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Пікірлер
@suzieshreve4464 2 күн бұрын
I have a 2015 i Mac desk top. Osx 10.9.5 and I enter Pw username and it just keeps spinning. It must be too old to work.
@suzieshreve4464 2 күн бұрын
My wave app looks different on I pad??
@michellenewberry 2 күн бұрын
I’m on a computer so yes it probably looks different. I haven’t made any videos on an ipad app but I’ll look into it.
@MelindaMynch 7 күн бұрын
OMG thank you so much for this video!
@danielperales476 11 күн бұрын
So nice to learn from you, thank you. Is there a way to create a report and print it of the expenses for a year?
@michellenewberry 10 күн бұрын
The Profit & Loss has the summary of expense totals for the year. If you want to see all of the individual transactions, the General Ledger report would show that.
@danielperales476 8 күн бұрын
@ thank you Michelle
@syds2408 11 күн бұрын
Thank you Teacher!
@wazmink2459 11 күн бұрын
learned , i need more elaboration regarding bookkeeping , especially doing actual reports tutorial. I really want to learned and familiarize bookkeeping task. I aspire to work as an online bookkeeper.God Bless you👍🙏
@PatriciaNewkirk 26 күн бұрын
You are a blessing! Thank you for all you've done!
@andrearumpel6237 28 күн бұрын
Thank you for your videos!
@mike2959 Ай бұрын
S-Corp owner here. Have a 100% home office. It’s 280sqft. I want to use what the IRS calls the simplified method for home office which is $5.00 sqft. This is $1400.00 per month in reimbursement to me. How to record that in QBO? I’m guessing it’s just an expense, but what category? It’s not payroll, it’s not maintenance and repair lol,
@michellenewberry Ай бұрын
Rent expense is what I would use.
@mike2959 Ай бұрын
A LLC that elects to be taxed as a S Corp must have an accountable plan in place to reimburse for home office, auto (that’s personally owned) etc… My question is what category is this in QB? I’m guessing it’s just an expense, but am I the vendor?, and what category? It’s not labor, not cost of goods….
@michellenewberry Ай бұрын
I typically use a category that relates to the expense itself. Rent expense, telephone expense, automobile expense, etc.
@SarabjeetSanghera Ай бұрын
I am not able to edit RECORD PAYMENT transaction.
@michellenewberry Ай бұрын
You have to edit from the Accounting>Transactions screen. Look for the payment there and then edit. I showed it in the video at 1:46.
@SarabjeetSanghera Ай бұрын
I recorded the payment in the invoices tab. Then went to the accounting and transactions, when I try to edit the transaction, it's all greyed out saying 'system entries cannot be edited'.
@michellenewberry Ай бұрын
@@SarabjeetSanghera That’s so strange. Are you using a Wave Payments account and posting to that instead of a checking account? I’m not sure without seeing it.
@ShoaibRahman007 Ай бұрын
Very good
@michellenewberry Ай бұрын
Thank you
@tier1athlete829 Ай бұрын
you have a video on how to do Product Item Expenses like cost to purchase the Product from Manufacture, to shipping material, & shipping cost to the product sales made?
@michellenewberry Ай бұрын
I don't have a video with that much detail at the moment.
@ShoaibRahman007 Ай бұрын
very good discussion
@DarleneMerrell-e8v Ай бұрын
How do you enter Payroll (not processed in Wave)? I download the transactions from the bank - when I go to categorize the expense for a payroll check as a split transaction, it won't let me enter taxes withheld as a negative.
@michellenewberry Ай бұрын
You could enter a journal entry instead. If the journal entry doesn't auto-match to the downloaded transaction, you would have to delete the downloaded transaction to avoid duplicates. I have a payroll video playlist on KZbin. I also have a payroll journal entry template on my website - newberryaccounting.com/downloads/. You might find these helpful.
@finguy8572 Ай бұрын
Great video! Very clear and informative.
@michellenewberry Ай бұрын
Glad it was helpful!
@finguy8572 Ай бұрын
@@michellenewberry I’m planning to start a bookkeeping business for law firms. Any advice on how I should get started? I am a CPA and worked mainly for large companies overseas. I thought this would be a good niche because I used to be a paralegal when I graduated from college. I am retired now but wanted to start a small side business.
@michellenewberry Ай бұрын
Yes it would definitely be a good niche. I started by getting a part-time bookkeeping job at a local law firm in person. That job led to them recommending me to another law firm to do remote bookkeeping. Other suggestions: be a guest speaker at continuing education classes, go to networking events, and bid on jobs on Upwork and other online platforms.
@finguy8572 Ай бұрын
@@michellenewberry thanks for the feedback!
@finguy8572 Ай бұрын
@@michellenewberry thanks for the suggestions 💡
@rpdlbug Ай бұрын
Do you have a video that goes over paying dividends in wave?
@michellenewberry Ай бұрын
Do you mean dividends to shareholders? I don't have one yet but plan on making one soon.
@DaveArm-m8t Ай бұрын
Could print a check in wave software or does wave allow you to print checks like quickbooks?
@michellenewberry Ай бұрын
Wave doesn't have that feature.
@DaveArm-m8t Ай бұрын
@@michellenewberry Thank You!
@DMDDumpsterRentals Ай бұрын
Hi, is there a way to not use the estimates provided and to upload our own in wave?
@michellenewberry Ай бұрын
You can customize estimates but I don't think there is a way to upload your own.
@JEMZ090 2 ай бұрын
Hi! Great video and new subscriber here. Can you make videos on a full month of bookkeeping for different businesses? Just an idea, thanks!
@janeh5949 2 ай бұрын
Your explanation is much better than gentle frog
@michellenewberry 2 ай бұрын
I'm definitely not intentionally competing but thank you. I've been teaching accounting for a really long time and am glad it's helping people.
@janeh5949 2 ай бұрын
Where do I get the download payroll je sheet?
@michellenewberry 2 ай бұрын
On my website. The link is in the description.
@shijialiang9406 2 ай бұрын
So helpful! Thank you ❤
@ardishalvorsen5835 3 ай бұрын
Where do you put the check number and can you search by check number?
@michellenewberry 2 ай бұрын
You would have to put the check number in the description and then you can search for it using the general search feature at the top of the list of transactions. Wave doesn't have a designated check number box.
@mellkiades 3 ай бұрын
Why is Wave showing a monthly bank fee of $5 as a credit when reconciling instead of a debit? It was entered as an expense. This is driving me crazy.
@michellenewberry 3 ай бұрын
I think it presents in that way because it's a credit or subtraction from the bank account (asset) balance, and in the reconciliation you are looking at it from the bank account point of view. The debit would be in the expense account itself. If you run a profit and loss and drill down to the bank service charges account, you will see it as a debit there.
@mellkiades 3 ай бұрын
@@michellenewberry if it's a substraction from the bank account, it cannot be a credit, it's an obvious debit. Money was debited from the bank account. It's the same reason why debit cards are called as such, because we use them to debit amounts from our bank accounts to purchase things. I don't understand the people that make these softwares. The bank statement itself has a credit and a debit column, and when reconciling accounts, we have to inverse columns. It's so confusing.
@michellenewberry 3 ай бұрын
@mellkiades banks are looking at your bank account from a different perspective. Accounting software reflects how the debit/credit rules work in accounting textbooks. This article explains the bank entries: www.accountingcoach.com/debits-and-credits/explanation/4
@brendaeaton4517 3 ай бұрын
Good info! I liked your Payroll JE spreadsheet! Very helpful!! Thanks!
@michellenewberry 3 ай бұрын
Glad it was helpful!
@janeh5949 2 ай бұрын
Where is it? I need it by tomorrow.
@FruitKck 3 ай бұрын
Thank you for the video. I'm just starting a property management company with my wife. We also have a variety of other businesses that we expect to use QuickBooks for and your information has been the most clear and thorough.
@michellenewberry 3 ай бұрын
Thanks for the feedback! Good luck in your property management company.
@lynettealegria4924 3 ай бұрын
So helpful! Thank you.
@michellenewberry 3 ай бұрын
You're so welcome!
@HollisJamison 3 ай бұрын
I was told to create a "credit card" called "Expenses from Personal Card" and only put business expenses in this account not every one of my personal credit card transactions. Then as I get paid into the business checking and I want to withdrawl money to my self, I would first transfer as much as I need to that account as a "credit card payment" and descript it as "reimbursement for business expenses paid with owner's personal card". Then once that account is clear, withdrawl the rest to Owner's Equity/Owner's Draw. Do you think there's anything wrong with the way I am doing it? Should I un-do that and redo it your way?
@michellenewberry 3 ай бұрын
Your way sounds great.
@DavidFay-m2i 3 ай бұрын
Very helpful and informative. Thank you very much. A step or two that really makes things easier and making more sense.
@michellenewberry 3 ай бұрын
Glad it was helpful!
@titoo1852 3 ай бұрын
Thanks for this video. Can you make a video on a step by step how to reconcile a trust from start (uploading banks, credit cards etc) to finish including journals. Also walk through taking over a Trust account from another bookkeeper, what to ask the attorney and outgoing bookkeeper to provide before the reconciliation starts as well as typical charts of accounts
@michellenewberry 3 ай бұрын
When taking over any account from another bookkeeper, I try to schedule a video meeting with them where they walk me through their main month-to-month processes. And I also look back at prior entries to see how they posted things. I've taken over accounts where I wasn't given any information and had to piece things together by looking at prior entries. In that case I simply write out what I can find in the system, and add my own processes from there based on general accounting knowledge.
@michellenewberry 3 ай бұрын
I have some more Trust account videos planned in the next few months. I'll keep your comment in mind.
@titoo1852 3 ай бұрын
@@michellenewberry thank you. The latter might be the case for this client. Hopefully I’ll get enough information from her, I’m yet to access the books but I was told she used her own QB.
@titoo1852 3 ай бұрын
@@michellenewberry thank you. I’ll appreciate your videos and I look forward to watching and learning more from you.
@AmandaBeasley-k2f 3 ай бұрын
Hi there, thank you for this video. I work for a small company that is in the middle of switching from Quickbooks online to Wave. We will be using it primarily for invoicing and recording payments. The work we do is real estate related and we would like to be able to run reports to see what localities we are doing the most work in. We were thinking of creating products/services based on a locality. Example: 40 year search in Orange County. If we do this, do you know if there is anyway to run reports based on a particular service? I may be wording this weirdly, but I am not having any luck with this using the Wave website articles and videos I am finding. Any help would be most appreciated!
@michellenewberry 3 ай бұрын
Wave reports are very limited. I don't know of a Wave report that would show you sales by products and services.
@TobyMiller1970 3 ай бұрын
Hi Michell, I pay for my client's QBO Subscription. I created the expense and clicked on the Billable field and assigned it to the client. I did NOT mark it up. I created an invoice and then added the expense. I do NOT want the reimbursement to show up as income or expense on my Profit and Loss. What step(s) should I take to set that up correctly? Should I uncheck or remove the check mark next to "Track billable expenses and items as income" Thanks in advance!
@michellenewberry 3 ай бұрын
If you don't want it to show up on the Profit & Loss, I suggest creating a current asset account for reimbursable expenses. Then create an item under Products & Services for reimbursable expenses and map it to the asset account you created. Make sure you use your reimbursable expense category on the expense itself, and then when you bill it to the customer use your product & services item that maps to the same asset account.
@TobyMiller1970 3 ай бұрын
@@michellenewberry, thank you so much! Should I also go to Company Settings and then Expenses and then uncheck the box next to "Track billable expenses and items as income" ?
@michellenewberry 3 ай бұрын
@@TobyMiller1970 Yes. When you pull the item onto the invoice you may have to change the line item to your new product & service item. That's what I usually do.
@TobyMiller1970 3 ай бұрын
@@michellenewberry Thanks again! :)
@nashvillebrent 4 ай бұрын
Thanks for the tutorial!
@veronicakutt5385 4 ай бұрын
thank you for the informative video. I do have a question regarding applying the sales tax to these business expenses using personal funds. Do we not record the sales tax that is charged on these receipts, so it will offset when we file our sales tax returns? thanks
@michellenewberry 4 ай бұрын
Generally the sales tax on the purchase/expense side is included as part of the expense total and not separated, but it's best to contact a tax accountant in your state for specifics for your situation and location. Here is a general article related to sales tax and purchases of inventory that might clarify things: ttps://www.accountingtools.com/articles/how-to-account-for-sales-tax-paid-on-inventory.
@CherryAnnDancil 4 ай бұрын
Thank you for the video. Just want to ask, what access was this? Is this admin or accountant?
@michellenewberry 4 ай бұрын
This would be admin access.
@Naomi-rl3ky 4 ай бұрын
What if you add a negative line on the expense transaction that is coded to the owner's equity? Then the net expense is $0 and you don't have to do another transaction. Would you still be able to run expenses by Vendor report and get accurate amounts? Meaning, would the system pick up the positive line or would it pick up the net expense of $0?
@michellenewberry 4 ай бұрын
The system would pick up the $0 net expense on the expenses by vendor report as long as you have a line item with an expense category. It would pick up the positive line.
@luckylarry2944 4 ай бұрын
How do you reimburse the employee? Can you show the process with a check?
@michellenewberry 4 ай бұрын
You would simply write a check as if you were paying for any other regular business expense, except the employee would be the payee. I would recommend attaching a receipt. Some companies process expense reimbursements with their payroll service instead of writing checks.
@relaxedclub9425 4 ай бұрын
You are the best in explaining JE,,,Thanks. Can you do a JE for recording 1. purchase of car with trade-in, cash, loan.....& all that fun stuff and 2. JE Recording HUD statements for real estate
@relaxedclub9425 4 ай бұрын
My client/owner, pays his child support using business account. Do we need to record that in the JE? If yes, how?
@michellenewberry 4 ай бұрын
It would depend on the situation and business structure. If the owner is normally paid with Draws (using Equity accounts), then any payments out that are personal would be treated as an owner draw. Yes a JE could be done. If the owner is a W-2 employee, then it would possibly be treated as a garnishment and payment.
@relaxedclub9425 4 ай бұрын
@@michellenewberryI think garnishment should come from payroll, but that's not the case. The owner is S-CORP, he receives payroll and no amount is being withheld to pay child support. So he pays using business bank account. I did code it as owners draw. Am I right?
@michellenewberry 4 ай бұрын
@@relaxedclub9425 Usually in a corporation it's called something like shareholder distributions but if they call it owners draw that's fine. But yes what you're doing sounds right.
@EmrulKawes 5 ай бұрын
Well explained
@michellenewberry 4 ай бұрын
Thank you. I appreciate the feedback.
@cynenergy 5 ай бұрын
I greatly appreciate this video, will be looking at your other videos
@michellenewberry 5 ай бұрын
Glad it was helpful!
@DeborahBledsoe 5 ай бұрын
If you have a bill entered and make a payment with debit card, do you mark as paid or wait on it to come thru the bank feed
@michellenewberry 5 ай бұрын
Either way is fine. If you mark it as paid, then you simply match that bill payment to the transaction when it comes through the bank feed.
@andreww6738 5 ай бұрын
Just want to say a quick THANK YOU for your many videos on accounting. These are very helpful. You talk slow enough that my brain can actually absorb these processes. I work with a LOC where personal and business is mixed, rather daunting, but you are helping me to figure it out. Thanks again. Andy
@michellenewberry 5 ай бұрын
Thanks for the feedback!
@NaveedGhalib 5 ай бұрын
Thank you! This is really helpful.
@michellenewberry 5 ай бұрын
You’re welcome!
@mrsd2143 5 ай бұрын
Thank you 🙏🏼 Btw, does Wave connect to Relay Bank? It’s where I will get paid where I received payment.
@michellenewberry 5 ай бұрын
It should connect to Relay Bank. I tested it in my sample account by going through the steps to connect that bank, and Wave did bring up the log in page. You can always ask the bank to make sure.
@DreamAestheticsArt 5 ай бұрын
I have researched and have yet to find out exactly how or what to do . With Etsy and wave as far as adding .. or how to add taxes .. or even if we're supposed to? How does that look? To prepare ahead of time for taxes . For current bookkeeping. Will you do a video on this or answer for me please? Thanks so much 💓
@michellenewberry 5 ай бұрын
You typically wouldn't make entries for anticipated income taxes, but would make entries for a tax payment or tax bill. How you actually record tax payments depends on your business type. For example if you're a sole proprietorship, income taxes paid are not a business expense and would be considered a Draw if paid from the business bank account. If you want to simply have money available for taxes at year-end, you could set up a separate savings bank account designated for taxes and move money to savings periodically.
@DreamAestheticsArt 5 ай бұрын
@@michellenewberry thank you, I thought I had to actually enter information in to wave or for taxes on a form to complete taxes. I'm filing as a sole proprietorship. Thank you
@ahunt 5 ай бұрын
Ive used personal funds to pay for my business when it was just starting, i did so by depositing funds at the atm and categorizing it as owners equity. I can see the total in that owners equity account. If i wanted to reimburse myself would i put it as a negative line item under owners equity so that it shows ive reimbursed myself with that account? I hope that question makes sense and you can help.
@michellenewberry 5 ай бұрын
Yes that's correct. By paying yourself back for your investment in the business, you're simply doing the opposite of investing. So an entry in the opposite direction is perfect. In accounting textbooks it's taught to have separate "Owner Investment" and "Owner Draw" Equity accounts, but for a sole proprietorship with one owner it's fine to put it all in and out of one account.
@ahunt 5 ай бұрын
@@michellenewberry ive been using separate accounts. Thank you for your knowledge. I guess my next question is does this get taxed as income?
@myyear1312 6 ай бұрын
Hi, I think they changed the way invoices are sent. This way is easier. Now it’s confusing. Hopefully you can show how to send one in 2024.
@michellenewberry 6 ай бұрын
Thanks for letting me know. I’ll look at it and see if I can make an updated video.