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Thanks for watching and appreciate the feedback!

You are correct if it is indeed a gain, but in this example I'm showing sold at a loss, also accumulated deprecation wouldn't be touched on the entry for a fixed asset sale entry

Thank you! Glad I can help

I do not, but very much need to make one as I've been getting many requests for this. Thanks for watching!

Thank you for this feedback. That is exactly why I prefer this method over direct integration attempts. This is possible, but is more advanced and difficult to explain via messaging. If desired, feel free to book a one-on-one session with me and I’d be glad to go over this: calendly.com/essentially-intentional/training-with-gunnar-1-hour But, if you would like to attempt yourself, here is the basic idea. Instead of a journal entry template, you create an Invoice template. Then you set up your products and services accordingly with the correct sales tax settings in QBO, then you enter in the square numbers using positives and negatives on the invoice, but not entering the sales tax portion. If done correctly, QBO will then calculate a sales tax on the invoice but the total balance on the invoice at the end will be $0, but the sales tax portion will carry over to the QBO sales tax liability report.

Thank you for this feedback! Much appreciated, glad I was able to help

There may be, but honestly I don't know. That is out of my Excel skillset to cleanly accomplish that

If you want a strictly “cash-basis” accounting, then you could lower the sales portion to $1,500 to match the payments collected, and then do the opposite when the payment collected, that day the collected will be higher than sales, but then you could just raise your sales portion for that day to match the cash colletced. If you want more “accrual-based” accounting, then you could create an asset account, probably “Accounts Recievable” to record the sales on the day they are incurred. So, in this case it would be: Debit: $1,500: Payment Collected Debit: $500: Accounts Receivable Asset Account Credit: $2,000 Sales Then, say next day payment is made for yesterday’s sale, total $1,000 sales, $1,500 collected, then, Debit: $1,500 Payment Collected Credit: $500: Accounts Receivable Asset Account Credit: $1,000: Sales

​@@essentiallyintentional Thank you for the reply!

No, in order to complete bank reconciliations, you will need to categorize every debit and credit in and out of the bank account for the same exact dollar amounts and dates. You will still only be entering one Journal Entry to record most of your Shopify activity into your books like sales, but will still need to do something with each Shopify to Bank deposit in the Bank Feed. These will mostly be categorized to lower the Shopify Clearing Asset account. Then, you will have all Shopify info entered but also keep the capability of completing the monthly bank reconcilaitions.

I very much need to make a video on this portion of the workflow as I’ve had many requests for this. Sorry for the delay but that will definitely be my next video made.

Is the liability for the loan recorded on the books yet? How have the monthly payments been being recorded?

It’s hard to say for sure without knowing more. A possible solution for the deposits is adding a Customer Deposits liability account and including that in the JE. Then you would debit and/or credit this same account in order to post customer deposits collected and redeemed, this will balance out the Journal entry: Sales: $50 Credit Card Collected: $75 Deposits: $25 Debit: Square Clearing Account: $75 Credit: Sales: $50 Credit: Customer Deposits Liability Account: $25 In terms of the other payment type, I’d look to see if cash and check deposits are being combined at the bank, if this is the case, then it wouldn’t be a dollar-to-dollar match.

@@essentiallyintentional Thank you for the reply

Thank you! I make long videos, but try to make sure everything is included and no steps skipped. Glad I could help! Thanks for this feedback

Depends on the tax situation. My general recomendation is if the companies are separate tax entities, then they should be separated with the bookkeeping, especially if Balance Sheets are needed for tax filings. But, if they are not separate taxable entities and/or have no need to file a Balance Sheet with the tax filing(s), then you may be able to get away with using one set of books along with some other QBO features such as Classes and/or Locations

Glad I can help and thank you for watching my videos and for this feedback! Yes, that is high on my list as I have been getting many requests for a video covering the clearing account auditing stage

Glad to hear it, thank you for this feedback!

Thinking maybe I just do it by breaking out the "Gross Sales" item from the Square report into my various income accounts, i.e. multiple lines at the top of the JE. Then the clearing account and bank transfers work the same as you showed. That would work, right?

@@MoreSky1289 That is correct, keep one clearing account. The income breakdown will occur during the journal entry stage by rather than entering one gross sales line, break down the income lines there!

Glad I could help, I appreciate the feedback!

Glad I could help, I appreciate the feedback!

What part is not balancing? The Stripe Clearing account or the Journal Entries themselves?

No, this will not save time vs a direct integration. I prefer the control and flexibility of this method, but if time savings is your number one priority then you can attempt the direct integration route.

Gift Cards are a liability and credited when purchased and debited when used (redeemed) for a purchase as a payment method!

@@essentiallyintentional thank you

I don’t think the Clover Clearing account should be overinflated if the fees are taken out via your bank account separately as long as you are not entering the fees during the sale entry. You would just account for the fees during the bank debit.

Subtract the fees amount from the total in the Square Clearing amount and then you should be good!

Correct, if you decide to do it this way, you can ignore and forget about the App Transactions and also this method requires no integrations. Also, feel free to watch my other video on how to enter Shopify sales into QBO, then you can use both methods using two journal entry templates to enter both Square and Shopify sales into QBO with no integrations needed. Here’s a link to that video: ua-cam.com/video/QoLK7qxo_Wo/v-deo.html

What I’ve heard as feedback is that even people who do get the Intuit support, they usually either are not aware of or not authorized to troubleshoot using this method. If desired, feel free to schedule a consultation session with me and I can help get this set up correctly for you using this link: calendly.com/essentially-intentional/training-with-gunnar-1-hour

It should be the same, assuming that the sales is entered at the time into Shopify via cash. As long as it shows up on the monthly Shopify reports as cash sale than everything else should be the same workflow as shown!

A short potential solution would be to do this: Create an “Other Income” Chart of Account account called “Cash Over / Short” and put the pennies off, whether debited or credit into that account. A more involved solution would be to investigate why it is always a few pennies off within Shopify and then adjust the Journal Entries accordingly. This is assuming that the pennies difference isn’t happening based on the Journal Entry entries themselves but there being a legitimate difference in Shopify of Sales and amount collected within certain months.

I'm having this problem now too.

Thank you! I always recommend for tips paid to first consult the tax person to see how they prefer it be handled then go from there. I will say though that generally you either want to first record it as income (in a separate income account ideally), and then count it as an expense. Or, count it only as first a liability increase, and then a liability decrease. But definitely not a first increase as a liability and then counted as an expense, that would not work and would be incorrect.

@@essentiallyintentional soooo been thinking about this too. This is a new company I’m working in so still learning. The tips are being paid out of square by them taking the cash. The tips are then reported on payroll. I’m thinking that this is a pass thru and should hit the cash clearing account and reconcile against the deposits. Ur comment above reflects the pass thru. I should probably pay the consultation fee. Would luv to pick ur brain. Ur video rocks!!!!

@@essentiallyintentional 🌹

@@essentiallyintentional also…. I want to let u know that I found an app to post JE from square to QBO. It’s called Bookkeepp. U may have heard about it.

@@AssuredBookkeeping Thank you! Yes, feel free anytime to schedule a consultation session using this link here: calendly.com/essentially-intentional/training-with-gunnar-1-hour

Thanks for watching! It is more involved for me to provide a full answer without further investigating your specific business and how the reporting and invoicing and everything looks, however, here’s a general idea: A House Asset Account can be used twice in the Journal Entry template. It can be debited during house account purchases and credited during house account payments, here’s an example: Day numbers: $500 in sales, $100 of these sales was for a House Account, $200 of an outstanding house account invoice was paid for and collected, all via Square CC funds: Debit: $600 Square Clearing Account (Asset) Debit: $100 House Account (Asset) Credit: $500 Sales Credit: $200 House Account (Asset) Let me know if you’d like further assistance, thanks again!

(One is the new parent account, the old one by itself)

You’re welcome! To answer your question: First priority would be the CC account that shows the payment in it’s associated Bank Feed, or if none do, then any of the CC accounts will work. So, if the old parent account is still linked in the Bank Feed and showing payments, then record the payments to that account. If it (or none) of the CC account Bank Feeds show the payment(s), then record the payments from the checking side to any of the CC accounts (most straightforward in that case would probably just be the main Parent account). Here’s why: If the payments are showing up in the Bank Feed for one of the CC accounts, then recording the payment to that account will help more easily clear that Bank Feed as well as limit the possibility of creating a duplicate CC payment in QBO. However, if none of the CC accounts connected to the Bank Feed are showing the CC payment, then you can record it to any of the accounts and it won’t matter because you will be reconciling the main CC parent account, which includes all the transactions including the payments for all the associated subaccounts, so no matter which account you apply it to, the payment will show up to be reconciled. I also every month (this is optional) create a rebalancing entry to zero out all of the subaccounts on the Balance Sheet to move the funds all into the parent account to clean up the presentation, so if you are planning on doing that then that makes the account itself matter even less (again if they are not showing up on a Bank Feed). Hope this helps and thanks for watching!

You could use a Sales Receipt and positive and negatives to accomplish the same thing but you have to ensure they all equal $0 and know what you're doing when setting this up as to where all of the products/services on the sales receipt are linked to in your Chart of Accounts, I go over this method in some of my other videos, I believe in my "How To Enter Daily Sales into QuickBooks Online" video.

I’m glad I was able to help! Honestly, I would need to know more information about your specific case in order to correctly answer this. If desired, feel free to book a one-on-one Zoom consulting session with me and I’d be glad to go over the pros and cons of going back and redoing or starting now and moving forward for your specific business and case. The link to look at available schedule dates for this is in the video description. Thank you!

Whenever you are categorizing the Square deposits in your Bank Feed, you are actually transferring the funds out of Square Clearing into your bank account at that stage of the process, so no other step should be necessary.