Great video. I went ahead and began a trial of Webgility based on your videos, however having some trouble with the reconciling with the clearing (checking) account. We have it set up so that the paid-for orders debit the Amazon clearing account. However, when I go to reconcile against the Amazon payout for the account later (payout posting from WG as an expense form vs journal entry at this time, from the onboarding), I can never get the credited allotment from the payout (leaving the clearing account) to match the sales that have been perpetually debited/added (over the corse of the prior two weeks) to the the clearing account. This may be a relatively brief assessment, as it may have to do with some configurations, or being relatively new to clearing accounts in e-commerce, but I cannot execute the reconciliation correctly after a payout has been received. I am reaching out to Webgility's support for help on the matter, but any advice/help is appreciated.

Great message. Good job Seth

Thanks

I can appreciate the bumping music as the penultimate outro. More videos need to do this

Appreciate the detailed breakdown! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?

title is misleading about the content!

I have different clients with different prices. Within each client is a project our engineers work on. When it comes in invoicing the rule only shows up correctly if I select the Client not the project within the client. Is there a way I can set up a fixed rate for different clients and still have it connected to the project our engineers work on when it comes to invoicing ? I hope this makes senses. Thank you.

Thanks! This works great for all of the expenses that my client has paid using their personal debit card. How do I categorize the income that she has received to her personal checking account? (She's a cleaner that is receiving payments to her personal checking account EVEN THOUGH she has a business checking account. 🙄)

If you want to see scope creep, you should try building software for a client.

Thanks for this video! Is the write up still available? The link above isn't working. Thanks!

Thank you for the video, very easy to understand. How would I clear out old deposits that never cleared the bank? thanks/

Is it possible to use QBO without customers? All of this firms customer's, (invoicing and receivables), are tracked in another software program.

Curious why you didn't use a Journal Entry to record the transaction. Thanks. JC

Hi! I have a situation similar to this but with a credit card account. The expenses were entered manually in 2019, well before any bank account was linked to QB. This credit card was not linked, it was manually created by the client. No beginning balance was recorded, there are just expenses entered and no payments, so they have a $35k credit card balance showing on the balance sheet. The client paid the credit card years ago but never did anything in QB to post payments and never reconciled the account. Nothing has cleared in QB. I have not been able to get rid of that credit card balance by reconciling. If I post a credit card payment to clear each transaction off the books, how can I do that without it affecting the bank account that is now linked in the bank feed? The bank transactions only go back to Jan 2024. When I started with this client his bank account was not linked and he primarily used QB to create invoices and record them as paid. No deposits were ever recorded though. I’m attempting to clean up the account. I need to get this credit card dealt with and removed since it hasn’t been used since 2019 and never will be again. Any advice on clearing the cc transactions without a 2019 credit card statement or 2019 bank statement to reference?

This is very helpful! i own multiple real estate businesses, and have put hundreds of thousands of dollars that were post tax personal funds, or funds from one of my businesses into another for the purchase of a home and or operating expenses. My real estate CPA told me to do equity contributions or distributions, not a loan. You are saying to do a loan, which frankly makes more sense to me, because inevitably i would like to get this money back out one of these days. can you please clarify when you would categorize the funds going in to a business as a loan or an equity contribution? thanks!

When I go to reconcile the parent account, the transactions from the sub account don't show...anything I might have done wrong?

This video is great. I reference it ALL THE TIME.

Hello, Just saw your video and it was great. I have almost no QB experience and was just hired to be a part-time accountant for a firm, and am diving into their QB. I believe QB is rather intuitive, however this firm's books I think are messed up, in their credit card processing on the Bal Sht. Are you open for me to ask a couple of questions? John

Hell yeah! I love your message here

How do you reconcile the subaccounts?

What if one of the sub credit card is only used for payment and it shows up on the balance sheet as a negative? How do I record that on the JE?

I’m a big fan of your channel and really appreciate the amazing content you provide! I just wanted to let you know about a new KZbin update that allows videos to be dubbed in Arabic. I believe this feature could help you reach a wider audience and increase your channel's visibility among Arabic-speaking viewers, adding even more value to your content and boosting engagement. Thank you for all your hard work, and I hope to see your content in our language soon! Best regards, Mahmoud Abdelnasser

thank you😀

Awesome video! Thank you for getting out of the dark side of this situation. Now, just one more question. Once you carry the balance of the child accounts to the master one, do you have to mark those as reconciled in the chart of accounts or you just pick it up in the next reconciliation? I am thinking that the date of that journal entry is the next date to the ending balance of that month right? That is the part I didn't catch. Thank you so much!! This is so much help!!

This podcast was a refreshing take on inclusion. Seth and Erica's conversation highlighted the importance of creating a culture where everyone feels valued and heard. I especially appreciated the emphasis on small, actionable steps like asking thoughtful questions and practicing active listening. Thanks for sharing.

Omg you are such a nerd and you are speaking so that I completely understand what you are saying! Thank you. I am super curious and inspired. 😊

Really quick - do we need to reconcile the child accounts after the transfer is done? Thanks

If you're a solo LLC owner (S-Corp tax status) would you still recommend structuring the equity section this way? Basically creating a capital account for just the one owner using the same detail type for the sub accounts (i.e. Paid-In Capital or Surplus, Partner Contributions and Partner Distributions)?

This saved me! Thanks so much!

So true, it's definitely an issue., I've been working on some financial forecasting software for this. Started out as a tool for myself, but going to try and sell subscription licenses. I think it's really gonna help people.

Thank you Seth!!! I love the way you explain it!!! A little fast for me but I got it!!! I already bought one of your courses and I am amazed how easy is to understand you🤗

That was enriching... Earned a subscriber!

this video is significantly underrated for e-comm entrepreneurs. Thanks!

still a great video!

How can i join

This is the most amazing thing ever.

Very informative! Had fun. Question for you - How do we tie in expense report submittals and match them to the subaccount activity? Does Quickbooks automatically match expense report submittals to credit card activity on the subaccounts?

woohoo....love the gorilla marketing!!! Yes, also thinking about door-to-door!!!

What’s the name of the handyman franchise?? Might be a good option for my clients seeking visas!

Thank you, this information is very helpful.

Do you see where AI will replace the need for bookkeepers all together and if so are we talking years down the road or within say the next 3 to 5 years? I'm considering starting a bookkeeping business but now I have some reservations about it.

I particularly loved your idea of defining business goals in non-monetary units. It’s a powerful way to measure impact and stay focused on what truly matters. Keep up the great work.

Seth still in 2024 this was excellent information! Thank you for creating this walk-through that pulled everything together for me.

I'm looking for recording bounced check chargebacks in QBO. Not in the online help, not much in the interwebs either.

Going like 1000 miles per hr super fast no god got first time learning omg.. he goes fast cause he knows where he goes .. bad video

Not me!

What is the difference between the 1st & 2nd bank deposit? I tried it & 2 bank deposits are created to match the net pay in bank feed. These created 2 matches in bank feed & actually only one match is needed

Hi! We're also using Kajabi but they don't pay thru kajabi, they pay through a lot of different options like Zelle, CashApp, Swipesimple, Deposyt and Paypal since the sale is done through a sales call. Our sales team just tracks them on a tracking sheet who paid who and what product they got. The sales team also are the ones creating the students their access to our course in kajabi. How do I record transaction? And we also have Recurring or installment clients.

Thank you from me in Cape Town South Africa. Really good video you are n amazing teacher

Once the templates are setup, is there a possibility at any moment in time to run a schedule/ report showing how much has been amortised and how much in amount and months remaining?