Thank you for the video. We have 3 owners, one of the owners has made owner contributions ( Transfers from his personal account to business checking account) to pay for company expenses. The contributions have been accounted for via JE. Debit to checking account, CR to owners contribution). What additional step should be taken to reflect that the payments were for specific expenses? Like payroll expenses, vehicle/insurance payments ETC. ?
You would just record those like any other expense. Since it went to the business checking you used the cash to pay the expenses so they are recorded when you pay them
Hey your videos have been helping me out a lot! I currently just started using the new quickbooks for my business and am confused a little with the new one as I was so used to using the other version that I had. So I keep all of my receipts for my small little business and then input them all into my quickbooks at the end of the year as it is not that many and was wondering should I be putting these as journal entries into quickbooks? or Should I be setting up vendors and such and then recording them as expenses? thanks and thanks for the awesome tutorials!
Very informational video. So I used my personal to start my business, basically with any extra money I had. Money I made from sales using that cash, I kept all together and put into a separate account that I have not used until I can figure out the book keeping part. I still continue to use my personal money for any purchases needed as my sales are not that high yet. How would you recommend I track or record that since have a two different accounts. Im ok with the money ive used not being put back into my personal account as it was start up money basically. I do not want quickbooks to have access to my personal bank account either.. Thank you!
Hi Matt. So really the only difference between 2 and 3 is if you are 100% owner or not? Why wouldn't I, as 100% owner not set this up as a LTL vs Owner contribution? Also if you set it up as an LTL don't you have to establish "terms", i.e. min interest rate, so you can then track a payment made to the owner under that LTL, and record the interest expense and principal paydown? I would assume "when" the business does pay me back it is just a simple loan payment transaction just like any other loan? CR Checking, DR LTL and Interest expense?
Hi Matt, my employer made a payment on account, that has an outstanding balance. How do I record the personal money paid on this account and have it deduct the payment from the remaining balance... if that makes sense?
I would do a journal entry where you debit Accounts Payable (and associate with the vendor name) and credit either Owner Loan or Equity. Then go to Pay Bills and apply the credit to the outstanding balance.
Hello there! I have over 3000 customers that I invoiced; from there, I set up a multi-use payment link to receive those payments. Now I am trying to figure out how to assign the payments that come through the payment link to the outstanding invoices. I tried "receiving payments" for each one, but it essentially showed that I received double what I actually brought in. I hope that is making sense. Do you have any advice on how to complete this process?
@@QbuniversityOrg Sorry I am new to QBO so forgive me if I am not explaining myself well. I set up a payment link and made that link available to all 3000 customers to make their payments. It is not through a bank feed. I deleted the payments I manually entered in hopes that I can find a way to assign the automatically generated sales receipt to their corresponding invoices.
I have a question. I uploaded a receipt for a business fuel expense that was paid with my personal debit card. It gave me the option to create an expense after filling in the receipt details. I made the payee the gas station that was paid, and I set the payment account to a DUE/FROM SHAREHOLDER LOAN(liability account). When I look at the journal entry it created, it looks like it credited the shareholder account and also debited the gas expense to fuel and gst seperately. Is this wrong or even just a bad way to do personal payments for business expenses?
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Thank you for the video. We have 3 owners, one of the owners has made owner contributions ( Transfers from his personal account to business checking account) to pay for company expenses. The contributions have been accounted for via JE. Debit to checking account, CR to owners contribution). What additional step should be taken to reflect that the payments were for specific expenses? Like payroll expenses, vehicle/insurance payments ETC. ?
You would just record those like any other expense. Since it went to the business checking you used the cash to pay the expenses so they are recorded when you pay them
Hey your videos have been helping me out a lot!
I currently just started using the new quickbooks for my business and am confused a little with the new one as I was so used to using the other version that I had. So I keep all of my receipts for my small little business and then input them all into my quickbooks at the end of the year as it is not that many and was wondering should I be putting these as journal entries into quickbooks? or Should I be setting up vendors and such and then recording them as expenses? thanks and thanks for the awesome tutorials!
I would add vendors and enter them as expenses. This way you can track who you spent the money with
Very informational video. So I used my personal to start my business, basically with any extra money I had. Money I made from sales using that cash, I kept all together and put into a separate account that I have not used until I can figure out the book keeping part. I still continue to use my personal money for any purchases needed as my sales are not that high yet. How would you recommend I track or record that since have a two different accounts. Im ok with the money ive used not being put back into my personal account as it was start up money basically. I do not want quickbooks to have access to my personal bank account either.. Thank you!
Hi Matt. So really the only difference between 2 and 3 is if you are 100% owner or not? Why wouldn't I, as 100% owner not set this up as a LTL vs Owner contribution? Also if you set it up as an LTL don't you have to establish "terms", i.e. min interest rate, so you can then track a payment made to the owner under that LTL, and record the interest expense and principal paydown? I would assume "when" the business does pay me back it is just a simple loan payment transaction just like any other loan? CR Checking, DR LTL and Interest expense?
You are absolutely correct. And yea best practice is to set up an actual loan with terms for interest, length etc.
Hi Matt, my employer made a payment on account, that has an outstanding balance. How do I record the personal money paid on this account and have it deduct the payment from the remaining balance... if that makes sense?
I would do a journal entry where you debit Accounts Payable (and associate with the vendor name) and credit either Owner Loan or Equity. Then go to Pay Bills and apply the credit to the outstanding balance.
@@QbuniversityOrg thank you, I was missing the Pay Bills part of the equation. Your response is much appreciated. :)
Welcome!
Hello there! I have over 3000 customers that I invoiced; from there, I set up a multi-use payment link to receive those payments. Now I am trying to figure out how to assign the payments that come through the payment link to the outstanding invoices. I tried "receiving payments" for each one, but it essentially showed that I received double what I actually brought in. I hope that is making sense. Do you have any advice on how to complete this process?
That’s a lot of work matching those. Do they come in through a bank feed and you have recorded them? If so you may have recorded them twice
@@QbuniversityOrg Sorry I am new to QBO so forgive me if I am not explaining myself well. I set up a payment link and made that link available to all 3000 customers to make their payments. It is not through a bank feed. I deleted the payments I manually entered in hopes that I can find a way to assign the automatically generated sales receipt to their corresponding invoices.
I have a question. I uploaded a receipt for a business fuel expense that was paid with my personal debit card. It gave me the option to create an expense after filling in the receipt details. I made the payee the gas station that was paid, and I set the payment account to a DUE/FROM SHAREHOLDER LOAN(liability account). When I look at the journal entry it created, it looks like it credited the shareholder account and also debited the gas expense to fuel and gst seperately. Is this wrong or even just a bad way to do personal payments for business expenses?
This sounds fine to me
Once the "cash loan" shows up on my checking Chart of Accounts, how do I categorize it?
It’s an Other Current Liability