[Full Tutorial] Complete Year of Bookkeeping for Trucking Companies in Under 1 Hour!

[@masifarain2203]

Please make a Tutorial of Bookkeeping for Small Businesses and E-Commerce. Thanks

[@BookkeepingExpert]

Will Do!

[@hart2hart619]

WATCHED TIL THE END!! THANKS! NEEDED THIS!🙃.....need more!!

[@BookkeepingExpert]

More to come!

[@carlemd8648]

very helpful ,i definitely have a better understanding of bookkeeping after watching this. thank you

[@BookkeepingExpert]

Glad it was helpful!

[@rww4624]

Loved this video Zach. Could you do another video like this for service based companies? I'm trying to learn how to help them first.

[@BookkeepingExpert]

I'm making a course right now, but I will add that to my list! You can sign up for early access and special offers to my course here --> www.harrisburgbookkeeping.com/bookkeeping-course

[@elenaescol120]

Hello, Zac I'm one of your avid subscribers from the Philippines and I find your videos helpful and so informative. I would love to watch a full tutorial about a Real Estate Business. More power to your bookkeeping business.

[@BookkeepingExpert]

Yes! I will add that to my list! I have a lot of real estate clients so that should be a good one!

[@racheld4418]

Thank you! Such a helpful video. Would love marketing and other company videos 🙌🏽

[@BookkeepingExpert]

Will do!!

[@joostrander]

Great video. I watched it to the end and can’t wait get started. Seems perfectly explained at a good pace. I will be watching it over and over after I buy quick books

[@BookkeepingExpert]

Glad you enjoyed it!

[@xasanboybaratov5982]

Really helpful video, I was looking for the expert who had video of categorizing transactions properly in QBO and split management of transactions. That's what I needed. Also lasts 43 mins more but I felt it lasted 43 seconds to get understand all that shown. Thank you very much for your video. Good luck, I will look forward to getting more videos about Profit Lost and Balance Sheet making correctly in QBO.

[@BookkeepingExpert]

Glad it was helpful!

[@sammya.662]

Please make tutorials for real estate company, insurance company & a restaurant.

[@BookkeepingExpert]

kzbin.info/www/bejne/rnasl2luhZhnq9U

[@shreyasim51]

please make a tutorial on a restaurant industry

[@icberg2glac]

Can you do a video on 1 truck owner operator?

[@BookkeepingExpert]

I will do my best!

[@joannebranzuela2684]

Thank you so much! Easy to understand.

[@BookkeepingExpert]

Glad it was helpful!

[@titoo1852]

Awesome & very informative. Please can you do similar start to finish tutorial for a construction company and real estate. Thank you

[@BookkeepingExpert]

Great suggestion!

[@AusteroTrucking]

Great video! Very informative and detailed.

[@BookkeepingExpert]

Thanks!

[@dpone6814]

Great content. Much appreciate the thorough walkthrough.

[@BookkeepingExpert]

You’re welcome! Please let me know if you have specific questions, and I will answer them in my next video

[@cevirmen]

Hi, Zach. Can you make a tutorial how to keep our records if we are in tax lien and deed business? I think it should not be identical with real estate bookkeeping, right?

[@MichelleQuesada-u3n]

Great video! Do you have a detailed video on splitting factoring feeS?

[@BookkeepingExpert]

kzbin.info/www/bejne/i2HJamqMYtqGirc

[@kukhtik]

Thank you for the video!

[@BookkeepingExpert]

My pleasure!

[@arveelover]

I finished up until the end, watching from Canada but i'm Filipina. Thanks for your time and effort in giving us valuable information. Hopefully you will make tutorial video about Online Store Businesses and/or Dropshipping Businesses 😊🙏

[@BookkeepingExpert]

Thanks for watching!!

[@elenaescol120]

Thank you , watched the video till the end.

[@BookkeepingExpert]

Thanks for watching!

[@BackyardBerry]

I’d like to see a tutorial like this for a plant nursery.

[@BookkeepingExpert]

Great idea!

[@dapowertruckingllc6509]

Hi, this is the best video explanation of a trucking company bookkeeping for us who do our own bookkeeping so THANK YOU! Can you go into a bit of detail of how to categorize the factoring company fees? i also use TAFS but if you can please help me categorize that, i would so appreciate it!!!

[@BookkeepingExpert]

kzbin.info/www/bejne/i2HJamqMYtqGirc

[@rogerakers-qx5oh]

do a quickbooks video on how to input factoring invoices, other bookkeeper don't understand this part of trucking,

[@BookkeepingExpert]

kzbin.info/www/bejne/i2HJamqMYtqGircsi=LjkVvxegBwJQOfdE

[@mohammaduddin1463]

Hello Sir, Could you please make a video on small Toys and or Grocery store how to record the inventory with out tracking the quantities? I mean base on invoice value $ amount also how to record daily sales (credit card and cash transaction). I really love the way you explain all the details. I feel like I am in the class room and you are in front of me. Thanks a lot. Reply

[@BookkeepingExpert]

Debit inventory and credit cash. Then debit COGS and credit inventory at the end of the month to reconcile inventory on the books with actual inventory on hand.

[@BackyardBerry]

A plant nursery with an online retail location as well as a brick and mortar location.

[@BookkeepingExpert]

Good idea!

[@din5291]

15 minutes in. This is great content

[@BookkeepingExpert]

Thanks!! Please subscribe ;)

[@EricOsterberg]

How about a video for a mobile locksmith business. Inventory is a huge part of operating. Hundreds of key fobs for each year, dozens and dozens of vehicle makes.

[@BookkeepingExpert]

I’ve never done bookkeeping for a mobile locksmith business!

[@nisaphim6059]

Thank you so much!

[@BookkeepingExpert]

You're welcome!

[@MattDiesel]

You should add a compliance division to your company. Where you handle this aspect of the business for small trucking companies. I'd pay you.

[@BookkeepingExpert]

Good idea!

[@jordanthomas8540]

How much would you pay for something like that? Would it be monthly or one time

[@VanessaB4287]

I have a potential client who owns a small farm. Would you mind doing a full bookkeeping tutorial for farming as well? Thanks for your videos! 😊

[@BookkeepingExpert]

I have never had a farm client! But I will try!

[@wazmink2459]

learning slowly

[@BookkeepingExpert]

Good job! never give up :)

[@wazmink2459]

@@BookkeepingExpert Yes, I need and must learn because I want to work online as a bookkeeper but not as an accountant. I'm planning to take exam for quickbook ProAdvisor

[@lorenzotorrespaz1924]

Excellent bro.

[@BookkeepingExpert]

Thanks!

[@jannettabreu6960]

Awesome video. Well explained. How exactly do you input the fees for the factoring company?

[@BookkeepingExpert]

It's a journal entry. Here is an example. $1,000 load factored so you only received $970 Debit Cash $970 Credit Income $1,000 debit Factoring Fee $30

[@ripe_avocados]

This was amazing I watched the full video. Is this enough to help me land a booking job? If not what more do I need to learn?

[@BookkeepingExpert]

There is so much to learn!

[@cindyallen9857]

This video is very informative. I have only 1 client,a truck in company. if you have time can you reply to my comment with the breakdown of your factor journal entry. Just want to make sure im doing mine correctly. you definitely should cover more specific industries.

[@BookkeepingExpert]

kzbin.info/www/bejne/i2HJamqMYtqGirc

[@compupoint6178]

Hi Zach, Please can you do a KZbin video for a nonprofit organization, please, it would be extremely helpful for us. thanks

[@BookkeepingExpert]

I don't do nonprofit bookkeeping, sorry!

[@ginabaker1130]

Hi! In another video, accounts were created for trucking direct costs, or COGS (truck repairs, truck fuel, maintenance), then each truck was added as a "class" to track each truck's income/expenses. Then when you run a P&L by class you will see income/expenses by truck. Let me know if you have any thoughts on this method.

[@BookkeepingExpert]

That's a great idea!

[@johnjingleheimershcmit9251]

Very insightful video. You mentioned it's a good idea to attach a copy of the invoice or receipt to a transaction. What would this be used for, just auditing purposes?

[@BookkeepingExpert]

Paper trail & reference for questions

[@EdChubb-o6e]

Excellent.....

[@BookkeepingExpert]

Thank you! Cheers!

[@zamirag1]

By any chance do you factor invoices? If so, how do you account for them in QB?

[@BookkeepingExpert]

kzbin.info/www/bejne/i2HJamqMYtqGirc

[@ajgnos]

great content. How do you recommend me adding expenses that I paid with a personal credit card without having to link that card?

[@BookkeepingExpert]

That answer is too long for this comment, sorry!

[@justapersonalaccount]

Can you do a tutorial for general contractor?

[@BookkeepingExpert]

I will try!

[@JackieDowning-h7d]

Hey! I just watched your entire video as I just received my first trucking client. When you say that we need to update the Net Income they're getting from the trucking company, how do you categorize those other fees that are taken out? Do you split out each item or just add the difference to one special category? Sorry I do not know all the correct lingo yet for trucking.

[@SandraLongoria]

I believe all fees should have their own categories such as fuel, insurance, etc for accurate reporting on the P&L and tax returns.

[@BookkeepingExpert]

Congratulations on getting your first trucking client! When categorizing the various fees and deductions that are taken out from the trucking income, it's a good practice to create separate expense categories for each type of deduction. This provides a clear breakdown of the expenses and helps both you and your client understand where the money is going. For example, you might create expense categories like: Fuel Expenses Maintenance and Repairs Truck Lease/Rental Insurance Tolls and Parking Driver Pay Other Deductions Within each category, you can further break down the expenses as needed. This level of detail provides better transparency and analysis of where the money is being spent. If there are deductions that don't fit neatly into these categories, you can create a catch-all category like "Other Expenses" or "Miscellaneous Deductions." However, the more specific you can be, the better it will be for tracking and analysis. Remember, clear and organized bookkeeping is essential for accurate financial reporting and informed decision-making for your client's trucking business.

[@mariyakalanych]

Which online version of QB would be appropriate for someone who uses classes and can I add multiple trucking companies under one QB account? thanks for the video.

[@BookkeepingExpert]

Plus

[@Mvpoker88]

What would you do if a client has been paying business expenses out of a personal checking account? Do you import the personal checkng bank info and if so what do you do with all the personal expenses that also pull in?

[@BookkeepingExpert]

I would only import the business transactions from the personal account. Disregard all of the personal transactions

[@racheld4418]

Hi, also wanted to ask if you’re able to do a video for a rental company? I have a potential client that rents out gear to the movie/tv show industry and am interested how the chart of accounts would look for a client like that.

[@BookkeepingExpert]

I will certainly add that to my list!

[@Dshackelford]

Are you going to set up a payment plan, for your course at any time?

[@BookkeepingExpert]

No :(

[@geurisramos1199]

Great content!!! How do you separate the factoring fee from the total sales?

[@BookkeepingExpert]

Credit Sales ($1,000) Debit Factoring Fee ($30) Debit Checking account ($970)

[@mac_vegas7026]

Would you give an example with more than one truck? How do you sort them?

[@BookkeepingExpert]

I use class tracking to sort them

[@evansummers4074]

You said to contact a CPA for depreciation on the purchase of the truck. Should we be telling the clients that they should contact a CPA or should we have a CPA

[@BookkeepingExpert]

Tax depreciation and book depreciation are different, and they will want their CPA to calculate their depreciation for tax purposes. Then you can get the numbers from the CPA if you want to make the JE.

[@rahulkamboj5099]

Thanks for the video. I have a quick question. I have a client with a trucking business in canada. The client already has his 2021 taxes done. How can I include the previous balances in all the accounts in quickbooks

[@BookkeepingExpert]

Debit Bank Account Credit Opening Balance Equity

[@frankgpcucho]

how do I category an insurance payment for a truck loss? i had an accident 4 months ago, my truck was a total loss

[@BookkeepingExpert]

Example: Original truck cost: $50,000 Accumulated depreciation: $30,000 Truck’s book value: $20,000 Insurance payment received: $18,000 Journal Entries: To record the loss and removal of the truck: Debit: Accumulated Depreciation $30,000 Debit: Loss on Disposal $2,000 Credit: Truck Asset $50,000 To record the insurance payment: Debit: Cash/Bank $18,000 Credit: Insurance Claim Income $18,000

[@JaysonCanlas-w3x]

Hi, Can u also create a digital marketing agency biz on quickbooks online?.

[@BookkeepingExpert]

I'll do my best!

[@zonfir]

What I dont understand is when I create a fake client just to study on it, do I have to pay for his/her subscription fee?

[@Kidzone-R1]

May I know how to input loads in Qb online . Thank you

[@BookkeepingExpert]

www.harrisburgbookkeeping.com/scheduling

[@mandomestizo]

how do you categorize walmart expense? i buy food for a few days at a time because where i go there is barely any stores or food stores, so i buy fruit, canned items, so it that expense 100%? or i have to do a perdiem for every day? thanks!

[@BookkeepingExpert]

I would use the per diem

[@elove2.038]

@Bookkeeping expert Where do I sign up for mentorship? I just see a link for your course & phone consultation. Newbie here.

[@BookkeepingExpert]

I only offer hourly consultations, that is how I've been mentoring people.

[@BookkeepingExpert]

I just started a weekly mentorship meeting. We are meeting every Monday at 3PM EST check it out!! hbg-bookkeeping.mykajabi.com/offers/rVSvSvKi

[@SandraLongoria]

If it is reported as cash basis accounting on schedule C to IRS, can you set it up as accrual basis in QBO to get accurate monthly expenses and income based on load dates vs payment received dates and then toggle to cash basis for filling out schedule C? Is that allowed for tax returns?

[@BookkeepingExpert]

Yes, you can set up your accounting system in QuickBooks Online (QBO) to use the accrual basis for accurate tracking of monthly expenses and income based on load dates, even if you report on the cash basis for tax purposes on Schedule C. This is allowed and can provide better insights into your business's financial performance. Using accrual basis within QBO allows you to record transactions when they occur, which can give you a more accurate picture of your business's financial health and performance. Then, when it comes time to file your tax return on Schedule C, you can convert the figures to cash basis for reporting to the IRS. It's important to maintain clear and accurate records, and having a system that tracks both cash and accrual basis data can provide you with more comprehensive financial information while still complying with the tax requirements. Just make sure that your accountant or tax professional is aware of your accounting methods and can assist you in accurately reporting your business income and expenses on your tax return.

[@hamzaaliliaquat8856]

Is your mentorship a one time payment? and I would love to join it and being guided by you.

[@BookkeepingExpert]

I just offer hourly consultations right now

[@KayleeBanjaGaHoole]

I’d love a tutorial on someone’s tattoo business 👀

[@BookkeepingExpert]

That's a unique business! I don't have any tattoo clients

[@masifarain2203]

How a beginner can practice to QuickBooks online in a best way to to get experience?

[@BookkeepingExpert]

Connect your personal credit cards and checking accounts to a QBO account and practice categorizing and reconciling your own accounts.

[@masifarain2203]

@@BookkeepingExpert Have Debit cards but not credit cards

[@AbdulWahab-hj2pm]

What kind of truck equipment type you have bro is it for one truck or morethan one trucks

[@BookkeepingExpert]

I sold my truck in 2022. I’m out of the Trucking game.

[@AbdulWahab-hj2pm]

@@BookkeepingExpert why what happened buddy i am planning to buy a truck and start a trucking company as an owner operator if we can connect on i wnat yo discuss

[@AbdulWahab-hj2pm]

You got experience of it that why

[@artstryworld8305]

2 years cleanup for trucking comoany would be charged ???

[@BookkeepingExpert]

$2 to $3 per transaction

[@zaraz791]

Sir, I need a little help from you .

[@BookkeepingExpert]

www.harrisburgbookkeeping.com/scheduling

[@GeorgeofVA]

Wouldn't it be more efficient to label the QBO categories to approximately match similar labels listed under tax category items? P.S. don't assume that nobody watched this video until the end either, LOL!

[@BookkeepingExpert]

There are very limited tax categories on the Schedule C. You will most likely have a lot of "other expenses" that need to be listed on page 2 of the schedule C

[@batmanhudson4235]

I am

[@BookkeepingExpert]

Keep working hard!

[@gariksgarage]

First view! That’s a first!

[@BookkeepingExpert]

Thanks!! Let me know if you have any questions

[@xxmaddog_madaraxx]

36:10 🥷🏾

[@BookkeepingExpert]

?

[@xxmaddog_madaraxx]

@@BookkeepingExpert I hit the wrong timestamp, but I did watch till the end lol