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@valeriebelis84 7 күн бұрын
What if the loan place doesn’t show the interest they base it off monthly terms? So say I got a loan for $150,000 but the full balance of the loan for a 15 month term makes my loan total $205,000 how would I put this in?
@smallbusinessfinancewithkayla 6 күн бұрын
The difference of $55,000 should still be counted as interest. You can divide that additional amount evenly by the 15 month term. The answer you get is your interest portion when splitting the monthly loan repayments. With these type of lenders, some of them will show a different principal balance when you log in to the loan account since they usually track things differently. However, accounting-wise that extra $55,000 is treated as interest. It is still good to confirm this with your accountant since they know your business.
@Bestfunkids 19 күн бұрын
What if they paid like 2 dollor less than invocie and never paid 2 dollor back.
@smallbusinessfinancewithkayla 8 күн бұрын
If you don't mind changing the invoice total, you could add a line for a discount and the amount would be negative $2.
@kalynsantaana3721 22 күн бұрын
Thank you! This helped me :)
@smallbusinessfinancewithkayla 22 күн бұрын
You're welcome!
@SalahEddineBougroura 27 күн бұрын
Love it thank you, will probably watch more of your videos Teach me moooooore
@smallbusinessfinancewithkayla 27 күн бұрын
Thanks, glad you enjoyed it!
@HOTELECTRIC-xx7xk 2 ай бұрын
Hi Kayla, I used to see the trash icon and unlink the ones I am not charging. Now there is no trash icon. Did they change the layout again in QuickBooks?
@smallbusinessfinancewithkayla 2 ай бұрын
Yes, with the new layout, you'll click the dots on the right of the row you want to remove. Select Delete (not Unlink and Delete). The row will stay on the Estimate but will only show the rows you need on the Invoice.
@HOTELECTRIC-xx7xk 2 ай бұрын
@@smallbusinessfinancewithkayla Thanks Kayla. It doesn't give the option of unlink anymore, just delete. So if I delete it won't be deleted completely, right?
@smallbusinessfinancewithkayla 2 ай бұрын
There should be 2 buttons. The best thing would be to create a separate test estimate with 2 line items. Try turning it into an invoice and deleting one row so you can confirm that the test estimate keeps both lines.
@HOTELECTRIC-xx7xk 2 ай бұрын
@@smallbusinessfinancewithkayla Thank you.
@ereg8691 2 ай бұрын
Would this work for a car loan? and how do we add the downpayment on the vehicle?
@smallbusinessfinancewithkayla 2 ай бұрын
Yes, but you would have to set it up differently. The repayments would work the same. You'll set up a vehicle asset and a vehicle loan. I haven't made a video on this yet, but here is one that summarizes what to do: kzbin.info/www/bejne/f5Pcf4aFl5ubZtk
@GloryFloralDesigns 2 ай бұрын
Hello! If I am using progress billing and need to make a change to an estimate AFTER the first deposit has been collected, what is the best way to make that change? thank you for your help!
@smallbusinessfinancewithkayla 2 ай бұрын
On the old estimate/invoice layout, you could easily do this. However, on the recently updated layout, it seems they're still working out the details. Here's an example of what you can do: - Estimate = $2,000 - Invoice = $1,000 Since the whole estimate amount hasn't been turned into invoices yet, then you can still make changes to the estimate. - Estimate = updated to $2,500 It will still let you create a new invoice for the remaining rows/amounts . It sounds like you should be able to make changes. However, there may be a situation where you run into the example below. Here's an example of what's not working now: - Estimate = $2,000 - Invoice = $2,000 (or even if you split this amount into several invoices) In this example, since you sent invoice(s) for the full estimate amount, if you try to go back to edit the estimate's amount or add lines items for new amounts, you can save it. However, it doesn't allow you to create a new invoice from it. It still thinks you've fully invoiced the estimate total. In this case, until they fix this issue, you may need to create a separate estimate for the additional amount and label it in the Reference # field or the Memo field so you know it belongs with the same project.
@GloryFloralDesigns 2 ай бұрын
@@smallbusinessfinancewithkayla ok... so are you saying it shouldn't matter if i make a change to an estimate after a portion has already been invoiced and collected, as long as it was not the whole amount?
@smallbusinessfinancewithkayla 2 ай бұрын
That's right. Keep in mind, since this is due to a glitch from their recent update, QBO users may have different experiences. Before you resend/email the updated estimate, you could try it out and see if the option is there to make an invoice after the changes.
@GloryFloralDesigns 2 ай бұрын
@@smallbusinessfinancewithkayla ok thank you very much! I will try this with a test client =)
@C-1-FRY 2 ай бұрын
THANK YOU!
@smallbusinessfinancewithkayla 2 ай бұрын
You're welcome!
@HOTELECTRIC-xx7xk 2 ай бұрын
Thanks so much Kayla. I will try this. How do I know if I have a QBO Plus subscription level? I called them, they don't know if I do and if it costs more to have it. I will have to find a day soon to go through all your videos.🥰
@smallbusinessfinancewithkayla 2 ай бұрын
You're welcome. Here are 2 ways you can try: 1. In QBO, click on the Gear in the top right. Last column -> click Subscriptions and Billing It should say Simple Start, Essentials, Plus, or Advanced. If you have Simple Start or Essentials then you don't have the Projects feature. 2. If for some reason that didn't work, click on the same Gear. First column -> Account and Settings Click the Advanced tab on the left. Scroll down to the Projects section on the page. Try to turn on that setting. If it says, you need to upgrade to use it, then you don't have the Plus level. Or if you don't even see the Projects section, then you either have Simple Start or Essentials. Sub-customers is more common for your industry anyway, especially if you have a lot of customers/addresses.
@purplehaze3324 3 ай бұрын
Thank you for being so thorough!
@smallbusinessfinancewithkayla 3 ай бұрын
Glad it was helpful!
@romagen6 3 ай бұрын
Hi Kayla, I've cleaned up the Unapplied Cash Payment Income report for the most part. What remains is a pair of transactions with the same date: "Payment" (overpayment by customer) and "Check" (refund check issued by the business); the payment is applied to the check. Why are they still showing on the report, and how can I clean them up? Thank you in advance for your expertise.
@smallbusinessfinancewithkayla 3 ай бұрын
If you issued a refund for the overpayment, then it is best to create a separate invoice for just the overpayment amount and then do the refund. This would also mean updating the Received Payment amount from the original invoice so it does not include the overpayment portion. Beyond this I would have to see it, if you would like to schedule a Zoom session.
@romagen6 3 ай бұрын
@@smallbusinessfinancewithkayla why would I need to create an invoice for the overpayment?
@smallbusinessfinancewithkayla 3 ай бұрын
I will make a video soon on this topic as this is a complex situation and there can be variations depending on your individual situation.
@HOTELECTRIC-xx7xk 3 ай бұрын
Hi Kayla, What if there are different projects for the same company, in different places. So let's say we have a customer named Edi Construction LLC, and he hires us to do Electrical projects in different cities. How do I separate all the estimates that are all under Edi Construction LLC. Let's say I call each estimate under the project's address. Where do I write it so there won't be any confusion? Thanks.
@smallbusinessfinancewithkayla 3 ай бұрын
quickbooks.intuit.com/learn-support/en-us/help-article/manage-customers/add-manage-customers-quickbooks-online/L0M9mMZmd_US_en_US You can read the sub-customer section of this article. You could create sub-customers for each address name so they are tied to the main customer name. Alternatively, if you have QBO Plus subscription level, then you have the Projects feature. You could create a project for each address. This would allow you to track the income, expenses, and profitability of each address. The customer name would be tied to the projects. quickbooks.intuit.com/learn-support/en-us/help-article/manage-projects/set-create-projects-quickbooks-online/L9GAdLMyT_US_en_US
@HOTELECTRIC-xx7xk 2 ай бұрын
@@smallbusinessfinancewithkayla You are great. Thanks. Kayla, how do you do the Training sessions? Privately?
@smallbusinessfinancewithkayla 2 ай бұрын
You're welcome. Yes, they are one-on-one sessions via Zoom. The sessions are an hour long. Depending on what you need, though, we'll continue to meet so there's no rush to answer all your questions in one hour. My hourly rate is on my website. I accept Zelle and Venmo. There is a contact form towards the bottom of my website to email me and schedule a session.
@smallbusinessfinancewithkayla 4 ай бұрын
HAVE THE UPDATED LAYOUT? Once you save the Estimate, click the green arrow in the bottom right and select "Convert to Invoice." From here, you'll be able to select the amount or percentage for the first Invoice and then an Invoice will open.
@HOTELECTRIC-xx7xk 4 ай бұрын
The way you explain is wonderful. I wish the customer service of Quick Books would be as professional. Why Don't I see Create Invoice on the top write as it shows on your screen. And why when I sent them the first invoice it shows as ESTIMATE?
@smallbusinessfinancewithkayla 4 ай бұрын
Thank you, I appreciate that. There have been a lot of updates recently. You probably have the updated layout. Once you save the Estimate, then click the green arrow in the bottom right and select Convert to Invoice. From here, you'll be able to select the amount or percentage for the first Invoice and then an Invoice will open. It should say Invoice at this step.
@HOTELECTRIC-xx7xk 3 ай бұрын
@@smallbusinessfinancewithkayla Thank you.
@ASavagejoker 4 ай бұрын
What if on a partial payment they want a receipt for that partial payment?
@smallbusinessfinancewithkayla 4 ай бұрын
There is not a perfect way to do this. However, here are a couple of options: 1. Send the updated invoice. They'll see a partial payment has been applied, and they'll see the remaining balance. (No payment details, though.) 2. Reports > "Invoices and Received Payments" a. Filter for the date range you need. b. Use the Customize button to filter for that customer. c. Also use the Customize button to add or remove certain columns you need (like a Payment method column). 3. You could also create a Customer Statement but this may not be exactly what you need. There are 3 types and the "Balance Forward" type would show some payment info if you entered the payment method and reference number (if there was any). quickbooks.intuit.com/learn-support/en-us/help-article/customer-statements/create-send-customer-statements-quickbooks-online/L8bvb69Gg_US_en_US
@bettyanngibson434 6 ай бұрын
Hey, how do I set up a loan that is OWED to me in quickbooks online? Do you have a video for that?
@smallbusinessfinancewithkayla 6 ай бұрын
Not yet, but here is the quick answer. You would add this as an asset instead of a liability. It is an asset for your business because it is money owed to you. If it will be repaid within a year, then you can create it as a Current Asset and if it will be longer than a year you could select Other Asset. If there is interest on their repayments to you, then categorize the interest portion as Interest Income.
@jeeofalltrades 6 ай бұрын
Thank you for the video; however, I do have a question: What if the payment is already reconciled? Does changing the date of an invoice mess up the reconciliation?
@smallbusinessfinancewithkayla 6 ай бұрын
No, it does not. It would be an issue if you change the amount. Thanks for watching!
@I_am_XKLBR 6 ай бұрын
Can you do a video for business who want to track loans to customers?
@MichaelRVirardi 6 ай бұрын
Thank you and very helpful! Easy to understand explanation 👏
@smallbusinessfinancewithkayla 6 ай бұрын
Glad it was helpful. :)
@user-tt9ed5py3l 6 ай бұрын
Can you explain how to add a principal payment that comes from the bank itself, and not from you personally? Almost like a refund from the bank.
@NewariKhajaGhar 6 ай бұрын
Can you please show a video of the line of credit that is connected to the Quickbook Online account? It appears in my bank feed.I am confused about how to get an entry on QuickBooks for interest paid for a line of credit. What does a chart of account for a line of credit look like?
@smallbusinessfinancewithkayla 6 ай бұрын
You can still think of a line of credit as a loan. It's the same steps, but when you create the category, it will be a Liability type (current if repaid within a year) and the Detail type/Tax form section should have Line of Credit. If it doesn't then select Other Current or Other Long-Term Liability. The important part is that it's created as a liability category. If the line of credit account is in your Bank Feed, that may be hard to track since you have to show the payment as a transfer from your checking. QBO thinks it's a bank account and when you enter it the loan repayment it won't show correctly on reports. You may want to consider disconnecting it from the Bank Feed. This way on your checking Bank Feed, the repayment can be categorized like normal as shown in the video.
@phenomz28 6 ай бұрын
THANNNNKKK YOUUUUUUU!!!! Been trying to figure out how to charge for weekly services and bill monthly without having to manually adjust for 5 week billing cycles and you just solved it for me while also helping me be more organized! Thanks so much!
@valatamericaneliteroofing 6 ай бұрын
This is great! I just took over bookkeeping and I have a question about this. I make this loan payment from my Checking account, and the payment shows up on that account the following day. I also have the Loan account linked in Quickbooks, so the same expense shows up on it. 1. Which account will receive the split and 2. What do I do with the other account? I appreciate the feedback!
@althzm.w.991 6 ай бұрын
Hello, pls help how to record loan when the loan is not deposited to any bank because the loan was made under a direction to pay ..it was an advance for business purposes. How can i record it having no bank affected? Thank you
@smallbusinessfinancewithkayla 6 ай бұрын
You can make a journal entry to show what you bought with the loan & to show that it was paid for by the loan (instead of from your bank account). +New button > Journal Entry Date: date of loan Line 1: Loan category, Put the loan amount in the credit column Line 2: Select the category of what you bought with the loan money (expense category or an asset category like Equipment), Put the amount you paid in the debit column Line 3: Use more lines if you bought several items with the loan money, Put the amounts in the debit column The total debit column amount should equal the total credit column amount. In other words, the total amount of items of items you purchased should equal the loan amount.
@althzm.w.991 6 ай бұрын
@@smallbusinessfinancewithkayla thank you for the detailed answer😊
@nooshineftekharzadeh512 7 ай бұрын
Thank you. Very informative and easy to follow.
@smallbusinessfinancewithkayla 7 ай бұрын
Glad you enjoyed it!
@rafaelmontero1386 7 ай бұрын
How do I make the invoice(s) show all the progress payments that were made when created as a PDF?
@mndad2201 8 ай бұрын
Is it advisabel to "link" to the loan in Quickbooks? Like i do for my checking account or saving account?
@smallbusinessfinancewithkayla 8 ай бұрын
You can try. However, it would be easier to categorize the repayment when it comes out of your bank account. If your bank account is linked, then you can categorize it to the loan category (and split it for interest).
@user-jy3ye8bs5l 8 ай бұрын
Well done! Is there a way to increase the invoice amount once the estimated amount has been billed? For example: estimate for design is $100. The customer adds work to this scope and billing ends up being $150. This would be in the progress billing cycle where the line item has been partially invoiced already.
@smallbusinessfinancewithkayla 8 ай бұрын
Yes, this is possible. You can change a row's amount and it will update to show that line item is not closed anymore. It will show that now there is a remaining amount for that row.
@kainesu1828 9 ай бұрын
how can i recur a progress invoice but still linked to the estimate?
@smallbusinessfinancewithkayla 8 ай бұрын
There is not an official way to do it, but there is a workaround. You can try it and see if it will work for you. In reality, you would still do the regular Progress Invoicing. The recurring template is just acting as a reminder that it's time for the next invoice. You still have to link it to the Estimate. 1. Go to the Gear in the top right and select Recurring Transactions. 2. Select New on the right and then select Invoice from the list. 3. Select the Customer and fill out the information in the top section. 4. Select a Product/Service item but put the amount as $0 and click Save. 5. Once QBO creates the next Invoice, edit that Invoice and select the Estimate it should be linked to (right panel called "Add to Invoice"). 6. They will add a line item(s) to the Invoice which is linked to the Estimate. 7. You'll have to remove the line item(s) that does not have a link symbol at the end of the row (the one with the $0 amount).
@smallbusinessfinancewithkayla 9 ай бұрын
**NAVIGATE & CUSTOMIZE** 0:34 Where are the reports in QBO? 1:17 How do I navigate within a report? 4:10 Are Deposits included in Sales reports? 7:28 How can I customize a report in QBO? 10:00 How does the Cash method or Accrual method affect a Sales report? 18:23 How do I email, print, download, or export a report? 57:36 How do I save a customized report? **OTHER AREAS THAT CAN BE MORE HELPFUL THAN A REPORT** 19:32 Where are the check registers for my accounts? 22:57 Sales menu: Where can I find a Customer's transaction list? 24:45 Expenses menu: Where can I find a Vendor's transaction list? **KEY REPORTS** 26:37 How do I read and understand the Profit and Loss? 35:11 Is all the money I've spent reflected on the Profit and Loss? 35:39 How to I read and understand the Balance Sheet? 41:38 What does it mean if a liability has a negative balance? 51:56 How do I favorite a report? 52:30 What are the benefits of selecting a Vendor when categorizing a transaction? 54:28 How do I read and understand the Accounts Receivable Aging report? Where can I easily see the oldest overdue invoices? 55:56 How do I read and understand the Sales by Product/Service Summary report? Where can I find my highest-selling product or service? 56:55 How do I read and understand the Expenses by Vendor Summary report? 57:36 How do I save a customized report? How do I use the Custom Reports tab? 59:11 What is the purpose of the Management Reports tab?
@swarnadipbandyopadhyay1727 9 ай бұрын
A very easy to follow and well explained video.
@smallbusinessfinancewithkayla 9 ай бұрын
I'm glad it was helpful.
@user-ri1wf6vk4n 9 ай бұрын
How can the customer accept the estimate via email? I saw some videos that the estimated email that the customer received has a button where the customer can accept or reject.
@smallbusinessfinancewithkayla 9 ай бұрын
When you send the estimate via email in QuickBooks, there will be a button in the email where the customer can approve it. You'll see the status column update when they've approved it. Here is a link that shows you what it looks like. Start the video at 1:22 to see the example. kzbin.info/www/bejne/inrHoWSKprGYqLcsi=TvFzwS3sU7SpFtIR&t=82
@NaturalTastyChef 9 ай бұрын
Thank you for this video! Your explanation was informative and easy to follow.
@smallbusinessfinancewithkayla 9 ай бұрын
I'm glad it was helpful!
@Wittmanvision 9 ай бұрын
Is it possible to setup an Interest Rate on a long term loan and have QuickBooks Online automatically do the calculations or do you have to manually plugin the Interest payment for each loan payment?
@smallbusinessfinancewithkayla 9 ай бұрын
Unfortunately there is not a way to let QBO calculate the interest. You'll have to enter the interest amount. Besides, for most lenders, the interest amount and principal amount tends to change slightly each month even though the total repayment is the same.
@saifrashid6713 10 ай бұрын
Can we see estimates report by products in quickbooks online?
@smallbusinessfinancewithkayla 9 ай бұрын
QBO doesn't have a specific report for estimates by products. Here is the closest option. It doesn't group the products but this option gives you a downloadable report which shows the line items/products in your estimates instead of just the estimate total. 1. Reports menu 2. Search on the right for "Transaction List with Splits" 3. Filter the date range you want 4. Group by: None 5. Click the Customize button on the right Click the Filter section Check "Transaction Type" Check "Estimate" from the dropdown list 6. Click Run report at the bottom The line items/products will be mentioned in the Account column. Hopefully, they will include what you specifically need in a future update.
@christianouedraogo7583 10 ай бұрын
Thank you
@smallbusinessfinancewithkayla 10 ай бұрын
You're welcome!
@ritaschowengerdt2197 10 ай бұрын
I have many in this account. We work on a fiscal year of June 30. Payments were received last fiscal year, but invoices were done this fiscal year. Hadn't had a problem with this when using desktop, but when changed a uploaded to online - now there is a problem. We run on Cash Basis. What can I do to make these reconcile? It shows both the payment and the invoice so zero for the balance of each of those.
@godsown4585 10 ай бұрын
How do we record payments and split principal and interest if account is set up on auto draft and we don’t use the banking feature
@smallbusinessfinancewithkayla 10 ай бұрын
You can manually record it in QBO since you don't use the Bank feature. Follow the steps shown at this time 5:16 in the video, so you can manually enter the loan principal and interest (which totals to the amount auto drafted from your real bank account).
@lionlove35 10 ай бұрын
Gosh, you are an angel. Straight to the point and perfectly done. Let us know when you start your own classes. Im all in!!!!
@smallbusinessfinancewithkayla 10 ай бұрын
Thanks! I'm glad you enjoyed it. If you ever need it, I do provide individual classes via Zoom. There is more information on my website: www.kaylasfinance.com/
@aurasystems 11 ай бұрын
Hi Kayla, we have a rental business. The client pays before the rental date. The rental date is always the same as the date when the customer used the equipment. So, it is common to have a payment date occur before the invoice date. What can I do?
@user-tt6yy2pd7h 11 ай бұрын
I have a couple of employees who have government loans. We collect their payments every 30th by deducting from they payroll then we remit them to the government after 15 days. Can you please advise how to set this up in Quickbooks?
@donaestela7140 11 ай бұрын
How do we record a loan that was not deposited onto any of the linked accounts? Do we just create a new liability account under the accounting tab? If so, will the tax form section be LOAN PAYABLE? And does the name of the lender go on the Account Name?
@kimlee3578 11 ай бұрын
Helpful, thank you!
@smallbusinessfinancewithkayla 11 ай бұрын
Glad it was helpful!
@JoshuaJLutz Жыл бұрын
I use Quickbooks at times to process payments. Recently, a customer gave a $15 tip. Normally, when I receive a tip, QB processes correctly. This time, it categorized the $15 tip as an unapplied payment. Any thoughts to correct this and keep it from happening?
@smallbusinessfinancewithkayla Жыл бұрын
It should just be those same 2 reasons. Either the date of the payment is before the date of the invoice, or when you click on the payment that's listed in Unapplied Payment, it doesn't show any invoice checked off. Good luck!
@georgemanygoats7383 Жыл бұрын
Straight to the point. Thank you!
@rereretha2378 Жыл бұрын
Thank you for the lesson! How you journal if the owner pay credit card business with his personal fund as a loan? ( as loan to shareholder ) Thank you
@josealainbuenafe3595 Жыл бұрын
Do you offer apprenticeships?even without pay is ok
@smallbusinessfinancewithkayla Жыл бұрын
This is especially a problem if an independent contractor payment is miscategorized. If some of the payments are categorized as Meals or another expense type, then their 1099 form will not show the correct total you paid them for the year. The good news if you can fix this issue with 2 clicks in QBO!
@Motivation7778 Жыл бұрын
Thank you Kayla for sharing your valuable videos. God bless..
@smallbusinessfinancewithkayla Жыл бұрын
You're welcome!