Sir you explain every topic so well and in depth, I wish I could be a permanent student of yours as Im getting hands on experience on QBO and wanted to excel in it , way too determined
These video's are extremely useful. I like the thorough explanations and clear examples with QBO. Have a question though: I noticed that when you import the Chart of Account from Excel, some kind of levels are created. I assumed QB recognises this from the numbers but then I noticed that you sometimes have 60000 numbers under the 70000 layer. How does QB do the indentation (or making sub-accounts) during import from Excel?
I see in the chart there is a column title Tax Line. Will that be there as well when I buy it? Or is that added information for taxes is personal use outside of QB and only needed to be used by an tax person. I wanted to create my clients chart of accounts to make it easy for their account/ ea.
Great explanation on Chart of Accounts. I have a retail business where all of my revenue comes from a POS system. Do you have a video that explains where to put these deposit transactions from Intuit? It seems as if everything I have found out there talks about customer payments from invoices.
Hi Hector, I love your videos. Do you have a video that explains what are recommended accounts to set up for a small landscape construction company? Thank you
I am opening my Shopify store in May so I've been using time until then to watch all your vids. I purchased your chart of accounts but in the two samples, I did not quite understand why anyone would record the personal expenses as other expense or owner equity. I have recorded personal equity as an acct for startup costs and recorded my receipts against it in cash but shouldn't personal expenses be kept out of the business all together?
Tax is operating expenses. Depreciation is either Operating or non operating depending on the asset itself. But it shouldn't matter much to small/medium businesses nor to their CPA/EA/Tax Preparer.
It would be nice to be able to get this emailed to me with your description next to the name of like "Current Assets" and then have the description next to it. That would help a lot but either way, these are helping me for sure. I just might need to watch it a few more times lol
Just a helpful suggestion here. If you are finding it difficult to commit the information found in any lesson or workshop- may I suggest taking proper notes? It would stand to reason that if you have challenges learning a subject; taking notes would greatly help with your knowledge retention. This lesson in particular with respect to your future ability tin managing your finances would very much necessitate note taking, or anything you could do to ensure you learn it .!! Besides, you can take notes and pause the video yourself?? Why should the instructor, who has already taken time from his day to teach people what he knows free of charge !! In a clean well understood manner (including notes to the left of the video) Gold for free !!!! Put it this way, it’s kinda rude to ask that, and doesn’t look good on yourself either. Besides how else you going to learn if you don’t apply yourself?? It’d be like someone coming up to you and saying “Hey you know that thing you paid thousands of dollars for, had spent innumerable hours, days and nights practicing, sacrificing countless hours to become a master of your craft?? Yeahhh , you mind just doing that for me, and make sure it looks like this and in that format, and be done by like tomorrow at 9 for me??” Yeah I don’t think so, get over yourself. Take notes yourself!
@@HectorGarciaCPA yes I tried to email . Address returned. Please send file . I only placed 2 customers in it so far. I will like to import. I’ll erase all but a couple of accounts. Thanks I have QBO 2021
I had the same problem. I tried for hrs. to reorganize the desktop COA so it would work with QBO, but I kept messing up and missing sub-accounts, so I finally just gave up.
Great video. for an online business how would you recognise shipping you charge customers (revenue?)? and also shipping you are charged (cos?)? or a net cos? - ask in reference to margin calculation - thanks
Shipping you charge customers would be an Income account. Shipping your vendors charge you would be COGS. Your shipping COGS / your shipping income would give your gross profit on shipping.
@@HectorGarciaCPA thanks for the reply! Ugh. We are brand new business and just opened a new site so our FFE list is approximately 800 -1000 items long totaling a lot of value with various levels of depreciation.
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Mr. Garcia you explain every topic so well, Thank you
Thank you, doing my best!
Sir you explain every topic so well and in depth, I wish I could be a permanent student of yours as Im getting hands on experience on QBO and wanted to excel in it , way too determined
Glad to have the first like on Hector Garcia video! Yours videos helped me alote during my job as accountant. Thanks and keep it up please .
Rishad Ahmad thanks!
Gracias siempre me a gustado sus presentaciones
A la orden
Wow..your knowledge is super awesome! Thank you!
:)
Thank you for the video. But how do you do you activate the account numbers in quickbooks enterprise accountant 22?
These video's are extremely useful. I like the thorough explanations and clear examples with QBO. Have a question though: I noticed that when you import the Chart of Account from Excel, some kind of levels are created. I assumed QB recognises this from the numbers but then I noticed that you sometimes have 60000 numbers under the 70000 layer. How does QB do the indentation (or making sub-accounts) during import from Excel?
Guus de Ruijter based on how it’s imported.
I like to call the COA I use a “pseudo standard”. Good video Hecto!
I see in the chart there is a column title Tax Line. Will that be there as well when I buy it? Or is that added information for taxes is personal use outside of QB and only needed to be used by an tax person. I wanted to create my clients chart of accounts to make it easy for their account/ ea.
QB Desktop uses TaxLine… QB Online does not
@@HectorGarciaCPA got it, thank you for all you do!
Great explanation on Chart of Accounts. I have a retail business where all of my revenue comes from a POS system. Do you have a video that explains where to put these deposit transactions from Intuit? It seems as if everything I have found out there talks about customer payments from invoices.
I don’t.
Hi Hector, I love your videos. Do you have a video that explains what are recommended accounts to set up for a small landscape construction company? Thank you
I dont
How to find/get that list or excel of chart of accounts?
I would like how to star a chart of accounts for trucking company
Great video ! Thank you for sharing
Excellent information. Thank you
Another awesome video!!
I am opening my Shopify store in May so I've been using time until then to watch all your vids. I purchased your chart of accounts but in the two samples, I did not quite understand why anyone would record the personal expenses as other expense or owner equity. I have recorded personal equity as an acct for startup costs and recorded my receipts against it in cash but shouldn't personal expenses be kept out of the business all together?
Tax is operating expenses.
Depreciation is either Operating or non operating depending on the asset itself.
But it shouldn't matter much to small/medium businesses nor to their CPA/EA/Tax Preparer.
Dear Garcia nice to see your video ❤
:)
Thank you for all of your videos. How can I check in QB to see what type of business it was set up as?
Linda Armendariz can’t be done
How I wish I will have this kind of knowledge.
Is it the same number for Canada accounting
It would be nice to be able to get this emailed to me with your description next to the name of like "Current Assets" and then have the description next to it. That would help a lot but either way, these are helping me for sure. I just might need to watch it a few more times lol
Just a helpful suggestion here.
If you are finding it difficult to commit the information found in any lesson or workshop- may I suggest taking proper notes?
It would stand to reason that if you have challenges learning a subject; taking notes would greatly help with your knowledge retention. This lesson in particular with respect to your future ability tin managing your finances would very much necessitate note taking, or anything you could do to ensure you learn it .!!
Besides, you can take notes and pause the video yourself?? Why should the instructor, who has already taken time from his day to teach people what he knows free of charge !! In a clean well understood manner (including notes to the left of the video) Gold for free !!!!
Put it this way, it’s kinda rude to ask that, and doesn’t look good on yourself either. Besides how else you going to learn if you don’t apply yourself??
It’d be like someone coming up to you and saying
“Hey you know that thing you paid thousands of dollars for, had spent innumerable hours, days and nights practicing, sacrificing countless hours to become a master of your craft?? Yeahhh , you mind just doing that for me, and make sure it looks like this and in that format, and be done by like tomorrow at 9 for me??”
Yeah I don’t think so, get over yourself. Take notes yourself!
Thank you SIR!
You welcome
@hector does this account numbering also follow true for non profit entities ?
No
@@HectorGarciaCPA Do you have a video about Non-Profit COA?
excellent. Thank you s much
You're welcome!
Mr. Garcia, 8000 can be income? Oh wow thank you for educating.
Generally is OTHER INCOME
Please HELP! I just ordered the Chart of Accounts - it sent me a QB Desktop. I have QB Online 2021. Please help!
Email me.. the kit I sell comes with both formats but I can just send you the QBO formatted one if the file is too confusing
@@HectorGarciaCPA yes I tried to email . Address returned. Please send file . I only placed 2 customers in it so far. I will like to import. I’ll erase all but a couple of accounts. Thanks I have QBO 2021
I had the same problem. I tried for hrs. to reorganize the desktop COA so it would work with QBO, but I kept messing up and missing sub-accounts, so I finally just gave up.
@@HectorGarciaCPA hello I am new to QBO. I’d like to purchase your excell sheet. I don’t see the link?
@@ms.brandon2591 quickbooks-training.net/ultimate-chart-of-accounts-for-quickbooks-desktop/
So useful 👌
Great video. for an online business how would you recognise shipping you charge customers (revenue?)? and also shipping you are charged (cos?)? or a net cos? - ask in reference to margin calculation - thanks
I believe QBO keeps track of that for you when you turn on the option in Account Settings.
Shipping you charge customers would be an Income account. Shipping your vendors charge you would be COGS. Your shipping COGS / your shipping income would give your gross profit on shipping.
Thank you so much
Dors Furniture Fixtures and Electronics need to be broken out item by item?
Your tax accountant would appreciate that very much.
@@HectorGarciaCPA thanks for the reply! Ugh. We are brand new business and just opened a new site so our FFE list is approximately 800 -1000 items long totaling a lot of value with various levels of depreciation.
Daniel Gallant that too many.. I would probably group them into 4-5 categories of product
thank you sir Garcia
👍👍👍Thank You!
You welcome