This was extremely helpful! Thank you. I have used QB desktop for years but am switching over to online and starting over for several reasons. You have saved me so much time! I know I will be watching your other videos.
I have been watching your videos for about a year now. I also have certifications in QBO and QB Pro adviser for 2024, But I never really could make a balance sheet and Profit and Loss statement that made sense to me. I recently watched your videos on how to categorize uploaded bank transactions plus some other videos and I can see where I was making mistakes. This video was very helpful. I almost quit trying to use QB all together and not pursue a Bookkeeping Business. I am glad I sat down and watched this video; I am going to go back and practice again and see how it goes.
This is dynamite info. Basically everything in here is more than enough to get a first time business owner started to hit the ground running. Thank you Hector 🙏
Hector, thank you for making a detailed video for chart of account. I’ve struggled to categorize due to not knowing what can be merged or made inactive. This is so helpful and will be watching again since I kept getting interrupted.
Thank you for sharing your expertise. I'm just starting out and your's are the best and most imformative presentations I've seen. They are helping me navigate QB without freaking out. LOL
I pray you are able to see these questions sir. 1. why do we need categorization of transactions? Why do we categorize internal transactions and bank transactions. can "Rule" categorize internal transactions too? What is the essence of reconciliation in the generation of report. Can a report still be generated without reconciliation? What happens if a transaction reflecting internally and in the bank account are not categorised in the same chart of account; how will it affect reconciliation? What is the main purpose of chart of account? (I hope you see these sir, I need help. Most videos are explaining the tools and not the background knowledge. I am just a Medical scientist hoping to start a business)
Just received my ProAdvisor certification today, but watching your videos i feel like theres a long way to go before I master QBOA. Here's to a commitment to finish all your 2024 Playlist!
Good stuff, Hector. Clear and straightforward. For LT Liabilities (Notes Payable), why wouldn't you create sub accts under Noted Payable for the two F150 loans?
@@HectorGarciaCPA I just want to ask about Chart of account Sir. what is the best account title for Fund Transfer the reason of fund transfer is converting US currency to Canadian Currency. Then vice versa. I'm using Canadian QBO right now.
Thank you for the wonderful lesson. Also, why do we need to edit the date when we could have entered it correctly when posting the transactions? I understand the idea of backdating, as we can't prepare a balance sheet for the actual year based on the historical cost principle. with Love from Nigeria.
Sir Hector, hopefully you see this. I start categorizing when i sign up. (Not knowing how impt it is to input the beginning balance). How to input beginning balance if it was forgotten to enter it at the beginning after signing up? And, should i input the beginning balance every month or just the first of the year?
I have worked with chart of accounts for years and just watching this video gave me quite a bit of insight into better understanding the chart of accounts. Great video. Ps. I was trying to download the sample chart of accounts but with no success. Is is still accessible for download?
I was today years old when I learned if you use the QBO provided COA template to import a COA with sub accounts into QBOA, you DO put a space after the colon and the sub account name: ie: Payroll expenses: Wages BUT when using the journal entry template provided by QBO to import a Journal Entry using that SAME account, there is no space in the account name Payroll expenses:Wages 🤯
Thank you for a very informaative video. May be you can help with a question. In my old quickbooks desktop I was able to apply a discount in line item for an individual produt or a subtotal but in quickbooks online it will not do a percentage rate only a fixed price which does not change if you edit the quantity of items.
Would you know by chance, why my New Account Window looks different from both of your two window examples and why is there different window like a New General Categories?
@@HectorGarciaCPA Do you have a new video to show how to add equipment fix assests, original cost, and accumulated depreciation because my text book doesn't teach the new way
Hello Sir. I’m so grateful for your support. I have a question for you. I tried to enter the initial balances in the bank account, but the program does not show this option. could you explain to me how I can get the leftovers when I start working with the program. thank you in advance and with respect to you.
@@HectorGarciaCPA Thanks for your attention to me. It was never been created . It’s such trending QB format that never gives to me to do that. Jus only when I opened sample firm I can to do that. Of course I did everything with journal entries. Thank you for your help Sir. Could I ask you another question please. How I can to find mistakes with some journal or special report. Have a great day for you. I’m so grateful. 🙏🙏🙏 you are the best
THANK YOU, THANK YOU! This video saved me so many headaches. I have a quick question if you (or anyone) could answer. I'm starting a sole proprietorship and have $5000 of my own money to invest for start-up costs, any idea how I would set up an account to track that? Not sure if it should be classified as an Uncategorized Asset or some type of income? Thanks in advance!!
What is the difference between linking an account (and letting QBO fill in this information) vs manually entering the balances (which seems tedious and prone to human error)?
When you link the accounts; sometimes it brings the wrong amount. You need manually verify the balances and reconcile the banks. But you can download the activity once the accounts are linked and speed up the process. But there is always a manual element
Thanks for this💚. I have a new client, previous year already cleaned up, taxes done and switching from Xero to QBO. Can I use their Trial Balance report to do a huge JE for all of the Opening Balances other than the main Bank account?
The balance sheet lists all the current assets, including Inventory and A/R under the Current Assets. How to classify the bank accounts under separate types in the balance sheet (Cash and cash equivalents - or Bank)? Please advise
@@HectorGarciaCPA Ok All current accounts listed together, not diffrentiate to bank, AR, Inventory. How i divide or diffrentiate the accounts in the BS?
How do you purge your QBO account and start over from scratch? I'm within 60 days of purchase. And do you have a current video on importing COA? Is the "create empty COA" still an option?
@@HectorGarciaCPA Wow thank you for your quick response. Tithes coming in and expenses. Note we are just using quickbooks for recording purposes only. Bills already paid etc..
trying to decide which option is best for me.. can I have multiple departments ( at least 2 ) with the basic plan ? any help would be greatly appreciated.
Can you explain why you didn't leave the generic Services Income account and then make Remote and Onsite services subaccounts? Thanks. (I haven't used QB for a number of years and am enjoying your videos to refresh my QB neurons.)
Thank you for your explanation. Could you explain please, how create in new version QB sub account, I tried but it doesn’t gives to me to do it. Thank you Sir again for your support us
@@HectorGarciaCPA I understood, that’s looks so strange, when you create account everything is ok, but second version doesn’t give me created sub account. When I was in first version I never had this issue. Could you help me please. I am studying the program and preparing for certification. Could it be a problem with the version?
Hello Hector. Thank you for a very informative video. In your presentation, I saw a list of accounts such as the owner's draw and personal expense account. Do those 2 have different meanings , or can we use them interchangeably? Does the owner's draw refer to salary? Thank you. Fatimah
Great video, Hector! I can see this is not your first rodeo. Is there any way I can get my hands on your custom chart of accounts. That would save me a lot of time.
How would add phone expenses when you're using your own personal phone? What % of the bill is applied to business expenses? Where would you post that, reimbursement?
I'm following along your setup videos for QB and have unfortunately already linked a bank account from 12 months prior. I want to start over with 01/01/24 as my beginning. How do I do this? Do you have a point in one of your videos where you already explain this?
@HectorGarciaCPA is there a way to "factory reset" the qbo account and start fresh with no linked accounts? My partner needs to record everything from March, only a few months, and I am trying to get him started on the right foot setting up his COA and products/services and he unknowingly already linked bank accounts too during initial set up. I would prefer to just erase everything or reset it back to its original format and start clean. I'll also mention that he is currently still in a 30 day free trail period until 6/30/24 if that is helpful.
Can we like do something like this that i made chart of accounts as expenses and then ihave 10 different expenses and i make that 10 account as subaccount of expenses can i do that ?
Is there a way to create a new "Detail Type" when you are creating a new account under Chart of Accounts? I have an Expense that does not fall under any of the categories listed under "Detail Type" and would like to create a new heading that would appear directly under "Expenses"
When adding the assets, why wouldn't you just book the full value of the truck and then create a separate accumulated depreciation - vehicles account with the accumulated depreciation amount for the vehicle?
Hector Garcia ( The way you create account for fixed assets is not seams like professional . I think QBO is not good for record of fixed assets . i think this portion need updation like xero .
I just purchased QBO for my personal finances. I plan on buying for my corporation as well. First, I want to start with my personal finances to get to know QBO well. I want to do all my finances from 2018 - to now. My Corporation started in 2020 so I need to start in 2020 for that. Anyway, can I start adding in 2024 stuff while I am putting in 2018, 2019, 2020, 2021, 2022 and 2023? or should I do all my 2018 1st and then close each year before I move on to another year. How should go about this?
Why is my charts not the same as yours? Example. Going to accounts and making anew one with an opening balance it doesn’t give me the options of using a checking or even a savings. Yes I have purchased the program so i don’t know why it’s not letting me open new accounts.
May I have a question? If I create a new account , just like a vehicle , and add a balance to it as of 01/01/2024. Then it will increase my asset, and change the amounts in my Balance Sheet. But what did I decrease? I know creating an account is not recording a transaction. But I keep worrying about the double side entries? Do you mind explaining it to me？
Hello. Does Hector have a video on how to record the healh insurance premium payments that are paid on behalf of an S-Corp owner who owns more than 2%? I know that my payroll provider is handling how it is reported on the owner's W2, but I am not certain how to code it in QBO. If he does not have a video on this, can you point me to any resources for learning the correct way to book these transactions? Thank you.
Is there a way we can add a header account and then a sub account. such as HEADER (COGS - Emergency ) SUB-ACCOUNT(s) (Materials), (Labor), (Overhead), (Sub-trade)...
Yes, sub accounts were explained, but i'm interested in knowing if we can add a HEADER account that reads (COGS- Emergency) so i can attach my sub accounts Kinda like quickbooks desktop allows. @@HectorGarciaCPA
I can't connect the dot which may be due to lack of practical knowledge can you suggest me how to make sure learn qb really fast,, it's headache to me😢
@@HectorGarciaCPA is there scope now too like I was trying to learn tally but many stds says about Xero and qb so I am learning them now, I am part qualified ACCA I am lost I don't know what to learn what not to, to many riddles to solve I think I would lost my mind🥲 And thanks for your reply
Hello Sir, I am starting to binge watch your videos about QuickBooks, aside from this 2024 playlist that you have recently created, what other playlist of yours would you recommend? I'm an accountancy student and planning to be a virtual bookkeeper at the same time.
Is your version the online version? I have an old online self-employed simple version and I do not see any of these options. I'm thinking I need to upgrade?
Hi, Hector thank you for valuable video on COA. Personally, I felt you could have showed only simpler process than adding journal entries which is too much to digest for the beginners
Saludos Hector, gracias por tus videos son de mucha ayuda, siempre los veo cuando tengo dudas, queria consultarte si las 1099's se pueden corregir en Quickbooks online? Gracias de antemano por tu atencion.
Can you share the list of default QBO accounts with us?
Unfortunately, this seems to be a moving target. Here is the legacy database that contains the coa per industry: hectorgarcia.com/coasheet
@@HectorGarciaCPA This is a long list haha. I meant the sheet @29:08
The one that has account types and sub types. Thanks!
@@HectorGarciaCPA 7777777777777777777u77u7vc"'vugvvvv'vvvvhvuvugvh'''''vcvccvuuvccygcccyugvhucuvcgcvc"''v hybvckklhnvv v""' '
Thank you
@@HectorGarciaCPA Wowww this is wonderful database! Thank you very much!
This was extremely helpful! Thank you. I have used QB desktop for years but am switching over to online and starting over for several reasons. You have saved me so much time! I know I will be watching your other videos.
Great to hear!
I have been watching your videos for about a year now. I also have certifications in QBO and QB Pro adviser for 2024, But I never really could make a balance sheet and Profit and Loss statement that made sense to me. I recently watched your videos on how to categorize uploaded bank transactions plus some other videos and I can see where I was making mistakes. This video was very helpful. I almost quit trying to use QB all together and not pursue a Bookkeeping Business. I am glad I sat down and watched this video; I am going to go back and practice again and see how it goes.
This is dynamite info. Basically everything in here is more than enough to get a first time business owner started to hit the ground running. Thank you Hector 🙏
:)
Watching from Kenya, Your presentations are worthy of time taken. Thank you
Hector, thank you for making a detailed video for chart of account. I’ve struggled to categorize due to not knowing what can be merged or made inactive. This is so helpful and will be watching again since I kept getting interrupted.
So glad I found this channel. I’m in school learning this .
:)
Great information! Thank you for taking the time to have these Master-Classes! Really helpful!
Glad you like them!
Thank you HECTOR!!! You have saved me time and frustration 🎉
Happy to help
you are the best tutor, Hector! Thank you for your thorough and super understandable explanation.
You are welcome
Thank you for sharing your expertise. I'm just starting out and your's are the best and most imformative presentations I've seen. They are helping me navigate QB without freaking out. LOL
@@andesenn awesome
This one is really helpful ! Thanks a lot Hector !
:)
I pray you are able to see these questions sir. 1. why do we need categorization of transactions? Why do we categorize internal transactions and bank transactions. can "Rule" categorize internal transactions too? What is the essence of reconciliation in the generation of report. Can a report still be generated without reconciliation? What happens if a transaction reflecting internally and in the bank account are not categorised in the same chart of account; how will it affect reconciliation? What is the main purpose of chart of account? (I hope you see these sir, I need help. Most videos are explaining the tools and not the background knowledge. I am just a Medical scientist hoping to start a business)
They need time be categorized to be organized in your financial statements. You should run reports AFTER reconciling
@@HectorGarciaCPA Alright sir. Thank you.
Great information and easy to follow. I will watch for awhile and possibly join your group. Thanks Rick🙂
great
Este es el curso que tanto estaba buscando!!! execelente metodología Hector, saludos.
Perfecto
Thank you so much! This was wonderful! I had my CoA set up but there were great tips in here on organizing it better!
hi hector.. Loved the way u explained each and everything..
:)
Thank you Hector very informative ❤
My pleasure!
Very good presentation, easily understood. Thank you, Hector.
@@janetrobinson8925 :)
i miss my accounting subject in college which i really enjoyed❤, thanks for the refresher in chart of accounts
:)
This is helpful! Hope you could also explain the difference between P&L accounts and Balance Sheet accounts. Thank you so much.
Not sure if that exact content exisits, but this might help ua-cam.com/video/ptyJvqHQMxs/v-deo.htmlsi=QJDhPsCU-11GnWfZ
Just received my ProAdvisor certification today, but watching your videos i feel like theres a long way to go before I master QBOA. Here's to a commitment to finish all your 2024 Playlist!
Oh yeah
You saved me Hector, thank you so much.
Glad to hear it!
thank you so Much Mr. Garcia it was really helpful ❤❤❤❤❤
Thanks much Hector for this video. I prefer assigning of numbers to accounts too for my easy tracking.
Agreed
thank you Hector for this video - I learned many things from this tutorial.
:)
Hello sir, I just seen your video and it's very well and good understanding.
@@PatelRajnikantVadibhai great
Amazing: thank you so much you answered most of the points that I wanted to research, especially the Opening Balance Equity
Glad it was helpful!
Thank you Hector. Super important information
My pleasure!
Good stuff, Hector. Clear and straightforward. For LT Liabilities (Notes Payable), why wouldn't you create sub accts under Noted Payable for the two F150 loans?
Yeah you can.. thats optional
Very helpful video. Thanks for sharing!
Thank you for your great tutorials.
My pleasure!
Thank you for sharing your knowledge sir! bless you!
:)
Thanks Hector! Great Job!
Glad you liked it!
Thank you Hector, I enjoyed your videos🥰🥰
:)
Great video! Helped me a lot! Thank you!
Awesome
Thank you, well explained and easy to understand.
Glad it was helpful!
Fantastic Knowledge Thanks for this wonderful class
Thanks and welcome
Hello Sir. Nice videos and it's easy to understand.
:)
@@HectorGarciaCPA I just want to ask about Chart of account Sir. what is the best account title for Fund Transfer the reason of fund transfer is converting US currency to Canadian Currency. Then vice versa. I'm using Canadian QBO right now.
@@jullienoble8547 where is the money transfering to?
From US to CAD.
Great information! Really helpful!
Glad it was helpful!
I am watching all your videos and I am learning a lot. Thank you so much! :) My question is what if the OBE amount is negative?
Adjust against retained earnings
very informative video. thanks you for the great content 😊
Glad you like it
Do you recommend recording Amazon Seller Income, Amazon KDP, and Amazon affiliate as separate income on Quickbooks? Or all under Amazon income?
I would separate it
@@HectorGarciaCPA thank you for the quick reply.
Thank you for the wonderful lesson.
Also, why do we need to edit the date when we could have entered it correctly when posting the transactions? I understand the idea of backdating, as we can't prepare a balance sheet for the actual year based on the historical cost principle.
with Love from Nigeria.
@@officialhabibspeakz5735 its a complex answer, hard to elaborate here
@@HectorGarciaCPAAlright sir.
Sir Hector, hopefully you see this. I start categorizing when i sign up. (Not knowing how impt it is to input the beginning balance). How to input beginning balance if it was forgotten to enter it at the beginning after signing up? And, should i input the beginning balance every month or just the first of the year?
With a journal entry or a deposit transaction
It wasn't helpful but superbly helpful. Much Appreciate!
:)
Thank you so much, really helpful!
:)
I have worked with chart of accounts for years and just watching this video gave me quite a bit of insight into better understanding the chart of accounts. Great video.
Ps. I was trying to download the sample chart of accounts but with no success. Is is still accessible for download?
Great.. yeah its on the website
I was today years old when I learned if you use the QBO provided COA template to import a COA with sub accounts into QBOA, you DO put a space after the colon and the sub account name: ie: Payroll expenses: Wages BUT when using the journal entry template provided by QBO to import a Journal Entry using that SAME account, there is no space in the account name Payroll expenses:Wages 🤯
@@christinalyons6174 no space
Hi Hector. This was really helpful. I'm however unable to input opening balances after importing the chart of accounts. Kindly assist.
You need to do it via a journal entry now
Thank you for a very informaative video. May be you can help with a question. In my old quickbooks desktop I was able to apply a discount in line item for an individual produt or a subtotal but in quickbooks online it will not do a percentage rate only a fixed price which does not change if you edit the quantity of items.
Correct. QB online does not support that functionality. You need to enter it manually
Please send spread sheet of expense and income category to classify in books
link in the the decription
Would you know by chance, why my New Account Window looks different from both of your two window examples and why is there different window like a New General Categories?
They changed it again!! Thats why
@@HectorGarciaCPA Do you have a new video to show how to add equipment fix assests, original cost, and accumulated depreciation because my text book doesn't teach the new way
@@kellynusbaum2757 no i dont.
Hello Sir. I’m so grateful for your support. I have a question for you. I tried to enter the initial balances in the bank account, but the program does not show this option. could you explain to me how I can get the leftovers when I start working with the program. thank you in advance and with respect to you.
Once the account is created, that option goes away.
So you need to do it via a journal entry
@@HectorGarciaCPA Thanks for your attention to me. It was never been created . It’s such trending QB format that never gives to me to do that. Jus only when I opened sample firm I can to do that. Of course I did everything with journal entries. Thank you for your help Sir. Could I ask you another question please.
How I can to find mistakes with some journal or special report. Have a great day for you. I’m so grateful. 🙏🙏🙏 you are the best
@@HectorGarciaCPA I just want to note that I tried to this action in training version.
@@iuliia7914 dont know what you are asking
THANK YOU, THANK YOU! This video saved me so many headaches. I have a quick question if you (or anyone) could answer. I'm starting a sole proprietorship and have $5000 of my own money to invest for start-up costs, any idea how I would set up an account to track that? Not sure if it should be classified as an Uncategorized Asset or some type of income? Thanks in advance!!
You can have an account called that literally
Thank you Hector
:)
What is the difference between linking an account (and letting QBO fill in this information) vs manually entering the balances (which seems tedious and prone to human error)?
When you link the accounts; sometimes it brings the wrong amount. You need manually verify the balances and reconcile the banks. But you can download the activity once the accounts are linked and speed up the process. But there is always a manual element
Thanks for this💚.
I have a new client, previous year already cleaned up, taxes done and switching from Xero to QBO. Can I use their Trial Balance report to do a huge JE for all of the Opening Balances other than the main Bank account?
Yes thats that proper way
Thank you 💚
Thank you, very easy to understand and extremely helpful. ❤
Hi Sir, how to create separate account for Cash On Hand in such a way that it is not a sub-category of Bank Accounts?
Cant.. needs to be under the Bank Accounts type
just create a separate patty cash bank account and use it for that purpose. It works.
The balance sheet lists all the current assets, including Inventory and A/R under the Current Assets.
How to classify the bank accounts under separate types in the balance sheet (Cash and cash equivalents - or Bank)?
Please advise
Cash or Cash Equivalent = Bank
@@HectorGarciaCPA Ok
All current accounts listed together, not diffrentiate to bank, AR, Inventory.
How i divide or diffrentiate the accounts in the BS?
Good evening! I would like to know how can I categorize my chart of accounts like yours? Thank you!
You have to delete accounts and create new ones
@ thank you!
How do you purge your QBO account and start over from scratch? I'm within 60 days of purchase. And do you have a current video on importing COA? Is the "create empty COA" still an option?
There is a special link, look it up
How should you we account for revenue and expenses from cash app not recognize in your bank statement
Depends on what you spend the money on
@@HectorGarciaCPA Wow thank you for your quick response. Tithes coming in and expenses.
Note we are just using quickbooks for recording purposes only. Bills already paid etc..
@@arnoldboo42 makes sense
@@HectorGarciaCPA could I make adjustments for both (cash app) offerings and expenses not recognized by the bank??
trying to decide which option is best for me.. can I have multiple departments ( at least 2 ) with the basic plan ? any help would be greatly appreciated.
No.. for classes or locations you need the $99 a month plan
Can you explain why you didn't leave the generic Services Income account and then make Remote and Onsite services subaccounts? Thanks. (I haven't used QB for a number of years and am enjoying your videos to refresh my QB neurons.)
No specific logic, its always potentially different for every company, based on how the want to see it.
Thank you for your explanation. Could you explain please, how create in new version QB sub account, I tried but it doesn’t gives to me to do it. Thank you Sir again for your support us
I think it was explained in the video.. no?
@@HectorGarciaCPA I understood, that’s looks so strange, when you create account everything is ok, but second version doesn’t give me created sub account. When I was in first version I never had this issue. Could you help me please. I am studying the program and preparing for certification. Could it be a problem with the version?
I cant see what you are seeing @@iuliia7914
@@iuliia7914 yes, or the country
Thank you for your help!!
:)
Hello Hector. Thank you for a very informative video. In your presentation, I saw a list of accounts such as the owner's draw and personal expense account. Do those 2 have different meanings , or can we use them interchangeably? Does the owner's draw refer to salary? Thank you. Fatimah
They are the same at the end of the day
@HectorGarciaCPA thank you for the quick reply. I appreciate it very much.
Great video, Hector! I can see this is not your first rodeo. Is there any way I can get my hands on your custom chart of accounts. That would save me a lot of time.
I sell it to my non-clients:
qbkaccounting.com/ultimate-chart-of-accounts-for-quickbooks-desktop/
How would add phone expenses when you're using your own personal phone? What % of the bill is applied to business expenses? Where would you post that, reimbursement?
50/50 is a good starting point
Amazing! Thank you so much! 🙏
You welcome
I'm following along your setup videos for QB and have unfortunately already linked a bank account from 12 months prior. I want to start over with 01/01/24 as my beginning. How do I do this? Do you have a point in one of your videos where you already explain this?
I dont have a video on this. This requires some cleanup work
@HectorGarciaCPA is there a way to "factory reset" the qbo account and start fresh with no linked accounts? My partner needs to record everything from March, only a few months, and I am trying to get him started on the right foot setting up his COA and products/services and he unknowingly already linked bank accounts too during initial set up. I would prefer to just erase everything or reset it back to its original format and start clean.
I'll also mention that he is currently still in a 30 day free trail period until 6/30/24 if that is helpful.
Can we like do something like this that i made chart of accounts as expenses and then ihave 10 different expenses and i make that 10 account as subaccount of expenses can i do that ?
Yes
Wow, great video thank you
:)
Is there a way to create a new "Detail Type" when you are creating a new account under Chart of Accounts? I have an Expense that does not fall under any of the categories listed under "Detail Type" and would like to create a new heading that would appear directly under "Expenses"
Not possible
😪 Thank you@@HectorGarciaCPA
When adding the assets, why wouldn't you just book the full value of the truck and then create a separate accumulated depreciation - vehicles account with the accumulated depreciation amount for the vehicle?
That can be done too.. there is no rule saying that is wrong or right
Can you share your version of chart of accounts with us?
All links are in videos description
Hector Garcia ( The way you create account for fixed assets is not seams like professional . I think QBO is not good for record of fixed assets . i think this portion need updation like xero .
It’s missing a proper Fixed Asset Manager. Only the Advanced Edition has that
hello hector, can you share the QB chart of accounts with us? thank you.
Links are in the video description
I just purchased QBO for my personal finances. I plan on buying for my corporation as well. First, I want to start with my personal finances to get to know QBO well. I want to do all my finances from 2018 - to now. My Corporation started in 2020 so I need to start in 2020 for that. Anyway, can I start adding in 2024 stuff while I am putting in 2018, 2019, 2020, 2021, 2022 and 2023? or should I do all my 2018 1st and then close each year before I move on to another year. How should go about this?
I would go in order
Thank you!
You're welcome!
Why is my charts not the same as yours? Example. Going to accounts and making anew one with an opening balance it doesn’t give me the options of using a checking or even a savings. Yes I have purchased the program so i don’t know why it’s not letting me open new accounts.
You can onky add beg. Balance to new balances sheet accounts
May I have a question? If I create a new account , just like a vehicle , and add a balance to it as of 01/01/2024. Then it will increase my asset, and change the amounts in my Balance Sheet. But what did I decrease? I know creating an account is not recording a transaction. But I keep worrying about the double side entries? Do you mind explaining it to me？
Equity
Got you. Thank you so much.@@HectorGarciaCPA
Do I have to have my chart of accounts done before I start? or could I add an account after I start transacting.
QBO will generate a standard chart of accounts for now
@@HectorGarciaCPA Then I can adjust it as I am transacting or do I have to change the chart of accounts before I start transacting.
Can you please share the account types and sub types sheet? @29:08
The link is in the videos description
what is the basic minimum chart of accounts a bookkeeper should use?
It varies per industry
@@HectorGarciaCPA I am starting a Bookkeeping business
Hello. Does Hector have a video on how to record the healh insurance premium payments that are paid on behalf of an S-Corp owner who owns more than 2%? I know that my payroll provider is handling how it is reported on the owner's W2, but I am not certain how to code it in QBO. If he does not have a video on this, can you point me to any resources for learning the correct way to book these transactions? Thank you.
I don’t have a video on it. But basically, the company paid portion of HI is part of Salaries and Wages Expense
@@HectorGarciaCPA thank you for your reply
Is there a way we can add a header account and then a sub account. such as HEADER (COGS - Emergency ) SUB-ACCOUNT(s) (Materials), (Labor), (Overhead), (Sub-trade)...
Yea, you can have subaccounts. I though i covered that in the video
Yes, sub accounts were explained, but i'm interested in knowing if we can add a HEADER account that reads (COGS- Emergency) so i can attach my sub accounts Kinda like quickbooks desktop allows.
@@HectorGarciaCPA
can you share the pratice file all the section.TIA
Not available
Is there a way to do away with the default chart of accounts?
Have to delete all the accounts manually
I can't connect the dot which may be due to lack of practical knowledge can you suggest me how to make sure learn qb really fast,, it's headache to me😢
“Fast” is not a thing. It takes months of practice to start getting comfortable with it
@@HectorGarciaCPA is there scope now too like I was trying to learn tally but many stds says about Xero and qb so I am learning them now, I am part qualified ACCA
I am lost I don't know what to learn what not to, to many riddles to solve I think I would lost my mind🥲
And thanks for your reply
Hello Sir, I am starting to binge watch your videos about QuickBooks, aside from this 2024 playlist that you have recently created, what other playlist of yours would you recommend? I'm an accountancy student and planning to be a virtual bookkeeper at the same time.
2024 playlist is the best option for QB videos
@@HectorGarciaCPA thank you so much
Saludos Hector, me puedes ayudar? necesito un tutorial completo de Quickbooks en español
No hay en mi canal
Why does the sub credit card does not have a balance?
Maybe because it doesn’t have transactions in it
@@HectorGarciaCPAcan you explain the reason of sub credit card accounts. .how is it useful?
Is your version the online version? I have an old online self-employed simple version and I do not see any of these options. I'm thinking I need to upgrade?
You might not have the same version.. the “self employed” edition is very different
Hey heater for the sub accounts does that require personal accounts as well or just business accounts ? With chase
Generally business only
@@HectorGarciaCPA okay great thank you so much
Hi, Hector thank you for valuable video on COA. Personally, I felt you could have showed only simpler process than adding journal entries which is too much to digest for the beginners
Chart of Accounts is not a “beginners” concept
thank you
:)
Saludos Hector, gracias por tus videos son de mucha ayuda, siempre los veo cuando tengo dudas, queria consultarte si las 1099's se pueden corregir en Quickbooks online? Gracias de antemano por tu atencion.
Si en Febrero abren esa opcion
Even though this a 2024 video the actual QB reports do not have date range settings it just runs the report as of....
Balance sheet doesnt.. but P&L does have a date range