Accounting And QuickBooks Online Comprehensive Course

Debits and Credits are so simple to understand that a child could explain it. You must know basic accounting ideas first.

We will define assets and liabilities. You will get the most clear explanation of the definition of these words as they are used in accounting.

The fundamental accounting equation is the basis if debits and credits. It helped derive the accounting system we use today

This learn accounting video will finally show you the origin of debits and credits. It comes from the accounting equation and keeps it balanced. You will also learn about "T" accounts.

Serina May Jackson teaches the ideas of how to make debits and credits in basic accounting. She uses the Mark Smolen 3 step plan in the T accounts

You will have a clear understanding of accounts receivable, accounts payable, as well as equity accounts like capital and withdrawals and understand how and why we use them

You will use the equity accounts to record debits and credits in the T accounts and it makes it easier with these general ledger accounts

Old School Accounting recorded all debits and credits in the general journal first. Then we post the transactions to the ledger t accounts and make a trial balance

There are separate records from the ledger account called "accounts receivable" and the records of the individual customers. They must be in sync after each transaction. The same is true for accounts payable.

Anyone can understand how we calculate the amount of interest and the amount of principal reduction in each equal monthly mortgage installment payment.

Customer Terms are the conditions that they must meet to get the early pay discount.

Vendors offer us discount terms that we can track in a purchase discounts account if we pay early enough.

This Accounting video tutorial will explain in the simplest possible terms, what is accounting and why do we need it. It will then introduce you to financial statements

Accounting Adjustments must be recorded periodically, the correct the general to account for the changes caused by the passage of time.

Each Partner has their own Capital Account and their own withdrawals account. Theses debits and credits will distribute the partnership income from income summary to each partner's capital account to each enjoy their own share of net income

Closing Debits And Credits summarize the owner's equity accounts. Income summary is used to bring the net income to the owner's capital account

Depreciation is the process of allocating the cost of a long-term asset over time based on its usage, recording the decrease in value as an expense using historical cost rather than market value to ensure accurate financial reporting.

You will learn how to calculate and record depreciation based on actual usage by estimating an asset’s useful life, determining a cost per unit (such as per mile), and making periodic journal entries to reflect the value used and value remaining.

You will learn the three common methods of depreciation—units of production, straight-line, and accelerated depreciation—and understand how each method calculates and records expense over an asset’s useful life, including the use of accumulated depreciation as a contra account.

The Internal Revenue Service (I.R.S.) tells you in Publication 946 exactly how to classify assets by useful life and create depreciation schedules that determine annual tax depreciation expense.

Inventory is the accounting theory that relates to the buying and selling of merchandise.

There are 4 accounts that you must debit and credit to record selling merchandise when you use the perpetual inventory system. You can see your gross profit from the T accounts

The periodic inventory method calculates cost of goods sold at the end of an accounting period using beginning inventory, purchases, and ending inventory, rather than tracking inventory continuously. It is used in a merchandise business that sells too many products to be able to accurately track quantities on hand.

If the same item is purchased by you more than once with the same purchase cost, then QuickBooks online needs to calculate a cost-per-unit in order to determine the cost of goods sold when the items are eventually sold. Of the 3 common inventory valuation methods, QuickBooks DESKTOP (not this) uses the “weighted average” method. However, our QuickBooks Online uses the “First In First Out” method (F.I.F.O) (FIFO) method of inventory valuation and ultimately calculating the cost of the inventory on hand for the “inventory asset” account as well as finding the goods sold for each sale.

Have a change in unit cost of your inventory items as you purchase them? How do you know your inventory value? You can take the weighted average cost of your inventory items to use for your inventory valuation. But what is weighted average anyway? It is the inventory valuation method that QuickBooks desktop applies to your goods on hand in order to value your inventory asset. It’s a method we use to do inventory valuation, so we know the purchase cost of all merchandise items that are currently on hand; even if purchase costs have changes while we were buying and selling inventory.

A merchandise business has several accounts in their revenue section of the P & L that service companies do not have. You will learn about these and how to use "contra accounts" in this video lecture

Check your understanding and retention of what you learned about the periodic inventory system and the contra accounts.

In this lecture, you will compare the closing entries of a merchandise compoany (that uses the PERIODIC inventory system) to the closing entries of a service type of business so you can learn it easier.

Test your understanding and skills when it comes to closing the books of a merchandise compnay that uses the periodic inventory system.

This QuickBooks Online Crash Course Training Tutorial will show you how you can sign up for free with the 30-day-free-trial version of QuickBooks Online. You must be sure to sign up with the plus version, so you have all the features you need.

In This QuickBooks Online Training Video, the interface and screen choices of the QuickBooks online plus version will be shown and explained to you. Each thing you see on the screen will be discussed in such a way that you will be able to navigate through any part of QuickBooks online. The main parts are: the “plus sign” for new transactions and documents, the “cog wheel”, for settings and set up data, and the left panel menu for things like reports and customer and vendor permanent data.

Hello My Friends,

Many of you taking this course may have seen a change in the interface in QuickBooks Online. The windows you need are still there and they are unchanged. Reports and Transaction windows are exactly the same and have not changed since 2013. However, they seem to move the place to click to open these windows. I deeply regret that I cannot re-make the course after each change. Please be patient and have confidence that this will not affect your learning.

And as always…………….

I’m here if you need me.

-Mark

In this QuickBooks instructional video, you will learn how to record and edit customer and vendor information. You can manage the customer center and vendor center like a small data base or a rolodex of information. You can edit any of the data fields in the customer or vendor center and easily see any permanent customer or vendor information. The main reason to have this list, is to see their names on the pulldown list when entering a transaction.

In this QuickBooks training tutorial, you will learn how to record and edit accounts in the QuickBooks online chart of accounts. QBO gives you a chart of accounts for you to use or customize. We will learn how to delete the accounts that QuickBooks put in, and then add the accounts we really need. We will address the issue of “account type” and the “detail type” fields as well.

In this QuickBooks training tutorial, you will learn how to record and edit “ITEMS” to and from the QuickBooks online items list.  Items are products or services that you would put in the body of an invoice or sales receipt. These are things that you would sell to a customer. QBO can track your income by item by choosing an income account to connect to a specific item.

In this QuickBooks instructional video, you will do your first practical excesses in QuickBooks online. This project will have you entering invoices from the invoice list. You should enter them exactly as you saw in prior qbo videos. When you are finished, your results should be the same as the results shown by the teacher in both the trial balance as well as the customer balance detail.  

In this QuickBooks instructional video, you will learn how to find and fix basic mistakes. You will learn the difference between a summary report and a detail report. You will see the results of editing a transaction and how the qbo reports change immediately after changing a transaction.

In this QuickBooks training tutorial, you will learn how to delete transaction in QuickBooks online.  You will learn that only your invited accountant can see a report that show all deleted transaction in your qbo account. You will also learn how to customize a transaction number on a document in QuickBooks online. You should click the cog and change the setting so you are able to input the document number of the transaction yourself.

In this QuickBooks training tutorial, you will learn how to record payments from customers for open invoices.  Open invoices are unpaid invoices. When you receive payment from customers, the balance of the customer goes down in the customer balance detail report. Accounts receivable in the trial balance will decrease. You must choose the bank account that the customer’s money will be recorded in to. The invoices that have remaining balance will show on the open invoice report. You must choose an invoice to apply the payment to.

In this QuickBooks instructional video, you will learn how to record sales receipts to customers. A sales receipt is the appropriate document when the customer pays immediately for a product or service you provided to them. Sometimes, the customer’s money is directly deposited in to the company bank account. You will learn how to edit the sales receipt. This video also introduces you to the “sales by customer detail” report. 

In this QuickBooks instructional video, you will learn how to customize any QuickBooks online report. You can add or remove columns to or from a report. You can change the date range of any qbo report. You can sort and filter QuickBooks online reports. The best repost is the journal. You should use it to find and fix mistakes and see where you left off when doing data entry with multiple transaction types.

In this QuickBooks instructional video, you will do a data entry exercise with all 3 of the customer transactions you learned so far. It will be a mix of: sales receipts, invoice payments and invoices that you will have to enter. When you finish, you should compare your results with the trial balance, customer balance detail and sales by customer detail report. If your results are different, you can use what you learned in the course to find and fix mistakes. After the exercise, there are puzzle type questions that help your problem-solving skills in qbo. You will see how to use logic to find and fix mistakes. This analytical and critical thinking when fixing mistakes will save you time. So, you do not have to go through every transaction 1 by one to find and fix your mistakes

In this QuickBooks instructional video, you will learn what “accounts payable” means. This is the total money that we owe to all vendors combined. This QuickBooks online lesson will introduce you to vendor related reports and vendor transactions. It will shoe our very first expenses and asset purchases. You will be introduced to your very first vendor report; the vendor balance detail.

In this QuickBooks instructional video, you will enter your first vendor’s invoice. QBO calls a vendor’s invoice a “bill”. You will see how to enter bills and see the results of these bills in the QuickBooks online reports.  This learn QuickBooks video will also show you how to add list items “on the fly”. That means you can enter new vendors or new accounts in to the chart of accounts at the moment you make the transaction. 

In this QuickBooks video tutorial, you will perform a data entry exercise where you enter multiple bills from vendors. After the exercise, you will compare your results in your trial balance and the results in your vendor balance detail to the results in the video. If they are different, you must use what you learned to find and fix mistakes. You will also be given problem solving questions and use critical thinking skills to answer the puzzle type of questions in the video

In this QuickBooks video tutorial, you will learn how to record bill payments for unpaid bills to vendors. You must apply the bill payment correctly and you can look at the vendor balance detail to see if you bill payments are correct.

In this learn QuickBooks video, you will learn how to record checks and record expenses. You will learn the difference between a “check” type of transaction and an “expense” type of transaction. They are similar and both reduce the bank account without changing the vendor’s balance. This is not the same thing as a vendor’s bill payment. These checks are for services or products that we pay for immediately.

In this QuickBooks training video, you will learn how to manage cash on hand and petty cash. This is cash that you received from customers that you will NOT deposit in to the bank account. Instead, you will use the customer’s cash to pay your companies’ expenses. 

In this QuickBooks training video, you will perform an exercise with inputting vendor transactions. When you finish the exercise, you must compare your results with the reports in the video. If you have different results, you must use what you learned to find and fix your mistakes. There are problem solving questions in the video. You must use your analytical skills and ability to think critically to answer the puzzle type of questions at the end of the video.

In this QuickBooks training video, you will learn how to record “basic deposits”. This is money that came in to the bank account from the owner or from customers. If the money came in from a customer, it would be better to record a sales receipt. This type of deposit will not record the quantity of the item you sold to the customer or the work hours you did. These deposits from customers will not show in the customer center or on sales reports. That is why it is better to use a sales receipt if you need either of those 2 things. I show this method to prepare you for the following video when the owner pay expenses directly with some of the cash he or she received from customers.

In this learn QuickBooks video, you will learn how to record deposits with cash back. This is a situation where the owner collects cash from a customer and does NOT deposit that money in to the company bank account. Instead, he / she uses that cash to pay expenses or withdraw for non-business reasons. 

In this learn QuickBooks video, you will create your own undeposited funds account. You will use “detail type” when creating the account. The detailed type in this current asset is undeposited funds. This account is where you record checks, cash and credit card swipes from customers. It will hold the customer’s money until you deposit the money in to your company bank account. 

In this QuickBooks online training tutorial, you will learn how to use the search tool. You can find any transaction or any list item by typing in to the search tool the data in the field you are looking for. You can use advanced search to find transactions with specific characteristics and search through everything in your QuickBooks online account instantly. When you see your results of your search displayed, you can filter the results and export to excel if you need to.

In this QuickBooks Online Conceptual lesson, you will learn the ideas of doing bank reconciliation in any software including QuickBooks Online. The bank rec process will show prove that MOST of your QuickBooks online records and financial transactions are correct to the last detail. This QuickBooks video will show what specifically is proved correct and how it does it. The principals apply to any company anywhere even if you are not using your computer for account and financial record keeping.

In this QuickBooks Online learning Theory Video, you will learn the most important idea when studying bank reconciliation. You will learn bout the idea of the “cleared balance”. This is the balance of all the transactions that you have recorded in to QuickBooks Online, that you have marked as “cleared” during the bank reconciliation process. It’s the net total of only the cleared transactions in QBO. That means that the only he quickbooks online cleared balance should be the same as the bank statement balance (or credit card statement balance) when performing a bank reconciliation.

This video lecture will show you in the clearest possible way, how to do a simple bank reconciliation. This step by step follow along video will show you the way it looks if you are doing a reconciliation for the very first month of the company's bank account. Don't forget to download he bank statement and the QuickBooks file that goes with this video.

In This QuickBooks Online Video lesson, you will learn how to access and understand bank reconciliation reports.

This video lecture shows how to do a bank rec for the second consecutive month. It starts where the previous lecture finished. The previous lecture finished at the end of January. The QuickBooks file that you will use for this video already includes everything you finished with for January and also includes February transactions, This way, you can imagine that is it 1 month later and you will need to reconcile the same bank account at the end of February.

This lecture is the most important in the whole course. You actually download a file WITH PRE-SET MISTAKES. You must use what you learned in the previous videos to fix the problems and reconcile the bank account. Don't worry if you have trouble doing it. The end of the video shows you what the mistakes were and how to fix them.

In This QuickBooks Online Video class, you will learn and experience all the common bank reconciliation mistakes that someone could make when doing bank reconciliation in QuickBooks online. You will practice finding and fixing all of the mistakes a bookkeeper could make during the month that would be caught with the bank rec process. Things like: duplicate transactions, missing transactions and transposed numbers are errors that bank reconciliation was designed to find and fix.

In This QuickBooks Online Video tutorial, you will learn when it is appropriate to adjust a bank reconciliation to make it fit and match. The only time it’s appropriate to adjust the bank rec is the first month you do bank reconciliation. That’s because sometimes it’s not possible to know the “book” balance or what the book balance would have been at the beginning because you did not start reconciling at the moment you started using the bank account in QuickBooks Online. In fact, it’s actually called a “beginning balance” adjustment for people to know that you should only adjust to make the beginning balance correct because you only found out what the beginning balance really was after several months of outstanding checks clearing the bank account. Sometimes, you can get away with adjusting the bank rec if the difference is immaterial; but you cannot make that judgement without consulting your accountant

In This QuickBooks Online Video tutorial, you will learn how to undo a bank reconciliation. Anybody can mess up or screw up a bank rec. If you do not match numbers with the cleared balance and statement balance and force an adjustment, then you must undo the reconciliation and try again. You can only undo a reconciliation if you are logged in as an accountant user or if you are already using the accountant’s edition of QuickBooks online. When you undo a reconciliation, it will only unclear any transaction marked as cleared and remove any adjustment that was made for that reconciliation.

In This QuickBooks Online Training Video, you will learn the real issues and challenges regarding doing bank reconciliation for the very first time. The first month’s bank rec is always challenging because usually, the company has already been using the bank account for several months and probable using QuickBooks Online for several months before deciding to reconcile. We know that you must begin reconciling the earliest month first and then reconcile the account each month going forward. The problem is, for the first month, we know what the bank’s balance is from the statement, but we do not know what the “BOOK BALANCE” WOULD HAVE BEEN at the beginning of the first month because we were not reconciling. That’s what makes the first month bank reconciliation challenging!! The way this video explains it, you actually “derive” the beginning book balance and enter it as a “beginning balance adjustment. Then, you are good to go forward except in the case where there were outstanding checks for a very long time. When they eventually clear, you adjust the beginning balance with another adjustment in the same way.

This Quickbooks video gives an overview of the actions you can take in the Quickbooks online bank feeds center.When you set-up bank feeds in QuickBooks online, you must connect your QBO account to the bank account by logging in to the bank through QuickBooks online banking center. After you input your credentials, the bank transactions will download and be imported into the QuickBooks online review list in the banking center. The remaining videos in this playlist will show you how to review, enter and match or even remove and delete transactions from the review list. This is just the start of the bank feeds and importing transactions playlist. In this Quickbooks training tutorial, you will learn how to set up bank feeds for Quickbooks online. You will see how you can connect to chase bank or PayPal or other institutions for free. After you connect, you will see how to navigate through the bank feeds review list.

How to record from the QuickBooks Online Review List the transactions that were downloaded from the bank account? This QuickBooks online training tutorial will show you how to navigate the review list and add and add transactions after approving transactions from the bank feeds banking center Q.B.O. downloaded review list.

After importing the bank data into QuickBooks Online, you need to go through the review list slowly and enter from the review list any transaction that you agree is legitimate and not a bank mistake. QuickBooks online will suggest the account category but, only you know what the check or deposit was really for. If you think some downloaded transaction is a bank mistake or you have already entered it yourself, then you will click “exclude” instead of “add”. If you click the quick add option, it will add to QuickBooks Online the selected transaction and change the report numbers accordingly.

In this QuickBooks training tutorial, you will learn how to match transactions from the QuickBooks online bank feeds center. Matching a transaction from the QBO bank feeds review list will simply take it out of the review list. There will be no other effect besides removal from the review list. It will be the same result as excluding a transaction from the review list. This ensures that you do not double count or duplicate a transaction that has already been entered.

What are the rules for auto enter transactions in QuickBooks Online? The QuickBooks Online banking center gives you the ability to create rules that will automatically enter the downloaded bank transactions and record them in your QuickBooks online records. You need to create the rules in the rules list window. Then, you have to set-up the QuickBooks rules by telling QuickBooks what account goes into the account field of the downloaded transactions that you want to enter into QuickBooks Online from the bank feeds review list.

In this QuickBooks training tutorial, you will learn how to clean out your account and prepare it to enter new data in the following video practice exercise.

In this QuickBooks training tutorial, you will learn how to change the settings so that you can track your expenses by customer or by job, right from the bank feed center.

In this QuickBooks training tutorial, you will learn how to apply downloaded transactions to unpaid bills and customers open invoices.

The bank feeds center you can make rules adding class and make rules adding jobs to your downloaded banking transactions. If display advanced mode and change the bank feeds defaults in the preferences window, then you can open the bank feeds center in advanced mode. Then create advanced rules that allow you to put customer/job in a rule and even put class in a rule in addition to what you could do with express mode rules like input account category and input vendor automatically.

In this QuickBooks training tutorial, you will learn how to disconnect a bank account from the review list. Your bank account is connected to the review list after the very first time you either imported or downloaded any transactions into that particular account when using the review list and the bank feed center. Now, the problem with that is that once you've categorized transactions, they will remain on the categorized list forever. This means that any time in the future, you can undo a transaction, as long as they're still listed there, and that condition may be a problem for you in the future. You see, that condition will remain forever until you actually disconnect the account from the review list. Because someone may accidentally undo the transactions that were already reconciled or already recorded in a closed past accounting period. That's why you may at some point need to disconnect the account from the review list so they will disappear and you will not be at risk. You will automatically be reconnected as soon as you import new transactions.

If you combine two things that we learned in this course, downloading your transactions from the bank, combined with the rules that we learned about, allows 90% of companies to do 90% of their bookkeeping in 90s a day. You can download in just one simple click all of the transactions that were not yet downloaded, and if you set up rules, that means that the rules will immediately classify the data you entered, and then as soon as they're entered into the review list, they will be put into QuickBooks online. So you connect directly to the bank. The transactions immediately come from the bank into the review list and only the ones that were not yet downloaded. And then as soon as they get into the review list, the rules immediately put them into QuickBooks online reports and records. So in a blink of an eye, you have done most of your bookkeeping here.

In this QuickBooks Online Inventory training class, you will receive an overview of the QuickBooks online inventory playlist and what to expect in this free, mini course. The 2 videos that follow this one separately shows 2 different ways to get a new blank, empty QuickBooks online account for free. You could use the free, accountant’s edition or sign up for the free-for-30-days plus version of QuickBooks Online. Then you can follow along step-by-step and master every possible transaction, situation or idea that relates to using QuickBooks Online for inventory management.

In this QuickBooks Online Inventory training class, you will learn how to set up your QuickBooks online account for this QuickBooks Online Inventory Course. You will follow entering customers, vendors, setting up reports and changing the account settings for this particular example company.

In this QuickBooks Online Inventory training class, you will the reason for, as well as how to use, non-inventory parts. These are items that go on the same products and services list in QuickBooks online that your actual merchandise inventory would go on. The only difference from a record keeping and bookkeeping perspective is that these “2 sided items” do not have their quantity tracked in QuickBooks online. Mostly everything else about 2 sided items and non-inventory parts are the same when recording sales and purchases for these goods. Usually, these are things that you would use as part of a job like “supplies” or something that you use to enhance the service that you may or may not bill your client for. They have both an “income” type of account to record the sales price and an “expense” type of account to record the cost of purchases of these items. When putting them on a purchase document, like a bill or a check, the purchase cost you set up will appear. However, when putting them on a sales document like an invoice or sales receipt, the sales price you set up for that item in the items list will appear on the document. You can input the quantity when buying and selling just to help calculate the money amount of the transaction, but the accumulated running quantity on hand will not be saved in any reports.

In this QuickBooks Online Inventory learning session, you will see how to “activate” inventory parts in QuickBooks Online. This means turning on the inventory track quantities in the account settings window or the company settings window, depending on what subscription level of Q.B.O. you have. Once you change this setting, QuickBooks Online will add inventory features and inventory reports to your existing QuickBooks online account. The reports will show the tracked merchandise inventory quantity of each purchase, sale and return of goods as well as the running quantity on hand. Activating this option will allow QuickBooks Online to add inventory parts to this products and services list and add more options to the New transaction plus sign menu specifically for inventory.

In this QuickBooks Online Inventory learning session, you will learn how to record purchasing merchandise for cash or any other immediate payment method for buying your goods for resale. When you pay to purchase new merchandise, your bank account decreases, and the inventory asset account increases by the purchase cost of the new goods you just bought. If you wrote a check, you could use the checks window or if you paid online, you could us ether expense window from the QuickBooks online interface. The quantity of the items purchased will increase and you will see that increase on the inventory valuation detail. You will see the quantity on hand increase after each purchase.

In this QuickBooks Online Inventory learning session, you will learn how to record purchasing merchandise “on account”. This means that we buy the merchandise and pay after the goods are received. When you pay to purchase new merchandise when the customer pays later, the account that records the future payment is accounts payable. This account is a current liability and it will increase when you purchase merchandise inventory from a vendor whom you will pay after the goods are received. Just like any other purchase of inventory, the inventory asset account increases by the purchase cost of the new goods you just bought. The quantity on hand of the inventory item still increase after each purchase and you will see this change on the inventory valuation detail report as soon as you enter the vendor’s bill for the merchandise inventory that was shipped to you from the vendor.

There are 4 accounts that you must debit and credit to record selling merchandise when you use the perpetual inventory system. You can see your gross profit from the T accounts You will quickly and easily understand the most important accounting ideas from this, perfect, easy to understand playlist. Users of Accounting Software should be able to make journal entries themselves. This course will give you the ability to do that. You will properly learn the appropriate accounting vocabulary. Then, you will see how our accounting system started with the fundamental accounting equation. This playlist will finally get a clear explanation for the ideas of debits and credits. We will practice them together before learning about the general journal and the accounting cycle. For merchandise companies, I provided an explanation of Inventory Valuation, Inventory Adjustment and Cost Of Goods Sold. You will enjoy the presentation about Account Adjustments, Closing Entries and distributing partnership income. I even included the calculation of early pay “cash” discounts as well as interest and mortgage calculations. The teaching and learning methods of accounting have been extremely successful regarding student passing rate and job placement.

In this QuickBooks Online Inventory learning session, you will learn how to record sales of your merchandise inventory when the customer pays cash or gives some kind of immediate payment. If the customer pays up front, the correct transaction document to make for the sale of your goods is a sales receipt. When you list your products on the sales receipt, QuickBooks online will credit the sales price to the sales income account and calculate the cost of goods sold for that sale based on your purchase cost of the goods that you sold and listed on the sales receipt. The cost of goods sold account will increase by the purchase cost of the goods on the receipt that were part of the merchandise sale.

In this learn QuickBooks Online Inventory training class, you will learn how to record sales of your merchandise inventory when the customer pays for the merchandise you sell after the day of the sale. This could be called a “credit sale” or a “sale on account”. When this happens, the proper transaction document is an invoice. Creating an invoice for a client for selling your goods will both increase the customer’s balance a well as decrease the quantity on hand for the item that you are selling. The income from the sale will be recorded as the sales price increasing the sales income account. The cost of the sale for what you originally paid for the goods will be recorded in to the cost of goods sold account as the original purchase cost is removed from the inventory asset account.

In this learn QuickBooks Online Inventory instructional class, you will learn how to record returns of merchandise from customers from cash sales that had sales receipts. The way to record this is to make a “refund receipt”. This is a document that records the return of merchandise and the giving of a refund to a customer who paid cash for the items that they purchased. It is very simple to make a refund receipt; it is exactly the same as making a sales receipt, but it simply has the opposite effect in QuickBooks online records and data. You MUST put the exact same inventory items on the refund receipt as were on the original sales receipt. This way: the quantity of the goods will increase for what was returned, the sales income for the products returned will decrease by the original sales price and the cost of goods sold will also decrease by the purchase cost of the goods returned. Of course, your cash will also decrease for what you refund ack to the client.

In this learn QuickBooks Online Inventory training lesson, you will learn how to record returns of merchandise from customers who pay by credit where the original sale was recorded on a sales invoice. The proper accounting procedure would be to make a credit memo for the goods that were returned from the customer. This credit memo has the exact opposite effect of the invoice. That’s what you need to record, and you must put the retuned items on the credit memo exactly the way you did in the original invoice. This will reduce the customer’s balance to the appropriate amount. The credit memo must then be applied to the original invoice in the sale. The way to do that is to us the receive payments window to record a “zero-dollar payment”. This will be a separate transaction with an amount of zero. What this does do, however, is “apply” the credit memo to the invoice. This extra step allows you to see the remaining balances of specific invoices after the credit has been applied.

In this learn QuickBooks Online Inventory video tutorial, you will learn how to record returns of merchandise from your company to the vendor whom you purchased your products from in the first place. Any prior purchase made “on account”, by recording a vendor bill, requires a “vendor credit” be created to reverse the effects of the original purchase. A vendor credit decreases the vendor’s balance and also decreases the quantity on and off merchandise. Your count for your goods available goes down because you are giving back merchandise to the vendor so therefore you have less on hand. The vendor credit must be applied to the original vendor’s bill that you entered when you recorded the purchase. The effect of the credit will be the exact opposite of what the effect of the bill was if you assume that you put the exact same items on the credit as was on the bill. The vendor credit must then be “applied” to the original bill by making a “zero-dollar” payment. This is because the “pay bills” window is the only window that allows you to apply vendor credits to vendor bills. Just like you can check the quantity on hand via the “inventory valuation detail” report, you can check the vendor’s bills you owe and see if the credit was applied correctly by looking at the “unpaid bills detail” report.

In this learn QuickBooks Online Inventory training tutorial, you will learn how to record returns of merchandise to a vendor where the original purchase was made for cash. These cash purchases have a special purchase returns procedure to record. You still need to make a vendor credit for that return. You will see that when you make the deposit in the deposits window for the vendor refund check. This purchase return refund amount will show up as a positive amount in the vendor’s balance. The credit memo you made is like a refund receipt to the vendor. The negative amount of the credit memo and the positive amount from the refund that you deposited will “zero out” the vendor’s balance if you use the pay bills window to do this. You need to make a “zero-dollar” payment on the day of the return and then check the unpaid bills report to be sure that the deposit check from the purchase return was applied properly to the vendor’s credit. Of course, the balance and quantity on hand of your inventory will go down for what was given back to the vendor.

In this learn QuickBooks Online Inventory video class, you will learn how to record and manage purchase orders to vendors. Purchase orders are NOT transactions. They simply request the merchandise from the vendor. You must activate purchase orders in the account settings or company settings window. After you activate purchase orders, you will have purchase order related reports and the ability to record purchase orders. These purchase order documents are not transactions. They will not effect your financial balances anywhere until the order is received. The only reports that they will show up on are: open purchase order detail”, open purchase order list and transaction list by vendor. They will not appear in any other report. When the order is received, the quantity of goods on hand increases and the purchase order will disappear from the open purchase order report. If the order is only partially filled because the delivery from the vendor only included some of the requested product, then the order will remain on the open purchase order report. These “back order” items will be received later and close the purchase order to remove it from the report.

In this learn QuickBooks Online Inventory course section, you will learn how to adjust inventory quantity on hand for special, rare or unusual situations. Normally, the quantity on hand of your merchandise will only change when you have a: sale, purchase or return. However, sometimes the physical count of inventory will change for things like: theft, casualty loss, spoilage, obsolescence or stupidity. You could even gain goods that you can make available for sale If you find or even if someone donates to you the product you sell. When you adjust inventory, the quantity will change in the inventory valuation detail report. The inventory asset account will change and the “balancing entry” for the other account that would change when adjusting inventory is called an “adjustment account”. It is usually an “other income” or “other expense” type of an account. This mean it will affect your net income but not your normal operating net income.

In this learn QuickBooks Online Inventory training tutorial, you will learn how deal with prepaid inventory. Any time you purchase merchandise and pay more than just a few days in advance before receiving the goods. If you pay very early, the account that represents your pre-paid inventory should be separate from the normal inventory asset account. It is also a current asset. However, since NO accounting program has a feature that tracks specifically, pre-paid inventory, you must do the “work around” shown in this video in order to track the prepaid inventory details in Quickbooks Online. This involves making an account for prepaid inventory. To make this work, the prepaid account must be a “bank” type of account. This is because this ‘work around” will use the “checks window” or the “expenses window to transfer the inventory from prepaid to inventory asset upon receiving the goods. The quantity on hand of your products should NOT increase until the items are physically received and available for sale to the customer. Since the inventory asset account is matched with the “inventory valuation detail” report for quantities of each item of goods, the prepaid inventory account has no separate report that shows quantities and individual item values. You MUST use the Memo field of the account to record item details. This is the closest any accounting program can come to managing details of purchased merchandise before receiving the items. For refunds, use the deposit window exactly the way you used the checks window when recording prepaid inventory transactions. This very special method that I invented for my clients in the late 1990’s will work best. I hope it’s ok, therefore, to call it the Mark Smolen method of prepaid inventory.

In this learn QuickBooks Online Inventory training tutorial, you will learn how QuickBooks Online manages changing purchase costs for identical items that you buy and sell. If the same item is purchased by you more than once with the same purchase cost, then QuickBooks online needs to calculate a cost-per-unit in order to determine the cost of goods sold when the items are eventually sold. Of the 3 common inventory valuation methods, QuickBooks DESKTOP (not this) uses the “weighted average” method. However, our QuickBooks Online uses the “First In First Out” method (F.I.F.O) (FIFO) method of inventory valuation and ultimately calculating the cost of the inventory on hand for the “inventory asset” account as well as finding the goods sold for each sale.

This Amazon Learn QuickBooks lesson explains how the “periodic inventory system” works for your Amazon Online Store. Since you cannot keep a continues running count of the quantity of your merchandise as it comes in and goes out, you must use the periodic inventory system. This system requires that you physically count and value your inventory on hand at the end of each month. You must find the amount that you paid for the inventory on hand each month. Then, you will have to make 3 adjusting entries to properly calculate the cost of goods sold. That’s what you paid for the goods you sold the customer. Then, you will subtract that from your gross sales to find your gross profit from selling merchandise.

This Amazon Learn QuickBooks Online training class will Show you how to make the monthly inventory adjustment to find the cost of goods sold. You must properly calculate the cost of goods sold in order to find your gross profit and net income. The calculation and adjustment comes from the standard monthly adjustment procedures of a merchant seller or store that uses the periodic inventory system. If you follow these steps, your profit and loss will always be correct every time.

In this QuickBooks Online Training tutorial, you will see how to use prepare your QuickBooks Online account to be able to charge company expenses with the company credit card. You must first put in to the chart of accounts an account that is a “credit card type” of account. You must enter the charges as they happen and save the credit card slip that comes from the machine at the moment you charge. That’s the proper way to record credit card charges in QuickBooks Online. You should save the slip to help you reconcile your credit card account in the bank reconciliation coming later. You should not wait until you get your credit card statement to enter the charges from. That would be like asking the fox to guard the henhouse. You must sacrifice the time to enter them 1-by1 from the slips as you charge and then compare you company credit card records to the credit card statement when you do credit card reconciliation.

In this QuickBooks Online Training tutorial, you will learn how to record credit card transactions in to QuickBooks online. Credit card charges are entered in the “expense” window of QuickBooks online. Simply open the QuickBooks online expense tab and then choose the credit card account that you made the business-related charge with and record the rest of the credit card transaction in to QuickBooks online. Credit card payments have their own window in the QuickBooks online new transaction menu form the new plus sign in the top right. Credit card credits have their own window in the QuickBooks online own transaction menu. Credit card payments in QuickBooks online have their own credit card payment window to record transaction where the credit card balance is paid down.

This QuickBooks Online Crash Course Training Tutorial will show you how to use the register windows in QuickBooks Online. All “balance sheet” type of accounts account in the chart of accounts can be opened in a register window. The bookkeeper using QuickBooks online will be able to enter any transaction that you could record into the account as a direct entry to that account. It is mostly a short cut to the “make deposit window” and the “checks” or “expenses” window. It was designed to look like the old register checkbooks that people used to use to keep track of their bank and credit card balances. It makes entering bank transactions more manageable and gives you the ability to adjust the account balances from the same window that you can see the list of transactions in the account. You can see all the transaction that have been entered into an account as well as enter a transaction and see the running balance of the account, all from the same window.

In this QuickBooks Online Training tutorial, you will learn how to record transactions where the owner invests cash or withdraws cash to or from the business. If the owner puts cash in to the business, you can use the deposit window and record it in to owner’s capital investment. If the owner takes cash out of the business, you can use the checks window or the expense window and record it in to owner’s withdrawals. This is true even if the owner goes to the A.T.M machine to withdraw company cash.

In this QuickBooks Online Training tutorial, you will learn all about journal entries. You do not need to understand debits and credits to be able to make journal entry transactions in to QuickBooks online. Journal entries are a way of recording transactions that are uncommon and do not have a usual document that records the transaction (i.e. invoice or check) It is the only way to make changes to account balances in the general ledger without changing any other area of data.

In this QuickBooks Online video lesson, you will learn how to record transactions where the owner invests cash or withdraws non-cash assets in to or takes out of, the business. When the owner brings things like equipment or supplies to the business, it gets recorded in the owner’s capital investment account. If the owner takes home equipment, furniture or supplies, it will be recorded in to the owner’s withdrawals account. Those 2 equity accounts should be changed in the make journal entries window. It’s the only proper way to record equity transactions with non-cash assets.

In this QuickBooks Online learning video class, you will learn how to record transactions where the owner pays business expenses with non-business, personal funds. If an owner co-mingles funds in this way, it means they are using their non-business, personal bank account, credit card account or pocket cash to pay for expenses and items used for the business entity that they own. If an owner does pay some business expenses in this way, it is the same thing as investing money in to the business. So, instead of investing cash in to the business bank account and then paying the business expense, the owner s simply skipping a step and paying the expense for business directly form the personal account or cash on hand in the house, not the office. You will record this in to the owner’s capital account exactly as if she / he gave the money directly to the business. You could use the register window or journal entry to record this type of owner’s equity transaction.

In this QuickBooks Online learning video, you will test your advanced QuickBooks online skills. This QBO practice exercise set will allow you to try inputting transactions for credit cards and journal entries the way that we learned in this course. This will help you determine your QuickBooks online skill level. You will gain a sense of how much QuickBooks online knowledge you remembered and understood. You can pause the video to check your results or do the data entry slowly and compare what you have to the QuickBooks online report results in this video. If you have any differences, you must use your QuickBooks Online advanced skills to find and fix your mistakes.