Wish I found this channel back when I was in college! Everything is was clear and easy to understand oh my goodness! Absolutely the best I’ve seen so far here on RU-vid! Thank you sir
Dude. I've watched hundreds of bookkeeping videos by now and this is by far THE BEST one I've ever seen. You are an excellent teacher! Thank you so much for doing this!
Thank you so much Jeremy. I had a client years ago who insisted she did NOT want to look at the balance sheet. Until she was audited and it was using information on the balance sheet that I was able to answer their questions and put the audit to rest quickly! After that she agreed to let me explain the balance sheet to her! Also many businesses may be "cash basis" for tax purposes, but you still need to run your business on an accrual basis. There's a video for that 😉 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ci0g5Q_8o1M.html
Wooow! thank you so much! so this is bookkeeping with quickbooks online...I am a licensed bookkeeper here in our Country and I want to focused on freelancing but I am not confident because I dont have any idea about quickbooks..Thank you so much for making this easy for us... Just subscribed ...
One of the best intro tutorials I've watched so far. Quite in depth with concepts, money flow and navigating the QBO user interface. Definitely helped me understand a few things that other tutorials are lacking. The spreadsheet was extremely helpful.
Thank you, thank you, thank you! You are an answer to prayer, I have been so stressed out with not knowing how it all ties together and you explain it so well!
Great video. I understand now much more than from other people’s video. It would be great if you could continue from this video and give examples of depreciation for the computer and software. Side note: What tax line mapping would you use for internet software for 1120s?
Thank you! I love that you explain the bigger picture! That's the only way I can learn, is knowing WHY I'm doing whatever task or action. Just subscribed 👌
This is the best tutorial l have ever followed. You are very articulate, your explanations are very simple to follow and l truly appreciate this. God bless you
Thank you Sandra! I have a whole course (over 13 hours of video) on this --> "Bulletproof Bookkeeping with QuickBooks Online" --> new.nerdenterprises.com/bulletproof
Thank you! Great video! I'm considering a career change to bookkeeping and have done a few weeks of research in regards to it. This has been the most helpful resource to date!
Thank you! Just subscribed! I have been avidly searching for a video like this that articulates the fundamentals of bookkeeping in QuickBooks without unnecessary or overly complex information. Thanks!
Barry Allen is the Flash; Clark Kent is Superman; Oliver Queen is Green Arrow; Diana Prince is Wonder Woman; Tony Stark is Iron Man and Victor Stone is Cyborg - love that you used super heroes (mainly DC) as the customers! Thank you for the great tutorial!
This video rocked and you did an outstanding job. I had no clue where to start with booking or accounts and now I feel comfortable enough to start. Thanks again.
Thank you! If you liked this then you will love my full length course called, "Bulletproof Bookkeeping with QuickBooks Online" --> new.nerdenterprises.com/bulletproof
This is glorious, I have been researching "udemy quickbooks payroll" for a while now, and I think this has helped. Have you heard people talk about - Aleacob Marvelous Ascendancy - (Have a quick look on google cant remember the place now ) ? It is a smashing exclusive product for discovering how to master quickbooks without the headache. Ive heard some incredible things about it and my cousin got great success with it.# Fatima Teixeira
Just wonderful, I been tryin to find out about "learn quickbooks for free online" for a while now, and I think this has helped. Have you heard people talk about - Aleacob Marvelous Ascendancy - (should be on google have a look ) ? It is an awesome one off guide for discovering how to master quickbooks without the headache. Ive heard some amazing things about it and my mate got cool success with it.
Thank you so much for this video. It good reminder for me, as I finished college 7 years ago and didn't use my knowledge for a wile. I've got question as well. What version QuickBook to use for learning purpose for bookkeeping? It is enough Simple Star or better need Essentials?
very informative and well explained basics of bookkeeping , i would really appreciate if you may also show us how to record depreciation in the books with the example of buying fixed asset of computer equipment!
Thank you for the great video!! I appreciate the behind the scenes view into what is going on in QBO!! Your explanations were very clear, and for me your humor was a welcome touch
Hi Holly! If you want a GREAT free resource, here's a link to a list of my RU-vid videos that I've organized like a course in Notion to make it easy to go through sequentially or use as a reference library: nerdyurl.com/Bulletproof-Playlist
Hello, Please see the transaction 2. I am not clear about that. A= L+ E ( here not applicable) I think If A/R increase then Revenue also Increase by service So it should Service Revenue Debit So I think th
A/R is an asset which is increased by a debit. Revenue is income, which is increased by a credit. That's how it balances. You have to understand the different account types and what increases or decreases them (Debit vs Credit). It's not always the same.
Are foreign currency gains/losses unavoidable? Im a US LLC so my home-currency is USD. If I have foreign-currency activity without converting to USD will I always have gains/losses? Let me explain: Say I have a GST liability account (CAD). I make a sale in Feb and collect $1000 GST. The CAD/USD exchange is 0.80 so my balance sheet will show a GST liability of $800 USD. On Apr I remit this $1000 GST to the CRA, but the CAD/USD exchange is now 0.70 so my GST liability is now $100 USD. I'd have to DR GST liability $100 & CR curreny gain $100 and pay tax on it. In this scenario, I recieved and remitted $1000 CAD to the CRA. I am being taxed on a gain I never realized. Is this simply unavoidable for transacting in foreign currency?
For transaction #4, let's say the computer was purchased using a credit card. So you would Credit the $2500 to Credit Card cause you're increasing your Liability, what would you then Debit the $2500 to? Would you Debit $2500 to Accounts Payable?
awesome video! the links to sign up and get the template are not working, can i get any help finding the template elsewhere? the website only says log in no where to sign up. thanks!
Sorry for the confusion. I just updated the video's description. You do need to set up a free account on my site to access this (and a whole lot of other content): Do that here ==> www.nerdenterprises.com/join-the-nerd-buzz-community Then the link to get the template will work perfectly!
Good tutorial , but are these accounts like “services” premade or do we have to set up the accounts our selfs - and then also specify if it’s one of those 5 account types ?
Services are what you will find in your "Products and services" list. The accounts are where your transactions get aggregated for financial reports like the Balance Sheet and Profit and Loss.
