Yah, dude. Awesome. Seriously, I love the tempo. You clearly know your stuff. Never a pause. No marketing - which is so rare. I usually need to tap on the right arrow or skip the timeline because some douche is talking like he is on pain meds. You really do cover A LOT of material. I can't believe you don't charge for this. God bless you, Hector.
This was so helpful. I love the variety of examples and the extra features I didn't know about. I have a potential new client who has a "heavy" A/R and said its always in the neg and I want to make sure I'm handling it properly. Thank you!
0:50 - Estimate 4:54 - Create an Invoice (without an estimate) 7:27 - Receive payments directly to bank (no undeposited funds account) 9:31 - Make the decision whether to put the deposit straight to the bank or put it in the Undeposited Funds account 10:44 - Receive payments with Undeposited Funds account (make one lump-sum deposit and we want to match bank) 14:18 - Transfer from "Undeposited Funds account" to "Bank Deposit" 15:22 - Credit Memos 21:41 - Receive payment ("New">>"Receive payment") CC WITH TRANSACTION FEE 25:29 -Record deposits using the BANK FEEDS screen (NO transaction Fee) using "Find Match" 28:04 - Record deposits using the BANK FEEDS screen WITH TRANSACTION FEE using "Find Match" Premium QBO features: 30:07 - Billable time and Billable expenses and convert them into an invoice 32:58 - Delayed charges and delayed credits 36:16 - Billable expense 39:02 -Using a journal entry to fix the books 42:08 - Create a customer Statement
you did a great job on the account receivable workflow . i have some confusion on AR workflow now i feel much better to handle books on this workflow with more comprehensibly
Kudo for your great work and thank you for the an informative instruction video! I would suggest you add another video about sales tax set up since it's very important when it comes to invoices and income
@@HectorGarciaCPA How about how do you zero out the remaining balance of the customer due to bank charges? Receive payment already posted but did not use that procedure upon payment hence it resulted to overdue amount equivalent to bank charges?
I would like to know what makes the "undeposited funds" step so critical & important for me to teach every client to implement this step as the correct work flow? What problems (time & $) will it skipping this step create for a bookkeeper and how can I quickly fix said issues if my client refuses to use or implement the correct workflow? Thanx in advance for explaining this!
Hector, Great Video! In our current project, a funding company is providing funds for mobilization, and the lender has already paid numerous bills. The agreement requires the GC to make all payments to the joint account the lender established using AHC. After receiving the funds they contributed to mobilization, we transfer the remaining balance to our primary checking account. I have a question: how can I record all of this?
Hi Hector, I see in QB desktop, they have audit trail function in report center which will show us the posting we did. Does QBO have this function? If have, then could you show me? It is really helpful for me to see what happened when we made mistakes and then we want to fix. Thank you
So u mentioned qbo tracks every single payment we receive in undeposited funds. Does qbo not track every payment a client receives regardless of where or how they choose to deposit? My client makes a mobile deposit from within his business checking account that lists each check separately on his statement with a pic of the customers check as a secure attachment....he wants to know why anyone would knowingly create more time & work for a bookkeeper to monitor track and reconcile with this extra unnecessary step? He feels it only increases the margin of errors by creating 2 extra transactions per each invoice (the positive and negative sides to keep balance plus creates an "undeposited funds" account in the COA that will need reconciling as well.
Thank you. Just a quick question, when you converted this from Estimate to Invoice, you are assuming that the product was delivered or service was provided by you. Correct? So during estimate phase = product is not delivered yet. Invoice phase = yes, product was delivered.
I am facing a bit of confusion about something. You first recorded the payment received via credit card into Undeposited Funds and then moved it to the bank after adjusting the Stripe fee. However, the payments made by customers via credit card go directly into our bank account. Can't we directly deposit it into the bank account and adjust the fee, instead of routing it through Undeposited Funds?
Hi Hector, I really enjoyed your video-thanks for the great content! Could you create a detailed video on setting up a standard chart of accounts specifically for real estate flips and rental properties? That would be incredibly helpful.
We used QBO exclusively. We are a B2B2C company. Our customers are retailers. We would love to know how to change the word ESTIMATE to Order. We enter all customer orders as estimates then send them a sales order acknowledgement. We complete the order, ship, record the tracking number on the ESTIMATE then convert to invoice. Is there a way to change the term ESTIMATE to ORDER? Also, Does QBO have a ‘return merchandise’ (RMA) function?
How would we go about charging the customer for the processing fees ? Just add a line for that and calculate post tax ? And follow what you said and record into a merchant fees account ? Also subscribed . Very informative videos (quickbooks newcomer)
What is Stripe you have mentioned in the record 24.45 that applies to bank charges.. When do we use stripe word in customer payment through credit card?
Is it ok to write off old accounts receivable if you are on a cash basis? Say we close the accounts receivable and debit bad debts? Will the bad debts expense reflect as expense in the PL?
@@HectorGarciaCPA if we do that, qbo will report the amount as income and the uncollected amount will be offset by bad debt expense. Will it be ok for tax purposes? although it wont have an effect for income tax purpose but it will increase our sales tax?
@mizzkhaeya7819 hi, I have the same problem. I think we can void the transaction since we are on a cash basis it should be fine. But my problem is what if the customer partially paid for the transaction? How can we void/delete it without compromising as a whole? I hope you get my thoughts.😅
Can I ask you something? Do I need to do journal entries such as checking debit $500, AR credit $500" after QB bank deposit? Or Automatically journal entries are processed? When I studied accounting, I learned all transactions needed to process journal entries.
When you are converting a company from cash basis to accrual basis for current year should create invoices or do journal entries? Company has converted mid year.
Sir, I have 35+ years of experience as an accountant in India, and at present, I am in Vancouver. I want to join as CPA office as a trainee account assistant. Can you guide me for the same.
Thank you Garcia. When customers have balance due in accounts receivable, but they are paying it off in the new fiscal year, how can I carry it over to the new fiscal year? Because I'm noticing that it's increasing the income for the current fiscal year but (hypothetically) the customer only paid half and the other half will be in my next fiscal year
If you are in accrual basis, those unpaid invoices will be included in the income of the year the invoices are dated for. Of you switch reports to cash basis, that open balance income is “carried over” to the year they are paid in
@HectorGarciaCPA Thank you so much. In this case, I don't have to re-create the invoices with new dates, just change the report to cash basis correct? Thank you for your time Mr. Garcia
These videos are very helpful. I am just confused if I have multiple customers that pay through Venmo but are transferred into our account in one payment, do I create a deposit slip linking all the customers into the payment or do I use the bank feed deposit to link the customers? If I did a deposit slip, would I match that to the payment from the bank feed or just skip the deposit slip and match them from the bank feed? Thanks!!
If they are all separate deposits , then enter each one separately. If is a single deposit, you can enter a single transaction with the split payments Then just match them in bank feed
@@HectorGarciaCPA When you say single transaction, do you mean I should create a deposit slip with all the payments linked to it and then match the deposit slip to the bank feed deposit? I wasn't sure if I needed to create the deposit or just add the invoices directly to the bank feed deposit. I am still learning this so I appreciate the help.
Hi Hector, can you suggest what's the best way for billable expenses if we only have simple start QB subscription? I understand this feature is only available for Plus and Advance
I don't understand why you used a JE to write off the accounts receivable. I am a long time QB desktop user who recently switched to QB Online and I'm wondering why you didn't write off the bad debt via the receive payment window which would link the invoice to the write off (better audit trail). Or maybe ya cant do that with QB Online?
Hello Hector, do you have a different video for receiving payments from the customer for a foreign invoice/bill with foreign currency? Our home currency si Canadian, and the customers are paying in foreign currency; in Euros most of the time and they pay us using wire transfer. Other customers are paying us in USD using a check. We are creating invoices based on their currency, let's say in Euros, they paid us in Euros. But then again QuickBooks converts it to Canadian that gives me a different amount due to currency conversion and when I tried to match them to open invoices, it doesn't show the invoices that it is supposed to be matched. Hope my question does makes sense? Thanks in advance!
No way to retrieve bulk customer statements later as the list/filter under All Sales has been removed by QuickBooks. I am not sure for how long this is missing. It is ridiculous!
Hey garcia i want to know my customer has a huge data of sales and i have to match them with bank statement can you guide me how can i manage this effectively and i want accounts receivables balance summary of each customers also ...can i do this working on QB? Or excel use also required plz guide me ? If excel then what format will be effective thanks in advance
Hi Hector, I tried to clear out the Reimbursable Expense that were included in the Sales invoice, upon receiving the payment it doesn't clear out all amount goes to AR account. What adjustment I need to do?
Hi Hector..may I ask..how to deduct from my accounts receivable the charges of my customer against it like performance bond an asset account and medication cost my cost of services account..can a credit memo suffice?
How does this work for companies that have dozens of transactions each day, with a weekly or biweekly deposits? It seems almost impossible to record 25 credit card payments a day that auto post in bulk the following day to the bank. Then depositing 7 checks and say 5 cash transactions for totalling $3,600 later that week. This all goes to undeposited funds. How does someone sort through all of that? It seems like so many transactions and so many steps. Am i overthinking this?
@HectorGarciaCPA We do track invoices for vehicles that are left over night but we also have sales that happen in the moment. I am really struggling to match our bank deposits to the quickbooks deposits.
Yah, dude. Awesome. Seriously, I love the tempo. You clearly know your stuff. Never a pause. No marketing - which is so rare. I usually need to tap on the right arrow or skip the timeline because some douche is talking like he is on pain meds. You really do cover A LOT of material. I can't believe you don't charge for this. God bless you, Hector.
Thanks, glad you like it… I charge when people hire me or my team for 1 on 1 personalized support
This was so helpful. I love the variety of examples and the extra features I didn't know about. I have a potential new client who has a "heavy" A/R and said its always in the neg and I want to make sure I'm handling it properly. Thank you!
Cool
Thank you so much, Garcia. I respect you for the value you giving us. I am really grateful to you.
You're so welcome!
Thank you so much, Hector! I am so glad that I have found your channel. You showed an actual ways of doing things in QBO!
Glad you liked it
A whole lot covered in 45mins. Thank you so much
Its a lot
Thank you for such very clear and professional tutorial. I want to say I am lucky to find you.
:)
Dear Hector, I really want to say I have found my expert! and no one else than YOU! Stay Blessed Bro!
:)
Great information for all of us Mr. García
:)
You are great on your videos please never quit that
Ok :)
You're the best teacher! I really enjoyed and appreciated!
Wow, thank you!
Thanks you for your clases they are so intense and learning!!
:)
Gracias Hector. Finally someone explain how to put those credit card fees in an easy way!
Great!
0:50 - Estimate
4:54 - Create an Invoice (without an estimate)
7:27 - Receive payments directly to bank (no undeposited funds account)
9:31 - Make the decision whether to put the deposit straight to the bank or put it in the Undeposited Funds account
10:44 - Receive payments with Undeposited Funds account (make one lump-sum deposit and we want to match bank)
14:18 - Transfer from "Undeposited Funds account" to "Bank Deposit"
15:22 - Credit Memos
21:41 - Receive payment ("New">>"Receive payment") CC WITH TRANSACTION FEE
25:29 -Record deposits using the BANK FEEDS screen (NO transaction Fee) using "Find Match"
28:04 - Record deposits using the BANK FEEDS screen WITH TRANSACTION FEE using "Find Match"
Premium QBO features:
30:07 - Billable time and Billable expenses and convert them into an invoice
32:58 - Delayed charges and delayed credits
36:16 - Billable expense
39:02 -Using a journal entry to fix the books
42:08 - Create a customer Statement
Thanks
i enjoyed completely the video and it gives clear understanding of the process in the quick books thank you very much !!!
you did a great job on the account receivable workflow . i have some confusion on AR workflow now i feel much better to handle books on this workflow with more comprehensibly
Great
Thank you Hector..now I understand quickbooks at least ..you made it looks simple and easy.
:)
Thank you. The way you deliver the topic is so helpful and understood.
You're very welcome!
HUGE THANK YOU HECTOR!! FOR EVER GOD BLESS YOU!
@@jenadams5127 :)
Thank you for this very well put together video. Exactly was I needed.
:)
Kudo for your great work and thank you for the an informative instruction video! I would suggest you add another video about sales tax set up since it's very important when it comes to invoices and income
There is video on sales tax
Thanks! This was an excellent tutorial. Easy to follow and very helpful.
Great
Thanks, Hector! So appreciate how you teach!!!
My pleasure!
Thank you Hector for this very informative video! You are such a great help!👏👏👏
:)
@@HectorGarciaCPA How about how do you zero out the remaining balance of the customer due to bank charges? Receive payment already posted but did not use that procedure upon payment hence it resulted to overdue amount equivalent to bank charges?
Thank you, Hector.
:)
I would like to know what makes the "undeposited funds" step so critical & important for me to teach every client to implement this step as the correct work flow? What problems (time & $) will it skipping this step create for a bookkeeper and how can I quickly fix said issues if my client refuses to use or implement the correct workflow? Thanx in advance for explaining this!
Thank you so much Hector for such a wonderful video!!!
You welcome
Hector, Great Video!
In our current project, a funding company is providing funds for mobilization, and the lender has already paid numerous bills.
The agreement requires the GC to make all payments to the joint account the lender established using AHC.
After receiving the funds they contributed to mobilization, we transfer the remaining balance to our primary checking account. I have a question: how can I record all of this?
I dont think i can answer without looking at it sorry
I need to listen n learn on how to use quickbooks..I just started encoding the opening balance..
Great
Thank you sir for your clear and precise tutorial. God bless you
:)
Hi Hector, I see in QB desktop, they have audit trail function in report center which will show us the posting we did. Does QBO have this function? If have, then could you show me? It is really helpful for me to see what happened when we made mistakes and then we want to fix. Thank you
Yes there is an audit trail in QBo.. ill be making a video on that soon
Is there a video or could you make one that also describes the correct way to reverse or undo the process if entered in error?
Hi Hector. Thank you for this vid. Have you done a video on when a customer overpays an invoice? Thank you
I have not
Hi, Since you already recorded the deposits, in the bank feeds, youre gonna exclude these bank transactions right to avoid double entry
Match them or exclude them.. depends on the situation
So u mentioned qbo tracks every single payment we receive in undeposited funds. Does qbo not track every payment a client receives regardless of where or how they choose to deposit? My client makes a mobile deposit from within his business checking account that lists each check separately on his statement with a pic of the customers check as a secure attachment....he wants to know why anyone would knowingly create more time & work for a bookkeeper to monitor track and reconcile with this extra unnecessary step? He feels it only increases the margin of errors by creating 2 extra transactions per each invoice (the positive and negative sides to keep balance plus creates an "undeposited funds" account in the COA that will need reconciling as well.
Thank you. Just a quick question, when you converted this from Estimate to Invoice, you are assuming that the product was delivered or service was provided by you. Correct? So during estimate phase = product is not delivered yet. Invoice phase = yes, product was delivered.
Yes. invoice means SOLD/DELIVERED
I am facing a bit of confusion about something. You first recorded the payment received via credit card into Undeposited Funds and then moved it to the bank after adjusting the Stripe fee. However, the payments made by customers via credit card go directly into our bank account. Can't we directly deposit it into the bank account and adjust the fee, instead of routing it through Undeposited Funds?
You can… but if there are more than one customer payment into a single deposit, you need to use Undeposited Funds
Hello. Thank you very much for the information. I have a question. How to set up and send statements to all customers one time per month.
With QBO Advanced you can automate the system to automatically send statements to customers every month using the Workflow tool
Thank you
Hi Hector,
I really enjoyed your video-thanks for the great content! Could you create a detailed video on setting up a standard chart of accounts specifically for real estate flips and rental properties? That would be incredibly helpful.
@@rashid9554 there will be a video coming out soon with some resources for that
@@HectorGarciaCPA Okay thanks 😊
We used QBO exclusively. We are a B2B2C company. Our customers are retailers. We would love to know how to change the word ESTIMATE to Order. We enter all customer orders as estimates then send them a sales order acknowledgement. We complete the order, ship, record the tracking number on the ESTIMATE then convert to invoice. Is there a way to change the term ESTIMATE to ORDER? Also, Does QBO have a ‘return merchandise’ (RMA) function?
Is not possible to do either
How would we go about charging the customer for the processing fees ? Just add a line for that and calculate post tax ? And follow what you said and record into a merchant fees account ?
Also subscribed . Very informative videos (quickbooks newcomer)
Just a nontaxable line
@@HectorGarciaCPA okay but do you calculate the processing fee with the percentages after tax is applied correct ?
Thanks for your great video. Do you have any video for QB desktop?
Yes, but not exact content
What is Stripe you have mentioned in the record 24.45 that applies to bank charges.. When do we use stripe word in customer payment through credit card?
Its a payment processing system
Thanks so much to this Mr. Hector
:)
Thank you so much for comprehensive videos
Glad you like them!
Thanks. Question: What if we receive a smaller amount due to deductions because of FX change or bank fees? How can I split a received payment?
You can adjust it on the Deposit screen with a negative amount
Is it ok to write off old accounts receivable if you are on a cash basis? Say we close the accounts receivable and debit bad debts? Will the bad debts expense reflect as expense in the PL?
Yes its fine
@@HectorGarciaCPA if we do that, qbo will report the amount as income and the uncollected amount will be offset by bad debt expense. Will it be ok for tax purposes? although it wont have an effect for income tax purpose but it will increase our sales tax?
@mizzkhaeya7819 hi, I have the same problem. I think we can void the transaction since we are on a cash basis it should be fine. But my problem is what if the customer partially paid for the transaction? How can we void/delete it without compromising as a whole?
I hope you get my thoughts.😅
Can I ask you something? Do I need to do journal entries such as checking debit $500, AR credit $500" after QB bank deposit? Or Automatically journal entries are processed? When I studied accounting, I learned all transactions needed to process journal entries.
With QuickBooks, almost everything is just a natural transaction, no need to do Journal Entries
@@HectorGarciaCPA Thank you for your reply. When do i need to do journey entries in QB?
When you are converting a company from cash basis to accrual basis for current year should create invoices or do journal entries? Company has converted mid year.
Create invoices
Sir, I have 35+ years of experience as an accountant in India, and at present, I am in Vancouver. I want to join as CPA office as a trainee account assistant. Can you guide me for the same.
Thank you Garcia. When customers have balance due in accounts receivable, but they are paying it off in the new fiscal year, how can I carry it over to the new fiscal year? Because I'm noticing that it's increasing the income for the current fiscal year but (hypothetically) the customer only paid half and the other half will be in my next fiscal year
If you are in accrual basis, those unpaid invoices will be included in the income of the year the invoices are dated for. Of you switch reports to cash basis, that open balance income is “carried over” to the year they are paid in
@HectorGarciaCPA Thank you so much.
In this case, I don't have to re-create the invoices with new dates, just change the report to cash basis correct?
Thank you for your time Mr. Garcia
These videos are very helpful. I am just confused if I have multiple customers that pay through Venmo but are transferred into our account in one payment, do I create a deposit slip linking all the customers into the payment or do I use the bank feed deposit to link the customers? If I did a deposit slip, would I match that to the payment from the bank feed or just skip the deposit slip and match them from the bank feed? Thanks!!
If they are all separate deposits , then enter each one separately. If is a single deposit, you can enter a single transaction with the split payments
Then just match them in bank feed
@@HectorGarciaCPA When you say single transaction, do you mean I should create a deposit slip with all the payments linked to it and then match the deposit slip to the bank feed deposit? I wasn't sure if I needed to create the deposit or just add the invoices directly to the bank feed deposit. I am still learning this so I appreciate the help.
Hi Hector, can you suggest what's the best way for billable expenses if we only have simple start QB subscription? I understand this feature is only available for Plus and Advance
You cant track them with simple start. There is no real workaround
What do you recommend for monthly service business
A recurring invoice
Hi Hector could you please let me know what exactly Stripe does in the payment process?
Stripe.com
I don't understand why you used a JE to write off the accounts receivable. I am a long time QB desktop user who recently switched to QB Online and I'm wondering why you didn't write off the bad debt via the receive payment window which would link the invoice to the write off (better audit trail). Or maybe ya cant do that with QB Online?
There is not “write off” procedure via Receive Payment
When do you use the AR account vs undep funds??
Undeposited funds is to receive payments from invoices that will be deposited together with other payments at the same time
Sr. @HectorGarciaCPA gracias God bless you 🙏 me gustaría saber si tiene este video en español?
What’s the difference between open balance and overdue payment amounts under each accounts receivable?
overdue is both OPEN BALANCE (and past the payment due date)
Hello Hector, do you have a different video for receiving payments from the customer for a foreign invoice/bill with foreign currency? Our home currency si Canadian, and the customers are paying in foreign currency; in Euros most of the time and they pay us using wire transfer. Other customers are paying us in USD using a check. We are creating invoices based on their currency, let's say in Euros, they paid us in Euros. But then again QuickBooks converts it to Canadian that gives me a different amount due to currency conversion and when I tried to match them to open invoices, it doesn't show the invoices that it is supposed to be matched. Hope my question does makes sense? Thanks in advance!
I dont have any content in multicurrency
Love it..... budgets could be next if possible
I have a video on Budgets. But I should update it :)
No way to retrieve bulk customer statements later as the list/filter under All Sales has been removed by QuickBooks. I am not sure for how long this is missing. It is ridiculous!
check the GEAR MENU
what is the correct way of categorizing a returned deposit?
The same account used on the original deposit (reverse the transaction)
Hey garcia i want to know my customer has a huge data of sales and i have to match them with bank statement can you guide me how can i manage this effectively and i want accounts receivables balance summary of each customers also ...can i do this working on QB? Or excel use also required plz guide me ? If excel then what format will be effective thanks in advance
@@ZubairIqbal-c7o every case is different. Its hard to just suggest something without looking at it
Great teacher
:)
Thank you, That Great delivery👌
:)
Sir I am trying to open an account on qbo for 30 days free trial version but i cant what should i do?
Are you in USA? I think the free trial is US only
At 29 minutes, can we do the same for Sales Receipt for donations that come in not as pledge?
“Pledge” is Invoices
@@HectorGarciaCPA Thanks!
Hi Hector, I tried to clear out the Reimbursable Expense that were included in the Sales invoice, upon receiving the payment it doesn't clear out all amount goes to AR account. What adjustment I need to do?
I am not sure, contact support and see if they can help
How to manage and setup and full inventory base,please. Suggest and make a video. For everyone
There is a video in my channel… ua-cam.com/video/KhupybCxKYI/v-deo.htmlsi=541ksZFYDWkKc0z0
Thank you, learned a lot.
:)
Hi Hector..may I ask..how to deduct from my accounts receivable the charges of my customer against it like performance bond an asset account and medication cost my cost of services account..can a credit memo suffice?
Credit memo is the appropriate
Thank you so much!
Landing Cost allocation to the product, is it possible on QuickBooks online
Its NOT, but there is a very manual workaround you can use
This is really helpful. Thank you for this :)
Delete the payment. Then match it
Hi my respected mentor,
I'm a die heart student learning from you can you please make videos on account receivable,payable whole course thanks
Payable Course is coming soon
How does this work for companies that have dozens of transactions each day, with a weekly or biweekly deposits? It seems almost impossible to record 25 credit card payments a day that auto post in bulk the following day to the bank. Then depositing 7 checks and say 5 cash transactions for totalling $3,600 later that week. This all goes to undeposited funds. How does someone sort through all of that? It seems like so many transactions and so many steps. Am i overthinking this?
@@vanessadenison8313 if you dont track invoices, then just record all the income as deposit and thats it
@HectorGarciaCPA We do track invoices for vehicles that are left over night but we also have sales that happen in the moment. I am really struggling to match our bank deposits to the quickbooks deposits.
@HectorGarciaCPA we do track invoices for vehicles that are left overnight. But also have cash and check sales.
Thank you for help.
You're welcome!
Very Helpful, thank you
;)
Thank you
:)
Thank you so practical :)
Great
Thank you so much
:)
does anybody pay attention to statements lol?
very well done
Thank you! Cheers!