design templates. Then, when creating estimates and invoices in the future just be sure to choose the correct associated location design template and you should be good to go

@essentiallyintentional i did that. But when you send it, the right hand side of the quote or invoice link shows the primary companies info.

Glad to help!

Yes, that is all possible and correct!

Yes, that is all correct!

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I'd play with the video settings available to you. It's uploaded up to 4k, so you can watch in 4k if you adjust the settings. You can also adjust playback speed if you'd like.

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Yes, exactly!

For this, I would talk to a tax person to verify if and how you can take depreciation on that asset and then adjust your bookkeeping from there. Usually, putting a vehicle on a business balance sheet is if the vehicle is used 100% for business. If mixed, this is usually handled during tax returns by splitting up expenses rather than depreciation on the Balance Sheet. Again though it’s worth more tax implication research for your exact situation. Thanks for watching!

You’re welcome! It’s a little more involved. Usually closed invoices in a time period show up on both sales summary and payments portion of report, but it can get more complicated with invoice payments that are still open. I essentially record the first entry on a cash-basis (counting sales based on payment amount collected for that month), then complete a second journal entry to adjust outstanding Accounts receivable. This is usually found in a separate report within Square

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Awesome! Thank you so much for taking the time to write out this comment and hope my other resources are beneficial to you as well!

When in doubt, I always will add a highest level parent account and make sure there is absolutely nothing linked to it, and underneath it have all the other subaccounts only once, meaning put the "rea;" billing parent account at the same level as the other employee credit cards in your QBO Chart of Accounts

Glad I could help, thanks for watching!

You should be able to, if in your POS system that sales tax is entered correctly and you can run a clean report to find the sales tax collected in order to translate over into these entries. And yes, I’d be glad to help, if interested, feel free to book a one-on-one training/consulting session using this link!: calendly.com/essentially-intentional/training-with-gunnar-1-hour

Thanks for watching and for your feedback! Hope this method proves a better solution than the direct integration

It depends on how they need to be handled with taxes depending on how your incorporated and how they are being disbursed via payroll (if they are) so it’s hard to give a definitive answer via KZbin messages without a deeper dive. I’ve handled clients in a few different ways, sometimes with straight Tips Liability account being increased and decreased and sometimes a seperate tips income and tips paid out expense account. Whether liability or income will determine how it is set up in your Clover Journal Entry Template.

Given that the items are set up correctly in Clover and ran correctly at the POS stage, I would say that you should be able to gather the information you need using a combination of two reports in Clover: the "Item sales" report under Reports, which can also be sorted in various ways and exported to Excel if needed and also the "Taxes" report found under Finances. Thank you for watching!

Even though it doesn't show for you in the Shopify report, go ahead and export them to CSV Excel and then open up that file and they should show up there!

Thank you! Do you mean the Square merchant fees? If so, I (hopefully) covered that in the video, you would basically find the fees in the bottom payment portion of the Square sales report, add it as a debit expense to your merchant fees account in the template entry, and then subtract that amount from the total Square card clearing account amount

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You are correct if it is indeed a gain, but in this example I'm showing sold at a loss, also accumulated deprecation wouldn't be touched on the entry for a fixed asset sale entry

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I do not, but very much need to make one as I've been getting many requests for this. Thanks for watching!

Thank you for this feedback. That is exactly why I prefer this method over direct integration attempts. This is possible, but is more advanced and difficult to explain via messaging. If desired, feel free to book a one-on-one session with me and I’d be glad to go over this: calendly.com/essentially-intentional/training-with-gunnar-1-hour But, if you would like to attempt yourself, here is the basic idea. Instead of a journal entry template, you create an Invoice template. Then you set up your products and services accordingly with the correct sales tax settings in QBO, then you enter in the square numbers using positives and negatives on the invoice, but not entering the sales tax portion. If done correctly, QBO will then calculate a sales tax on the invoice but the total balance on the invoice at the end will be $0, but the sales tax portion will carry over to the QBO sales tax liability report.

Thank you for this feedback! Much appreciated, glad I was able to help

There may be, but honestly I don't know. That is out of my Excel skillset to cleanly accomplish that

If you want a strictly “cash-basis” accounting, then you could lower the sales portion to $1,500 to match the payments collected, and then do the opposite when the payment collected, that day the collected will be higher than sales, but then you could just raise your sales portion for that day to match the cash colletced. If you want more “accrual-based” accounting, then you could create an asset account, probably “Accounts Recievable” to record the sales on the day they are incurred. So, in this case it would be: Debit: $1,500: Payment Collected Debit: $500: Accounts Receivable Asset Account Credit: $2,000 Sales Then, say next day payment is made for yesterday’s sale, total $1,000 sales, $1,500 collected, then, Debit: $1,500 Payment Collected Credit: $500: Accounts Receivable Asset Account Credit: $1,000: Sales

​@@essentiallyintentional Thank you for the reply!

No, in order to complete bank reconciliations, you will need to categorize every debit and credit in and out of the bank account for the same exact dollar amounts and dates. You will still only be entering one Journal Entry to record most of your Shopify activity into your books like sales, but will still need to do something with each Shopify to Bank deposit in the Bank Feed. These will mostly be categorized to lower the Shopify Clearing Asset account. Then, you will have all Shopify info entered but also keep the capability of completing the monthly bank reconcilaitions.

I very much need to make a video on this portion of the workflow as I’ve had many requests for this. Sorry for the delay but that will definitely be my next video made.

Is the liability for the loan recorded on the books yet? How have the monthly payments been being recorded?

It’s hard to say for sure without knowing more. A possible solution for the deposits is adding a Customer Deposits liability account and including that in the JE. Then you would debit and/or credit this same account in order to post customer deposits collected and redeemed, this will balance out the Journal entry: Sales: $50 Credit Card Collected: $75 Deposits: $25 Debit: Square Clearing Account: $75 Credit: Sales: $50 Credit: Customer Deposits Liability Account: $25 In terms of the other payment type, I’d look to see if cash and check deposits are being combined at the bank, if this is the case, then it wouldn’t be a dollar-to-dollar match.

@@essentiallyintentional Thank you for the reply