Hey Mark! I’m a business student. Accounting is what I love the most. I wanna start small and that’s why I’m learning how to do things practically as a bookkeeper (coz I already have a lot of book knowledge, and lack knowledge of software). I feel very directionless in this journey, but your videos are my only ray of hope, coz you’re the kind of teacher i need. Just wanna say I’m so so grateful for your videos, Please please! Never stop making them.. you’re doing such a good work for beginners like us. Thankyouu so much 😇
Wow that was the most awesome compliment and comment I ever heard I'm very glad that the videos are helping good people who appreciate and believe me. I have the videos that you need If you go to the main Channel page you can find the most popular video is the main tutorial and if you watch that main tutorial you will learn everything you need very quickly and I will be here to answer your questions if there's anything else you need I hope you will click like after watching each one to help support the free channel for everyone and please subscribe Mark
Thank you so much I'm very glad the video helped you.And I would love to help many others in your area I think it brings us all together.And my channel has everything you could need on quick books So please keep in touch and i'm here if you need anything else Mark
I'm so glad! That was what I set out to make and I'm gald that I made it. I hope ou will click "like" after each one to help support the free channel for everyone and plese subscribe. -Mark
Mark can you please make videos on e-commerce businesses accounting on qbo and also merge your courses into one video as you did for other topics waiting and excited to learn from you thanks mentor
You're very welcome! Thank you for the kind words.And I hope you will click like after watching each one.And please subscribe to help support the free quickbooks library for everybody Mark
Thanks so much! I hope you remember to click like after. Watching each one to help support the free channel for everyone and please ask me if you need any other specific quick books topic. I'm happy to help. Mark
Thank you for the information. Do I record received payment in the bounce check invoice that was created? How do you match the bounce check off in the QB transaction
I'm sure this works, but this is a very long and complicated way of doing it in my opinion. The way that we do it at the company I work for is a journal entry. However, first I record an invoice for the services/product to the customer and record the check as a payment applied to the invoice. We only record a check payment after the check has already been deposited in our bank and shows up on online banking. Then, if the check bounces, we do a journal entry with a credit to the bank account and a debit to accounts receivable while also entering the customer on the accounts receivable line. This is a much easier way to do it from my experience. Maybe it depends on the type of business, but I think this works great for most.
Your way is a disaster My way takes two seconds and it takes three seconds to set it up and once it set up it takes two Seconds each time It's also a lot easier for Is a non accounting person to simply Enter an invoice charging them for the Bounce check and the fee at the Same time there's nothing faster or more Simple
@worldwidequickbooks You don't mince words, do you? A disaster!? Lol Way to overexaggerate. No. It isn't. It works beautifully and has for many years. Also, there are more ways than one to do something. I just wanted to share my way which does work well. No need to be rude calling it a disaster.
I disagree, to me journal entries are like outdated technology, why use a process that represents the old manual process. It really depends on what you mean by easier or more simple, easier for who? you? considering a single journal entry? Sure, but easier for others? Easier when there’re 100s of journal entries? No, it’s a mess. Why pay for all the bells & whistles of QBO & then use journal entries? Just use Excel then, save your $. He’s not being rude, he’s being honest, I’d rather take over books done by an inexperienced business owner than an experienced journal entry user b/c usually it’s madness, only they know the method, & there’re no notes or explanations, just a bunch of journal entries for unknown reasons. If I wanted to understand your method, years later, I’d have to track down those debits/credits and hope they eventually point me towards the bounced check b/c you didn’t even mention notating the journal entry. But w/ OP’s method I know instantly it’s a bounced check via the services he created & I could track bounced checks easier & get financial insights better, etc. To really be an equal process you’d have to also include the same amount of descriptive info in the journal entry, in which case the journal entry process would take much longer to complete. I’m sure you’re very competent but the majority of people who use journal entries do it to save time (cut corners) so they don’t notate well b/c it takes time and then it produces half assed books that someone else has to eventually spend hours fixing. It’s fine if you truly know how to do it right, with others in mind, but then it takes just as much if not more time, so it isn’t used correctly & should be avoided if possible imo.
Thank you I'm very glad it helped you I deeply appreciate you being a loyal fan and please stay in touch Don't forget to click like after watching each to help support the free channel for everyone and please subscribe Mark
I just wonder why to make two invoices for bounce cheque and another one for processing and bank fees instead of just entered all of this in one invoice
Yes the second example in the video puts the two together on one invoice the way you normally would. I just wanted to show them separately so you see the results separately step by step for better understanding at least in the first example but take a look again that the second example does exactly what you mentioned I hope you will click like after watching H1 to help support the free channel for everyone and please subscribe Mark
Thank you for this excellent video. I do have a question. When the check was received originally it was applied to 4 different invoices. Then the check was returned by the bank. I understand your video and how to handle this situation. But what happens to the 4 invoices that were cleared by the original check. Do they remain cleared or do you unapply the original amount to those invoices?
Aha, if you use this method that is shown in this video you will not have to touch anything in your customer account receivable records except what you see here. You see the old check is still applied to those four invoices and the new invoice is what will be paid with the new check that the customer will write So when the customer writes the replacement check it pays off the new invoice that is shown in this video because your receivable records show before invoices were paid off by the prior check and it works out that way so you don't have to change anything you're fine Mark
Yes It's clearly showing that these steps will alter your bank account and make it match the Banks records on the statement Check. Again , the animated diagram out the beginning and hopefully that will make it clear Mark
what if 2 different customer's checks were bounced from a bunch of checks deposited on the same day and bank returned the total of the two as one transaction?
Your Teaching Skills Were Amazing From Start (I Have Seen QB Desktop 4 Hour Video) & Now, You Have Improved Your Video Editing In Amazing Way ❤️❤️ Please Also Make Tutorial About Other Softwares Also, LIKE XERO, ZOHO, SAGE etc ❤️
Thank you so very very much I'm very glad the videos helped but for now I don't even have enough time to finish making the QuickBooks videos that people need and I doubt very much I'll be able to fit in Sage or any other software I used to love Peachtree as well and would have loved to make videos about Peachtree but it's just so difficult to make these videos and there's so many more topics that need to be made to complete the QuickBooks Library that I want to make and should exist If you need anything else in QuickBooks please just let me know and I'll be happy to send it to you and thank you again Mark
Hey Mark! I’m a business student. Accounting is what I love the most. I wanna start small and that’s why I’m learning how to do things practically as a bookkeeper (coz I already have a lot of book knowledge, and lack knowledge of software). I feel very directionless in this journey, but your videos are my only ray of hope, coz you’re the kind of teacher i need. Just wanna say I’m so so grateful for your videos, Please please! Never stop making them.. you’re doing such a good work for beginners like us. Thankyouu so much 😇
Wow that was the most awesome compliment and comment I ever heard
I'm very glad that the videos are helping good people who appreciate and believe me. I have the videos that you need
If you go to the main Channel page you can find the most popular video is the main tutorial and if you watch that main tutorial you will learn everything you need very quickly and I will be here to answer your questions if there's anything else you need
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe
Mark
Thank you 😊
Amazing job. I love your teachings.
Jacob Nyang from South Sudan in Africa.
Thank you so much
I'm very glad the video helped you.And I would love to help many others in your area
I think it brings us all together.And my channel has everything you could need on quick books So please keep in touch and i'm here if you need anything else
Mark
Thank You so much for these clear explanations. You have an answer video for every single question I could have 😱! That is amazing 🤩
I'm so glad!
That was what I set out to make and I'm gald that I made it.
I hope ou will click "like" after each one to help support the free channel for everyone and plese subscribe.
-Mark
Hi Mark
Thanks for your valueable content can you please make videos on virtual bookkeeper working from home
Already made
th-cam.com/video/2HVHKmkYTpE/w-d-xo.html
You will love this
Mark
@@worldwidequickbooks already completed those for QuickBooks online I'm not able to get some sort of advanced level knowledge asking for that
Mark can you please make videos on e-commerce businesses accounting on qbo and also merge your courses into one video as you did for other topics waiting and excited to learn from you thanks mentor
Really like the explanation! Thank you 😊
You're very welcome!
Thank you for the kind words.And I hope you will click like after watching each one.And please subscribe to help support the free quickbooks library for everybody
Mark
Awesome info!!! Love your channel
Thanks so much!
I hope you remember to click like after. Watching each one to help support the free channel for everyone and please ask me if you need any other specific quick books topic. I'm happy to help.
Mark
Thank you for the information. Do I record received payment in the bounce check invoice that was created? How do you match the bounce check off in the QB transaction
Yes and yes
That's exactly what this video is showing and explaining
Mark
@@worldwidequickbooks Thank you!
I'm sure this works, but this is a very long and complicated way of doing it in my opinion. The way that we do it at the company I work for is a journal entry. However, first I record an invoice for the services/product to the customer and record the check as a payment applied to the invoice. We only record a check payment after the check has already been deposited in our bank and shows up on online banking. Then, if the check bounces, we do a journal entry with a credit to the bank account and a debit to accounts receivable while also entering the customer on the accounts receivable line. This is a much easier way to do it from my experience. Maybe it depends on the type of business, but I think this works great for most.
Your way is a disaster
My way takes two seconds and it takes three seconds to set it up and once it set up it takes two Seconds each time
It's also a lot easier for Is a non accounting person to simply Enter an invoice charging them for the Bounce check and the fee at the Same time there's nothing faster or more Simple
@worldwidequickbooks You don't mince words, do you? A disaster!? Lol Way to overexaggerate. No. It isn't. It works beautifully and has for many years. Also, there are more ways than one to do something. I just wanted to share my way which does work well. No need to be rude calling it a disaster.
I disagree, to me journal entries are like outdated technology, why use a process that represents the old manual process. It really depends on what you mean by easier or more simple, easier for who? you? considering a single journal entry? Sure, but easier for others? Easier when there’re 100s of journal entries? No, it’s a mess. Why pay for all the bells & whistles of QBO & then use journal entries? Just use Excel then, save your $. He’s not being rude, he’s being honest, I’d rather take over books done by an inexperienced business owner than an experienced journal entry user b/c usually it’s madness, only they know the method, & there’re no notes or explanations, just a bunch of journal entries for unknown reasons. If I wanted to understand your method, years later, I’d have to track down those debits/credits and hope they eventually point me towards the bounced check b/c you didn’t even mention notating the journal entry. But w/ OP’s method I know instantly it’s a bounced check via the services he created & I could track bounced checks easier & get financial insights better, etc. To really be an equal process you’d have to also include the same amount of descriptive info in the journal entry, in which case the journal entry process would take much longer to complete. I’m sure you’re very competent but the majority of people who use journal entries do it to save time (cut corners) so they don’t notate well b/c it takes time and then it produces half assed books that someone else has to eventually spend hours fixing. It’s fine if you truly know how to do it right, with others in mind, but then it takes just as much if not more time, so it isn’t used correctly & should be avoided if possible imo.
Beautiful video
Thank you
I'm very glad it helped you
I deeply appreciate you being a loyal fan and please stay in touch
Don't forget to click like after watching each to help support the free channel for everyone and please subscribe
Mark
I just wonder why to make two invoices for bounce cheque and another one for processing and bank fees instead of just entered all of this in one invoice
Yes the second example in the video puts the two together on one invoice the way you normally would.
I just wanted to show them separately so you see the results separately step by step for better understanding at least in the first example but take a look again that the second example does exactly what you mentioned
I hope you will click like after watching H1 to help support the free channel for everyone and please subscribe
Mark
Thank you for this excellent video. I do have a question. When the check was received originally it was applied to 4 different invoices. Then the check was returned by the bank. I understand your video and how to handle this situation. But what happens to the 4 invoices that were cleared by the original check. Do they remain cleared or do you unapply the original amount to those invoices?
Aha, if you use this method that is shown in this video you will not have to touch anything in your customer account receivable records except what you see here. You see the old check is still applied to those four invoices and the new invoice is what will be paid with the new check that the customer will write
So when the customer writes the replacement check it pays off the new invoice that is shown in this video because your receivable records show before invoices were paid off by the prior check and it works out that way so you don't have to change anything you're fine
Mark
@@worldwidequickbooks Thank you Mark. You're the best!!
Will this show up when you go to reconcile your bank statement? I see the expense but not the Returned check amount. Or did I miss something.
Yes
It's clearly showing that these steps will alter your bank account and make it match the Banks records on the statement
Check.
Again , the animated diagram out the beginning and hopefully that will make it clear
Mark
Hi , A payment deposited in the customer account by mistake. It means customer had no payment. How I can correct it in quickbooks online? Thank you
If something is not real, then just delete it if it should never have been recorded.And that's the way I would explain my answer
what if 2 different customer's checks were bounced from a bunch of checks deposited on the same day and bank returned the total of the two as one transaction?
Thank you but you would do the same procedure you would just match the transactions together on the bank reconciliation
Your Teaching Skills Were Amazing From Start (I Have Seen QB Desktop 4 Hour Video)
& Now, You Have Improved Your Video Editing In Amazing Way ❤️❤️
Please Also Make Tutorial About Other Softwares Also, LIKE XERO, ZOHO, SAGE etc ❤️
Thank you so very very much
I'm very glad the videos helped but for now I don't even have enough time to finish making the QuickBooks videos that people need and I doubt very much I'll be able to fit in Sage or any other software
I used to love Peachtree as well and would have loved to make videos about Peachtree but it's just so difficult to make these videos and there's so many more topics that need to be made to complete the QuickBooks Library that I want to make and should exist
If you need anything else in QuickBooks please just let me know and I'll be happy to send it to you and thank you again
Mark