Great video Zach, thanks. Question: if the client hasn't done any bookkeeping at all for the year, when you start with January, do you use as the opening balance what's on the bank statement for the close of Dec 31?
Hi Zack, Thank you soo much for making these amazing tutorial videos. Can you also make a video about migrating the balance sheet items when clients are either moving first time to accounting software(QBO) or moving to QBO from any other accounting software? Thank you
Always providing great info! If you had a client that sells inventory (clothing line business for example) online how would you account for the customers in quickbooks? I’d assume they wouldn’t know exactly who purchased inventory if it was an online purchase so would I need to enter a customer name?
Hi Zach, If I have a new client that has been mixing personal and business expenses but no longer mixing them.. when connecting to the bank accounts would I just exclude the personal transactions? Or do you have a video on what you would do? Thank you!
Hey Zach, quick question. What do you think the future holds for Bookkkeeping and ai? Can you provide your opinion regarding if ai will replace business owners in the Bookkeeping space? Thank you Zach.
Hi Zach I had a question. Is this bookkeeping business model scalable in terms of time and impact. What I mean to say is, is there potential in the future to turn a bookkeeping business passive for the owner? Where the owner, for example me will not have to work all the time? Thanks.
Hi Zach, i have a question for you, my client is a cash basis service company, and they got a refund from supplier (home depot), what is the correct way to record this? I recorded it as income since essentially they are receiving the money back into their business checking account. Could you please share any insight you may have. Thanks for the great videos you share by the way. Especially on how to start your own bookkeeping business!
Thanks for that Zach, so i did notice that my clients books has them as being as “income”. They recorded all refunds that way. I was planning to undo the reconciliation and make the changes as to what you suggested “negative expense”. For example: Vendor: home depot Category: supplies & materials Detail type: expense Amount: $10 So, your way would be as follows? Vendor: home depot Category: supplies & materials Detail type: expense Amount: -$10
Great video Zach, thanks. Question: if the client hasn't done any bookkeeping at all for the year, when you start with January, do you use as the opening balance what's on the bank statement for the close of Dec 31?
Great video, i love how you take the time to simplify the terminology and go through examples.
Glad it was helpful!
@ 12:20 So true! Keep it simple! Dont overcomplicate things 👍
Exactly!
Thank you so much you created video on this topic!
You're welcome!
Thanks
Welcome
Any videos I might have missed on how to set up the bookkeepers own business on QBO accountant?
No, I don't think so
I'm just curious, as I'm in Canada, and we must be very detailed with sales tax. How do you track the sales tax if you don't have the receipts?
Hi Zack,
Thank you soo much for making these amazing tutorial videos.
Can you also make a video about migrating the balance sheet items when clients are either moving first time to accounting software(QBO) or moving to QBO from any other accounting software? Thank you
You're welcome!!
Always providing great info! If you had a client that sells inventory (clothing line business for example) online how would you account for the customers in quickbooks? I’d assume they wouldn’t know exactly who purchased inventory if it was an online purchase so would I need to enter a customer name?
Most likely, the inventory and customers would be tracked through their POS, not QBO
can you talk about the complicated parts that you mentioned like depreciation, amortization, and journal entries.
I might in my next video!
Hi Zach,
If I have a new client that has been mixing personal and business expenses but no longer mixing them.. when connecting to the bank accounts would I just exclude the personal transactions? Or do you have a video on what you would do? Thank you!
I would record the personal transactions as "Owner's Equity" or "Owner's Pay"
@@BookkeepingExpert thank you!
Hey Zach, quick question. What do you think the future holds for Bookkkeeping and ai? Can you provide your opinion regarding if ai will replace business owners in the Bookkeeping space? Thank you Zach.
I have no idea! I'm not worried about it right now
Hi Zach
I had a question. Is this bookkeeping business model scalable in terms of time and impact. What I mean to say is, is there potential in the future to turn a bookkeeping business passive for the owner? Where the owner, for example me will not have to work all the time? Thanks.
Absolutely! Just hire employees to work for you
Hi Zach, i have a question for you, my client is a cash basis service company, and they got a refund from supplier (home depot), what is the correct way to record this? I recorded it as income since essentially they are receiving the money back into their business checking account. Could you please share any insight you may have.
Thanks for the great videos you share by the way. Especially on how to start your own bookkeeping business!
For a refund, record it the same way as when they originally purchased the supplies. This of it as a "negative expense"
Thanks for that Zach, so i did notice that my clients books has them as being as “income”. They recorded all refunds that way. I was planning to undo the reconciliation and make the changes as to what you suggested “negative expense”.
For example:
Vendor: home depot
Category: supplies & materials
Detail type: expense
Amount: $10
So, your way would be as follows?
Vendor: home depot
Category: supplies & materials
Detail type: expense
Amount: -$10
Another very small received amount is Interest/Divided from a bank account 😁.
Good point!
Cash ATM Deposit 😅
But awesome video 🤜🏾🤛🏾
Do you have a bookkeeping course ?
hbg-bookkeeping.mykajabi.com/
What type of computer/laptop do you have? You said yours is fast…
a.co/d/a8xpQKr