Hello, my QuickBooks online friends. I’m happy to give this video to owners who sometimes pay expenses related to their company from non-business or personal accounts. It’s really the same thing as the owner investing money or asset in to the business. You will increase the owner’s capital investment account to keep track of all personal money that was used for business reasons. You have a choice of using the QuickBooks online register window or the journal entry window the way we learned in prior QuickBooks videos. I thank you all and hope that you will click “like” and “subscribe”
@uroospunyali88613 жыл бұрын
Love you for the specific video my dear tutor. I have a such case in my company. Thanks.
@worldwidequickbooks3 жыл бұрын
@@uroospunyali8861 Thank you; we all do. I'm glad I put it up. I hope you will clcick "like" after watching each one and I hope you will subscribe -Mark
@uroospunyali88613 жыл бұрын
@@worldwidequickbooks I watch two people videos and always love them, and of course, I always click on like. My favorite tutors are you and Hector Garcia. You both are great tutors and your videos are precise, explanative, and clear to understand. Besides, you both reply to your students right away. I need your help one more time. Is there any way to transfer the deposits from the bank account to an undeposited fund account in QB online for the previous month, because I want to follow the deposit process one more time to see if I can find matches in the bank feed? In case, if I have made any mistake in the bank deposit process. I am in the process of the bank reconciliation for September 2020, and it is very hard for me to reconcile the bank without a match. Please help me. Thanks.
@worldwidequickbooks3 жыл бұрын
@@uroospunyali8861 I can answer a quick question, but I would not be able to responsibly advise anyone on their own specific situation without doing it the responsible way with a formal consulting session. You are giving me a lot to read through and think about before answering. I would therefore need to have a consulting session with you so I can have the time and attention to ask the necessary follow up questions to give you an appropriate answer. You can email to me if you need a session workdwidequickbooks@gmail.com
@sharmahemkanta1898 Жыл бұрын
Thank you sir, All the examples are really great.
@worldwidequickbooks Жыл бұрын
So nice of you! There's a whole playlist of this topic if you quit in the top right corner of the video you will see the links.. I hope you will click like after watching each video to help support the free channel for everyone and please subscribe Mark
@vickie6662 Жыл бұрын
Thank you so much.
@worldwidequickbooks Жыл бұрын
I'm happy to help and don't forget to subscribe and I'm here if you have any questions or need any links to any particular QuickBooks video topics Mark
@lynej20113 жыл бұрын
You are fantastic! Thanks for this video.
@worldwidequickbooks3 жыл бұрын
Oh thank you. I hope you will like and subscribe -Mark
@lynej20113 жыл бұрын
@@worldwidequickbooks I already did.
@worldwidequickbooks3 жыл бұрын
@@lynej2011 Thank you so much!!
@karmatingz57973 жыл бұрын
Brilliant, thank you 👍
@worldwidequickbooks3 жыл бұрын
Thank you so much! I’m happy to help. I hope you will click “like” after the ones you watch and I hope you will subscribe. -Mark
@livingparadiselifestyle3 жыл бұрын
Hi, thank you so much for this video. If a new business bank account was funded by a personal bank account through a transfer, how do we record that into QBO? Is it best to record it as a transfer from owner's capital or should we record it as a journal entry?
@worldwidequickbooks3 жыл бұрын
Record it in the deposits window and the account is owner's capital. Here is a playlist all about that. The last few are the ones that discuss owner's capital. That's the correct account kzbin.info/www/bejne/bWHEpWCEeL6toKc I hope you will remember to click "like" on the one's that helped you and I hope you will subscribe. -Mark
@livingparadiselifestyle3 жыл бұрын
@@worldwidequickbooks Awesome, thank you so much.
@worldwidequickbooks3 жыл бұрын
@@livingparadiselifestyle happy to help
@veronikashapovalova Жыл бұрын
This is exactly what I was looking for. Thank you
@vivianhalldewberry78393 жыл бұрын
Thank you
@worldwidequickbooks3 жыл бұрын
My pleasure. I hope you will "like" an subscribe
@jadams52014 жыл бұрын
Questions: Does this work the same for Desktop QuickBooks? And does this work for an LLC the same way? Thank you for this video. It came at a perfect time.
@worldwidequickbooks4 жыл бұрын
The answer is yes, Here are the videos about owner's transactions in quickbooks desktop. They apply to all kinds of companyies. You would record things in the way that it shows in the videos and just give the file to the tax accountant. Then it will work. Look at #7 through #10 in this playlist... kzbin.info/www/bejne/d2a2daSsmbaanbs I hope you will "like" them and subscribe -Mark
@uroospunyali88613 жыл бұрын
Hello great tutor, your videos are always precise and explanative and also very useful for beginners. I am having a problem with printing the preview of the report in Quickbooks online. When I print the financial report or any other report without previewing, it does not cover the page. The printing page does not cover even in landscape. In addition to this, if I want to narrow the columns to adjust the page, there is no way to narrow the columns. Would you please help me how to squeeze the columns and also preview the printing. I highly appreciate your help. Thanks.
@worldwidequickbooks3 жыл бұрын
It sounds to me like this is not a quickbooks online issue. If it is, then I can only suggest you look at the print settings in both quickbooks online as well as your own printer. If that doesn't help then I really think you need a tech person who has experience with printing issues. -Mark
@uroospunyali88613 жыл бұрын
@@worldwidequickbooks I called QB to help me, but they have people to help there with no experience and skills in QB, they put me on hold to figure it out for an hour and then disconnected. That happened twice. I don't think it is a printer problem, because I can preview and print other documents on MS. Word and Excel.
@runitapace2 жыл бұрын
I have a business, but never opened a business bank account. Within my personal bank account I have a debit card and a bill payment account. I put all money received/earned into the bill pay account. I use that bill pay account to pay all personal bills (auto withdraws). I draw money from the bill pay account and add it to my debit card account. This is where I pay for personal and business expenses. I withdraw money from my Bill Pay Account to keep the debit card from going negative. Which means I draw $200 from the Bill Pay account and put it into the Debit Card account. So if I transferred $200 from the Bill Pay, but only used $58 for business supplies I am wondering how to code and do the transactions in QBO.
@worldwidequickbooks2 жыл бұрын
Thank you but I can't read all that Just one question at a time and 2 to 3 sentences each question. Think about how to summarize and be concise and I will give you a good answer Mark
@vivianhalldewberry78393 жыл бұрын
Thanks so much for the explanation. What do you do when you have done reconciliations and end up with deposits/payments that have not cleared.? The client has paid buisness expenses from a non business account.
@worldwidequickbooks3 жыл бұрын
Thank you Vivian, Why can't you record that the way thos video shows? I don't know why you are talking about what's "cleared". If a transaction has not been paid from the busines sbank account, then it does not effect the business bank account and those transactions have nothing to do with the business account reconciliation.
@Davena4 жыл бұрын
I just LOVE your channel! I have learned so much from you in running my 18 door LLC in QB for Mac. Thank you. I do have a quick question...I use cash vs accrual in my business and noticed you like the accrual method better. Is there a reason?
@worldwidequickbooks4 жыл бұрын
Thank you so much Dee!! Yes, Accrual is the correct way to manage your bookkeeping up until tax time. That's becuse it gies a more fair and clear picture of what's going on in your business. When it's tax time, your accountant will make the appropriate adjustemnts for the cash method. That's the only time you need the cash metod. After filing taxes, go back to using accrual method properly. I hope you will "like" the videos and subscribe -Mark
@Davena4 жыл бұрын
@@worldwidequickbooks Have liked and subbed. I have been doing my taxes for over a decade but have now added quite a few SFHs to the herd and have selected a new CPA I want to hire for my 2020 taxes. But I have always selected that I am using CASH basis accounting. This is going to seem like a stupid question but will using the Accrual method for 2020 in quickbooks mess that up? EDITED to add: I haven't met with him to ask is opinion and won't until after the tax season rush is over for him. Thank you again.
@worldwidequickbooks4 жыл бұрын
@@Davena Thank you Dee. If He/She is the one doing your taxes, then do it the way He/She says. -Mark
@Davena4 жыл бұрын
@@worldwidequickbooks - Thank you! Thumbs up!
@worldwidequickbooks4 жыл бұрын
@@Davena My pleasure Dee, You may want to "share" some videos or my channel page with your CPA. I have many CPA clients who come to me for QuickBooks issues and I promise a solution, and soon a video, for everything in QuickBooks. -Mark
@chrishinkley9705 Жыл бұрын
Rather than a check to withdraw funds how do we record a electronic transfer?
@worldwidequickbooks Жыл бұрын
If it's a physical check you would use the check window but if you're transferring online you use the expense window. They both record the same information and could be used interchangeably This is explained in the main tutorial and if you need the link to the 4 hour main full foundation tutorial then please let me know. Mark
@monicadockery6658 Жыл бұрын
if a business owner comingles his personal account as much as he does his buiness account, should i list his personal account in quickbooks under his business account? And, the deposits from invoices are split in both accounts with the magority of money being in the personal account. I would need to to close out the invoices right?
@worldwidequickbooks Жыл бұрын
I suggest you watch this playlist first about the commingling of funds and then you'll be in a better position to ask your questions or it might even answer your questions for you you will see QuickBooks Equity Transactions, Accounts, Adjustments And Owner-Related Journal Entries: kzbin.info/aero/PLqRhgBZfJuE7ZB_1P97kFKntwstDBa6Tm Mark
@normajean51502 жыл бұрын
Thank you. Can you further link me to a video on how best to reimburse the business for the contribution? Is it best to set up a liability acct to track each time this happens and then Cr business checking and Dr that liability? If we did it that way, would the JE instead be Dr expense/Cr loan from owner (liability) then Cr business checking and Dr liability when reimbursed? Thank you!
@worldwidequickbooks2 жыл бұрын
Thank you but you must not use a liability account because money is not owed to the company from the owner and money is not owed to the owner from the company Transactions between the company and the owner are only owners equity transactions and you must use only owners equity type of accounts to record these types of transactions I appreciate the input but this does go back to basic accounting rules Make sure you find the whole owner's equity playlist and watch it from beginning to end because everything will be clear in regard to these types of transactions and owners equity transactions It's under the 1st paragraph the link in the description and the link is also in the top right corner of the video so you can see the whole equity playlist and understand the context Mark
@TheGeetWorld4 жыл бұрын
Thank you for the informative video. I have a question. I recorded opening JE to record business purchase DR(all assets we bought CR(Loan) & CR Owners equity for opening balances. Now when I am trying to reconcile my bank account I see the amount I put initially in business which should be CR to owners contribution but if I do that my equity account will show both balances from JE(in owners equity account) and bank feed balance coded to owners contribution account. What should be the proper way of reconciling my bank now without increasing equity account? I'm not sure how to record this?
@worldwidequickbooks4 жыл бұрын
You have this issue because you need to be made aware of how this would work when using bank feeds. I suggest you patiently watch the desktop bank feeds play list. kzbin.info/www/bejne/bH3YnqSgdsSBmLc -Mark
@danielm.wekesa8093 жыл бұрын
Is Reimbursable Expenses Account the same as Owners Pay & Personal Expenses Account? How would you Categorize money taken from the Business Accounts by the Owner on the pretext that they spent their own personal funds to pay certain Business Expenses?
@worldwidequickbooks3 жыл бұрын
Thank you Daniel, The text description has links to the rest of the topics in the equity playlist, find the link or look in the top-right of the video for teh card link to the whole playlist, there is a video for both of those senarios. Please confirm that you found the playlist and the video topics you need. -Mark
@uchechukwunduka37353 жыл бұрын
Thank you for your video. How do I post inventory purchase from a related party company bank account in QuickBooks Online.
@worldwidequickbooks3 жыл бұрын
Why would another company purchase your inventory and give it to you?
@uchechukwunduka37353 жыл бұрын
@@worldwidequickbooks the company is cash strapped and the related company purchases inventory on it's behalf with the goal of being refunded
@worldwidequickbooks3 жыл бұрын
@@uchechukwunduka3735 1 way to record that would be to make an inventory adjustemt. Create a current liability account called "inventory payable". Use that account as the "adjustment" account. Here is how you record invenotry adjustment. kzbin.info/www/bejne/q5i2Z6Z5rtmih6M Then, pay the liability in the "checks" or "expenses" window. There may be other methods but they will only be correct if they give the same results as this.
@cheyennexia1639 Жыл бұрын
I would like to ask how to categorize a credit card payment made by a third party, like a family member? Thank you
@worldwidequickbooks Жыл бұрын
Thank you for asking but that is technically an accounting question not a QuickBooks question. However, I can tell you that if a company debt or a company expense is paid from anyone besides the company, like the owner or the owner's friend, then that would still count as owners investment regardless of your relationship with the third party who pay the expense. You can go to the main Channel page and search for owners Equity QuickBooks playlist so that you can see all of the type of transactions that count as owners investment or owners withdrawals and if you can't find the link just tell me I'll find it and send it to you. Mark
@cheyennexia1639 Жыл бұрын
@@worldwidequickbooks Thank you for your quick response, Mark. Extremely helpful!
@worldwidequickbooks Жыл бұрын
@@cheyennexia1639 @Cheyenne Xia I'm very glad to help you. I hope you will remember to click "like" after each one and subscribe. -Mark
@cheyennexia1639 Жыл бұрын
@@worldwidequickbooks Already done that!
@worldwidequickbooks Жыл бұрын
@@cheyennexia1639 :)
@islamiyan73654 жыл бұрын
Hello sir! I have an important question from you I hope you will understand my question 1, for example I have a store for machinery in my company in which I put spare parts and consumption materials which I need to run the business how I can use the items of that stores as expense for example I take out one gallon of oil from that store and use in my business I don't know how I can pass the transaction how I can use my own inventory as expense
@worldwidequickbooks4 жыл бұрын
The simple rule to follow is: if you are bringing assets TO a business FROMyour home, the money amount of the withdrawls is what you PAID for the item. However, if you are bringing something FROM your home TO your business, then the money amount of capital investment is the VALUE of what you are giving. I hope that helps -Mark
@Djloconyc4 жыл бұрын
Good Morming, Question I use my personal account to pay my business credit card how do I record those payments? For some reason those payment are recording as Expenses
@worldwidequickbooks4 жыл бұрын
From number 7 to number 11 in this playlist will explain exactly what to do for those transactions kzbin.info/aero/PLqRhgBZfJuE7ZB_1P97kFKntwstDBa6Tm I hope you will click like after watching each video and I hope you will subscribe
@Clouddyy3 жыл бұрын
I have already created the expense, now i only need to pay the supplier through the personal account, how do I do that? If I use your method the expense account is booked twice. Can you please explain how can I make payment to a supplier from personal expenses.
@worldwidequickbooks3 жыл бұрын
I have no idea what you're talkin about My Method works and it doesn't cause a problem and it doesn't book the expense twice just watch the video and do it this way and don't make up anything extra that you don't have to
@kamalgholami7863 жыл бұрын
Can you please explain how to enter an equipment or supplies purchased from for example a garage sales or an individual in Kijiji that has not issued receipt (invoice) and the item expenses were paid in cash by owner? Thanks
@worldwidequickbooks3 жыл бұрын
Thank you Kamal, Since your question has a lot of details, the besta thing I can do is refer you to the playlists - beginner to advanced kzbin.info/www/bejne/ZqWlfKJtd8dseM0 advanced playlist - kzbin.info/www/bejne/Z4GvYqt-d66CiZY Look at the title of the topics to find the one's that apply to your question. Then you can ask me again with more clarity in your question. That is, if you still have a question after watching the viceo. -Mark
@kamalgholami7863 жыл бұрын
Thanks Mark
@AR-xu2gg4 жыл бұрын
If I add an expense and owner's investment to account for something paid for by a personal account per the instructions in this video, the expense doesn't show up under the "expense transaction" list under the "Expenses" menu. How can I see these Journal Entry's in an expense list? I don't want to miss something or duplicate it because I don't see it there. Thank you! I just went back to my expenses menu and if I clear all the filters I don't see the journal entry in the expense transaction list, but if I filter on the category, in this case "small tools expense" then the journal entry will appear in the expense transaction list. Is this a bug? I feel like I should see all expenses when I clear the filter, especially when it's there when I filter on a specific expense.
@worldwidequickbooks4 жыл бұрын
Use the 'Journal"report to see everything. Use the report called "transaction list by vendor to see everything you paid eaach vendor. You can also look at the trial balance to see everything. I suggest you watch the QBO Foundations playlist first: kzbin.info/www/bejne/ZqWlfKJtd8dseM0 I hope you will clcik "like" after each video that helped you and I hope you will "subscribe" -Mark
@patrickloretz47383 жыл бұрын
Related question. When I look at the vendor transaction list or anything vendor specific, I don’t see these payments called out. Instead I just see $0 entries. How should I account for vendor payments that were paid with personal funds, so that they show under that vendor in QBO?
@randomlyjessie96893 жыл бұрын
But what about using personal credit cards? Can’t we just use expense transactions somehow?
@worldwidequickbooks3 жыл бұрын
Thank you Jessie, This method applies to using non-business credit cards AND non business bank accounts. It's the exact same idea. In fact, even if you paid a business expense with persnal cash from your pocket, you would record it the exact same way shown here. In your business QBO account, you would record it exactly like it shows here. Teh only difference to you, if you used a personal credit card and not a personal bank account, would be how you record it in your HOME FINANCE PERSONAL RECORDS. You can take a look at that playlist and I have both for quickbooks desktop if you need. kzbin.info/www/bejne/fmbdlKJ-qLmNgrM
@lifeaccordingtomilo65313 жыл бұрын
@@worldwidequickbooks i am wondering the same thing, sort of. When you use the expense function, it has you enter the tax to calculate your tax payable, if i record an expense this way, it doesn't do that. Am i missing a step?
@worldwidequickbooks3 жыл бұрын
@@lifeaccordingtomilo6531 Thank you for your question but I have no idea what you are talking about. If you pay a busienss expense from a personal account, do it the way it shows in the video and it will work. I have no Idea what you mena when you refer to taxes or say the window is calcualting tax? I'm happy to help if you clarify -Mark
@lifeaccordingtomilo65313 жыл бұрын
@@worldwidequickbooks maybe its different in different places. When I put my expenses in using the expense tab, it separates the price from the sales tax because its deductible from my sales tax remittance. But when I enter it that way I don't see that happening?
@worldwidequickbooks3 жыл бұрын
@@lifeaccordingtomilo6531 I never heard of the expense window separating the sales tax of something you are paying for.