I'm a CFO and a teacher which means I can make complex financial accounting concepts really easy to understand. This is my super power! In my channel you will find my Bulletproof Bookkeeping® with QuickBooks Online Mastery videos as well as my Process and Workflow Design videos (these are the ones on the apps that help make your business run more efficiently.
QuickBooks Online is the accounting software I specialize in.
I also love Notion, Airtable, Google Sheets, Dynalist, Clickup, Liscio, Kajabi, Camtasia, and Snagit - these are a few of my favorite things.
Got questions or need help? Comment on one of my videos or visit my website:
www.nerdenterprises.com
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Hello! My name is Richard Anye, ACA. I am a Chartered Accountant and hold a ProAdvisor status on QuickBooks Online, with over 7 years of experience in the auditing, accounting, and financial industry. Recently, I joined Upwork, but it has been very difficult to land my first job. I watched your video multiple times, and it was very educative and helpful. Thank you so much for this great work. Please, I am open to new opportunities or collaborations to join your team.
Thank you Richard! I am so glad you found this helpful.
Hi, i have a question, why you have used deposit to cancel the effect of old expence?
@@monafaizan9215 because an expense represents outgoing funds and if it will never clear the only way to offset that is with incoming funds which means a deposit. Then when you reconcile you can clear both items against one another.
Fascinating insights. Thanks. Until now I assumed that Discord was just for gamers etc
Full disclosure. I've since switched back to Slack! There were too many features I missed, especially reminders!
thanks for that - am looking specifically for an outlining tool and will try this - also have an interest in bookkeeping for what should have been my retirement years
Glad you like this! You might also want to look at Notion for this. It can do what Dynalist does and potentially a whole lot more.
Here in 2024 and this is still an issue with QB Online.
Using Storytelling is the key takeaway I would take from this video. Thank you for valuable advice.
Thank you! Yes, this is what makes it memorable and easy to understand and share! Branding is all about making sure people remember and think of you when the need arises often long after their contact with you!
There are AI tools that will help automatically add the timestamps for you now!
@@Parkwayinc I don't trust they're choices.
Do you have a video that goes further into Gift Cards sold and redeemed?
Sorry I don't!
QuickBooks Online does not have an inventory transfer feature, how to record transfers between branches or from warehouse to branches, it's a common practice in a multilocation or multi-unit business
Hi! You are correct. Since QuickBooks Online does not support locations, there would be no way to record a transfer between locations. When you get to this level of inventory tracking there are a number of really good apps out there that handle all of the complex inventory issues; locations, kits / bundles, assemblies and so on, and they integrate beautifully with QuickBooks Online.
If tips are paid out on their payroll, how do you properly record taking it from the liability account?
Map a Payroll item for Tips to the liability account, so it offsets that account when you record the payout. If your payroll system doesn't allow you to do that, then determine where that money does go, and record a journal entry to move it to the liability account.
the same logic could apply the corporation income tax
It sure could!
Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This KZread channel is very informative and effective.
Came here for a how to not a long advertisement for ai
OK!
This was exactly what I was looking for. Thank you so much!
So glad this helped!
Great video! It was very easy to understand. However, what do you do when you have an uncleared deposit? Thank you
I'm not clear on what you're asking since that is exactly what this video teaches? If you have uncleared expenses, you fix them with uncleared deposits to offset them. If you have an uncleared deposit, you fix it with an expense. Let me know if that answers your question.
Thank you!
Thank you so much. I especially liked explaining co-mingling and how to avoid it - behave as an employee to be reimbursed after using a personal credit card to cover company expenses.
Thank you George! I am so glad this was helpful.
Both files are in Excel.
Was that not what you expected?
I've been struggling with a Returned Payment and this video just resolved it! I actually understood the whole process and the logic behind it. Great explanation you just won a subscriber Seth!
@@kopallimedia That's amazing! Thank you 🥰
It has been long time that I want to work in accounting that’s my passion but I don’t know where to start
I hope this helps!
For me, when I put the comma, the formula disappears and it gives a error
Check your formula. If(C2=TRUE,B2,0) - copy and paste that and update the cell references based on your spreadsheet. Also, after doing this video I learned that you can actually multiply an amount by the checkbox column to get the same result. An unchecked box has a value of 0, and a checked box has a value of 1. So, multiplying it across will give you the amounts for the ones you check off.
This is great... now how to make it work with an Estimate Template in Excel???
In QuickBooks Online Advanced, you can customize templates and map them to Word or Excel docs. I can't promise how well it works, but I know it's possible.
Due to being vary frugal for decades and purchasing real estate ealy in life, I now have a net worth of just over 10 million. I'm not young, but I don't have the life that I should have. I do travel and currently living in South America but I only make about 1% of my networth. It's almost embarrassing talking to people who are business owners/investors, but most people have no clue that I'm not a good situation considering my net worth.
Great info thank you for this! btw, how do you add them so fast just by looking at the numbers? unless it's an excel.
Hey thanks! Not sure what you mean about adding them fast? I key the numbers in from the HUD-1 and you can use your arrow keys to quickly navigate between numeric fields in QBO. So that's how I advance quickly to the next or previous line (with the up and down arrows).
I agree 100%
Thanks Hector!
Unless your job has 100% of its activity on a telephone gen Z is useless
flexibility of producing the report is the holy grail for financial analysts. I will never replace google sheets.
Suggestion: this is to enhance appeal and it's simple. Find popular authors - in our house, we watch youtube authors "Car Questions Answered" (for an example see his "CQA" channel, the video "I NEGOTIATED For A NEW CAR And THIS Is What Happened" where he's in his home studio), "Jason Daily" (accounting), and others. Their background when broadcasting inside their studio has 'curb appeal' - there is no clutter, wall colors are uniform, and not a distraction. Keeping in mind that everyone is 'okay' with their own tastes for what their 'broadcasting room' backdrop can look like, what if you were showing your home for sale, or your business, etc. to total strangers with hopes to sell them? It's best to have a room that has 'curb appeal.' The backdrop in your video has an uneven wall color then a black wall cover, a cluttered set of books, and so on. I would say "I may be happy with how I like my backdrop, but I'm selling something here" If you're selling a professional service, it's 100% valid to acknowledge "I'm trying to sell myself and come off with a 'professional vibe' The content is more in focus if the background has no clutter and looks professional. Having great 'curb appeal' tells clients "he's organized, he knows how to present himself and come off well" Good luck to you and thanks for your video.
Thank you for the suggestions.
@@nerdenterprises One of the most valuable tips came from your video: "Instead of asking 'do you need a bookkeeper', ask 'do you know of a business that needs a good bookkeeper' That was highly valuable. It is disarming and it will make sales without putting off prospects. Just that small change to the approach is quite good - thank you!
@@Greg_Chase Thank you! I am glad you found value in this!
excited to watch your videos! thank you :)
Hi, since all the feeds go to the subaccounts as well, do we reconcile those two besides the Journal entry? All the entries are in the Master (which is great) but all the transactions are sitting in the subaccounts as well. Do I just leave them there? I'm confused on that part..
When you journal the sub-account balances to the master every month it keeps them cleared out. No need to reconcile them.
@@nerdenterprises Thanks!!
Ah this is a life saver of a video. Chase Corporate card with multiple cards was driving me nuts with the running balance on the sub accounts only goin up !! Thanks you so much for posting this. It took watching it 3 times before I totally had it!!
So glad this helped!
The only part that wasn’t covered was actually paying the bill. So when you receive the bill and enter it as a bill to be paid, you would book it to the payables liability account, correct? Great video!
If you are going to enter a bill (and not just make and record the payment) then the bill gets booked to the accrued liability account to zero it out (bearing in mind that by then you may have new accruals for the next period so it may not 100% zero out).
And I thought my girlfriend’s truck payment of 1000 was a lot holy moly that’s insanity
The client was visibly embarrassed when I asked him about the payment, because I was sure this had to be some kind of mistake, unless BMW was leasing airplanes!!
Awesome Video, Is there a way to allocate multiple items per product? for example, we make coolers and each cooler has 4 feet, I created a sub category for the feet but it only deducts one per product sold, Is it possible to change this to deduct 4 per product sold?
Hey Justin! You can do this with a Bundle. This lets you sell two or more products in a "Group" so that it will deduct the correct quantities based on how you define it, so 4 per product as in your example can be done very easily.
This is how my client recorded his (ADP) payroll transactions last year. He has a small consulting business which is incorporated. He used the check window to record the Gross Wages and Payroll Taxes and the Payroll Clearing account. (Note that the payroll taxes was a positive number and it was the employer taxes, not the employee taxes. The Payroll Clearing was a negative number.) The other transaction was a single entry equaling the payroll clearing amount. I didn't see any records of the Employee Witholding. Is that okay?
It's hard to imagine his clearing account would clear if the salaries were recorded at the correct Gross amount. That means the deductions (liabilities) weren't accounting for. If it DOES zero out, then my concern is the salaries were recorded at the net amounts which is incorrect of course. So the real question is "how where the liabilities dealt with?" I've seen some setups where everything is run through the PR Tax account, so withholdings are recorded against the tax expense and then that nets out with the total tax payment also booked entirely to Taxes. This gets the job done, but it is very poor form (my opinion of course) (i.e.) not what I would call Bulletproof.
Thank you for the clear explanation!!
Excellent presentation. Thanks for sharing!
Thank you!
His friend is probably a Democrat
How to respond on the QB transaction chargebacks & QuickBooks using which credit card processing platform ?
Are you asking how you should respond to the charge back itself?
Hello Sir! I am based out of India & would like to start my own accounting firm for catering US clients. I plan on to start with bookkeeping services first & then move to other services. Would it to extremely difficult for me to onboard clients virtually? And also is it even a sustainable business plan to start an accounting firm from outside US and succeed? Really looking forward to your reply Sir!
Hi there! Onboarding virtually is easy if you have the right systems in place. Important to note, systems, not software. The system has tom come first. Then you can choose what application will best help you implement that system. Many people make the mistake of thinking the app and the system are the same. They are not! The challenge you will face with provided outsourced bookkeeping to companies in the US, is that many of us are very skeptical. The first big hurdle you will have to overcome is to convince people that the quality of the work will be mind-blowing, and then that the service will be mind-blowing. Oftentimes where this falls apart is in the language barriers. Communication is the MOST important component of your service business. In other words, make sure that you and anyone you hire can communicate well with someone who is in the US. If you can build off of this foundation, I think there is no limit to what you can accomplish!
Thank you Sir for your reply!
This happens often when I am studying a new topic. Great tip.
Informative from players on the field. Thanks, Seth!
Thank you Roger!
Your contents are very useful. I always follow your tutorials. One question: can you mention the model number of the headset you are using to record this tutorial? The sound quality is great. I am looking for this kind of headset.
This is the one I recommend: www.amazon.com/gp/product/B0796WHZSF/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1 That was a different and much more expensive one. This one is without a doubt of equal sound quality (I switched back to it) and the hardware itself lasted much longer.
How do you record invoices that were sent to the factoring company that did not end up being factored but the invoice amount was sent to the escrow(reserve) account?
I'm not sure I follow. If the invoice was sent to the escrow reserve account, doesn't that mean that it was in fact, factored? If it was just an entry you made on the books, you can reverse it. I probably need a little more information to understand how to answer this properly.
Thank you for putting this together and reminding us of it's magic in a recent 97 & Up call! I'm doing this now for a goofy project and I know it's going to be freaking amazing / useful!
Thank you so much for sharing! I love learning when I've provided something practical and helpful.
You have no clue what you are doing! what about calculating the accruing interest? Man, your video is a waste of time!
This is not a video about how to calculate interest. It's about how to set up your Bookkeeping to record the transactions (after the interest has been calculated). I do have a video that shows you how to use a spreadsheet to calculate loan interest, but I wouldn't want to waste any more of your time 😉.
If you are using GMail, you can also rely on EmailShot to do the same thing 😄
I will like to know where can know more about the other participants in social media. Thank you!
Everything is linked in the show notes. Click the link in the video's description.
Well I'm glad your still here Seth, cause how the hell else was I supposed to figure out my bookkeeping!? But forreal, you guys are awesome for sharing some work/life insights, lessons & value. Thank you!
Thank you! I am so glad you found this helpful!
Thank you - appreciate this and your willingness to share.
Thanks for the suggestion, It's helpful for Bookkeepers. I appreciate your advice.