This video was extremely helpful since I'm converting to accrual after 50 years of only using cash basis. Thank you so much!
@HectorGarciaCPA6 ай бұрын
:)
@icc41702 жыл бұрын
Started bookkeeping a month ago. No experience. This video saved my day. Thanks!
@HectorGarciaCPA2 жыл бұрын
Awesome
@momcologistmakeupjen61972 жыл бұрын
Very helpful and informative! I've been racking my brain trying to figure out why none of my reports made any sense for over a year and a half now... it literally never even occured to me (although I asked the accountant what method he was using, he never answered me), but my reports showed tons and tons of income that we simply just never received. It wasn't until on a new computer I went to go run a report and/or maybe it was an update that happened since the last time I ran reports??? But, it asked me what accounting method I wanted the reports in... it wasn't until that message today that I realized why our numbers were so skewed, as we have alot of invoices hanging out there that need to be cleaned up in one way or another. I appreciate your videos so very much more than you realize! I just wish I would of known this was a problem or actually, simply just a setting before that message popped up today. I've wasted countless hours trying to figure out why the numbers are so skewed and watched so many videos... But, not being an accountant, nor having any classes past 'computerized accounting" that mainly taught excel spreadsheets formulas back in 1998, I didn't even realize that the reports would be different! So, I didn't even have a clue as to what to even search to figure out what the issue was... This video went above and beyond. I like the quickness of it. And, I've saved it for future reference!!
@HectorGarciaCPA2 жыл бұрын
:)
@usnaccountant3 жыл бұрын
What an awesome video and I definitely loved the pace. It was quick and rapid fire. Tremendous value in distinguishing deltas between cash and accrual based reports. Thanks for posting this.
@ceetee625511 ай бұрын
Very helpful and informative. these Unapplied accounts are simply place holders until Invoices or bills are created after the fact of receiving or submitting payments. Helps a lot.
@HectorGarciaCPA8 ай бұрын
:)
@chucktrotter96993 жыл бұрын
1.30.21 Hector, was interesting to see how the amounts flowed around. I will have to watch a few times to follow. Thanks
@HectorGarciaCPA3 жыл бұрын
Complicated
@sharonmiller94073 жыл бұрын
Hector, you are always entertaining! Great video.
@HectorGarciaCPA3 жыл бұрын
You welcome
@OrlandoCampo-eo2lo11 ай бұрын
Great video Hector. It really helped me understand better the concept of CCRUAL BASIS.
@HectorGarciaCPA11 ай бұрын
Great.. its a hard thing to grasp without the examples
@mylingo24662 ай бұрын
Been experiencing those transactions, thank you for this video sir.
@HectorGarciaCPA2 ай бұрын
Happy to help
@haru_19973 жыл бұрын
It's a little confusing at the first watch but when I rewatched it again, I get it.
@meetprajapati79563 жыл бұрын
I'm from india. It was very helpful. Can you please make video on matching bank balance with real example. Because I am very confuse in duplicate, clear, unclear,matching transactions.
@MohammadAlarjeh Жыл бұрын
Thank you very much, Hector! A worthwhile endeavor.
@bradhaynes56168 ай бұрын
Good video...even years later. Would like to see the credit memo example on the bill/bill pmt side for prepaid expenses. And, for bonus, include a loan. For example, financed liability insurance is pretty common. So, let's say I have a $12,000 insurance premium. The broker gets paid a down payment, the balance is part of a premium loan that is paid off over 9 months. From an accrual basis, I want $1000 per month insurance expense. But, from a cash basis (I think) I want to see the entire insurance expense with the down payment and loan. Then of course, the interest expense on the loan over the 9 monthly payments. That's my current dilemma. Any way, very good content Hector!
@HectorGarciaCPA8 ай бұрын
Yea.. cash/accrual is the never ending dilema
@shiblisadiq72622 жыл бұрын
Thanks a lot Hector. A great piece of work as usual!
@jimdoris21122 жыл бұрын
Complicated but clear. What impact would a credit card purchase have on the BS or P&L if bought in March but credit card paid in April, using cash basis.
@roberte.herrera15323 жыл бұрын
It was valuable.. I understand. Thanks Hector
@apasservice3911Ай бұрын
Monies received before the invoice is created (in advance) is a Liability and not Current Asset as reported in your example
@HectorGarciaCPAАй бұрын
Please tell me when in the video i said that please, so I can issue a correction
@joanharder21242 жыл бұрын
Exactly what I was looking for! Thank you Hector!
@haru_19973 жыл бұрын
Thanks for the tutorial sir!
@fubi19873 жыл бұрын
Questions: How do you enter tips? Since they’re not part of the invoice. How do you enter reimbursement of materials received from customer? Should that reimbursement be part of the invoice?
@HectorGarciaCPA3 жыл бұрын
You can invoice it or enter the deposit as a Tips Liability account it’s not income
@alkaamin6602 жыл бұрын
Thank you. All your videos are helpful.
@lotisjohnson75613 жыл бұрын
As always, thank you Hector for getting into the weeds to enhance our understanding. My question is related to the unapplied cash payment income. How do we clear the unapplied cash payment income if the customer overpaid and just wants us to keep the extra as donated income? They don't want the overage applied to a future invoice. (I paused the video at 10:26, so I apologize if you answer this question later in the video that I haven't seen yet)
@HectorGarciaCPA3 жыл бұрын
Create an Invoice for it.. and apply the payment
@lotisjohnson75613 жыл бұрын
@@HectorGarciaCPA I later saw that! Thank you!
@nikkismith5524 Жыл бұрын
Great video, as always! I learn so much for you-- thank you! I was hoping this video would cover if there's a way to clear out old Unapplied Cash Payments from previous years. Did a conversion from Desktop to Online, and old invoices/payments got messed up, so now customers show Unapplied Cash Payments when they shouldn't have them. Is there a way to fix these?
@HectorGarciaCPA Жыл бұрын
Unapplied cash payments do not get “cleared out” they need to be applied or deleted
@nikkismith5524 Жыл бұрын
@@HectorGarciaCPA, Awesome! Thank you so much! :)
@israelalvarado9720 Жыл бұрын
I’m looking thru your videos to see if you have a video that pays a business credit card using the business account. But I can’t find any.
@dpruittt0910 ай бұрын
Click on the "new" button on the left then hit "pay credit card". Then select the business account as the one paying down the credit card. If you paid the card already and have both accounts connected onto QB, you will also be able to just match the transactions as a payment to accomplish the same thing
@nellybird52115 ай бұрын
It was really helpful
@HectorGarciaCPA5 ай бұрын
:)
@KeriCoxKan3 жыл бұрын
Very good and informative video. Please keep it.
@HectorGarciaCPA3 жыл бұрын
Thanks
@juliusalistado84042 жыл бұрын
Your videos are a truly a gift from the heavens! Thank you so much! Quick scenario & question: Does QBO or even QBD has a functionality like restricting amendments/posting to closed period for reporting purposes; i.e. period controls? I noticed that the bills/invoices are reported based on the bill date/invoice date. What if for example a "lost bill" dated 12/15/2021 has been received in March 2022. If we record it in QBO, I think it will change the P/L in Dec 2021 which has been closed and finalized already. It should be reported in March already, right? Instead of using the actual Bill date in the invoice, we should use a date in March (perhaps Received Date) just to have it shown and reported in March 2022 P/L.. That's the only way I can think of. Haven't used QBO yet so.... XD
@HectorGarciaCPA2 жыл бұрын
Sorry cant troubleshoot accounting issues via email.
@juliusalistado84042 жыл бұрын
@@HectorGarciaCPA No problem. Thanks, Sir Herctor.
@dpruittt0910 ай бұрын
Yes this is called "closed periods" it is a setting you can turn on.
@nf2804 Жыл бұрын
Hi, Hector! Your videos helped me so much! I have a problem, QBO. I have a customer who is also a supplier to us, we owe him money for an invoice and agreed we send him goods in exchange (sales invoice). How do i set the sales invoice against the purchase/expense? QBO doesnt let me use undeposited funds…so im strugling to come up with a solution.🙏 Thank you!
@HectorGarciaCPA Жыл бұрын
Search “quickbooks barter” in KZbin, im sure there is a video or two explaining the process
@nf2804 Жыл бұрын
@@HectorGarciaCPA thank you so much for your direction!!🙏 Im using qbo at work, and started a L2 AAT course, and i got lost with this one. I learned using QBO from your videos, they are a tremendous help for total beginners, i would be lost without them! Thank you again for the work that you do! From the UK:)
@johnshipone69213 жыл бұрын
NERD! All kidding aside, succinctly done. Another great tutorial.
@HectorGarciaCPA3 жыл бұрын
LOL, thanks
@gabrielpadron33833 жыл бұрын
Puede por favor hacer un video completo en español enseñando a trabajar con quickbooks online ,o por lo menos enviarme el link si ya ha hecho alguno ...gracias
@HectorGarciaCPA3 жыл бұрын
Videos en español no es muy fuerte
@btptown3 жыл бұрын
very helpful!
@romagen64 ай бұрын
Hi Hector, I've cleaned up the Unapplied Cash Payment Income report for the most part. What remains is a pair of transactions with the same date: "Payment" (overpayment by customer) and "Check" (refund check issued by the business); the payment is applied to the check. Why are they still showing on the report, and how can I clean them up? Thank you in advance for your expertise.
@HectorGarciaCPA4 ай бұрын
Not sure.. but you should be running accrual based reports anyway :)
@romagen64 ай бұрын
@@HectorGarciaCPA My client actually runs the Balance Sheet reports on accrual basis, while Profit and Loss on cash basis. In what circumstances would this make sense? And that's why it's important to clean up the Unapplied Cash Payment Income account.
@johnlaunchillegotardo23663 жыл бұрын
Hi hector, thank you for this amazing tutorial. Question though, what if the invoice date crosses to another calendar year say 1/15/2021 , but the company received cash on 11/25/2020, will the unapplied cash income present a balance amount in P&L for year 2020? Or do we have to close it to sales? Thank you. 😊
@HectorGarciaCPA3 жыл бұрын
It will be there in a cash basis report in 2020 and will be reversed in 2022
@johnlaunchillegotardo23663 жыл бұрын
@@HectorGarciaCPA great! This is very useful insight. Thanks again. 😊
@janettesantillan337111 ай бұрын
It's helpful
@HectorGarciaCPA8 ай бұрын
:)
@mrtokumu3 жыл бұрын
How can I add past invoices and receipts of a customer or supplier with accumulated transactions?
@HectorGarciaCPA3 жыл бұрын
Just create them with their original dates
@pieceofstroodle420 Жыл бұрын
Great information but please slow down a tad.
@HectorGarciaCPA7 ай бұрын
Thanks, will try
@nathanaguinalde3 жыл бұрын
One question I have is how do you record accrued salaries?
@@HectorGarciaCPA isn't accrued salary a liability account? i'm not so sure though
@janeh59492 жыл бұрын
@@juliusalistado8404 yes, Julius. dr salary expense cr accrued p/r (a liability)
@diannehackman96362 ай бұрын
this did not help me with my client and their amount under unapplied cash payment income
@HectorGarciaCPA2 ай бұрын
Sorry about that, if you want to hire a consultant for 1 on 1, we have some on the team
@dpruittt0910 ай бұрын
Cash basis accounting is awful, I'm not sure why anyone would want to do their accounting that way instead of doing accrual than just switching to cash basis view if you want to see cash basis stuff.
@HectorGarciaCPA9 ай бұрын
Because of Taxes
@dpruittt099 ай бұрын
@HectorGarciaCPA how so? If the goal of doing tax an accounting work is to view your expenses relative to when they occurred, I think this method doesn't help at all and creates more problems. By taxes do you mean "could reduce the amount you owe"? That seems almost like trying to manipulate Financials to reflect a reality that is different than what happened. Wouldn't you agree?
@HectorGarciaCPA9 ай бұрын
@@dpruittt09 there is a “cash basis” election on tax returns, that allows you to only pay tax in net income based on revenues measured by cash received and not open invoices… that is the context of potential tax savings