A bookkeeping agency dedicated to private practices. We help group practice owners and solo practioners see the full financial story of their business while eliminating any financial blind spots they may have.
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I don’t need recurring I jus need to pull money out there account one time when they go over miles or smoking fees in my vehicles I run a rental company
Do you know the transaction fees on Relay if any? I read in their FAQs that they get paid from the visa merchant fees but consumers don’t get charged. As a small business I wonder if QB’s 1% transaction and 2.99% digital payment fees adds up.
Hello Nate, when you mentioned that you've maxed it out 9 envelopes? Now you're stuck. You can't add any more envelopes, as a downside. Could you please explain more what envelopes mean? Would it be great idea to have Relay checking and QBO saving?
For most people, maxing out at 9 envelopes is not a problem as most people don't need that many. If you did need more, yes, you could have both Relay & QBO, or, QBO and another bank (Chase, Bank of America, local bank etc.) You really would only need more than 9 if you had quite a few different accounts set up while you were running Profit First, but I've never really seen anyone run into that problem besides myself.
How do I setup recurring ach payments for an existing client invoice. For example a client owes me $500 and I need to debit their bank account via ach $100/month. Any idea?
You would need to first get an ACH authorization from the client, authorizing you to do an ACH pull and getting their preferred bank info. Once you do that, then you could follow the steps above to setup a recurring payment.
Bro, I saw that you made some videos about Quickbooks and now I'm asking for help. My company uses Quickbooks Payment to pay suppliers, and then QB classifies these payments automatically, but sometimes these classifications that QB made are wrong, one example was an expense of 3,000 that was classified as a Bank Fee. With that in mind, is there any way to turn this off?
So, QuickBooks is misclassifying your Bill Payments? That should come down to how your bill is classified then. When the bill is created, you should have the option of choosing what expense line item that bill will go towards. If it's going towards bank fees, it's likely because the bill is classified to go towards bill pay.
What about prepaid expenses that are only for one month in advance. For example, the insurance prepaids are set up on a recurring monthly payment system rather than 1 lump sum. September payment pays for October and so on. Would we be able to create this occurring transaction and match it to the banking transaction? This would save time during the audit trying to 'remember' which are prepaid and not. Thanks!
Loved the interview with Nik Nelson. I have had Openbox Strategies produce a video for me. Everything went smoothly and result was exceptional quality. Great team of professionals.
I like QuickBooks Checking, they offer 5% interest rates currently and you can set up envelopes to separate your accounts. Otherwise Relay is the official bank of Profit First, it's setup well for those uses, plus gets you some interest.
Hi, can you use both subaccounts and classes? For example if I have 3 stores and I want to track revenue and expenses for each store I use classes. But I then want to roll-up all my revenue and expenses from each store as a whole for the company's financial statements. So to do this I would need to setup classes for each store and then have parent master revenue and expenses that all the classes roll-up to. Is this possible? Thanks!
So the classes & sub-accounts are operating as parts of different processes. So yes, you can use them both, but they don't interact with one another if that makes sense. If you enter something with a class on it, that will not change whether it's recorded in a subaccount or in a general single-line account. So yes, you can use both, shouldn't be a problem, but you mentioned the classes rolling up into the sub-accounts and that would not work as classes do not relate to subaccounts directly.
@@navigatorbookkeeping I cannot be the first person to want to do this so lets make sure we're on the same page. I have a company that owns the 3 stores. And I want to track revenue and expenses separately for each store so I know if a store is profitable or not. So I will use classes to identify each store. Store1, Store2, Store3. Then on my financials I want to roll up the revenue and expenses from all 3 stores to a master or parent account. So lets say my company is called ABC, inc. At the end of the period ABC, inc has $1000 in revenue which comes from the revenue from the 3 stores. $500 from Store1, $250 from store2 & $250 from store3. Same with the expenses. I want the stores to roll up like any other subaccount. I just trying to figure out how to set that up. So a revenue account would need both - a class (store1) and be a sub account to a revenue parent account. Is that how to do it? Can an account have both? Thanks.
@@user-gx3vm6ch1o You also could use just one of those methods. For example, you could use just classes and then run a P&L by class report and get all this info, or, use just sub/parent accounts and get all of the same info, though you'd need quite a few accounts to do so, so that would be a bit more cumbersome.
Also, I need the part after this, especially as my final Gusto screen looks very different from yours. It seems I need to set up classes for job titles.
Hi Yvonne, you usually can map either for departments, or, jobs. If you go to your settings under the mapping screen, it should allow you to choose which one you want to map by out of the two.
does this work for prepaid income? We have clients pay for our services in full that we deliver over 9 months. Would the same logic apply in creating a prepaid income note? Thanks for the helpful vid!
Yes! We would usually call that "deferred revenue" but it's essentially the same process. You would create a deferred revenue account, place the deposit into that account and then adjust that account monthly to show the revenue that was recognized for each month.
the entire screen in your video is so blurry (not just the hidden text) that one can't see what you are doing. it's also not clear what you are clicking on: all of a sudden you're in a different screen. There are many edit sections in one screen, and it's not clear which one you mean for us to click on.
Sorry for any blurriness, I do think it's clear enough to view when I watched it back just now. You may want to try rewatching on a different device or on a different streaming source?
Hi Andre, yes it is! Always possible to move transactions between a subaccount and parent account either way. Personally, I usually don't like to include any transactions in the parent account, but instead, I prefer to have all transactions in the subaccounts instead, it makes the P&L cleaner and more easy to read. But it is possible!
what do you think of creating a recurring expense instead that is "paid" from a prepaid account? I just switched to that method from the JE system because the expenses tie to the vendor better whereas Journal entries, even with vendor name, is not as well associated.
Hi! Is there an option where my customers can make a deposit and then sign an ach form where I am requiring automatic payments for the next two months?
I followed this video to set up a payment for my customer. it processed 2x successfully. I need to edit it each time as it's a different amount each time. It did not process correctly this very last time. I went back over the template and it says "check" and the account was undeposited funds, whereas previously I noticed I used my bank account as the "deposit to" account. I checked the box to process the transaction and the customer's bank info was correct. The dashboard still says the next date is a previous date. The interval and start date is correct as I set it up for the future when I edited it. Any idea on what I did wrong this time? was it leaving "undeposited funds" the issue?
Not sure, but usually it comes down to the "start date" not being in the future. I would try to run it again, 2-3 days from now to make sure it's future facing. Separately, if it's a different amount each time, you may want to just do a basic sales receipt instead, instead of a recurring one, since you'll need to update the payment amount each time.
Good info! I do have a question though. I’m a legal guardian for somebody and I paid an individual one time in 2023 to provide limited Case mgmt services to my client. I paid this case manager from my client’s checking account vs my business acct. I would still issue a 1099, correct?
Once the automated reminders are turned on, will it automatically send them for any open invoices currently created; or, will it only do so for new invoices created? Additionally, are you able to make individual updates if specific clients should not receive the automated emails (i.e. they invoice through their own 3rd party site / or pay only via POs) or is this an all-or-nothing type of setting? Thanks!
Once you turn on the invoice reminders, they'll be applied to all new invoices. If you turn them off, they'll be removed from all invoices. You can manually turn them off for certain clients, as you mentioned, but you'll want to check in when you create new invoices with that client to make sure they are still off and not re-created.
Yes! As long as the payment is either made directly through QuickBooks, or, is recorded in the bank feed. Then, if the payment has been made, no future reminders will be sent.
Hi @teachthestory, do you have your mapping set up by department/job? If so, are international contractors setup as their own job/department? If so, you should then be able to see them as a separate department. Then, as long as you have a QuickBooks line item for them, for example "Contractors - International", you should be able to map them directly to that. If you're not seeing that, feel free to email me at nate@navigatorbookkeeping.us with a screenshot of what you're seeing, I may be able to be more helpful then!
@@navigatorbookkeeping the department setting is there for contractors under each of their people settings. The department option or setting is not listed for international contractors. Is that setting hidden somewhere? Appreciate you so much!
Im in a situation where its a different amount each month based on a percentage of revenue. I was thinking of using quick books sync to excel to calculate out the ach amounts is there a way to import those amounts back into quickbooks as least load them into ach screen then go through and process?
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.
In that circumstance, I probably wouldn't be concerned about the pre-paid nature. The real reason behind a prepaid expense is spreading that expense out over a long period of time. With tolls, there's not much you need to do on that side of things since it's being paid right away and you're just waiting on the reimbursement. I would just classify those as an "other expense" (create a separate other expense category in QBO for it), then, when you need to get reimbursed, split out the reimbursement for that under a new "other income" category in QBO. This allow you to clearly track the tolls you're paying and being reimbursed for.
Great video, veryinsightful ! Let's say I'd like to have numbers associated to each of my accounts. In the example you provided for Overhead Expenses, how would you set up the chart of accounts numbers ? Does the example below makes sense to you : 7500 Overhead expenses 7510 Legal and professional 7511 Accounting 7512 Bookeeping
Hi Etienne! Yes, that would work. You can have quite a bit of flexibility around how you number the accounts. Depending on how many accounts you'll have in a section you can either number by 1's, 5's, or 10's. So what you're doing works. Here's the link to an article that describes some basic chart of account numbers, this may be helpful for thinking through your numbering system. qbkaccounting.com/standard-chart-accounts-account-types/
My partner/husband died. He set up a trust that has several business in it. The trust has one bank account. The we have apartments, billboards, commercial property. How would you set that up?
HI Lisa, sorry to hear about your husband. The first thing you want to do is likely separate the bank accounts/businesses. You don't want multiple businesses all being mixed in the same bank account, that will make any sort of record-keeping very difficult. So I initially would start a bank account for each business and start the process of separating those businesses each into their individual accounts. After you get finished with that, you'll want to setup a QuickBooks subscription for each company. This will allow you to easily pull financial reports for each business, separately. So in your case, I wouldn't use the parent/sub accounts, but would instead separate the accounts and then create separate QBO subscriptions.
Hi Nate! Are you able to set up recurring payments using an invoice or only with a sales receipt? Which one is better to use if you can use both to set up recurring payments? I tried the invoice route and my customer only saw the option to “save this payment method for future payments”. Thanks in advance!
Hi Geniesha, you can set up a recurring invoice, but the customer will still need to manually pay, though they will be able to pay through ACH or credit card if you have a QuickBooks Payments account setup. So in this, sales receipts would be the way to automatically process an ACH payment from your customer.
i am having an issue with rejected bank payments. The instructions to fix it do not fix it...Quick books paid the invoice originally and then it bounced so now i have a paid invoice that is not really paid. and a deduction with fee .. I cant reconcile that month ...
You are probably using Accountants View in Quickbooks (which I prefer). To see the same screen as the video training, go to settings > switch to Business View > now proceed to Chart of Accounts
Question- when you set up recurring credit/debit card payments does it make them sign the same form? Can they sign it electronically or they have to print it and scan and email it back?
At this point, you'll need to have them sign your own form off-line from QBO. It doesn't offer a template or form to use, but there's many you can find with a quick Google search. I recommend e-sign!
@@navigatorbookkeeping thanks for replying I appreciate that. So there is 3 different packages to pay for is what your saying and they all include this feature? A friend sent me a link to he use it and it only came up at 2 packages to purchase?
@@angelellis7690 So there's actually 4 packages you can get, but the lowest one (Simple Start) does not allow this feature. The other 3 all allow you to do the feature in the video. Here's a link so you can see the 4 subscriptions. quickbooks.intuit.com/pricing/
Hey Active Digital Marketing, your subscription level shouldn't impact your ability to do automatic recurring ACH payments. Sales receipts should be available to you at that level. At what point in the process are you seeing the prompt to upgrade? You will need a QuickBooks Payments account, if you don't have one of those.
@@navigatorbookkeeping When I click on Settings> Recurring Transations, I am automatically prompted to upgrade my subscription. When I click on new sales receipt, there is no option for recurring transactions.
@@activedigitalmkting Ah yes. I do see that, must be a new-ish change. Just looked and looks like QBO Essentials allows you to do this, so one tier up from where you are.
I’ve been waiting over a week for a large Quickbooks payment to process from my client. No idea how long it will take. This is unacceptable that they would keep me in the dark. I may have to ask them to stop payment. I would think twice before using Quickbooks as a payment solution. This is the very stressful and the company has NO response other than apologies and vague estimates of how long it is supposed to take. This should be illegal.
Sorry to hear that Troy. Sometimes payments do take 5-7 days to process. What payment method was it, if I may ask? ACH? How did you process the payment? Through a sales receipt or invoice? Just asking to see if I can better help!
Great video Nate! This 100% just verified to me that quickbooks allows ACH Payments. Does this come in the basic version of quickbooks (Starter)? Or do I require essentials or plus? Thanks again Nate! =) V/r, ~Ben
Hi Ben, you will need a "QuickBooks Payments" account, but you will be able to create this and take payments in any QuickBooks Online subscription, from Simple Start thru Advanced. Thanks!
Hi Swagath, there is not a pre-made form in QBO, but you should create one and use it for all of your clients. You want to have signed paperwork that shows your client is agreeing to you withdrawing funds monthly. It should also include their banking information and any other information that will be used in the transaction. I just made my own, then created it as a PDf so it could be e-signed. There are some other templates out there you can find too that are pre-made if that's easier.
So I have clients in the States, and in Canada. My QBO only allows me to set payments like this for my Canadian clients - where I am. Is there a way I can set it up for my international clients as well... The States and the UK in particular?
Hey Rene, That's a good question! My only guess is it may have something to do with the bank information being from a country outside of Canada. Are you able to use all other features normally for international clients? Have you tried setting up a credit card instead of a checking or savings account?
