What a very informative and clear explanation! Thank you!!
@MyCloudBookkeeping6 күн бұрын
My pleasure! I am delighted it helped :)
@mkjanes9 күн бұрын
Hello and thank you for this clear explanation! I can't seem to match multiple payments against sales receipts, only invoices. I wonder about whether that is possible?
@MyCloudBookkeeping7 күн бұрын
It is not possible to match multiple payments to a sales receipt as the receipt is posted to a bank account at the time of entry. If you are not receiving the full amount it would be better to create an invoice and apply the payments. Hope that helps!
@JettingChen10 күн бұрын
Canada
@user-zr8dq1yr4h15 күн бұрын
Can I do this if some of the transactions are from previous years where the books have already been closed?
@MyCloudBookkeeping15 күн бұрын
Hi! Merging the vendors will not change your results, so there are no consequences to doing it if some transactions are in a prior year - I am not sure if you will be able to go through the process if teh books have been closed. Try and let me know how it goes. It should work.....
@user-zr8dq1yr4h4 күн бұрын
@@MyCloudBookkeeping Yes, it still allows you to merge contacts even if they have transactions from previous years. Thanks for your help!
@MyCloudBookkeeping4 күн бұрын
@@user-zr8dq1yr4h Great! Thanks for letting me know - and for writing the answer here to help others :)
@SunblaKhan-lk6ol17 күн бұрын
The breakdown of QuickBooks Online plans is quite helpful. For those managing invoices and payments, integrating a tool like InvoiceBerry can simplify the process further, complementing QuickBooks by providing a user-friendly solution for generating and managing invoices.
@alex61-i6oАй бұрын
When you say net income I assume it was before tax ? I believe the tax haven't been considered .
@MyCloudBookkeepingАй бұрын
Typically the tax would be taken into account at year end - however if you have a tax accrual you record each month then the tax would be included.
@thehealthfulideasАй бұрын
My issue is my automatic credit card payments for software like website hosting and such are charged in USD so the invoice is in USD but my credit card is in CAD so I can't automatically match the two because the prices don't match. Is there any way to go around this? I had QuickBooks for a few months but didn't use it at all because this wasn't working and now I can't downgrade from multicurrency. Most of my income and expenses are in USD but I'm in Canada and there just seems to be no way to work around this without adding each reoccurring expense in manually each month. That would be a full time job on its own.
@DGTCommunicationsАй бұрын
Thanks VERY MUCH!!!! My bookkeeping service couldn't solve this... All I had to do was change the amount to the amount paid, instead of leaving it as the amount received. I already knew I had to resolve the difference, but it wasn't working because I was resolving the wrong direction.
@MyCloudBookkeepingАй бұрын
Delighted I could help! Thanks so much for letting me know :)
@SamCapra-l6hАй бұрын
Can you tell me why our QB Profit and Loss only contains expenses if the expense check written/dated during the month cleared during the month. If the expense check didn't clear during the month the check was written the expense isn't included in the P&L. I thought expenses are recognized in QB when the check is written/dated and not when it clears regardless of whether you are using cash or accrual basis.
@MyCloudBookkeepingАй бұрын
Are you running your report on a cash or accrual basis? If it is cash it will only include amounts actually "cashed" if it is accrual, then outstanding items are included also.
@SamCapra-l6hАй бұрын
@@MyCloudBookkeeping Thanks Karen. Cash basis is being used but from what I have read I thought in QB it is counted as expense based on the check date for both cash basis and accrual basis and not on cleared date.
@ginnycapra9132Ай бұрын
Why do uncleared checks show on the bank reconciliation as a negative. If the checks have not cleared the bank but cash has been credited in QB when the check is generated/dated then the balance in QB will be less than the bank so i would think you would add the uncleared amount to the QB balance in order to reconcile to the bank statement.
@MyCloudBookkeepingАй бұрын
Hi Ginny, you may have to show me what you are looking at. Checks you have written do reduce the bank balance in QuickBooks Online, and would remain unchecked during your reconciliation. If you would like to look at this together feel free to book a time: calendly.com/kerry-11/one-hour-consultation-us Cheers Kerry
@calebturner7Ай бұрын
I want to run the report but only for Paypal transactions, is that possible?
@MyCloudBookkeepingАй бұрын
Hi Caleb - there may be a way to do that - did you try filtering? I would be more likely to grab all of the PayPal transactions and then re sort or arrange them (thinking out loud here) if you would like to explore further pop a time in my calendar: calendly.com/kerry-11/one-hour-consultation-us Cheers Kerry
@nickj1358Ай бұрын
Thx for the info. Is there anymore to it? I do this and write a check. Been doing it for 3 years now and the balance has grown a bunch. Just asking to see if I need to clear it out or something at eoy. Thx again
@MyCloudBookkeepingАй бұрын
Hi Nick, that sounds correct. The balance sheet shows all of the funds withdrawn since the beginning of time! You could offset it against your retained earnings (for example) as they are not retained after they have been withdrawn, or leave it, and have a clear picture of how much you have taken from your business, as the two accounts would offset each other in the equity total. I hope that makes sense!
@JenniferMolinar-g8xАй бұрын
Great video. Thank you! What if you have deposits that also appear (incorrectly) as payments? What is the problem there? Exact amounts same customer.
@MyCloudBookkeepingАй бұрын
Hi Jennifer, I am not sure I understand - payments to invoices? Or payments out of the account? If it is a payment from the customer, why is it incorrect? Feel free to book a session to look at together! calendly.com/kerry-11/one-hour-consultation-us
@alemayehugebre6109Ай бұрын
Helpful work.Thanks a lot.
@MyCloudBookkeepingАй бұрын
Thankyou for letting me know!
@corimehnert4853Ай бұрын
Excellent, thanks!
@MyCloudBookkeepingАй бұрын
My pleasure!
@Skill.89102 ай бұрын
Hi do you know how to split invoice in two clients the job was split by two client which is Neybour but different address other side of road was share garden, paid already bank transfer. Thanks for help
@MyCloudBookkeeping2 ай бұрын
not sure if it will help or not - if you have the two separate invoices you can "receive payment" on each one, using undeposited funds, and then match the one deposit to the two payments. You cannot split the actual invoice - you would need two different invoices. Does that answer your question?
@marciehrhart2 ай бұрын
Do you have a video to setup when we charge the credit card fee to the customer? For example, invoice is $1,000 but I want to add a 3.5% fee, new total is now $1,035 (I realize that QB will now charge the fee on the new balance but that's okay). I tried to set up a SERVICE and make it an expense for CC fee, but I don't think that's right. Or can I use the account that you created in this video for the CC fee and do it that way? I hope I'm making sense.
@MyCloudBookkeeping2 ай бұрын
Hi Marcie - great idea! Now that businesses are allowed to pass on that fee it would be an excellent video to make! If you use the same account as in this video the cost and the income from your customer will offset each other, and that works! I'll think about some other options and make a video for you! Cheers
@marciehrhartАй бұрын
@@MyCloudBookkeeping Thanks so much for replying! I really appreciate it. :)
@SheTechs2 ай бұрын
I have a question, if you move old Und Funds to bank clearing account and then record as sales, does that not overinflate the P&L and would then affect Corporate Tax Payable?
@MyCloudBookkeeping2 ай бұрын
Definitely! You have to be very careful correcting old undeposited funds if you are not going to investigate and adjust for what went wrong in the first place.
@Rialas2 ай бұрын
I subscribed to Quickbook essentials. I could not work out how to batch re-categorise transactions. Apparently it’s not an option unless you pay them even more per month?
@MyCloudBookkeeping2 ай бұрын
I had thought batch recategorize was only available to accountants. Which version/plan offers that feature? Where are you?
@Rialas2 ай бұрын
@@MyCloudBookkeeping Hi. I’m in the uk. My accountant encouraged me to try quickbooks. The idea that I would prepare my accounts as I go along and then at the end of the year he would check my file and submit it to the inland revenue. Quickbooks is a no go for me and I’ve cancelled the essentials subscription. I’ve been using Moneydance for many years, and recategorising should be a basic requirement especially for stupid folks like myself 😀 Thanks for your time.
@Rialas2 ай бұрын
@@MyCloudBookkeeping Thanks for your reply. I’m in the uk. My accountant encouraged me to try quickbooks. I would prepare my accounts as I go along and then at the end of the year he would check my file and submit it to the inland revenue. Quickbooks is a no go for me and I’ve cancelled the essentials subscription. I’ve been using Moneydance for many years, and recategorising should be a basic requirement especially for stupid folks like myself 😀
@Rialas2 ай бұрын
@@MyCloudBookkeeping did my reply get deleted? I think I tried twice.
@MyCloudBookkeeping2 ай бұрын
@@Rialas I don't know - I didn't delete it
@AsiMiller-fv6qe2 ай бұрын
Thank you...I loved it. Great video!
@MyCloudBookkeeping2 ай бұрын
Delighted I could help!
@moktharteekay1812 ай бұрын
Hi, Thanks for this video....very clear explanation. Question >> is there a way to have QB NOT bunch multiple transactions together. I would like each txn to hit the bank as individual txns. that wud be ideal for my situation. I find that digging deep and looking for matches is not a good use of my time. Its frustrating. Thank you!
@MyCloudBookkeeping2 ай бұрын
You would have to be careful not to duplicate the transactions - by matching to the amount in the bank it is much easier to reconcile. It is your choice of course!
@adamjanowski843 ай бұрын
thanks!
@MyCloudBookkeeping3 ай бұрын
My pleasure!
@cullumstirling3 ай бұрын
Thank you! Trying to get my things in better order and recently discovered your helpful videos. Things I wish they taught us in school as it's fundamental!
@MyCloudBookkeeping3 ай бұрын
Delighted to help! Yes, financial literacy is an important skill - would be great to learn it at school if you don't get it at home!
@lavicbusiness.solutions3 ай бұрын
Are the different designs (Airy new, Airy classic, Modern, Fresh, Bold, and Friendly) no longer an option in the new invoice format?
@MyCloudBookkeeping3 ай бұрын
they are available - check in the "design" section - let me know if you don't find them
@GloriaOsowski3 ай бұрын
Can you add a class to the shipping feature?
@MyCloudBookkeeping3 ай бұрын
I don't think you can! this may be one of those cases where you have to allocate the class later. I will look, and if I find a way make another note here! Great question :)
@meghakamra38553 ай бұрын
All this is really useful information, I asked in your other video but was left with a small question. We cleaned our cash account by transferring the balance to an expense account, left with less than $2 under the Home currency level. I tried to edit the rate while doing the transfer, but in that too I was not able to clean that completely. Now what should I do to clean the account at Home Currency level.Hope my quey is clear.
@MyCloudBookkeeping3 ай бұрын
I'm not sure how to fix your specific issue without looking at it - feel free to schedule a working session: calendly.com/kerry-11/one-hour-consultation-us and I can help you for sure!
@meghakamra38553 ай бұрын
Thanks for all the support, as of now we can’t afford that as we are a non profit…but appreciate all the support.
@majorsmith27493 ай бұрын
Can i change this back to old format please helo me regarding this
@MyCloudBookkeeping3 ай бұрын
the old format is no longer available. Effective May 6th only the new format
@JT-jg8le3 ай бұрын
Hey hey go back to customize tab and click on custom fields. You skipped it because you know it doesn't work didn’t you. I saw that. I need to add product categories to the product collum in the new Modern template. Ill pay you to tell me how to do that.. help
@meghakamra38553 ай бұрын
The video is really helpful, but have one question. We are clearing our cash account in functional currency booking the amount under an expense, this has cleared the account in Functional currency under the chart of accounts, but when we pull our statement of activity report in home currency, we have a variance of 1.41 due to exchange rate, now to make that 0, so that account is cleaned up at home currency level too. I was thinking to create a journal, but I think that will again open up the balance at the Functional currency level.
@MyCloudBookkeeping3 ай бұрын
You can revalue the currency under the gear icon on the top right, that should clear things up for you!
@meghakamra38553 ай бұрын
Thanks, I tried that, but still can’t match 100%so there is a variance at Home currency level for around 1 dollar, any other suggestion.Sorry to bother you.
@MyCloudBookkeeping3 ай бұрын
@@meghakamra3855 if you would like to book a working session we can look at this together: calendly.com/kerry-11/one-hour-consultation-us
@KevinElliott-se4zy3 ай бұрын
So we are getting clients that want to change their CC on file for autopay. QB wont let us add or edit a new card they say we need to add the client again then Merge(That is how we found the video) seems crazy just to change a card that we need to re enter a client?
@tadonnae3 ай бұрын
Hello! Love your channel. I have a question regarding selecting the proper class for a transfer of funds. The company owns rental properties, and at the end of each month, transfers rental income from each of 6 properties into a main LLC account. My question is this: for the transferring of the monthly monies, for these transfers, do I categorize the class as the outgoing account (the property) or categorize the class as the main LLC, where the money is going to? Thanks in advance for your help.
@MyCloudBookkeeping3 ай бұрын
The class feature applies to income and expense categories, and not the movement of funds. You would apply the class to the rental income and any expenses, when you move money around it does not impact the profit or loss. I hope that helps!!
@tadonnae2 ай бұрын
@@MyCloudBookkeeping thanks so much for the help & explanation; makes total sense!
@MyCloudBookkeeping2 ай бұрын
@@tadonnae I'm delighted it helped!! Thanks for letting me know :)
@meghakamra38553 ай бұрын
We are cleaning up our cash account inQB, we have balance in books but no physical cash left as we didn’t record everything, now we have to write that off, do you have any suggestions on this.thanks
@MyCloudBookkeeping3 ай бұрын
You could post it to an expense account of some sort - cash over/under would be one I suggest - unless you have an idea where the cash was spent? I hope that helps!
@meghakamra38553 ай бұрын
Thanks a lot, it is helpful and confirms that we are thinking in same lines.
@MyCloudBookkeeping3 ай бұрын
@@meghakamra3855 Wonderful!!
@gleidismazo92503 ай бұрын
Fabulous! Thank you!!!
@MyCloudBookkeeping3 ай бұрын
My pleasure! Delighted to help :)
@greghess27324 ай бұрын
We have so many invoices we have to do them over several days. I am unable to request to send later. How do I change this back? Do you know? Thank You Kim
@MyCloudBookkeeping2 ай бұрын
Hi Kim, apologies for the delay responding - I was going to test this myself to see if I could find a solution, and found out today that it was a known issue, and should be fixed in the next week - let me know if it works for you again! Kerry
@pcmelce4 ай бұрын
Should both transactions that are being matched be of the same amount? thanks
@MyCloudBookkeeping4 ай бұрын
Yes, if not there will be a discrepancy
@grasielafaria22194 ай бұрын
Hi, How can I match some deposits made in check and also in cash?
@MyCloudBookkeeping4 ай бұрын
You can match them if they are entered into QuickBooks Online. It doesn't matter how the payment was made, you need to enter it into QuickBooks Online correctly, and then match it to the bank feed.
@georgegerhard71264 ай бұрын
how do I now transfer the funds to my personal checking account
@MyCloudBookkeeping4 ай бұрын
Are you asking how to move the actual funds from your business bank account to your personal bank account? If so, check with your bank, or online banking. I can only show you how to record the transaction.
@juneseventeen614 ай бұрын
Thank you for your video. I had been struggling with how to track invoice payments via paypal which would result in a "clean" invoice to the client and track the processing fee as an expense. I called QBO, looked a close to a dozen other videos and only you approach and video worked for me! Thank you. I have now subscribed and am on my way to check out your classes on your website.
@MyCloudBookkeeping4 ай бұрын
Delighted to help!!!
@luislizardi49234 ай бұрын
Thank you for the update! I didn't know it.
@MyCloudBookkeeping4 ай бұрын
Thank you for letting me know!
@hr-ef8wo4 ай бұрын
hi + thanks for such a nice and simple video. special thanks for taking the time to share with us. i am brand new to quickbooks and so i will most probably be following @florak1087 with more "stupid" questions, lol. i have imported my credit card transactions into QBO but my concern now is that they may have been recorded with improper values??? when i imported, there was a message that read, "CHECK: generally, credit card payments post as positive numbers and charges post as negative ones. occasionally, some banks generate files with this reversed. do transactions below correctly indicate payments and charges?" the default response was "keep original values." i am afraid that i may be reading too much into things, but i imported amex credit card charges >charges showed positive value and any refund and credit showed negative values. did i do the right thing? if not, is there an easy way to reverse these 300+ transactions without losing my mind? HELP!
@jogarcia67105 ай бұрын
Hi, Im new to QBO, I have clicked and added a bank feed transaction by mistake, so my question is how to undo that "added" transaction? Thank you. I am enjoying your videos.
@pauldevloo52315 ай бұрын
My wife is good with QBO and found that I "Received' the total payment, and therefore it would not find the invoice total to match. I had changed the payment to not received and then was able to match my 2 payment amounts. If it were as easy as you show in your vid I wouldn't have needed to look for help, book keeping software is full of details that are time consuming to solve. QBO is no different
@MyCloudBookkeeping5 ай бұрын
You could have matched to the payment. Sorry to hear you are having difficulty with the software. How good of your wife to look after your bookkeeping for you.
@pauldevloo52315 ай бұрын
I have an invoice for $5600, customer e transfered 3000 and 2600, it wont find the $5600, date is correct, bank acct. correct, what am i missing?
@MyCloudBookkeeping5 ай бұрын
Did you record the two payments against the invoice separately? The system won't suggest amounts in excess of the amount received.
@enoda5 ай бұрын
Thank you! Your video saved my day!!!
@MyCloudBookkeeping5 ай бұрын
Delighted to hear it :)
@airquotes91655 ай бұрын
Thank you for your video! I have too many categories / labels. How do I delete the ones I do not need?
@MyCloudBookkeeping5 ай бұрын
You can't delete them if you go to the arrow/drop down on the right hand side you can make them inactive. Be sure there is no activity in the account before you do that!
@goodvibezonly98135 ай бұрын
thanks for your time and the video its straight to the point! but now we know how to transfer to the owner equity account, but what is the transaction to record when i cash it out from the bank account
@goodvibezonly98135 ай бұрын
in the Journal entry : should I Debt the owner equity and credit the bank account ?
@MyCloudBookkeeping5 ай бұрын
Are you asking about when you pay it back to the company? When you withdraw it you transfer to the owner's equity account. Let me know in more detail what you need and I hope to be able to help!
@omomoschool9305 ай бұрын
Thank you so much for sharing.
@MyCloudBookkeeping5 ай бұрын
My pleasure!
@Jacey20015 ай бұрын
Wow! Ok I think I tried this but the main invoice wasn't showing up. I'll go try again and come back. I should've found this channel years ago
@MyCloudBookkeeping5 ай бұрын
Thanks Jay!
@user-rt3wt5xk9p5 ай бұрын
I don't see the link for the finding and fixing duplicated deposits and or undeposited funds that are also doubled up