www.QBUniversity.org - feel free to post a question or comment here!
@louietoltolvlog9699 Жыл бұрын
Thank you
@QbuniversityOrg Жыл бұрын
@@louietoltolvlog9699 you’re welcome!
@louietoltolvlog9699 Жыл бұрын
I work for accounting at restaurants business. Having a trouble understanding….with tip… Tips is payable to employees and my CPA said it’s not an expense… Im confused of card tip… Restaurant has card sales including card tips… Should gross sales exclude card tips? What about sales tax? Even if card tips excluded in gross sale, those tips are paid as bank card merchant service fee…and payroll taxes are also included those tips… So my question is 1. Should gross sale not include sales tax, card tip? 2. In qb, is it okay for p and I statement not matched with balance sheet ? 3. Payroll taxes are automatically paid in the bank account…and it’s lump sum payment… When I write a paycheck for payroll, qb calculates payroll taxes for each employees… For bank reconciliation, I’m having difficulty….payroll taxes on paycheck and payroll taxes autopay in bank.. Those are not matched to reconcile…And it can be duplicated payroll taxes…. But anyway in bank account, those both withdrawn in a bank… Should I just add lump sump payroll taxes autopay in qb to reconcile?
@QbuniversityOrg Жыл бұрын
@@louietoltolvlog9699 1. Correct gross sales should not include taxes or tips, those go to sales tax payable and tips payable. 2. Not sure of the question. Net income on PL should match Net income closed to retained earnings on the balance sheet. 3. You can enter as a lump sum to reconcile but will still have to break them out between expense and liability for the withheld portion. Payroll companies withhold the taxes for both employee and employer portion and the employer portion is an expense and employee portion is a liability.
@riyadcosta86724 күн бұрын
I am so glad your channel offers free QuickBooks videos, it's a one-stop-shop for everything I need!
@QbuniversityOrg22 күн бұрын
Awesome!
@BimmerBabe Жыл бұрын
as a person working with a company currently running Great Plains 2010 Quickbooks amazes me!!! its so slick and has everything . that memorize feature was pure gold. Cant wait to start my new gig and apply my new knowledge
@QbuniversityOrg Жыл бұрын
Awesome!
@sheilaschmitt383 Жыл бұрын
Thank you for your help. You explain things clearly. I have watched other videos and refer to you when I need advice.
@QbuniversityOrg Жыл бұрын
That’s great! Thank you!
@jena3044 Жыл бұрын
Hi my husband is considering taking your Master class online after watching your short video on accounts receivables because of your simple explanation. Now my question to you is this 1. Is that how simple it is in a real world scenario? 2. Does he need to be certified as a Quick books Accountant to do accounts cleanup for clients? He is currently taking the course online through Intuit U.S even though we are in Canada 3. Can he get support from after taking your course and runs into some challenges when he starts working 4. Does your Master program covers the tax aspect of both the U.S and Canada? I appreciate your contributions to the benefits of humanity through this medium. Thanks
@QbuniversityOrg Жыл бұрын
Thanks so much Jen! Simple answers are as follows: 1. Sometimes yes sometimes no 2. No 3. Yes with my course it’s lifetime support for the one time fee 4. Do you mean answering questions related to taxes? It depends on what it is but in general, yes, I answer those questions as well. I do tax work essentially as my career through my CPA firm, The Hultquist Firm (www.thehultquistfirm.com). I am not a Canadian tax expert but have helped answer various questions on Canadian taxes over the years.
@marvinnichols2819Күн бұрын
THANK YOU
@timetothink8537 Жыл бұрын
Your Content is help full. Keep up the good work
@QbuniversityOrg Жыл бұрын
Thanks!
@mumtaztaj16 күн бұрын
Thanks for your great and valuable information, but I have faced that you entered in enter bill menue, you know that goes to pending mean how can we clear that pending with this prepaid account
@QbuniversityOrg16 күн бұрын
When the expense is to be recognized you would do a journal entry to move it from prepaid to the expense
@evtyler10 ай бұрын
Excellent video! Thank you for sharing the information.
@Natureshoot3129 ай бұрын
My employees at a company receiving monthly salary but sometime we pay them before the month like prepaid to employee; so how can I record it? Or sometimes giving money to Boss?
@jeb6764 Жыл бұрын
When do you remove the adjustment tick when entering journal entries. Lovely presentation. I got some ideas from it, especially memorizing the transactions for automatic entry- Great
@QbuniversityOrg Жыл бұрын
What do you mean by adjustment tick?
@humingbird2187 Жыл бұрын
Thank you for sharing. I appreciate it.
@QbuniversityOrg Жыл бұрын
Welcome!
@leontino77787 ай бұрын
Bravo!!!! Thank you so much!
@QbuniversityOrg7 ай бұрын
You’re welcome!
@natalyagordon8861 Жыл бұрын
Hello! May I ask for a tutorial on creating a 401K & 401K (Roth) payroll item on QB Enterprise Solution 22 Desktop. Many thanks in advance
@dtnlivinglife6731 Жыл бұрын
Great video thanks. What about prepaid expenses that are different each month and those expenses are billable to clients. Tolls equals to a prepaid amount and then debits that prepaid amount. I pass tolls onto my client. What should Indiana ezpass toll be in QBO as? Indiana ezpass charges a deposit for tolls to be debited from. Then when a toll is processed and debited from the balance of ezpass, how should that entry be put in QBO? When the balance gets to a certain point, Indiana ezpass charges the bank or credit card to build its balance. How should that entry be put in QBO? Thank in advance, hope to see a video of setup and then how to process it.
@Userj.5224 Жыл бұрын
Very interesting! One question: When the monthly registration is automated and the date arrives when Quickbooks makes the monthly accounting entry, does Quickbooks notify you that it did? Or in any case, is there a special classification in the journal of this type of transaction to be able to check if Quickbooks did the job well?
@QbuniversityOrg Жыл бұрын
It depends on how you set up the memorized transaction. If you select to automatically enter it won’t but if you tell it to remind you it will
@BimmerBabe Жыл бұрын
@@QbuniversityOrg so the reminder is to let me know QB did it not a reminder for me to do it?
@QbuniversityOrg Жыл бұрын
@@BimmerBabe it’s a reminder for you to do it
@user-yu7bg9su6h7 ай бұрын
I received Workers comp. dividend, how to categorize it in QuickBooks? Interest income or Dividend earned in Other Income or something else? TIA
@khalidwasu9 ай бұрын
We did not add tax on this insurance bill. What if there is a sales tax portion on the bill?
@QbuniversityOrg9 ай бұрын
Add it to the total bill
@mohibullahayar7031 Жыл бұрын
Very helpful, Tanx
@QbuniversityOrg Жыл бұрын
Welcome!
@LynnPalidwar3 ай бұрын
I received a donation credit on account from a vendor. How do I enter the credit? Do I enter the vendor bills differently?
@QbuniversityOrg3 ай бұрын
Is this just like a vendor credit?
@Brandywine-farm11 ай бұрын
Mine do not have numbers. I just let QB enter one for manufacturing. How do I get a proper chart of accounts? We do not have any accountant
@QbuniversityOrg11 ай бұрын
I would go online and search for a good chart of accounts for your industry that you can model it after
@mumtaztaj16 күн бұрын
Still waiting for reply, a ount payable is still payable, if it is double currency it is another issue
@QbuniversityOrg14 күн бұрын
Pretty sure I answered you on another video
@rajukanabar5803 ай бұрын
What about year end accruals. ? Say last inv for light and heat is up to 5th of August and your year end is 30/9 We call these accruals Then software automatically reverses these journals.
@jvd6220 Жыл бұрын
When it is time to write the actual check for the insurance bill, what account do you record it under?
@QbuniversityOrg Жыл бұрын
If you record it as a bill and then Pay Bills it’ll just run through AP like it should
@scientist1005 ай бұрын
How can you do this but affect the checking account so it shows a realistic balance anyway? Lets say to draw the cash from the checking accounting into a prepaid account that will be deducted over the cover period, lets say 6 or 12 months. This method is no different than just using a check and memorize that check for the next 11 or 5 months remaining which is simpler than creating journal entries, this method just gives a visibility of the balance is my guess within the other asset but I don't see how it helps on showing the actual account balance which it truly doesn't. I was hoping to see something like, draw the actual cash spent in that month but don't show the full amount as an expense for the month but rather an evenly distributed expense when it comes to profit and loss review. This method does the trick with profit and loss but doesn't give me the true balance for when it comes down to end of month reconciliation. Thank you for the video, just trying to see different ways that one can see what's actually available to expense.
@QbuniversityOrg5 ай бұрын
If I understand you correctly you will be overstating cash. So if you spend $12,000 on January 1 for a 12 month premium, you spent $12,000 of cash for an expense to be recognized as $1,000 per month for 12 months
@scientist1005 ай бұрын
@@QbuniversityOrg yes, I just saw another video where they use the checking account to debit into the asset account instead of bill and then use the journal entries to deduct every month. This is what I wanted but will that not show in the profit and loss statement report or is that a valid approach to still see profit and loss reports?
@QbuniversityOrg5 ай бұрын
It should show in the profit and loss correctly
@scientist1005 ай бұрын
@@QbuniversityOrg thank you. I will continue to watch your videos. I'm doing this to get familiar with my finances and when I'm ready to open my business. Basically like a practice thing with my own cash. I also do side jobs so I'm trying to manage personal and that income as well and I have been setting up accounts for expenses that will ultimately be sold for each jobs (cogs).
@QbuniversityOrg5 ай бұрын
Sounds great!
@joannaorloff535 Жыл бұрын
Is there way to enter the first and last day of the term and the QB spreads the expense automatically on the QB? Isn't this going to create many journal entries?
@QbuniversityOrg Жыл бұрын
Not automatic but you can memorize the journal entry to auto enter each month with a start and end date
@marion7032 Жыл бұрын
Does this also apply to a bulk fuel purchase as a pre payment and apply usage as you go?
@QbuniversityOrg Жыл бұрын
In general yes but how much are you talking about? Is it a big prepayment or a small amount?
@marion7032 Жыл бұрын
@@QbuniversityOrg 5000 gallon of dye, we like to put our cost price and a job class as we use it. Will that work?
@humingbird2187 Жыл бұрын
Will this show in the invoices to be paid every month so I can send payment?
@QbuniversityOrg Жыл бұрын
No because a Prepaid Expense means you paid it already
@btiny36 Жыл бұрын
I have a question. At the end of the year, for our year end, we write a check for upcoming year expenses for chemical. My question is how do I record the credit to the vendor also have it come out of our bank account. Vendor xxxx 32,000.00 they cash check for upcoming year. I do have a prepaid account set up but have never used it. I think I understand, that I would simply write the check to the vendor, record it into the prepaid account and as the invoices come in, I would just do a general journal entry and post to prepaid account and our chemical account?
@QbuniversityOrg Жыл бұрын
Yep that’s exactly right!
@btiny36 Жыл бұрын
@@QbuniversityOrg Awesome thanks. Some things are confusing when watching video's, as I'm on desktop and in Canada....But you explain very well. I did take training at our accountants office, but it was just skimming the surface of the program and also they don't use the sale tax portion of the program which sucked...But thank-you for responding🙂
@QbuniversityOrg Жыл бұрын
@@btiny36 you’re very welcome!
@user-db3ql1ds3b Жыл бұрын
Is there a way to migrate QB online to QB Desktop?
@QbuniversityOrg Жыл бұрын
Are you wanting to convert your QBO file to Desktop?
@veronicasanchez2519 Жыл бұрын
@The Quickbooks University yes. I like to bring my info from QB online to QB Desktop. I have about 3 years of history
@QbuniversityOrg Жыл бұрын
@@veronicasanchez2519 unfortunately you can only bring lists, products and services etc. but there are companies out there that will do it for you for a fee