Hello my contractor friends! This video is will explain to you everything about accounts and the chart of accounts in QuickBooks online. You can mange the accounts and learn about account type and detail type as well as making an account inactive right here from this instructional training video. I thank you all and hope that you will click “like” and “subscribe.
That's really great and I'm glad to hear that thank you. If you're a contractor,make sure you have the whole playlist.click in the top right corner of this video to get the full contract is. Playlist and if you watch it in proper order you are guaranteed to understand everything you need To Do and quick books. I'm here if you have any questions and I hope you will click like after watching each one to support the free channel for everyone. Mark
I liked & enjoyed it. I already downloads of your all videos. Its really helpful for me. But Need to more details about Charts of Accounts of Contractors & Hotel Service & Many others.
Thank You Sameer, You will always know what accounts you wil need if you know your business and how it operates. Jusr ask yourself: "what services do I charge my clients for"-those are your income accounts for that type of company. You can also watch some basic accounting tutorials and thye will help you know more than you need. ua-cam.com/video/FmaV11JLvCM/v-deo.html I hope you will cick "like" on the ones that helped you and I hope you will subscribe
Thanks for the videos, in the latest version however there is no "other business expenses" category. The closest would be " other expenses" tax form section - " other miscellaneous expense"
Thank you and yes, it really doesn't matter what detail type you choose. If you're not going to use Intuit tack software cause you don't need tax mapping if you're not using that company's tax. Software later on Thank you for watching and there is an entire video of the full course, not just the chart of accounts so you could click on the top right corner of this video to get the link to the full playlist. But if you want, you can go to the home page of my channel and get the latest full course for free for quick books online for contractors and that has the updated interface Try to find that. If not, please let me know. I'll send you the link because you will love the full course Bark
Good information for us new QBO customers. I own a small remodeling business and one of the goals that I would like to use QBO for is to attach a cost (receipt from a lumber yard, Lowes, etc) to a customer in order to directly see the profitability. When I go through the receipts, how would I do this? Thank you
Thank you so much; I have the perfect answer for you! If you click in the top-right corner of the video, you will get the link to the full contractor's playlist. If you watch all of them patiently, IN PROPER ORDER< you will have everything you need. But specificaaly. Number 15 in the playlist is below; it shows how to track costs by job. The videos that folow show how to bill the client for the costs that you paid. It's exactly as you asked and yes, that's what the proceedure is. ua-cam.com/video/EMoojQH1S7U/v-deo.html Please confirm that is what you are looking for. -Mark
Mark - purchased this course on Udemy. The Chart of Accounts interface has changed since this recording. Any update on adding the five accounts? Also, my company is a home builder using "cost plus" billing. So every subcontract we pay is billed to the client at X% increase. I assume your course teaches how to turn payments into invoices? Thanks. Very thorough; I'm enjoying the course.
Thank you very much for the compliment but you must ask your cuorse related questions only on the udemy platform directly to me through messaging or using the question and answer board on the udemy page of the udemy course. I will be happy to answer all your course related questions there but please understand it's very important to keep the two platforms separate. It really is a different completely different arrangement for me that must be preserved at all costs because I love my udemy students I'd want each course to have a certificate that proves that they know what they're doing! Mark
Great and informative videos. If you had to do the books of an electrician/contracting company now, which version would you use? QB Desktop or QBO? Thanks.
Thank you for the question and that question becomes harder to answer as time goes by You see there are some features that the desktop version has that quickbooks online does not and there are 1 or 2 features that the online version has that desktop does no I'm certified in both and I support both but ultimately the user would have to look at the list of included features for both soft wares and decide for themselves. At this point, my personal opinion for contractors, would be the desktop version because right now it has more robust reporting abilities and report flexibility as well as being faster. However, the further we go into the future the more of the desktop features are added on to quickbooks online and the more of the quickbooks online features are added on to quick book's desktop. So at this point, you really should get a list of features for both and talk to the sales people and decide which one is better for you. However, don't let the sales people push you into quick books online if you think desktop would be a better fit for you because they tend to push the online version a little bit more for their own reasons. Mark
@@worldwidequickbooks thanks a lot. Was just listening to your other video -on budgeting by job :) when you responded. I haven’t used QB in over 10 years but now have this opportunity to be involved with one electrical and one plumbing company we are setting up from scratch to do some commercial construction we are involved in. So, for now, it is for these two only, but, was thinking this might also serve as a base for expanded future services in this niche for my new accounting firm.
When I'm actually doing for my real company can I use the accounts that already comes with quickbooks and just add the specific ones i need?? For example add tool rental since they don't have, but the Job supplies account can i use the one already there or should i add my own?
Thank you G, That's really the way that you are supposed to do it. QuickBooks gives you the most general, common accounts so you save time when putting in the chart of accounts. SOme people like to have a clean chart of accounts to start with and some like to use a few of the accounts provided and make the rest themselves. Either way, to leanr, I prefer to show the clean chart of accounts with account names in capital letters for clarity. In yoru company, you can do it the way you suggest if it works for you. You can refer back tot heis video anyway if you need to edit or change anything later. -Mark
@@worldwidequickbooks I really like your logic on "I prefer to show the clean chart of accounts with account names in capital letters for clarity" and wish I would have viewed this video before I started using QB. I am buying your course for Contractors, and can already see I am going to add separate income accounts, and one supply account. How big of a nightmare is it going to be to move data over from the original buckets? (I.E. the QB Service Income and Supplies accounts).
Hello my contractor friends! This video is will explain to you everything about accounts and the chart of accounts in QuickBooks online. You can mange the accounts and learn about account type and detail type as well as making an account inactive right here from this instructional training video.
I thank you all and hope that you will click “like” and “subscribe.
Really well taught lesson for chart of accounts, you are a skillful teacher! I finally can do it on my own,,
That's really great and I'm glad to hear that thank you.
If you're a contractor,make sure you have the whole playlist.click in the top right corner of this video to get the full contract is. Playlist and if you watch it in proper order you are guaranteed to understand everything you need To Do and quick books.
I'm here if you have any questions and I hope you will click like after watching each one to support the free channel for everyone.
Mark
I liked & enjoyed it. I already downloads of your all videos. Its really helpful for me. But Need to more details about Charts of Accounts of Contractors & Hotel Service & Many others.
Thank You Sameer,
You will always know what accounts you wil need if you know your business and how it operates. Jusr ask yourself: "what services do I charge my clients for"-those are your income accounts for that type of company. You can also watch some basic accounting tutorials and thye will help you know more than you need.
ua-cam.com/video/FmaV11JLvCM/v-deo.html
I hope you will cick "like" on the ones that helped you and I hope you will subscribe
Thanks for the videos, in the latest version however there is no "other business expenses" category. The closest would be " other expenses" tax form section - " other miscellaneous expense"
Thank you and yes, it really doesn't matter what detail type you choose. If you're not going to use Intuit tack software cause you don't need tax mapping if you're not using that company's tax. Software later on
Thank you for watching and there is an entire video of the full course, not just the chart of accounts so you could click on the top right corner of this video to get the link to the full playlist. But if you want, you can go to the home page of my channel and get the latest full course for free for quick books online for contractors and that has the updated interface
Try to find that. If not, please let me know. I'll send you the link because you will love the full course
Bark
Good information for us new QBO customers. I own a small remodeling business and one of the goals that I would like to use QBO for is to attach a cost (receipt from a lumber yard, Lowes, etc) to a customer in order to directly see the profitability. When I go through the receipts, how would I do this? Thank you
Thank you so much; I have the perfect answer for you!
If you click in the top-right corner of the video, you will get the link to the full contractor's playlist. If you watch all of them patiently, IN PROPER ORDER< you will have everything you need.
But specificaaly.
Number 15 in the playlist is below; it shows how to track costs by job. The videos that folow show how to bill the client for the costs that you paid. It's exactly as you asked and yes, that's what the proceedure is.
ua-cam.com/video/EMoojQH1S7U/v-deo.html
Please confirm that is what you are looking for.
-Mark
Mark - purchased this course on Udemy. The Chart of Accounts interface has changed since this recording. Any update on adding the five accounts? Also, my company is a home builder using "cost plus" billing. So every subcontract we pay is billed to the client at X% increase. I assume your course teaches how to turn payments into invoices? Thanks. Very thorough; I'm enjoying the course.
Thank you very much for the compliment but you must ask your cuorse related questions only on the udemy platform directly to me through messaging or using the question and answer board on the udemy page of the udemy course.
I will be happy to answer all your course related questions there but please understand it's very important to keep the two platforms separate.
It really is a different completely different arrangement for me that must be preserved at all costs because I love my udemy students I'd want each course to have a certificate that proves that they know what they're doing!
Mark
Great and informative videos. If you had to do the books of an electrician/contracting company now, which version would you use? QB Desktop or QBO? Thanks.
Thank you for the question and that question becomes harder to answer as time goes by
You see there are some features that the desktop version has that quickbooks online does not and there are 1 or 2 features that the online version has that desktop does no
I'm certified in both and I support both but ultimately the user would have to look at the list of included features for both soft wares and decide for themselves.
At this point, my personal opinion for contractors, would be the desktop version because right now it has more robust reporting abilities and report flexibility as well as being faster.
However, the further we go into the future the more of the desktop features are added on to quickbooks online and the more of the quickbooks online features are added on to quick book's desktop. So at this point, you really should get a list of features for both and talk to the sales people and decide which one is better for you. However, don't let the sales people push you into quick books online if you think desktop would be a better fit for you because they tend to push the online version a little bit more for their own reasons.
Mark
@@worldwidequickbooks thanks a lot. Was just listening to your other video -on budgeting by job :) when you responded.
I haven’t used QB in over 10 years but now have this opportunity to be involved with one electrical and one plumbing company we are setting up from scratch to do some commercial construction we are involved in.
So, for now, it is for these two only, but, was thinking this might also serve as a base for expanded future services in this niche for my new accounting firm.
How would I invoice a contractor, I am the subcontractor and receive payment?
When I'm actually doing for my real company can I use the accounts that already comes with quickbooks and just add the specific ones i need?? For example add tool rental since they don't have, but the Job supplies account can i use the one already there or should i add my own?
Thank you G,
That's really the way that you are supposed to do it. QuickBooks gives you the most general, common accounts so you save time when putting in the chart of accounts. SOme people like to have a clean chart of accounts to start with and some like to use a few of the accounts provided and make the rest themselves. Either way, to leanr, I prefer to show the clean chart of accounts with account names in capital letters for clarity. In yoru company, you can do it the way you suggest if it works for you. You can refer back tot heis video anyway if you need to edit or change anything later.
-Mark
@@worldwidequickbooks I really like your logic on "I prefer to show the clean chart of accounts with account names in capital letters for clarity" and wish I would have viewed this video before I started using QB. I am buying your course for Contractors, and can already see I am going to add separate income accounts, and one supply account. How big of a nightmare is it going to be to move data over from the original buckets? (I.E. the QB Service Income and Supplies accounts).
Can you reactivate accounts? If so, how do you find them to reactivate them?
Thank you Chyteal,
You cannot "re-activate". They simply us ethe word "inactive" as the same as "delete". You would have to re-enter it.
-Mark
@@worldwidequickbooks Thank you
Why Delivery Expense? What is that?
What do you think it is?
@@worldwidequickbooks delivery of materials?
Any delivery the company nneds to pay to function and do business related things is delivery expense.