Purchased and uploaded.. thank you.. hopefully this is what I needed for my husbands construction company.. moving from keeping all our records via paper receipts into quickbooks for 2020 and there is certainly a lot of things to look up as far as how the heck to get it all started.. took this as step one.. enjoying your content. thank you.
@@HectorGarciaCPA do all job materials get listed under the COGS? What about tools and equipment that is not a fixed asset where is that listed on the chart or do I need to add an expense somewhere? Thanks
your quickbooks is so quick, mine takes ages sometimes, despite my internet speed of 100-300Mbs. Also, is there a way to click on links (numbers, names) and open in a separate window without having to duplicate windows and wait for ages till each open. I really miss these features from Xero, however, i prefer QB reports. QB is great for higher level accountant and business owner, while Xero I think is way better for daily bookkeeping. Imagine you have a list of bills under one supplier and you want to open some or all - in xero, right click/open in new window, in QB will take you 10 times longer.
Hi Hector, love your videos. Do you have an updated chart of accounts to purchase? I see the one you have now is from 2018. Or is that still usable? Thank you in advance!
@@HectorGarciaCPA I liked the set up, i have most of the parent accounts made, but i liked the idea of having 1 main with a bunch of sub categories, but if the account type and detail type are not the same it will not let me group them.
@@HectorGarciaCPA i am from bangladesh. Completed cost and management 1700 marks out of 2000 marks. I want to start work as a free lencer for quick book. How can i start, would u please suggest me? I am learning many things from your vedio. TIA
If I have a year old account with imported transactions and bank connections, but would like to change chart of account names, is there a way to do that? Or would I be better off starting over at the first of the year ?
HI Hector, I bought Your Chart of Account excel sheet yesterday. Uploaded, it works beautiful. One question, sometime paid customer finance for my service, bank deposited but they change their mind and get a bank transaction refund. where and how to categorize and number that in your sheet. Thanks
Hector did you mean to say for account 63400 GENERAL & ADMIN: Interest Expense that the detail type is insurance. Shouldn't it be Interest Paid? (your Excel Line 93) . Regard and thanks for the info.
Very nice hector. Your Template is terrific and your approach to personal expenditures within Owners Equity is very useful. Noticed many standard categories within the file are not contained in the file such as "Loans to Stockholders", "Accounts Receivable". Am I correct in assuming that these default accounts are excluded from Ultimate Chart of Accounts to avoid duplication (because these already exist in QBO by default), and users of your system should just keep these default QBO accounts 'active' as needed?
@@HectorGarciaCPA Hi Hector, most of our owners expenses are closed to shareholder loans. Would you suggest closing Other Expense to SH Loans at year end or having each expense hit SH Loans as they come in (instead of Other Expense).
Hello there, I am unable to download your chart of accounts from your link. My desktop is not openning it. Is there another way to purchase one? thanks
@@HectorGarciaCPA I have auto repair shop. Will your CA easily modified to fit for what I need? If so, how can I make the purchase? Do you have a website or how can we proceed?
This is an excellent video. However, as a CPA you can be found complicit in piercing the entity's corporate veil by co-mingling corporate and personal assets. There is much less risk with characterizing the owner expenses as Owners' Draws without any reference to what the draw was used for.
SIR KINDLY HELP ME ON CHART OF ACCOUNT FOR REAL ESTATE BECAUSE THERE IS BIG DIFFERENCE BETWEEEN REAL ESTATE BUSINESS AND OTHERS BUSINESS. I DONT KNOW IN WHICH CATEGORY I PUT PURCHASE OF LAND EXPENSES WHICH I PAID TO LANDS OWNER'S
@@HectorGarciaCPA One of the few. I am continually amazed at the level of knowledge you possess! I still think you don't sleep. I just agreed to be Treasurer for a non-profit that was doing its books in excel and am on a quick time table to set them up and correct their wrongs. Thanks Don Hector.
@@HectorGarciaCPA In my opinion - doing bookkeeping for non-profits and small businesses, the COA is basically the same. There are so many types of non profits that have different opeartions. This COA would work perfectly - just tweaked. Anyhow thanks for this!
Purchased and uploaded.. thank you.. hopefully this is what I needed for my husbands construction company.. moving from keeping all our records via paper receipts into quickbooks for 2020 and there is certainly a lot of things to look up as far as how the heck to get it all started.. took this as step one.. enjoying your content. thank you.
Angela Nebinger it will be a good baseline; but you will still need to add customized accounts based on your needs
@@HectorGarciaCPA do all job materials get listed under the COGS? What about tools and equipment that is not a fixed asset where is that listed on the chart or do I need to add an expense somewhere? Thanks
Angela Nebinger could be fixed asset, depends on the value and the
Where can I purchase the COA?
Why do you put bad debt in income and not expenses? Do you write it off differently than when it is an expense?
Long story short... if you do cash basis accounting; “bad debt” is a reduction of income.
your quickbooks is so quick, mine takes ages sometimes, despite my internet speed of 100-300Mbs. Also, is there a way to click on links (numbers, names) and open in a separate window without having to duplicate windows and wait for ages till each open. I really miss these features from Xero, however, i prefer QB reports. QB is great for higher level accountant and business owner, while Xero I think is way better for daily bookkeeping. Imagine you have a list of bills under one supplier and you want to open some or all - in xero, right click/open in new window, in QB will take you 10 times longer.
Do you have a QBO kit for production accounting in the film industry?
No.
Mine is messing up I need to import a new chart of account without losing my data and fix things up or to do that ?
After you import the new one, you can merge accounts and make subaccounts
@@HectorGarciaCPA awesome! Thank you
Hi Hector, love your videos. Do you have an updated chart of accounts to purchase? I see the one you have now is from 2018. Or is that still usable? Thank you in advance!
Yeap is the same one.. people still buy it
Thank you sr i learn a lot im accountant also from dubai
:)
Hello Hector, the videos are great, question about the General & Admin, where is it coded to to create the parent account? Thanks for all the help
Elaborate please..
@@HectorGarciaCPA I liked the set up, i have most of the parent accounts made, but i liked the idea of having 1 main with a bunch of sub categories, but if the account type and detail type are not the same it will not let me group them.
Make them all the same detail type... detail Type is irrrlevant
Learning many things from your class. Thanks for suck kind vedio.....
:)
@@HectorGarciaCPA i am from bangladesh. Completed cost and management 1700 marks out of 2000 marks. I want to start work as a free lencer for quick book. How can i start, would u please suggest me? I am learning many things from your vedio. TIA
how we can setup tax we deducted from vendor
The US version doesn’t have that
I use Lacerte tax, do you have a version with tax mappings?
No...
If I have a year old account with imported transactions and bank connections, but would like to change chart of account names, is there a way to do that? Or would I be better off starting over at the first of the year ?
Cleaning up is harder than starting from scratch
i purchased the Ultimate Chart of Accounts while ago - How can i tailor this to a farming client
Yes in excel... you can modify as you please
Do you know how much functionality the mobile app has? Will it meet the majority of my needs if I'm traveling for a short period of time?
sonlife915 is limited...
Your a true professional! THANK YOU!
Devin Lurie thanks.
What to do if not all uploaded ?
@@francispourier7808 enter them manually
Thanks for all that you do. You make learning QB less cringeworthy. Do you have a template for owner-operator truck drivers?
I’m developing one..
Send me an email: hector@garciacpa.com
Great! I will.
hi sir, how can i import general ledger from excel to quickbook
QuickBooks Desktop or Online?
HI Hector,
I bought Your Chart of Account excel sheet yesterday. Uploaded, it works beautiful. One question, sometime paid customer finance for my service, bank deposited but they change their mind and get a bank transaction refund. where and how to categorize and number that in your sheet. Thanks
If money is coming in and then out (same amount) doesn’t matter what category you use, it will be a wash. I would probably use Bank Service Charges
Hector did you mean to say for account 63400 GENERAL & ADMIN: Interest Expense that the detail type is insurance. Shouldn't it be Interest Paid? (your Excel Line 93) . Regard and thanks for the info.
Andrew R Davis probably
please tell me about how to export chart of account from desktop to excel
Reports, list, account list
@@HectorGarciaCPA Thanks alot
Very nice hector. Your Template is terrific and your approach to personal expenditures within Owners Equity is very useful.
Noticed many standard categories within the file are not contained in the file such as "Loans to Stockholders", "Accounts Receivable". Am I correct in assuming that these default accounts are excluded from Ultimate Chart of Accounts to avoid duplication (because these already exist in QBO by default), and users of your system should just keep these default QBO accounts 'active' as needed?
Yes, the Ultimate Chart of Accounts is focused on the P&L. I leave the BS out, but you get the list of all the accounts
@@HectorGarciaCPA Hi Hector, most of our owners expenses are closed to shareholder loans. Would you suggest closing Other Expense to SH Loans at year end or having each expense hit SH Loans as they come in (instead of Other Expense).
Hello there,
I am unable to download your chart of accounts from your link. My desktop is not openning it. Is there another way to purchase one? thanks
The one you can download is just a sample; it doesn’t import... you must purchase the $48 kit.
@@HectorGarciaCPA I have auto repair shop. Will your CA easily modified to fit for what I need? If so, how can I make the purchase? Do you have a website or how can we proceed?
This is an excellent video. However, as a CPA you can be found complicit in piercing the entity's corporate veil by co-mingling corporate and personal assets. There is much less risk with characterizing the owner expenses as Owners' Draws without any reference to what the draw was used for.
Just being practical…. Business owners will mix no matter what
you're the man!!!
SIR KINDLY HELP ME ON CHART OF ACCOUNT FOR REAL ESTATE BECAUSE THERE IS BIG DIFFERENCE BETWEEEN REAL ESTATE BUSINESS AND OTHERS BUSINESS. I DONT KNOW IN WHICH CATEGORY I PUT PURCHASE OF LAND EXPENSES WHICH I PAID TO LANDS OWNER'S
Can you throw in a Non Profit COA?
Tim Baker no... is just not my area of specialty.. sorry
@@HectorGarciaCPA One of the few. I am continually amazed at the level of knowledge you possess! I still think you don't sleep. I just agreed to be Treasurer for a non-profit that was doing its books in excel and am on a quick time table to set them up and correct their wrongs. Thanks Don Hector.
Hehe.. I do sleep... I just don't vacation much... ironic because It is what I tell my clients to do all the time
@@HectorGarciaCPA In my opinion - doing bookkeeping for non-profits and small businesses, the COA is basically the same. There are so many types of non profits that have different opeartions. This COA would work perfectly - just tweaked. Anyhow thanks for this!
michalsmall thanks
I'm thinking of buy a chromebox or chromebook.... I see you're using windows, would I have any issues purchasing a chromebook for quickbooks?
for QuickBooks Online.. Chromebook would work.. but you cant interact with Excel... this is why I prefer a Windows machine
@@HectorGarciaCPA are you taking about exporting and importing to excel? Google sheets doesn't work?
sonlife915 QuickBooks does not export reports to google sheets.
@@HectorGarciaCPA if I install Excel from the Google Play Store, will it work then?
sonlife915 not sure
QuickBook desktop does not allow you to get to any importing from .CSV or get to any gear to import this purchase--
Not true... QB Desktop (US version) allowed you to import the chart of Accounts via Excel, CSV, or IIF.
I am sorry you don't even follow GAAP with your chart of Accounts .... SMH
I wouldn’t dream of trying to follow GAAP, it wouldn’t make any sense within the context of QB users.
@@HectorGarciaCPA SMH ... Please stay away from our Industry