Accounts Receivable – This account is created the moment you enter your first “Invoice”. It tracks how much money is owed to you by your customers Inventory Asset – This account is created the
Small business owners need to understand when to “Split” transaction amounts in their QuickBooks Online bank feeds for money spent. Adding new “Liabilities” to your QuickBooks Online “Balance Sheet” involves the creation of two
The QuickBooks Online Balance Sheet includes Company Assets, Liabilities and Equity. Note that all accounts that deal with the Financing of your Business are on your QuickBooks Online “Balance Sheet Report”. This report includes
Small businesses with Product Inventory use the “Accrual Accounting Method” to record their Inventory Assets on their Balance Sheet. They may still use the “Cash Accounting Method” for everything else. If Product Inventory is
Financial Reports that make sense are the result of a well-built Chart of Accounts. Your QuickBooks Online account is made up of lists, and the most important list you will build within your QuickBooks Online
Always connect your Bank and Credit Cards to QuickBooks Online during the Setup Process. After you have established your QuickBooks Online company settings, created your chart of accounts, products and services, vendors and customer,
Millions of small business owners have switched over from QuickBooks desktop to QuickBooks Online in recent years. Many of these small businesses are saving thousands of dollars per year in operating expenses by outsourcing their
The first thing I want to share with you is that your business structure determines how you get paid as a small business owner as follows: A Sole Proprietor “draws” money from their business profits
PART 1 – CONNECT ACCOUNTS AND RECORD TRANSACTIONS Small business owners START recording accounting transactions in QuickBooks Online on DAY ONE. It is important for small business owners to RECORD EVERY ACCOUNTING TRANSACTION from
Because your small business bank account charges are "bank fed", anomalies stand out. We can remember the first time an “anomaly” stood out in the QBO bank feed of a business checking account like