Hi Mat, I work for a Residential Mortgage Lender who recently started funding loans inhouse through a warehouse line. Being that money coming in is not the same as the money going out and the difference is our commission. What is the correct way to post these transactions from a bankstatement? Presently i have been inputing in the warehouse register but this is not the correct way.
If you have never worked in accounting then I would do all I could to get a job at a small accounting or CPA firm to gain the experience, then, after a few years and depending on your temperament, I would start my own bookkeeping firm
Hey Matt, very new to QB so this might be a dumb question. When I send an invoice to a customer, how do I connect that invoice with the purchase order that is related to that invoice? In order to show my profit margin, COGS, etc for that order.
@@QbuniversityOrg still very new to it. Made my first invoice yesterday, but was wondering how that gets associated with the PO that goes with it. Sorry if that’s confusing lol
Not sure if your familiar with Menards, their a big box lumber store in the Midwest. On occasion they give us 11% back on our purchases in the form of rebates to be used as store credit. What is the best way to record these kind of transactions when you input a receipt? The way I've been doing it is as a line item expense, but with a negative amount to lower the overall amount I end up paying with a credit card. The only problem is that the item expense for the rebate in the chart of accounts keeps getting bigger and bigger, not sure how to zero it out. Maybe I should set up the rebates as a separate bank account, but then how do you enter a receipt with 2 forms or payment. Is there a better way to be entering receipts when a rebate is used as a partial payment. Think this might make for a good video as I've tried researching this and haven't been able to find anything on the subject, I'm sure others would be interested to know as well.
Your solution can work if you j.e that account utilizing the credit statements consistently. IMO here are some other solutions. a) Rebate as Other Income (then j.e as other income, j.e again when its used) b) Rebate as a Credit to the original expense (I would do this as its per individual case) c) Using a Current Asset account then correct that account consistently. All these solutions have one thing in common which is making sure the 11% is a positive balance instead of negative. Let me know if you found a better solution or if this helps!
www.QBUniversity.org/Masterclass - leave a comment or question here!
how to post a sale of future accounts receivables at a discount
This was the best video I've found so far. Thank you!
You’re welcome!
I appreciate your tutorials; do you have one on how to reconcile stripe into quickbooks desktop?
I don’t believe I do but I’ll have to make one!
Hi Mat, I work for a Residential Mortgage Lender who recently started funding loans inhouse through a warehouse line. Being that money coming in is not the same as the money going out and the difference is our commission. What is the correct way to post these transactions from a bankstatement? Presently i have been inputing in the warehouse register but this is not the correct way.
What advice would you have for a student getting ready to graduate with An AA in accounting trying to get into the accounting industry?
If you have never worked in accounting then I would do all I could to get a job at a small accounting or CPA firm to gain the experience, then, after a few years and depending on your temperament, I would start my own bookkeeping firm
@@QbuniversityOrg thanks so much for that advice I subscribed I look forward to leaning more from you !
@@travelingwaasi5553 you’re welcome!
@@QbuniversityOrgexactly what I have been searching for. Subscribed
Hey Matt, very new to QB so this might be a dumb question. When I send an invoice to a customer, how do I connect that invoice with the purchase order that is related to that invoice? In order to show my profit margin, COGS, etc for that order.
You can associate each form in the process to a customer so that you can track it. Have you done this?
@@QbuniversityOrg still very new to it. Made my first invoice yesterday, but was wondering how that gets associated with the PO that goes with it. Sorry if that’s confusing lol
How to add late fee to account receiveables
Hi Mat, i am trying to find solution on qb where i would like to reconcile purchase again the invoice raise to customer. can you help me on this
A journal entry is lingering on my Accounts Receivable Open invoice report. The net effect is zero, but how do I remove this?
How can we record cash discounts in QuickBooks Online? I am not asking about trade discounts.
Not sure if your familiar with Menards, their a big box lumber store in the Midwest. On occasion they give us 11% back on our purchases in the form of rebates to be used as store credit. What is the best way to record these kind of transactions when you input a receipt? The way I've been doing it is as a line item expense, but with a negative amount to lower the overall amount I end up paying with a credit card. The only problem is that the item expense for the rebate in the chart of accounts keeps getting bigger and bigger, not sure how to zero it out. Maybe I should set up the rebates as a separate bank account, but then how do you enter a receipt with 2 forms or payment. Is there a better way to be entering receipts when a rebate is used as a partial payment. Think this might make for a good video as I've tried researching this and haven't been able to find anything on the subject, I'm sure others would be interested to know as well.
Your solution can work if you j.e that account utilizing the credit statements consistently. IMO here are some other solutions. a) Rebate as Other Income (then j.e as other income, j.e again when its used) b) Rebate as a Credit to the original expense (I would do this as its per individual case) c) Using a Current Asset account then correct that account consistently. All these solutions have one thing in common which is making sure the 11% is a positive balance instead of negative. Let me know if you found a better solution or if this helps!
Appreciate your tutorial but I am having a hard time to hear you. Hope you can adjust your audio. Thanks
Interesting. I have never had that comment on any of my videos. Could be on your side?