My monthly bookkeeping system in 5 steps

Here is a video from by Bookkeeping DIY Blueprint where I show you my system for doing your own bookkeeping in 5 monthly steps.
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[@user-pl6tg4ms5o]

Thank you very much, simple and practical, I really appreciate it.

[@5MinuteBookkeeping]

Glad it was helpful!

[@ahavataxservice3427]

Good Info Veronica 👍 Organization, accuracy and consistency is key in bookkeeping.

[@victorcampecino9779]

I'm refreshed by this workflow. Thank you VW

[@5MinuteBookkeeping]

You're welcome!

[@esmargravador8223]

Thank you so much Veronica. Very mch helping ❤😊

[@5MinuteBookkeeping]

Happy to help!

[@moniqueguicheteau3379]

Thank you Veronica, very good information. Much appreciated.

[@5MinuteBookkeeping]

You're welcome Monique!

[@denisecanney3579]

These directions are very clear and understandable, thank you!

[@5MinuteBookkeeping]

You're very welcome!

[@saritaylor3648]

Love your work hun. Love to see a visual from starting a new business or coming into a business as a bookkeeper from adding all accounts etc. As a series

[@5MinuteBookkeeping]

Thanks for the suggestion Sari.

[@denisebrown-puryear2769]

Great simple and to the point video. This will definitely help me to get my books better organized. I like the step-by-step presentation! Helps a lot! Thank you.

[@5MinuteBookkeeping]

Glad it was helpful!

[@savannahsuttle2742]

I super appreciate how you break this down. Just discovered you today and am about to go look at a bunch of your videos. Very helpful for a small business owner.

[@5MinuteBookkeeping]

Glad it was helpful!

[@SCLana]

Thank you sooo much, you're is my hero, so helpful. I am watching every your video, learned and appreciated your help, your hard work. Amazing!!! Thank you again.

[@5MinuteBookkeeping]

You are so welcome

[@crodriguez11204]

Very good info Veronica! Thanks!

[@5MinuteBookkeeping]

You're welcome!

[@lurlinebrown5629]

Well appreciated Veronica, I am so grateful for finding your video today.

[@5MinuteBookkeeping]

Glad it was helpful!

[@traceygoulding8583]

Very good system Veronica! I am just starting out with my first client, and by building a good cycle like this, will make me become the best bookkeeper I can be. Thank you.

[@5MinuteBookkeeping]

You're welcome. You've got this!

[@fluidaccounting2315]

Hi Tracey, we have also started the and working on our first client. Good luck with your business. Are you on linked in?

[@cymboldesign5186]

Great workflow!

[@5MinuteBookkeeping]

Thanks!

[@thebossettelife2442]

Thank you Veronica. I have been looking for a quick straight to the point but thorough explanation of the bookkeeping and workflow process!!! And I found it in this video! I’m a fan! #NewSubscriber

[@5MinuteBookkeeping]

Thank you so much Krissy!

[@elove2.038]

Me too👍

[@MeltemS2]

Thank you

[@5MinuteBookkeeping]

You're welcome!

[@frederickkyere1052]

Excellent presentation. Kudos to you.

[@5MinuteBookkeeping]

Glad you liked it!

[@ishitashah4432]

Veronica,u seem to be boon for me.. u really simplify the way to understand QBO..Enjoy watching your tutorials!!! Much love from India 🙏🏻

[@5MinuteBookkeeping]

Thank you so much, Ishita.

[@ericjeter2223]

thank you

[@5MinuteBookkeeping]

You're welcome

[@nadeenmei8906]

Excellent video I've ever watched! Can you please do more videos regarding how to analyze income statement, balance sheet, and cash flow?

[@5MinuteBookkeeping]

Hi Nadeen. I have an online course showing how to read and interpret financial statements. You can learn more about it here 5mbacademy.teachable.com/p/unlock-your-financials If you're looking for videos on how to review and diagnose problems in the financials, then check out my videos here kzbin.info/aero/PLtA2Sdap7ZRHJ0jqp7KaArOuvXFbPtp4P

[@ghurghur]

that's good.

[@5MinuteBookkeeping]

Thank you.

[@cameronisenor7126]

Fantastic stuff. I have many questions still. We break our daily sales further into individual products like beer; Liq; wine; food ,and retail. An example would be breaking sales into categories like pub beer or Beer store beer. I know it’s a bit overkill but I like to be able to see at each area to be able see our food,liq costs

[@5MinuteBookkeeping]

Hi Cameron. If you want to track your costs by specific categories, you would need to categorize your expenses by those categories. You would need to the desired account categories to the chart of accounts.

[@cameronisenor7126]

@@5MinuteBookkeeping thank you for the reply. Much appreciated. Yes I have done that. My biggest challenge has been my opening inventory. I have been the GM of a pub and Beer store for 21 years. The pub was sold and the new owners have leased the business back to me. Total time the pub was not open was the 5 days during the closing and the date of possession for us aug 4th. There was a $46,722 inventory balance. We paid half up front from some of our opening equity. The other half is due with a bit of interest on sept 30th. What is the best way to record this? Thank you 🙏🏻

[@MekonenGelera]

Very nice

[@5MinuteBookkeeping]

Thanks.

[@accountingprinciples7760]

great video

[@5MinuteBookkeeping]

Thanks!

[@awambowe1830]

good explination

[@5MinuteBookkeeping]

Thank you Awa!

[@carried3630]

Do you have this as a written procedure or checklist? I would love to make this part of my daily practices. But I need a list to go by I can't remember everything. Thanks so much this is so helpful! Exactly what I know will help get me on track and caught up. Otherwise I feel like it's just a confusing Merry-Go-Round of accounts and transactions

[@5MinuteBookkeeping]

Hi Carrie. Sign up for my free Bookkeeping DIY Blueprint here courses.5mbacademy.com/courses/bookkeeping-diy-blueprint. It includes the 5 steps and lots more.

[@jajasatorashi136]

Hope you can make a video about Bank Reconciliation

[@5MinuteBookkeeping]

Hi Jenny. If you can't find a video in my KZbin channel, then look for a tutorial on my blog 5MinuteBookkeeping.com. I have at least one article on how to do a bank reconciliation.

[@jaimeehager6646]

Do you have a video on how to manage the inventory on Quickbooks after making a journal entry for Shopify sales? Journal entries do not record the inventory that was sold in those sales - so what would be the step to record that? :) Thanks!

[@5MinuteBookkeeping]

Hi Jaimee. Check out this video kzbin.info/www/bejne/gJeTe5l6lsZ_pqc

[@normanocampo4466]

HI, Veronica, thanks for the heads up, so it is BETTER to keep all the records in order monthly and save it so that when the yearly reports come, it is very EASY just to retrieve all the records and reconcile it for easy tracking?

[@5MinuteBookkeeping]

I'm not sure I understand your question. If you want to attach receipts to transactions in QBO, you could use an app called Dext to do that. Aside from that, you would not want to spend time at the end of the year matching receipts to transactions - that would be very time consuming. I hope I understood your question, if not, please let me know.

[@jorge-sw3wh]

This is great 👍.....where can I see more videos ??

[@5MinuteBookkeeping]

Hi Jorge. I think you found all my videos already. They're all in my KZbin channel, 5 Minute Bookkeeping.

[@danila_am_i]

Thank you. Tell me please if you know. Maybe exist Apps for Profi people? I will just try working as self-employed.

[@5MinuteBookkeeping]

Hi. I don't know what Profi is.

[@debbies9838]

I want to start my career at a bookkeeper, any information on how to start on my training. I dont have experience or knowledge

[@5MinuteBookkeeping]

Hi Debbie, you should start with bookkeeper training first. Take a look at Bookkeeper Launch and Universal Accounting.

[@angietorres8227]

Hi Veronica How can i sort your videos by topics?

[@5MinuteBookkeeping]

There is no way to do that in KZbin. You can look at my Playlists or use the search field to find specific topics.

[@dennisalexander1806]

What are bank feeds

[@5MinuteBookkeeping]

That's a great question Dennis. Those are the transactions from your business bank and credit card account that "feed" into your QuickBooks file. You have to connect QBO to your business bank and credit card accounts first.

[@loric1909]

When you enter transactions manually from paper receipts, invoices, etc, are you saving those for any reason or are they not needed after recording?

[@5MinuteBookkeeping]

We don't enter transactions manually for clients from paper receipts and invoices. We collaborate with our clients on their books and are not doing after-the-fact bookkeeping. However, we receive any documents from our clients electronically and they are stored in Box, our cloud document-management app.

[@loric1909]

@@5MinuteBookkeeping 3 min into the video there is a note about entering transactions manually under the Record step. I'm new to bookkeeping so maybe I'm missing something. So you do not enter the client's transactions? If you are doing this for your own bookkeeping and not a client, is it different?

[@5MinuteBookkeeping]

@@loric1909 Oh, I see what you mean. Since I am talking to small business owners in this video, I was referring to them entering their transactions. They will likely enter their transactions from source documents. In my accounting firm, we do everything 100% virtual and it is also our goal to free up our clients as much as possible from dealing with the financial side of their business. Consequently, we request as few documents as possible from our clients and use bank feeds to record transactions. Of course, that can vary from client to client. But, the point I am trying to make is that we don't get a "shoe box" full of documents to do our clients' books.

[@loric1909]

@@5MinuteBookkeeping Thank you for explaining! Great videos. I like your teaching style. I'm a new subscriber.

[@5MinuteBookkeeping]

@@loric1909 You're welcome! Thank you for subscribing.

[@bleh329]

Hi, Veronica! Has your workflow changed since this video?

[@5MinuteBookkeeping]

Hi. It has not. It is still the same.