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
Thank you! It doesn't feed into the "algorithms" in terms of content designed to capture people with the attention span of a gnat. It assumes the audience is intelligent, and I don't think RU-vid likes that
Very informative! Had fun. Question for you - How do we tie in expense report submittals and match them to the subaccount activity? Does Quickbooks automatically match expense report submittals to credit card activity on the subaccounts?
Thank you! I would need to know more about how the expense reports are being submitted. If you are using an app, then I would look into mapping the submitted expenses to the Credit Card Expense Report account in QBO for that employee. If not, then perhaps you can compile the submitted expenses in a spreadsheet so they can be imported as in this video.
Do you see where AI will replace the need for bookkeepers all together and if so are we talking years down the road or within say the next 3 to 5 years? I'm considering starting a bookkeeping business but now I have some reservations about it.
I think the bookkeeper's role will change, not go away. For example, imagine you're sitting with your client, and reviewing their financials, and the conversation isn't about the fact that the books are reconciled etc... That's assumed and incidental. Instead, you'll be talking about what changes should be made to the AI that is compiling the books for you so that you can get better data analysis from it. And you can have the AI do the initial analysis, but you will still want to review it with your client and update that analysis so that your own "human" influence is reflected in it.
I particularly loved your idea of defining business goals in non-monetary units. It’s a powerful way to measure impact and stay focused on what truly matters. Keep up the great work.
What do you mean by "bounced check chargebacks?" In my experience, there are bounced checks, and there are chargebacks which is when someone who paid you issues a chargeback and wins so the credit card company takes the money back.
What is the difference between the 1st & 2nd bank deposit? I tried it & 2 bank deposits are created to match the net pay in bank feed. These created 2 matches in bank feed & actually only one match is needed
The first deposit you record in this process is when you receive funds from the factoring company in exchange for the receivables you pledged. That part is just a loan. There would only be one deposit to record here and that would match the funds you received from the Factor. The second deposit in the process comes later when the customer pays the Factor. The Factor will collect those payments, pay off what they've loaned you against those receivables, deduct any fees, balance escrow (if applicable) and then send any remaining funds.
Hi! We're also using Kajabi but they don't pay thru kajabi, they pay through a lot of different options like Zelle, CashApp, Swipesimple, Deposyt and Paypal since the sale is done through a sales call. Our sales team just tracks them on a tracking sheet who paid who and what product they got. The sales team also are the ones creating the students their access to our course in kajabi. How do I record transaction? And we also have Recurring or installment clients.
Once the templates are setup, is there a possibility at any moment in time to run a schedule/ report showing how much has been amortised and how much in amount and months remaining?
If by "Templates" you mean the recurring transactions, then yes. The recurring transactions list in QBO will show you the next date each transaction will post (assuming it is scheduled) and how many remain (assuming you set a limit based on number of occurrences).
Thank you Seth for the video. I also stumbled upon this recently and thought I was losing my mind. Changing the invoice dates don't work for our business given some of our retention is collected a year or later (long duration construction jobs). What is the AJE you recommend to correct it? DB Sales, but CR which account?
Hey there! Forgive me but it has been a decade since I uploaded this video. Can you remind me exactly what you are trying to correct? If we recognized all of the income as we should, and then we want to carve out retention, then we don't want to do anything to income. To increase retention, we reduce accounts receivable and increase retention. To convert to cash basis for tax reporting purposes, then we credit A/R and Retention, and debit income because together A/R and retention represent what we have not been paid yet. Let me know if you still need clarification.
I literally come back to reference this just to make sure Im doing this right 5 years later thanks to quickbooks finally allowing us to upload journal entries because just to factor the invoice its like 4 lines multiplied by 50 a week doing this manually was a part time job now we can do this in minutes
Your picture is always in the middle of the screen and makes it very difficult to see some of the things you are speaking of when showing reports or examples in this video. Thank you
Hi! Not much has changed - the accounting certainly still works the same. The QuickBooks Online interface has changed, but not the fundamentals. I do have a course that goes in depth on all of this, which was recorded last year: You can check it out here: nerdyurl.com/brokers-agents Of course if you have a specific question, please let me know and I am happy to answer.
HI! Honestly it has been so many years since I have used Smartsheet that I doubt I could speak to this accurately. From what I recall it was all or none. Instead, what I would do is have the Master Sheet. Then Linked sheets for each user that only shows what is assigned to them.
@@DanielCurrier this is why I can't possibly make everyone happy. I learned a long time ago that the best thing I can do is stay true to myself, be authentic, and don't try and please everyone. For anyone who doesn't like my style, there are plenty of other resources on the Internet.
Bear w/ me, this may be a dumb question - I'm taking on a new account and they have a master cc and 2 sub-accts - all were set up in QBO over a year ago w/ feeds from the bank. So the cc accnts in QBO have many transactions. Can I follow the steps in the video and set up a new Parent - if I do so will all the past transactions appear in that parent acct - or will only those charged after the date the parent accnt is set up? Trying to figure out if this solution will work mid-stream! thanks!
Not a dumb question at all. You can do this, but if the accounts were reconciled, you'll need to undo the reconciliations, and then redo them based on reconciling the master (parent) account. When you create the new parent account, you will next move all of the existing credit cards under that one as sub accounts.
Great breakdown of FIFO in QuickBooks. The visual aids were super helpful. Any recommendations for managing inventory fluctuations with FIFO Thanks for sharing.
Hey Damon! Best thing to do for volatile prices, is keep a cash reserve so you can stock up when prices drop and ride it out when they are up. Years ago, I had a client who made jewelry where much of it was made with silver. At the time silver prices were all over the place, so I watched the markets and when prices dropped, I told her to have her guy (the one who actually made the jewlery) stock up.
@@nerdenterprises Thanks. Keeping a cash reserve for stocking up during price drops is a smart strategy, especially for materials with volatile prices. I appreciate the real-world example from your experience with a jewelry client-it's a great reminder to stay proactive and watch the markets. I'll definitely keep this in mind for managing inventory fluctuations.
The three sieves concept is a fantastic reminder about the power of words. Completely agree on the importance of expertise in business. Accounting and bookkeeping are definitely not for amateurs. Great discussion about transparency too. It's the foundation of trust. Keep up the great work.
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.
@@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.
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
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!
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.
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.
Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This RU-vid channel is very informative and effective.
