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.

Thanks for watching!

We close our clients' books in QBO on a monthly basis.

​@5MinuteBookkeeping what does that mean, what do you do to "close" the books on a monthly basis? Run accruals?

@@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.

You are so welcome!

@@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)

Discounts and returns should be a -.

You may use non-inventory item.

@@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?

If you mean the cash basis of accounting, a customer prepayment is considered income when it is received.

Hi. Which download are you referring to?

Thank you.

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.

@@5MinuteBookkeeping thanks so much for the advice.

Thanks!

You can make the entry on a weekly basis.

Glad you liked it!

You're welcome!

Glad the video helped you!

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".

Thank you.

You're welcome. I wish you all the best!

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.

Hi. I have been in and out on conferences and now due to Hurricane Beryl. Please re-send the email.

Thank you.

Thanks.

Lots of people are confused by apps. Apps have a lot of overlapping features and the features also change over time.

Glad it was helpful!

Thank you.

You're welcome.

Yes, they updated that since I did this video. You can use the Transfer.

You're welcome.

You should start with bookkeeping training. Then get training and certification in QuickBooks or another accounting software.

You're welcome.

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.

Hi. Shopify does not provide that information. You can use an app such as Bookkeep to record revenue based on ship date.

Thank you.

Glad you liked the video.

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.

Hi. For apps, start with QuickBooks Online Accountant.

Hi. Go to 5mbAcademy.com. You'll find all those free resources on my online academy.

Hi. Yes, you can check the course curriculum at 5mbAcademy.com

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.

Thanks!

Thank you!

Or a video when there’s timing differences

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_

Glad the video helped you!

Hi. I am not an income tax expert. You should consult a tax professional such as a Certified Public Accountant or an Enrolled Agent.

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.

You're welcome.

Hi. There are many factors that go into charging for bookkeeping services, as I mentioned in the video.