how does this work with jobs that are broken up into a few payments? ie: a deposit, a partial payment, a final payment
@danielm.wekesa8097 күн бұрын
Thanks for sharing dear Veronica
@bigshel196313 күн бұрын
I've just discovered your content, and it's really helpful and informative. How do you price your paid diagnostic review? Do you offer a rebate on the cost of the review once they sign a contract for your services based on your recommendations?
@5MinuteBookkeeping13 күн бұрын
Hi. So glad you found me. I started pricing diagnostic reviews at $597 for a year. I am now charging $997. I don't credit the amount of the paid diagnostic review toward other services but other people do. It's totally up to you.
@user-ki7sv2wg3s16 күн бұрын
Hi! From Philippines.
@5MinuteBookkeeping13 күн бұрын
Thanks for watching!
@eliasgobble59818 күн бұрын
Do you close the books monthly?
@5MinuteBookkeeping13 күн бұрын
We close our clients' books in QBO on a monthly basis.
@eliasgobble59813 күн бұрын
@5MinuteBookkeeping what does that mean, what do you do to "close" the books on a monthly basis? Run accruals?
@5MinuteBookkeeping12 күн бұрын
@@eliasgobble598 No. In QuickBooks Online, there is a "close" that password protects the work that was done in the prior month so that clients don't accidentally change what you have done. It is not the same as an accounting year-end close.
@chetpizzullo801319 күн бұрын
THANK YOU, THANK YOU, THANK YOU, again! We just started with the Paypal feed and this confirmed exactly what I was wanting to know.
@5MinuteBookkeeping19 күн бұрын
You are so welcome!
@chetpizzullo801318 күн бұрын
@@5MinuteBookkeeping ...2 super quick questions, if you don't mind: 1. I had thought PayPal fees would end up going against the Clearing Account, but it seems with the Connect-Paypal app, they are automatically going to my Expense account, 'Paypal Fees'. Everything is balancing right, but just wanted to confirm I'm good there, yes? . 2. In your response below, you indicated the Paypal Holds-Releases should go to its own clearing account. My clearing accounts have been created as 'Other Current Assets', which I believe is from your guide. Do I create this one the same way then? I was thinking it would be 'Other Current Liabilities'-'Deferred Revenue', but guess not? . Thanks so much!! (Paypal is going to be a PIA in QBO, ha)
@SuziFertig20 күн бұрын
This is a wonderful video. I am confused as to whether the discounts and returns of a product should be a + or a - amount. Can you help?
@5MinuteBookkeeping19 күн бұрын
Discounts and returns should be a -.
@biancalore2321 күн бұрын
Thank you for posting this. I'm confused by the part where you set up all the items under Products and Services. When I'm adding new items there, I have to choose from Service, Non-inventory item, Bundle, Batch import, or Import from sales channel. Which one should I choose?
@5MinuteBookkeeping19 күн бұрын
You may use non-inventory item.
@biancalore2315 күн бұрын
@@5MinuteBookkeeping Sorry, I'm still confused. Even though I'm recording sales of my store's inventory, I should still classify them as non-inventory items?
@jforgione2221 күн бұрын
How would this change for cash accounting?
@5MinuteBookkeeping19 күн бұрын
If you mean the cash basis of accounting, a customer prepayment is considered income when it is received.
@jackieyang672828 күн бұрын
Hi. I signed up and subscribed, but I haven't gotten the download in my inbox yet.
@5MinuteBookkeeping19 күн бұрын
Hi. Which download are you referring to?
@mfarooq202728 күн бұрын
Amazing ✳️
@5MinuteBookkeeping27 күн бұрын
Thank you.
@pamelacassidy497728 күн бұрын
This video shows how to rectify OBE only if it's been caused by deactivating an account with a balance. How can I rectify OBE that was created when our QBO first went online? This video does not cover that.
@5MinuteBookkeeping27 күн бұрын
Hi. Thanks for the feedback. When cleaning up OBE, you need to take each transaction and figure out what was done to create the OBE entry. If you were setting up beginning balances in QBO, the balances in OBE would need to be recorded to Retained Earnings. There may be other reasons why the balances are in OBE, for example when bank feeds are first connected to the bank. In some instances, those amounts should be deleted.
@pamelacassidy497726 күн бұрын
@@5MinuteBookkeeping thanks so much for the advice.
@user-od8es2ve5gАй бұрын
Good stuff.
@5MinuteBookkeeping27 күн бұрын
Thanks!
@jonathanagudo5204Ай бұрын
Do you have to manually enter a daily sales receipt, every single day? Or if the POS integrates with QBO would this be automatic? Newbie here!
@5MinuteBookkeeping27 күн бұрын
You can make the entry on a weekly basis.
@vaughnkavon3993Ай бұрын
Very refreshing to see a professional presentation, no extra chatter, consise and very informative.
@5MinuteBookkeeping27 күн бұрын
Glad you liked it!
@debbieb6054Ай бұрын
This is great! I am going to start saying this. Thank you Veronica!!
@5MinuteBookkeeping27 күн бұрын
You're welcome!
@pipsplayАй бұрын
Hey! I'm a software engineer, I like the idea of integrating and automating the processes! I'll keep that in mind as I'm learning!
@5MinuteBookkeeping27 күн бұрын
Glad the video helped you!
@johnpeterson5354Ай бұрын
How do I move a company from "QuickBooks Online companies" to "QB Accountant companies" ?
@5MinuteBookkeepingАй бұрын
You can't move a QBO company. But, I'm not sure what you mean by moving a company from "QuickBooks Online companies" to "QB Accountant companies".
@ShoaibRahman00Ай бұрын
Good topics
@5MinuteBookkeepingАй бұрын
Thank you.
@user-di8qc9rt5zАй бұрын
Thank you so much Ma'am hoping and Praying I can start my virtual bookeeper business soon so that I can work from home at the same time to take care of my children🙏
@5MinuteBookkeepingАй бұрын
You're welcome. I wish you all the best!
@AccalaKesslerАй бұрын
Hello. Thank you for your great videos. Do you have a video on how to book health insurance expenses paid on behalf of an LLC owner? Either 2%+ owner of an S-corp or for a partner in an LLC
@5MinuteBookkeepingАй бұрын
I don't have a video, however, that is done through payroll. You may want to do a Google search on how to do that via payroll.
@mattcoursecareersАй бұрын
Hey Veronica - CourseCareers sent you an email about a paid partnership. Did you get a chance to read it yet?
@5MinuteBookkeepingАй бұрын
Hi. I have been in and out on conferences and now due to Hurricane Beryl. Please re-send the email.
@BluTwobАй бұрын
But this doesn't show how the amount recorded as a received payment into Checking is then deducted by the bank (and register balance).
@ShoaibRahman00Ай бұрын
Good topics
@5MinuteBookkeepingАй бұрын
Thank you.
@ShoaibRahman00Ай бұрын
Good topics
@5MinuteBookkeepingАй бұрын
Thanks.
@ryanmosier6300Ай бұрын
I'm so confused when it comes to this topic. So many options out there. Even here there was a lot of overlap on what the softwares services provided. Which are the boiled down you just need these list.
@5MinuteBookkeepingАй бұрын
Lots of people are confused by apps. Apps have a lot of overlapping features and the features also change over time.
@jooceelleeАй бұрын
Very helpful video, thank you very much!
@5MinuteBookkeepingАй бұрын
Glad it was helpful!
@aryanasmith4426Ай бұрын
Usually, I never comment on videos, but your video is so convincing that I am unable to stop myself from doing something about it. You’re doing a great job Man, Keep it up.
@5MinuteBookkeepingАй бұрын
Thank you.
@Bella-wj7ccАй бұрын
THANKS FOR THE INFO
@5MinuteBookkeepingАй бұрын
You're welcome.
@user-oz9ew7jn8kАй бұрын
hello, i see that QBO has two options from the credit card side, one is to do the transfer and the other is to record as credit card payment?. it seems as they are both the same, could i use either one or only one?. thank you
@5MinuteBookkeepingАй бұрын
Yes, they updated that since I did this video. You can use the Transfer.
@luciab327Ай бұрын
Amazing information! Thank you
@5MinuteBookkeepingАй бұрын
You're welcome.
@ew6720Ай бұрын
If if want to work in accounting what do you recommended me
@5MinuteBookkeepingАй бұрын
You should start with bookkeeping training. Then get training and certification in QuickBooks or another accounting software.
@Adebisioluwaseyi-lx2enАй бұрын
Thanks God bless you.
@5MinuteBookkeepingАй бұрын
You're welcome.
@StephanieBarnes-OO2serveАй бұрын
What would you recommend if my Balance Sheet has a balance in Payments to be deposited but there are no transactions listed on the Bank Deposit? TY in advance
@5MinuteBookkeepingАй бұрын
That usually means that the deposits were entered after the balance sheet date. That would be normal if everything is being entered correctly in QuickBooks.
@Makeupaddict026Ай бұрын
Can you do a video on deferred revenue recording? The finance summary is based on order date rather than ship date
@5MinuteBookkeepingАй бұрын
Hi. Shopify does not provide that information. You can use an app such as Bookkeep to record revenue based on ship date.
@MaeMangibunongАй бұрын
Thank you so much for this Mam God Bless you 🙏
@5MinuteBookkeepingАй бұрын
Thank you.
@rockymntdan1Ай бұрын
Like the brief and to the point video. Made to make us think of the details for ourselves. Not made to give us all the details. That's good teaching: how to think, not "what to think" :)
@5MinuteBookkeepingАй бұрын
Glad you liked the video.
@rockymntdan1Ай бұрын
In our experience fixed pricing benefits the bookkeeper/cpa , not the client. Clients are all different with different needs at different times. And unexpected needs during the year. There can be a possible dispute about what is "covered" and what is not. And the client thinks they are receiving a "deal" vs. hourly but after the on-boarding they are actually paying the same per hour or more. Another idea just struck me; if client is that resistant to your hourly rate what makes you think they aren't going to price shop you on the fixed rate? Thanks; writing this out I thought of another possible pricing strategy; package pricing.
@5MinuteBookkeepingАй бұрын
Hi. All pricing should be customized to a client's specific needs. When I say "fixed" pricing, I don't mean that you charge the same amount to all clients, regardless of their needs. What I mean is that you charge each client a monthly price based on their specific needs.
@ew6720Ай бұрын
What can you recommended me to start
@5MinuteBookkeepingАй бұрын
Hi. For apps, start with QuickBooks Online Accountant.
@optimaltaxservicessupportАй бұрын
Hi Veronica. Thank you for your advice. Is very helpful information. Can you please tell me how to get a Engagement letter,free virtual bookkeper toolbox, and free pricing strategies for bookkeper and accounts?
@5MinuteBookkeepingАй бұрын
Hi. Go to 5mbAcademy.com. You'll find all those free resources on my online academy.
@atm53652 ай бұрын
Is the Cleanup course updated? I checked on the website
@5MinuteBookkeepingАй бұрын
Hi. Yes, you can check the course curriculum at 5mbAcademy.com
@victoria22282 ай бұрын
I know this is an old post but hopefully I can still get an answer to my question- would an auditor take issue with catching up a reconciliation this way? Should I disclose that I’m using this method to my client and get it in writing that they approve?
@5MinuteBookkeepingАй бұрын
My content is specific to small businesses. If a business is subject to financial statement audits, they should be maintaining their books using Generally Accepted Accounting Principles and should be reconciling and closing their books every month. This method does not apply to companies that are audited.
@eddiemagaya66102 ай бұрын
Hi, i like this
@5MinuteBookkeepingАй бұрын
Thanks!
@enamoradoyessenia2 ай бұрын
Veronica have you tried taxdome? It can eliminate 3 of those apps but they do charge $800 per user on your team but it's for unlimited clients.
@mfarooq20272 ай бұрын
❤
@5MinuteBookkeepingАй бұрын
Thank you!
@Makeupaddict0262 ай бұрын
Hi how would you record when it your finance summary left side total sales doesn’t match the right hand total payment? Could you make a video
@Makeupaddict0262 ай бұрын
Or a video when there’s timing differences
@5MinuteBookkeepingАй бұрын
You would need to determine the reason for the timing differences. Here's an updated video on the Mavency KZbin channel kzbin.info/www/bejne/rGnZhGR6hM6VrLcsi=oxfwVsgNaItIWrG_
@5MinuteBookkeepingАй бұрын
Glad the video helped you!
@kaankaya10862 ай бұрын
I did a Doordash in the US in 2019 and then I returned to my country. I didn't pay any taxes. How can I find out if I owe taxes? Thanks
@5MinuteBookkeepingАй бұрын
Hi. I am not an income tax expert. You should consult a tax professional such as a Certified Public Accountant or an Enrolled Agent.
@Goodbar-tl9py2 ай бұрын
THANK YOU! Your videos are laid out so clearly and logically, you are an excellent TEACHER! My wife and I are purchasing a Bar, and we need to do this exact thing, only, I am somewhat enamored of XERO, rather than QBO. We are going to be a Mom n Pop, so I will be doing the bookkeeping...Any thoughts on how the same Sales entry would be handled in (the somewhat simpler from my newbie perspective) XERO? THANK YOU!
@5MinuteBookkeepingАй бұрын
Hi. I don't work with Xero. The logic is the same, however, you would need to see if there is a Sales Receipt in Xero or a comparable transaction type.
@alicjaszafranski71852 ай бұрын
Thank you for this video. Very helpful. I had a problem applying payment to the invoice because the service in the invoice wasn't connected to the Income account!
@5MinuteBookkeepingАй бұрын
You're welcome.
@EliHurrell2 ай бұрын
How much should I charge for book keeping?
@5MinuteBookkeepingАй бұрын
Hi. There are many factors that go into charging for bookkeeping services, as I mentioned in the video.