QuickBooks Online Complete Tutorial

would you like to be an expert in quickbooks  online in less than three hours all you have to do   is watch this video a little bit each day and  by the time you're done you will have complete   mastery over the latest version of quickbooks  online in fact this free complete tutorial   in quickbooks online makes it so easy you can  just sit back and relax and enjoy learning and   if you really want to learn well you can follow  step by step by creating a separate quickbooks   online account just to use for this course and  you can get that account for free you can sign   up for the free 30-day plus version or you could  sign up for the free accountants edition just by   clicking on the link in either the comment section  or the description text on the very same page as   this video and if that's not enough i answer  all questions immediately if you leave them in   the comments section i guarantee you the clearest  possible explanation for any question that relates   to quickbooks or quickbooks online i thank you  very much for watching and without further delay   here is the greatest quickbooks online tutorial  of the latest version of quickbooks online chapter one navigating the quickbooks online  interface if you just signed up there are   two possible things that you could see in your  quickbooks online interface you could be looking   at your quickbooks online in business view or  you could be looking at your quickbooks online   in accountant view now why does quickbooks  online do this some people who sign up have   it automatically presented in business view and  other people who sign up have it automatically   presented in accountant view and it's random  it doesn't matter what browser you're using   or how you signed up if it looks like this on the  left side of your screen it means that by default   your quickbooks online was set up in accountant  view however if the left panel looks like this   it means by default automatically your  quickbooks online was set up in business view   now in accountant view the left panel menu choices  are written out clearly but in business view you   can see that you would have to click one of those  icons in order to open up the remaining choices this is what it looks like in business view in  the left panel and this is what it looks like   in accountants view in the left panel but don't  worry even though i will be using accounted view   during the course i'm going to show you how to  switch between them very easily so you can always   use the view that you prefer but regardless of  which view you are showing there will always   be three things that will be the same and these  are three things that you will use all the time   the first thing that will always be there  and always be the same will be the cog wheel   in the top right if you click on it it opens a  menu with choices that allow you to open windows   that help you set up and maintain your quickbooks  online account so in business view here it is the   cog wheel with these links to windows that help  you change the permanent information inside   your account and it's also here in accountant  view and the other thing that will be the same   is this plus sign in the top left corner the plus  sign in the top left corner opens the menu choice   for all of the different transactions and all of  the different day-to-day tasks that you would do   when using quickbooks online and again if you are  in business view or if you are in accountant view   it's in the top left and the main menu choices are  the same the other thing that will always be there   is the left panel menu and even though they are  different in business view or in accountants view   most of these menu choices are basically repeats  of the same choices that you can open if you   open either the cog wheel or the plus sign they  just make it a little easier for you to get to   but one thing that will always be in the left  panel menu that will never be in the plus sign   or the cog wheel is the reports menu and the  reports menu is one of the most important menus   in quickbooks and if you go to the left panel  in the accountant view you can click reports   and you can see that you can control the three  categories of the report area if you were in   business view you would have to click business  overview and get a sub menu and then click the   reports choice to be able to get here to the  different menu choices within the reports menu   now you should know that this used to be the only  place to get to your reports however with the new   interface you probably notice that this is what it  looks like in the middle of your screen this is a   relatively new part of the interface and again  they are both basically shortcuts to the same   windows so this is what it looks like in business  view if you go back to getting things done   and this is what it looks like in accountants  view if you go back to the dashboard the getting   things done looks the same and if you scroll  down you will see there is now a new shortcut   to the same reports menu that you had to use only  in the left panel and if you're in business view   you have i mean uh yeah business view you have the  same set of shortcuts where you can just click and   go to the reports menu once you're in the reports  menu you will see how to manage reports easily and   those are the three most important places to  click when navigating around quickbooks online and you should also know how to navigate  this video to optimize your learning   you have to use the description field in order to  get to the topics that you want it's very simple   if you're watching the video on youtube you have  to go below the video below the subscriptions tab   and click show more that's located down here once  you click on the words show more you will expand   and open up the description field and you will  see a list of every topic in this video if you   want to jump directly to a specific topic all  you have to do is click on the time index link   next to the name of the topic and then the video  will immediately jump to that time index and show   you that topic in fact if you're watching this  video for a second or third time you can click   directly on the topic that you wish to review and  the video will go right to that topic and show you   it's as simple as clicking right here show more  scroll down now look what happens if i click   this time index the video jumps right to that  spot what if i click time index 3.18 click   i'm right here at 3.18 and the video is running  and don't forget you still have the benefit   of a live teacher by asking me your questions  in the comment sections below i hope you will   support the channel by clicking like and don't  forget to subscribe chapter two adjusting the   company account settings what are account settings  in quickbooks online well you could call them   the defaults the options the preferences in short  they're the automatic behavior of your quickbooks   online account until you specifically change the  behavior by adjusting the settings now as promised   the first setting we will adjust will be changing  the view to accountants view from business view   and back again and the way to do that is to  open the cog wheel that we spoke about in the   previous video and once you open up that menu  you can see down here is the place to click to   switch to accountants view from business view  in my case quickbooks online chose to give me   business view instead of accountants  view when i first created this account   but to fix it i click the cog wheel come down  here and click switch to account and view   in a few seconds you will see that the left  panel has changed to choices that are written   out much more clearly again you could click the  cogwheel and switch back to business view if for   some reason you prefer that but during the course  we will be staying in accountants view because it   is easier and more clear to find the choices on  the left all the other settings we will adjust   come from the account settings window that you  can open up from the cog wheel and going to the   most left column in the cogwheel main menu  choice once you click that window you will   see all the other available settings for example  let's track expenses by customer job right now   quickbooks online is not set up to track expenses  by job but once we change the settings it will be   let me first show you what it looks like before we  change the setting if we go to the expenses window   and we click add expense manually this will be the  window that we use to record all information about   each expense let's close the helpful navigation  hint and take a look we see that we have a   field to enter each piece of information about  each expense and we will record expenses later   but look right now in the bottom right there  is no specific field to add to this expense   which customer or which job this expense is for  but after we change the settings in the account   settings window we will be able to see customer  job and be able to track the expenses by customer   so i close the window without saving  and i open the account settings window   click the cog wheel go all the way to  the left and click account and settings   now you can see the account settings window and  in the left panel there are different categories   of account settings the top one is company so if  you wanted to put in your company name and address   here you would click the pencil tool type in  the company name and when you come back to the   dashboard you would see the title of the company  name was changed if you open the account settings   window and you go to the left panel and click  expenses you get three sections in the account   settings category of expenses this top section  is where you can activate tracking expenses by   customer or job you have to click the pencil  tool on the right to be able to edit any section   and then all you have to do is click the  button track expenses and items by customer   you have to save your settings by clicking  the save button in the section of the setting   that you changed after that you have to exit  the account settings window by clicking done   now let's check if the setting was changed  we go back to expenses add expense manually   and now when we look in the bottom right we  can see that there is a new field added to   the expense window a field where we can input  the customer name to track expenses by customer   and that's one example of changing the  settings in the account settings window   every company must use the account settings  window at least once to put in their physical   address let's imagine this is vonda's business  address so what do we do we click the cog wheel   we click account and settings the  category of settings is company   and where it says company name we can click  the pencil and we can type it in properly and to save that section click save now you go to  company address and click the pencil tool here's   the miraculous thing every address in the world is  automatically on this list so if you just type in   the first few digits of the address and maybe even a little bit of  the street name you will be able to choose your   address from the list of addresses and you won't  even have to type it in don't worry if it's a fake   address there is a way to have it entered manually  but we're going to save this real address wherever   that might be and that's wander's address for  her company to make sure we save all the settings   that we changed go to the bottom right and click  done now when you come back to the dashboard you   see instead of the default which showed the email  address you now see the proper name of the company   and of course the address you put in will show up  on forms and reports as you use your quickbooks   if you need to change it just go back to  the cogwheel click account and settings   go to the company section and you can change  your address or name as many times as you like   chapter three input and manage the  chart of accounts you may well ask   what is the chart of accounts well in the old  days the chart of accounts was the general ledger   then you might ask what is the general ledger well  as you can see it's a book where each page in the   book records a different uh item of income  expense or asset that a company might have   for example page one might be the page where you  write down uh every event or every transaction   where you earned video income page six might be  the page where you write down every event or every   transaction where you pay repair expense  and the entire book is the general ledger   when it comes to the computer the general ledger  is called the chart of accounts and as you can see   here's vanda's chart of accounts and here are the  names of the accounts that we're about to type in   every account has a name and a type the type of  account you choose is one of the preset choices   from the pull down menu the name you can type in  yourself you can call the accounts anything you   want as long as you recognize it but we recommend  that you write down the names as shown here the   corresponding type will determine how it behaves  for example it doesn't matter what you call cash   in bank you can name it cash and chase bank  or bank account but as long as you choose bank   type of account to go with it quickbooks online  will know that that's the account that matches   to your bank account and you could possibly  later import bank transactions or do bank fees   same thing with account receivable and account  payable their special accounts you don't have to   name it accounts receivable you could change the  name to money customers owe us if you want to but   if you choose type accounts receivable quickbooks  will know that this is the account regardless   of what you named it this is the account that  matches the customers balances since this is the   picture we will be copying from when we input the  chart of accounts i will be coming back to this   picture reading from it then going to quickbooks  online and recording the account on the list if   you like you can pause the video at this picture  and put in the rest of the accounts yourself   you can open the chart of accounts by  clicking accounting chart of accounts   now if this is the first time that you're  opening the chart of accounts since you   created the quickbooks online account you have to  click this green button see your chart of accounts   and notice in the chart of accounts window you see  that quickbooks online has added to your chart of   accounts the most commonly used account names and  account types so these will be the only accounts   that we will be using during the course so if  you feel that your account list is too long and   too cluttered because your chart of accounts also  includes accounts that quickbooks online put there   automatically then you can remove their accounts  from the list by making the account inactive   so some accounts you can't remove but most you  can for example if i went down to travel expense   and i click this arrow and i click make an active   you will see it is removed from the list and  the list is smaller you can remove rent and   lease make an active yes and the list gets smaller  and smaller you can get rid of cost of goods sold and the list gets smaller and smaller  and you can even pause the video   while you remove some that we won't use like  meals and entertainment and this type of thing and if you are removing accounts  to make the list smaller   you will find that some accounts you  cannot remove so you can just leave them that usually applies to  things like retained earnings   where it says sorry you need to use this no  matter what but all the other ones that we're   not using you can go back and remove later if  you feel the chart of accounts is too cluttered and don't worry if you accidentally  make an account inactive that you need   because you can always bring it back watch if  you go to the cog wheel in the top right of the   chart of account list directly above the first  account and click where it says settings you   can come down and click include inactive now  all the ones that we made inactive are showing   up and when they show up in the action column  we have the option to make them active again   you can click make active and now when  you remove the check mark so that you   don't include the inactive accounts you can now  see it because you now reactivated that account   so don't worry it's not something that will have  any bad effect as your usage in quickbooks online so let's pause the video while you remove all the  accounts that you can remove so that your list   is much smaller before we  put on this chart of accounts now i didn't remove every possible account  that i could i left a few common expenses   here on the bottom and left the ones  that they did not allow me to remove   here on top but you can remove whichever ones you  do or do not want to keep it doesn't really matter   as long as you're able to find the accounts that  you're looking for in the chart of accounts now   let's put in this chart of accounts and when  we put in the name we will leave it in capital   letters so that we will see clearly that it's  one of the accounts that we put ourselves   and not one of the accounts that quickbooks online  put for us and we will copy the exact account type   that corresponds with the name and we will leave  the default for the selected detail type and not   address that as it is not relevant in this course  so let's go ahead and record the accounts we can   click scroll up by the way scroll up to the top  of the window to get the new account button new   now we choose the type we leave the detail   type alone because it will not be relevant  and we type in the name and capital letters now if we click save and close we will save this  and we will close the window and if we do that   you can see the account we just created is now  in the list regarding the type and the detail   type and again disregard this it's not relevant  scroll up and click new and we will add the next   one accounts receivable is accounts receivable  type so we choose accounts receivable type   and we type in the name well the name is already  selected that's nice so we can just click either   save and close or save and new and if we click  save and new instead by clicking the arrow first   to get save and new it will put it on the list  and it will keep this new account window open   so it will speed up the process supplies our  other current asset i believe supplies were   already on the list but let's type it in  let's choose uh other other current asset and type in the word supplies and then click save and new   then equipment is a fixed asset so we  type we choose fixed asset equipment and of course save a new now if i close this out  you can see that the ones in capital letters are   the ones that we typed in see if you can pause the  video and put in the rest of the chart of accounts and when you finish putting in the chart of  accounts you should see in capital letters   all of the accounts that were on our specific  account list and the types should match exactly input and manage customer data you  need data on both customers and vendors   we know that customers are the people whom you  sell your products and service to and vendors   are those who sell you products and services so  you can run your business it's good to have a   rolodex to access any of their information but the  most important reason to put in their information   is that you need to choose their names from a  list when making transactions with any particular   customer or any particular vendor here is our  customer data this is not all the information that   quickbooks online can hold obviously i left out  things like phone number email address and website   i just gave you a small sample of the data  that you would put in and you could always   go back and edit the customers data and add  the extra information that we did not include   we click sales and then go to  customers if this is the first time   going to the customer list you will get this  little uh set of uh text here and then you should   click add customer manually now you have to add  the first customer and we know that's alan arby and you could also add the  customer as the company name and of course and look what happens when we click save we're  right here in only allen rb's information we can   make a new transaction with just alan we can click  edit and go back to his permanent information   if we want to add things like phone number  and other things like email address and so on   we can click out of this by clicking over  here where it says customers and now we're   back at the regular customer list and you  can see only alan orby is on this list   to add a new customer just scroll up and  click new customer the next one was betty boop and put in the rest of her information when we click save now we see we're in  only betty's information that we can edit   or have a transaction with just betty when we  click customers now we again see the customer   list we see alan and betty and we can edit either  of them by double clicking on their name and then   clicking edit for their permanent information or  staying here in that customers specific dashboard in the future you will be able to see a  list of transactions for that customer   right here in the customer center list  for example if i click alan orby's name   i can see where it says customer details all the  permanent information that we were editing before   you should also know that if you click transaction  list you will see a list of every transaction   that you've had with this customer since the  beginning when you put the customer on the list   and in the future we will make  transactions and you can check this   so let's put our third and final customer on  the customer list new customer candy charles and we click save and here we are we're  back in just only candies information   with no transaction yet but we can click customer  details and edit anything we need if we click   customers we're back at the main customer list  and now we're finished setting up our customers   and we're able to record customer  and receivable type of transactions   the good news is that putting in and managing  vendor data is exactly the same as putting in   and managing customer data if we open  the customer list by clicking sales   customers then we should open the vendors list  by clicking expenses and vendors you'll notice   that if it's the first time you're going to the  vendors list you have to click add vendor manually   and you get the input vendor information that  looks just like the input customer information   that we dealt with a moment ago we can skip  directly to the company name and type it in and of course we type in the information click save and you can see that con  edison is the first vendor on the list   now verizon is the second vendor  so we click new vendor verizon and put in the rest of the verizon information click save and now we're back at the vendor  list and we can see that verizon has been added   let's add staples and ups new  scroll up to get new vendor staples and lastly we have ups new vendor company click save and just like the customers on the  customer list if you click expense and vendors   you can click on the vendor name and then always  click edit vendor to go back to any of the   permanent information that you'd like to change or  add if you need to like your own vendors database   in addition to that you can click vendor details  to see the permanent information you entered   and while this specific vendor is  open you can click transaction list   and in the future you will be able to see a list  of every transaction for that specific vendor   you'll even be able to filter to control how  it displays all the transaction for that vendor five input and manage the  list of products and services an item in this context is a product or service  that we buy or sell this means that an item is   something that we would list in the body  of a receipt or the middle of an invoice   for example let's imagine this is the  invoice window when quickbooks online   and we're filling out the invoice for one  of our customers we would have to put the   quantity of the item in the invoice window  and all the other information about the item   would come from the items list that we set up then  all we have to do is click here for the pull down   list and choose an item for example apple's and  the description and the price each would come up   quickbooks would then multiply the quantity  times the price that we set up for that item   and it would get us the total that we would have  to pay apples are an example of a product item   that we would put on an invoice or a receipt on  the same list that we're setting up we could also   set up services like video hours and then once  we chose video hours from the pull down list that   we're going to set up right now quickbooks would  multiply the price that we set up on the list   times the quantity that we put in in the invoice  to tell us the total that we have to pay so it's   very convenient to have an items list so  that when we make an invoice or a receipt   we can just choose the item from the list and  have quickbooks do the rest of the work for us the only thing we have to consider when we set  up the items on the items list is making sure   that the correct income account will increase  when we put the specific item on the list   for example if we put video item or video  service on a receipt or an invoice we want to   make sure that the video income account is the  account in the chart of accounts that records   that invoice for that item of service however  if instead we put another item on the list   in this case editing service we would want  to make sure when we set up the editing item   that if we put the editing item on a receipt or  an invoice that it is the editing income account   that increases not the video income in other  words when you set up an item on the items list   it is not enough to put the name and put the  price you also have to tell quickbooks which   income account will record the income for that  item now here we are at the dashboard homepage of   quickbooks online and to put an item on the items  list you go to the right and click the setup cog   then go over to the list column and click  products and services of course if it's the   very first time you're coming to this window  you get this green button with this picture   so we click the green button so we can start  putting in our services this item is not a product   it's a service so we will click service and now  we have the data fields to put in the service   there are several that you can explore and  experiment with on your own time but we will   only put the name as video okay we will put the  uh we will put the sales price and rate as 300   and the only other piece of information that's  required is the income account when we click the   arrow we get our chart of accounts the income  account that should increase when we do a video   service will be video income and again you could  put additional information as well as a picture if   you want to explore and experiment with extra data  fields on your own time but for this course all we   need is the name price and income account when  we click save and close we see that we now have   a list instead of that green button these two  items are items that quickbooks online already   set up for us and we will ignore and disregard  these and put the other item that we will use   while we're in the products and service lists we  click new and again this is a service the name   is editing well i like to make it in capital it's  nice editing and of course the rate is 140 an hour   and the income account for editing is not  video income the income account for editing   is editing income this way when we put the  editing item on a receipt or an invoice   the money that comes in from that service will be  recorded in this particular account save and close   and now we have the two services that we put and  the other two services that quickbooks online put   and now our quickbooks online is set  up and ready for our first transaction congratulations you've finished setting  up your quickbooks online don't forget to   leave your questions in the comment section  below so that i can do my best to help you   and of course if you wish to support  the channel and continue to get free   help for everyone in quickbooks online  i hope you will remember to subscribe chapter 6 putting in your first transaction  in this case your first transaction   is creating an invoice the first transaction that  vonder will record is an invoice when you record   an invoice the results and quickbooks online  will immediately affect the chart of accounts   the chart of accounts is the general ledger  so whatever items you put on the invoice   will affect the accounts in the general ledger and  as soon as you save the invoice the results will   immediately be shown on the main report that shows  the result of the general ledger in this course   after we make transactions we check the results  in the trial balance the trial balance is the   main report for the general ledger and it shows  the current balance of every account in the chart   of accounts let's go ahead and set up the trial  balance to be ready for vonda's first transaction   in the left panel click reports the reports window  has three sections standard custom and management   the standard section is where all of the reports  that quickbooks online gives you automatically   there are many of them and if you scroll down  you can see that there are different categories   and different sections of reports if you  click custom report this is the place   that we will save all of our special reports to  this way we can find only the reports that we need   quickly and easily and once they're in the custom  section they will already be customized to look   the way we need them to look for this course click  standard and scroll down slowly till you see the   section of accountant reports for my accountant  you can collapse it make it small or click   the arrow and open it up at the very bottom of  for my accountant is the most important report   that you will use in quickbooks online the trial  balance double click and of course it's empty   because we have not had any transactions  yet but notice by default it's only showing   transactions that are listed between the beginning  of the current month and the day that you open the   report that's because by default the date pull  down menu choice says this month to date the best   way to use this trial balance is to choose all  dates this means we're asking the trial balance   to show us the results of every transaction  that has been entered into quickbooks online   regardless of date once you make the change you  click run report and you can see that even though   there are no transactions it still change the date  range to all dates we click save customization and   then click save now clicking save customization  helps us because we now can click reports and   now when we go to the custom report section we can  see that the trial balance is there waiting for us   and if we double click to open it up you  can see that quickbooks online remembered   we want this trial balance to show us the  results of all transactions regardless of date   now the general ledger is not the only area of  data that will change when you record an invoice   when you record an invoice it means  that a customer owes you money   and you therefore have to keep customer records  of who owes you money for how and when and why   the name of the report that shows the specific  customers that owe you for open invoice   is called the customer balance detail and we're  going to set that one up and put that one in our   report area so we can easily access that report  after we record our transactions so we again click   reports in the standard area of reports we scroll  down to the section of who owes you and we find   customer balance detail now when we double click  you can see that conveniently this report already   shows the results of all transactions regardless  of date but because we want to put it in the same   area as the little section of all the reports that  we use we click save customization and click save   and now we can check that it's there we can click  reports custom reports and now you see both of the   reports that they're currently working with  are right here in the custom report section now here's wanda's first transaction january  1 did 10 video hours for alan on account on   account means alan only promised to pay at the  moment he received the service and therefore   the proper document to make is an invoice now  in a moment we're going to put in the invoice   every piece step by step but before we do that  let's think about this transaction for a moment   i happen to know that the total amount of this  invoice is going to be three thousand dollars   because it's ten video hours and we set up the  video item to be three hundred an hour then the   question is after we record the invoice what will  show as the result in the trial balance well if   we earned video income for three thousand that  means after we record the invoice video income   will show up in the trial balance for the first  time as three thousand dollars it also means that   some customer somewhere owes you three thousand  dollars and the account in the chart of accounts   that represents the total money that all customers  owe us together is accounts receivable so after we   record this invoice you will see the trial balance  will show three thousand for accounts receivable   and three thousand for video income you should  also know that the customer balance detail   will list each individual customer's balance  right now it's blank but if specifically alan   owes us three thousand dollars for this invoice  that means our customer records will reflect   that alan rb owes us three thousand  dollars after we record this invoice   to open the invoice window in quickbooks online  we click sales and then we click invoice now again   because this is the very first invoice we will  get this green button with a picture after we   save our invoice when we come back we will not see  this send your first invoice and here's the window   so we're going to put the date you know they give  you a little uh tutorial but we're going to click   no thanks because this video is a tutorial and to  get the invoice date click right in the calendar   then you have to click the back button to go back  to the month that the invoice actually happened in   this case we go back to january and click january  1. we'll talk about the due date in a future video   the particular customer in this case is alan in  the top left that's where you choose a customer   when you click the arrow you notice these are the  three customers that we put on our customer list   in a previous video and when we  click on the specific customer   you'll notice the address that we set up in that  previous video automatically comes into this field   now not only are the customers on the list but the  products or services are already on the items list   click directly under the words product or service  to get the pull down arrow click on the arrow and   you can see here are the two services that we  put and the other two that quickbooks online put   in this case we click video and notice quickbooks  remembered that's three hundred dollars an hour   all we have to do is change the quantity to the  quantity in the transaction now listen carefully   if you want to save only one  little field of information   without leaving the whole window  go to the left of your keyboard   and push the tab key when i push tab quickbooks  saves the field and then multiplies the quantity   times the rate that we set up to give you the  amount of the invoice three thousand dollars   so if you need to pause the video to make all  of your fields of information the same as mine   you can go ahead and pause before you click save  i'm going to click save and now we get to close   the invite now that it confirms that this is  saved i'm going to close the invoice window   and now i'm going to check the results in the  reports reports my custom reports here's the trial   balance when we click on the trial balance aha we  see the numbers are exactly as i predicted before   we recorded the invoice video income is three  thousand and accounts receivable is three thousand   remember the general ledger is not the only place  that shows the results of transactions if we click   reports and go back to my custom reports we can  check the customer balance detail by clicking on   it and you can see that specifically specifically  alan rb owes us three thousand dollars   now after you record vonda's second transaction  you will see all the ideas come together   let's imagine on january second we did  10 editing hours for customer betty   and again it's on account which means betty only  promised to pay at the moment she received the   service and the appropriate document is an invoice  well i happen to know that the amount of that   invoice will be one thousand four hundred dollars  because i remember when we set up the editing item   it was a hundred forty an hour and if it's ten  hours it'll be one thousand four hundred so what   will be the results in the trial balance after  we record the second invoice well editing income   will show up for the very first time as fourteen  hundred because this is the first time we recorded   editing income however since an additional  customer owes us more money from another service   accounts receivable will increase by the amount  owed and become four thousand four hundred   and if you want to know why is accounts  receivable four thousand four hundred well   accounts receivable represents the total money  that all customers together owe us and that will   be clarified in the customer balance detail when  we record this second invoice for customer betty   our customer records will reflect the fact that  specifically betty boop owes us one thousand   four hundred and if we remember that allen owes us  three thousand that means the total money that all   customers owe us together is four thousand four  hundred dollars and that explains why accounts   receivable in the trial balance will be four  thousand four hundred after we record this invoice   the other way to open the invoice window is  to go to the top right and click the plus sign   then go all the way to the left in the column  of customers and click the top choice invoice this is the same invoice window we were at a  moment ago now to put in the date click where   it says invoice date to in the right side of the  date box you'll see the little calendar symbol   click once when the date box shows up click the  back arrow and go all the way back to january   then click on january 2. now don't worry about  the due date we'll discuss that in a future video to choose the customer move the mouse to the  top left click the pull down arrow and this   time we choose betty boop notice when we click on  betty the name and address that we set up in the   previous video shows up here in this field click  directly under the words product slash service to   bring the arrow that gives us the item choice then  we click on the arrow and we choose the item on   this invoice which is editing notice when we click  on editing to choose it quickbooks remembers that   editing is a hundred forty dollars an hour because  that's what we set up in the previous video when   we made our items list click inside the quantity  field and type ten now remember to save just the   little field without leaving the whole window  go to the left of your keyboard and push tab   when i push tab it saves the field and  quickbooks multiplies the quantity of 10   times the rate of 140 and shows us  the amount of this invoice is 1400.   now we finish the second invoice when we click  save we can check the results in the trial balance   to see if they are exactly what we expected  we close the invoice window go back to reports   hopefully my custom reports is already selected   and when you double click on the trial balance  you see the numbers are exactly what we predicted   editing income shows up for the first  time as one thousand four hundred   and total accounts receivable equals four  thousand four hundred after the second invoice   if you want to know why total accounts  receivable is four thousand four hundred   you can open the other report the customer  balance click to the left where it says reports   hopefully it will remember that you like to go  to my custom reports and just double click on   customer balance detail now you can see just only  allen owes us three thousand specifically betty   boop owes us one thousand four hundred and that  explains why total accounts receivable and the   trial balance is equal to the total at the bottom  of this report four thousand four hundred dollars chapter seven practice inputting  invoices in this exercise set   now this is what the trial balance looks like  or at least these are the numbers on the trial   balance before we do the exercise here are the  results after our first two invoices the trial   balance shows the date of the latest transaction  and don't worry about this 15 it's really 2017   that will show here and i will show you how to  display your trial balance appropriately so you   can see the results and this is what the numbers  look like in the customer balance detail before   this exercise set where only alan owes us three  thousand and only betty owes us fourteen hundred   now here is your invoice list if you want you can  pause the video and enter it into your quickbooks   online account one by one they are all invoices  here's the date the quantity the item the customer   and quickbooks should automatically enumerate  the invoice number 1003 1004 and so on   if you enter these invoices properly that means  your final trial balance after the exercise   should have these numbers total accounts  receivable should be twenty one thousand   eight twenty and editing income and video  income should be these numbers accordingly   also after this exercise the balance of rb  should be nine thousand the balance of betty   boop should be seven thousand two hundred eighty  and the balance of candy should be five thousand   five hundred forty if these are not your numbers  after the exercise you made a mistake that's okay   the video that follows this one will be all  about finding and fixing mistakes chapter 8   editing transactions and fixing mistakes  the trial balance is a summary report   this means it shows the results of transactions  or the accumulated totals of each account however   the customer balance detail is what we call a  detail report that means it lists the transactions   one by one you can edit any transaction just  by double clicking directly on the transaction   so what does that mean well if i click reports and  i go over to the customer balance detail because   this is what we call a detail type of report each  individual transaction is listed on the detail   any report that shows the transactions allows  you to double click and open up the transaction   and you can change almost anything you want  for example let's take a look at invoice   number three for candy charles see this one for  three thousand three hundred if we double click   anywhere in this line we can go back to the actual  window where we recorded in voice number three   good now that invoice number three is  in front of us we can change any of the   fields of information that we previously  put in and then when we save our changes   all of the reports will change accordingly  for example let's only change the quantity   from eleven to eleven thousand now as soon  as i push the tab key to save this field   notice quickbooks multiplies and gives us a giant  number this invoice went from thirty three hundred   to three million three hundred thousand just by  changing the little numbers here and pushing tab   the reports are not affected  yet but when i click save   and then i close the window you can see  that our customer balance detail has changed   this invoice is now giant and  that makes candy's balance   ginormous which means that the total accounts  receivable has changed to an astronomical number   now do you think that the customer balance detail  is the only report that has changed of course not   this invoice also affects your trial balance and a  lot of other reports that we haven't gotten to yet   but if we go back to reports and we take a look  at the trial balance you can see the numbers   have become huge as a result of the change as  a result of changing one number in one invoice   all the numbers in all the reports that that  invoice affects will change now if you double   click on any summary number you can see all of  the transactions that the number includes so if   we come back here and we know the trial balance  is a summary if you take a look at video income   this number is supposed to be the total of all the  invoices that have video income listed as the item   if we double click we can open up the number  and now we see the reason why video income   is this total it lists every single transaction  that was recorded in the video income account   now we can clearly see that the january third  invoice number three is the problem and of course   because after we double clicked we got what we  call a transaction report well this report lists   the transactions so we can double click right  on the transaction that's the problem and now   that we're back at the window for invoice number  three we can again change anything we want let's   click back and change it back to the proper number  11 push tab to save the field then when i click   save you will see that when you go back to the  trial balance all the numbers let's go to reports   trial balance and you can see all the numbers  have come back to normal that's the way that i   suggest you find and fix mistakes after this  exercise if you double click on any number   you can get all of the transactions that  add up to that number so if your result   is different from mine you can go through  them one by one to find the different number   and as soon as you find a transaction that has a  different number you can or different money amount   you can double click and change anything  you want chapter 9 deleting transactions   the leading transactions is easy but there  are some things that you have to consider   first you should be aware that it will completely  remove the effect of the transaction on all   reports and all areas of quickbooks online once  you deleted transactions from quickbooks online   you can never get it back only your accountant can  see a report that shows all deleted transactions   the only other place to see what transactions were  deleted is to look on a report called the audit   trail and i'm going to show you a specific video  about the audit trail later in the course for now   we'll just talk about this example let's delete  invoice number eight to candy well how do you do   that well in order to delete invoice number eight  you have to find it first right now we know that   we can click reports and then we can click the  customer balance detail and we get a list of every   invoice that was ever made now if we go down to  candy we can see that the last one that was made   was january 8th and this is invoice number eight  in order to delete any transaction you have to   double click and pull it up in front of you and  now the window that you recorded the transaction   into is right here normally you could change  anything you want but every once in a while   you would have to delete a transaction especially  in the case when you entered a transaction twice   you will have to delete the duplicate the way to  do that for any transaction is to go down to the   bottom where it says more there's a small little  menu down at the bottom of every transaction   but when you click more you get these options  and one of them is delete once you click yes that   invoice is gone and only your accountant can  see which transactions are deleted if you invite   your accountant or as i said you can look on the  audit trail but it's not as easy to find as you   might think now let's reenter the deleted invoice  but be aware when you re-enter a deleted invoice   you must customize the invoice number that's  because if you re-enter invoice number eight   quickbooks will give it the number nine because  invoice number eight was deleted you must change   the number back to the number eight and it's  a very simple thing to do and it's called   customizing the invoice number so here we are  as you can see candy only has one lonely invoice   now watch how to re-enter it we can open the  invoice window the same way we did before   we had two choices and i happen to remember that  the date of invoice number eight was january eight   i happen to remember that the customer was  candy and the product or service was editing   and there were 16 of them and that gives  the money amount that we had before   but if you click save do not click save  if you click save right now quickbooks   will assign number nine to this invoice so we  have to customize the invoice number ourselves   the way to do that is to click the cog that's  in the top right of any transaction window   and now where it says custom transaction  number you can click here this gives you   the user the ability to put the invoice number or  the number on any document in any of the future   transactions that we learn in this course now  it's already saved once you click the check mark   you have to click this x to close it out now we  have this field invoice number type in one zero   zero eight that's what gives us control  over assigning the document number like the   invoice number the check number the receipt  number and so on now after you click save   you can close the invoice window and go back  to the customer balance detail and you can see   that candy now has invoice number eight  returned to her with the correct money amount   and as far as you know there's no  evidence of anything that was deleted   the only real difference is from now  on when you open the invoice window   you will see this field here and you will  have the ability to assign the number yourself   i suggest you click the cog and remove the  check mark and allow quickbooks to enumerate   the invoices or any of the transactions and i  suggest you only open this up and change the   number if you have a problem such as deleting the  transaction chapter 10 receiving invoice payments   receiving payments for invoices will change two  areas of our accounting records of course every   transaction that is a transaction affects the  general ledger and the results eventually change   the trial balance and we will predict what the  results will be before we record the transaction   but of course if we're receiving payments from  customers that very same payment will also affect   the customer records for example let's imagine on  january nine we received three thousand dollars   from an allen for the january one invoice let's  also imagine the money was directly deposited   into the bank account now i know it's not always  done this way but for now we're going to imagine   that any payment we receive is directly  deposited into the bank account   and the other situations where we're handed a  check or handed cash or given a credit card swipe   those situations will be uh learned about at the  end of this course in the banking section but for   now let's imagine the money that we received from  allen was directly deposited into the bank account   now what will happen in the trial balance well  here we are in our quickbooks online account and   if you click reports my custom report and you  open the trial balance before we record this   payment accounts receivable is twenty one thousand  eight hundred twenty however we are getting paid   three thousand so can you predict what will  happen to accounts receivable if we receive   three thousand dollars of money owed to us by  a customer accounts receivable will go down   by the three thousand because it represents how  much is owed so if we get paid they owe us less   accounts receivable will become eighteen  thousand eight hundred twenty so after we   record this payment we're going to double check  the trial balance to make sure that we see it   has become the correct number cash and bank  shows up for the first time at three thousand   right now cash and bank is not on the trial  balance at all but after we record that we receive   three thousand in cash three thousand will show  up here in the trial balance for cash and bank   to record receiving a payment click the plus sign  then go over to the customer area under the plus   sign and choose receive payment it's right under  the invoice that you made that you're receiving   the payment for so go ahead and click on it  now we choose from the top left which customer   we're receiving from in this case alan and look  what happens to the screen when we choose alan   all of alan's open invoices appear in fact i'm  going to modify this so it fits into the video   screen okay now if we scroll down you can see  these are three of the invoices that we made   that that we made for alan that he hasn't paid  yet so you might have to scroll up and down   a little to see them you should also put the  date the date that we got paid was january 9. of course if it were a direct deposit into  cash and chase bank you would have some   long weird number to record let's just put one  one one one one one just so that there's some   reference number whenever there's a direct deposit  now if the payment method were checked then this   would be the check number okay but we're going to  leave payment method blank because it was a direct   deposit into the uh into the into the bank account  so we have the who we have the when and we have   where it's going now we need to put how much so  alan gave us 3 thousand and as usual to save just   a field without saving the whole window push the  tab key now quickbooks automatically finds the   match and it matched the amount of the payment to  the amount of the invoice and in this case it's   correct so all we have to do is either click  save a new or we could choose save and close   and the transaction is recorded now when we  come back to our good friend the trial balance   are the numbers what we expected yes they are  cash and chase bank showed up for the first   time as three thousand and accounts receivable  decreased to exactly the amount we expected   eighteen thousand eight hundred twenty now as i  mentioned a moment ago the trial balance and the   general ledger in the chart of accounts is not the  only place affected by the customer transactions   from this very same receive payment the customer  records are also different so if we open up the   reports and of course the default is already  set to my custom reports is very convenient   we can look at the customer balance  detail and look at the section of allen   if we scroll down you can see that alan now only  owes us six thousand and you may also notice   that uh the invoice has disappeared  invoice number one for january 1   has disappeared from the customer balance  detail report to fully understand this   let's take a look at a second example let's  imagine on january 10 we received 680 from betty   specifically for the january 4 invoice now if  we look at the customer balance detail for betty   you can see here's january 4 she really owes  us 1680. so that means if we receive only   680 from betty that means that after we receive  this payment when we come back to this report   this invoice for january 4th will be a thousand  dollars even it'll also affect oh by the way we're   also imagining the money was directly deposited  into the bank account and of course we will review   situations where you get handed a check cash or  credit card swipe we'll review those situations   when we do the banking section later but what  will happen to the trial balance if we receive six   hundred eighty well accounts receivable goes down  by six hundred eighty and it will become eighteen   thousand one hundred forty so right now if you  go back to reports and you open the trial balance   you can see that it's eighteen thousand eight  hundred twenty but if we receive if we receive   six eighty will go down to eighteen thousand one  hundred forty after we record this transaction   cash and bank becomes three thousand six hundred  eighty why because cash and bank is three thousand   now and if we get six hundred eighty more dollars  it becomes three thousand six hundred eighty so   let's record this transaction again you go to  the plus sign and you click receive payment   and this time you receive the payment from betty  boop and this time the date was january 10. it   goes into the cash and bank account and we're  going to do a banking section later the amount   we received was 680 and in order to save the  field we push the tab key now quickbooks assumes   that we are receiving the payments in date  order so quickbooks automatically click the   check mark here next to this invoice and  put the payment here what you need to do   is first remove the check mark by clicking on it  then click the check mark on the specific invoice   that's being paid again you can't just click  here if you do you you're applying payments   more than you received so you have to be very  careful the amount that you physically received   up here has to be the same as the  totals down here is what you apply   so you leave the amount that you got up here and  then you check to apply it here now when we click   save and close and go back to the customer records  the january fourth invoice will be a thousand   dollars even save and close and of course well  by the way the trial balance is correct cash and   bank went up to 3680 and accounts receivable went  down to 18 140 exactly the numbers we predicted   but then if we open up our custom reports and  we go to the customer balance detail you can   see for betty boop that this was the original  amount and this is the amount open balance this   is the amount remaining unpaid and of course uh  betty's overall balance decreased by 680 and betty   owes us 680 less but specifically this invoice  decreased and is now only a thousand dollars chapter 11 entering sales receipts for  example let's imagine on january 11   wanda did 10 video hours for alan  and received payment immediately   in this example we're also imagining the  money was directly deposited into the bank   what will be the result in the trial balance if  the resi receipt is three thousand well if we   look at the trial balance right now we see video  income is fourteen thousand four hundred but if   we do a video job for three thousand dollars  more then what will video income become well   video income should increase by three thousand  and become seventeen thousand four hundred   and that's the number we expect to have after  we create the sell receipt what do you think   cash and bank will become well cash and bank  is 3680. but if we receive 3 000 more into the   bank account what do you think the result should  be that's right six thousand six hundred eighty   let's go ahead and record the receipt click on  the plus sign and under the column of customers   click sales receipt sales receipt that's the  appropriate place to go when you're getting   paid it said that the customer was alan so we  choose allen and it said the date was january   i'm going to double check that in a second but  i'm pretty sure january 11 yes now what did we   do on january 11 by the way we want to make  sure it's deposited directly into chase bank   and we'll deal with checks credit card swipes  and cash later but in this case the particular   service was video and the quantity was 10. so as  you can see we now have a three thousand you know   adjust this we now have a three thousand dollar  sale receipt now after i click save let's check   if the numbers and the trial balance are what  we expect yes they are cash and bank became 6680   and video income became 17 for now you may  well ask will it affect the customer's balance   and the answer is no we got paid immediately that  means if we look at the reports that we set up   and we open the customer balance detail we will  not i repeat we will not see that sale receipt   anywhere on the customer balance detail because  it does not affect the customer's balance   so then the question is what report should we  look at if we want to see sales receipts sorted by   customer and the answer is the sales by customer  detail now the way to open that is click reports   okay make sure you click all reports and  then the category there would be review   sales now we have all sales reports and  we can click sales by customer detail   and if we do that we should by the way  if you do that the reason i see nothing   is because my date range is dated in july  and all of my transactions were in january   so i have to click the time period here and click  all dates and run reports now i can see the report   for all dates and if you look at allen you can  see every sale the first three were invoices   and the last one was this sale receipt if you  need to see it or change it you could double click   and come right back to the sale receipt  and you could do anything you want   you can change some amount you can put on a  message add a memo or change it the way we learned   how to change it before in order to in order  to correct it and if we did change the quantity   rate or anything that affected the money amount  all the other reports would change immediately   now just for good measure let's do a  second example let's imagine on january 12   uh uh wanda did 10 editing hours for betty and  received payment immediately the money again was   directly deposited into the bank now what will be  the result in the trial balance if the receipt is   1400 well editing income will become well editing  income before this is seven thousand four hundred   twenty now we just did another editing job so  it will become that's right eight thousand eight   hundred twenty and what will cash and bank  become well cash and bank should become 8080   if you add 1400 to the existing balance of 6680.  so now how do we do this go to the plus sign   go all the way to the left and choose sale receipt  now again it's january 12 10 editing for betty   betty is the customer the date is january 12 and  the service we gave or vonda gave was editing   and it was i believe 10 editing making a 1400  sale receipt if i squash it in here you can see   it's a fourteen hundred dollar sale receipt now  all we have to do is click save and we get our   confirmation confirmation message close the  receipt now the numbers in the trial balance   are exactly what we expected 8080 and 8080 8080  820 and where else can we find this particular   sale receipt well we could double click cash in  bank and we could find the sale receipt that way   here it is these are the two sale receipts  that record got recorded in cash and bank   how else could we find uh how else could we  find this sale receipt well if we click uh   if we go back in the back arrow and we go back to  the trial balance you could also find this very   same sale receipt in editing income by double  clicking and you can see these other uh editing   jobs were invoiced but this last one on the 12th  for 1400 was uh with a sale receipt let's click   back now where else can we see it that's right  if we click reports and we go to all reports   and the category is review sales sales by customer  detail will show you all the receipts and all the   invoices by customer it's not showing anything  now because we have the report dated in july   but if we put all dates and run the report you  can see now that alan's receipt shows up in   allen's section and betty's receipt shows up  in betty's chapter 12 using the journal report there are many different ways that you can  customize a report in quickbooks online   we already learned how to change the date range  of a report but we will also learn how to add   and remove columns of data from reports most  reports and quickbooks online allow you to sort   transactions in a different order and you can even  filter the transactions by a specific criteria   to see only certain types of transactions in  your report once your report looks the way you   need it to you can save the customization and we  saw earlier in this course how you can go back   to the customize section of reports quickly  and easily to see the reports that you need   we will use the journal report in my opinion it  is the most helpful report in all of quickbooks   online it shows all transactions entered into  the quickbooks online account regardless of type   it can show order created and this will  help you find and fix date mistakes so if   you put a transaction with the wrong date the  other reports will make it difficult to find   but the journal will make it easy to find  because it can put the transactions in the   order in which it was created not in the order  of the date that you put into the transaction it can show the date and time created in an  additional column which we're going to set up   and if you want it could even show the date and  time that every transaction was last modified   which is different than the time it was created  it can show the latest transactions first   so if you are inputting many different  types of transactions together   and you want to see where you left off  you can open your customized journal   and the most recently enter transactions will  be on the top so let's customize the journal now from the panel on the left here we click reports  notice quickbooks remembers that the last time we   were here we were looking at the my custom report  area and it conveniently brought us back here   after we finish this video there will be a third  customized report and that will be the journal   to open the journal for the  first time click all reports   then scroll down and click accountant reports  then in the middle on the left here click journal notice the report opens with no data that's  because by default the journal is set   to show transactions this month to date and i  am recording this video on august 17th of 2017   so it will only show transactions by default  between august 1 and august 17th the first   modification we will make is change the date range  to all dates so we can see every transaction ever   entered into the quickbooks account regardless  of date so just like we did earlier with the   trial balance we go to the top left and click  the pull down date range then we click all dates   now you can see every transaction entered  into the file since we created the qbo account   this is a list of every transaction that  we've already entered it during this course   and as you can see there are 12 of them and this  is the last one we entered the journal shows the   transactions the oldest on top and the latest on  bottom and the order by default is in the order   of date but remember this is date order based on  the date that you recorded with the transaction   that is not the same thing as the time and date  that it was actually created if you want to see   any of these transactions you can double click on  any of them just like any other report and when   you double click you'll go to the window that the  transaction was created in and you could modify or   delete or do anything you want to the transaction  let's close it out and go back to the journal now let's add a column called created so that we  can see when they were created and we can compare   the date and time that the transaction was created  to the date that was recorded with the transaction   very simple in the top right of every  report there is a customize button   when you click the customize button you get this  panel opening up here this gives you the ability   to add rows or columns to the report that you're  customizing in this case we can click the arrow   and we get the change columns option when we click  change columns this list opens up now notice the   ones with the check mark are above the line and  the ones without the check mark are below the line   the ones that are checked off are the  columns that are already showing in   the journal the ones with the boxes that are  not checked off are the ones that you can add   so let's practice removing  one column and adding another   when i click this check mark to remove  the column from memo or description memo   description will jump down into the deselected  list watch i click looks like it disappeared   but if you scroll all the way down you can see it  simply moved to the section of deselected columns   now i want to make sure that the date and time it  was created is selected and shows in the journal   we click the check mark on the left and  notice it jumps up above the line into the   group of columns that are already showing now  if you're changing the report from this panel   in order to execute the changes you have to click  run report and now you can see we have a new   column called created which shows the date and  time that the transaction was actually recorded   very often that's different than the date that  was recorded with the transaction the column that   shows the date and time created will help us find  and fix a particular kind of mistake whenever the   wrong date is entered in a transaction it's very  hard to find out that that was the mistake because   usually the transaction moves to a different part  of the report because you put a different date   the only way to make sure that your report is  showing order entered is to sort the report   by the new column that you just created so let's  just sort this report now by created column well   how do you do that in the top left there's  a sort pull down and we can click sort by   created and then after we do that in order to run  that report simply click your mouse anywhere away   from the pull down box now the order of the  transactions are the order in which they were   created because it's based on this column not  on this column and that will help you find and   fix mistakes where the mistake is the wrong date  trust me you'll see if i put a different date if i   put this date as somewhere in august it'll put the  transaction down here if it's sorting by the date   column but if it's sorting by the date created it  will stay in the same order and you will clearly   see the difference in dates and you'll be able  to more easily find and fix date related mistakes   now we want to sort the journal in reverse order  this way the most recent transactions are on top   now that might not seem like a big deal when you  only have 12 transactions but after you have a   hundred or two hundred transactions and you want  to see the most recently entered transactions it   would be better to show the most recently entered  transactions up here on top this way if you were   recording many different types of transactions  at once and you don't know where you left off you   could come to the journal and look at the top and  you will see which ones were and were not entered   so the way to do that is to click the  sort button again and change the order   from a sending to descending so now it's  sorting by date created in descending order   which means the most recently ones entered are  on top this way even if you put the wrong month   even if you put the wrong year when you recording  a transaction as long as you go to the journal   right after you recorded it it will show up on  top and you'll more easily find and fix those   date related mistakes now the very last thing to  do is save the customization and give it a name   i think we should name it my journal i guess you  can name it whatever you want it doesn't matter   but now that the report looks the way we  need it to look we go to the top right and   click save customization and let's just add the  word my to the name just oops let's make it nice   just so that you can always remember   how to change the name of a customized report  now we click save customization excuse me and now at the bottom in order to  save the name click here where it says   save and now your report is successfully saved  that means if you're doing a lot of data entry   and you want to find out where you left off all  you have to do is click reports my custom reports   and here's my journal when we open it up we can  see the most recently entered transactions are   on top we can see that they were the most recently  entered one because this is sorted by date created   which is the additional column showing here  you will also more easily find and fix mistakes   from data entry mistakes where you put the  wrong date because this is an order created so   if you see this is january this is january and for  example this is february and these two are january   more likely that the february one is a date  related mistake and that you should open it up   and correct the date of the transaction chapter  13 practice with customer transactions here is   the trial balance before you do this exercise  it's the results of all the transactions we did   so far in this course make sure your trial balance  looks like this before you start the exercise   here's what the customer balance detail should  look like before you begin this practical exercise   now here are the transactions you can pause  the video in this spot and read them as you   enter them into the computer and enter them  into your quickbooks online account one by one   when you finish this is what the trial balance  should look like and you should have these numbers   also when you finish these should be the numbers  on the customer balance detail after the exercise   remember to use what you learned to be able to  find and fix your mistakes now if you finished   and your numbers do not look the same as this  customer balance detail and this trial balance   remember you want to look carefully one by one  it's not enough that the individual excuse me   it's not enough that the total on the bottom is  correct each individual balance must be correct   and for the customer balance detail it's not  enough that the total balance of each customer   in the thick black bold numbers are correct  it's important that each individual invoice   is the same amount one by one so then the question  is what if you have a difference well it's very   likely that you made one of the common mistakes  and i would like you to use logic to figure out   which mistake you made so that you can go and you  can fix it the way we learned in previous videos   so here's the first question what if your trial  balance is correct but the total balance of each   customer is wrong now you can pause the video  and play the theme from jeopardy as you think   about this question your trial balance is correct  but the total balance of each customer is wrong   what specific mistake did you make and the answer  is you chose the wrong customer on an invoice well   that should be easy to fix go back to the customer  balance detail compare it to what you saw on the   video and whichever customer has the extra or  missing that's the one to click on and change   what about this your accounts  receivable is too high   and your cash in bank is too low now we're  talking specifically about the trial balance   if you did this exercise and you compared your  trial balance to mine and you found that your   accounts receivable was too high and your cash and  bank is too low what do you think the reason is   the answer it means you made an invoice when  you were supposed to make a sale receipt   and of course the opposite would be true if your  cash was too high and your receivable was too low   that means you made a receipt instead of  an invoice you can't change one into the   other you have to delete the wrong one and then  re-enter the correct one now the last question   is very important and we're talking only  about the customer balance detail what if   the total balance of each customer is correct  but the individual invoice balances are wrong   again looking only at the customer balance detail  what if the total balance of each customer is   correct but the individual uh invoice balances  are wrong the only way that could be true is if   you applied a payment to the wrong invoice and  that's very easy to fix you find the customer   you find the payment you could find it in the  journal or you could find it by double clicking   accounts receivable in the trial balance open it  up uncheck the wrong one and recheck the right one   you're almost halfway done with the course and  you're doing great keep going even though you   still should do all the topics in order you can  skip if you want to any topic you like just by   clicking the show more button below the video if  you click there that will expand the description   field and you can see a list of every topic all  you have to do is click on the time index of that   topic and the video will skip right over to that  time index and you can watch that topic right away   also if you see any topic that you feel is  missing or there's anything else in quickbooks   online that you need to learn i guarantee that  any other topic that is not in this tutorial   is on the main channel page and you can get there  by clicking any place that you see the kitty   once you click the channel logo  you'll be at the main channel page   and i guarantee you that all the quickbooks  answers to all the quickbooks questions and   all the quickbooks specialty courses you need  you can find right on the main channel page   now without further delay i present to  you the second half of this tutorial chapter 14 vendors and accounts  payable and now we will learn   about the other side of operating  a business what is accounts payable   now accounts payable is keeping records of  vendors and vendor transactions it's really   keeping track of what you owe to vendors for  products and services that they have given you   now just like total account receivable is equal to  all the money that every customer together owes us   accounts payable is the account in the chart  of accounts that represents the total money   owed to all vendors combined for example let's  imagine that we owe carnetis we over rise in 200   we owe ups 400 and we owe staples 600 that means  the balance of accounts payable in the trial   balance should be the total of all three vendors  one thousand two hundred dollars and any vendors   balance and accounts payable will go up when you  enter a bill and receive a service or product   and any vendors balance along with total accounts  payable will go down whenever you pay a specific   vendor for what you owe now just like with  customers there was the customer balance detail   guess what with vendors it's the exact same thing  there's a report called vendor balance detail   let's open it up and put it on the  custom report list so we click reports then instead of my custom reports let's  just click all reports make sure you see   every category of report and scroll down to  manage accounts payable and click on that   category right over here in the top center  vendor balance detail let's click on it   and of course right now it has zero because we  have not had any vendor related transactions   but it is automatically showing all dates which  is good and if we run the report nothing happens   but what we need to do is click say here i'll show  you what we need to do is click save customization   even though we haven't changed anything we have  to click save customization in order to put it on   the my custom report list now when we click save  it'll be there reports my custom reports now the   vendor balance detail is there and we can check  it immediately after recording vendor transactions   chapter 15 entering bills from vendors and now we  will learn how to enter and record bills that we   received from vendors in quickbooks the word bill  and the word invoice mostly mean the same thing   we call it well quickbooks calls it an invoice  if we are the ones sending it to a customer   and quickbooks calls it a bill if we're  the ones receiving it from a vendor   but basically it's a document asking someone  to pay for something that they took or used the   bill window is very easy to enter and there's not  that much information to put when you enter a bill   but the question is what areas of your accounting  will be affected well of course entering a bill   is a transaction so of course your general ledger  and chart of accounts will be affected and those   results will show up on the trial balance but from  that very same bill your vendor records will also   be changed and in our case we're looking at the  vendor records through the vendor balance detail   let's take a look at our first example let's  imagine on january 22 we received the electric   bill from con edison and the bill is a thousand  dollars and it's bill number six one six one   okay what will happen in the trial balance if  we receive an electric bill from con edison   on january 22 and we did not pay it on january  twenty two well we receive the electric service   for a thousand dollars so we have to record that  as an expense and of course because we owe the   money at the moment we receive the bill accounts  payable will show up on the trial balance for a   thousand dollars now what about the vendor records  well in the vendor balance detail it'll show   specifically khan edison whom we owe a thousand  dollars to so let's go back to the transaction   and read it into the quickbooks online to  be able to enter a bill we click expenses okay now we're not really actually we're not  going to click expense we're going to click this   plus sign because that has everything and  under the column of vendors we click bill now this is what the enter bill  window looks like i'm going to   fit it right into the video screen  here stretch it a little taller   so this bill was dated i believe updated  january 22 so we'll scroll back to january 22. and it was from con edison and the bill  number was 6161 and the reason we got the bill   helps us determine which expense account it is  which which in this case is electric expense   and the amount of the bill the amount of the  bill is a thousand dollars push the tab key   and now we have everything we need now in this  particular example the bill is not associated   with any particular customer but later we  will see how to track costs by customer   for now you can click save and close or save a  new and get this message that the bill is recorded   now of course there's lots of advertisements  that quickbooks has that pop up as you're   trying to learn but for this one we will click no  thanks now let's check the results in our reports   we can see that the trial balance  is exactly what we predicted   accounts payable showed up for the first time as a  thousand dollars and electric expense showed up as   a thousand dollars if we go back to the custom  reports and we look at the vendor balance detail   we can see just only con edison is owed a  thousand dollars for this bill on this date   now in order to fully understand  this let's do a second bill   on january 23rd we received the repair bill from  rex repair it was two thousand dollars bill number   six two six two now this is interesting because  repair expense is in the chart of accounts   but rex repair is not yet on the  vendor list we can add the vendor   on the fly as we record the transaction so  we click the question we click the plus sign   to get a list of every possible transaction then  we click under the vendor column we click bill now rex repair is not on the list so we click  add new and for now we'll just put the name   believe me after well let's cap  lock so we'll do the opposite   rex repair believe me after you save it and  after you enter this bill you can check your   vendor list and you'll see rex has been added  to the vendor list now the date was january 23rd and the bill number was 6262 and the reason for  the bill click under the word account then click   the pull down arrow the reason for the bill is  repair expense which happens to be in the chart of   accounts and the amount is 2 000 and again we're  not yet tracking it by customer even though we   could so we have the who the when the what the  why and the how much all recorded on this bill   now when we click save we'll check the  results and the trial balance and we'll   come back to well we'll go to the reports  first we check the trial balance and we see   uh accounts payable is now three thousand and  repair expense has shown up on the trial balance   for the first time as two thousand but if you  ask why is accounts payable three thousand   you should then open the report that tells you why  the vendor balance detail and you can clearly see   we owe a thousand to con edison we owe 2 000  to rex repair and that's why total account   payable in the trial balance is equal to 3 000.  chapter 16 entering bills practice exercise set this is what the trial balance looks like  before the exercise make sure your numbers are   the same as what you see here before starting the  exercise or you won't finish with the same numbers   this is what the vendor balance detail should  look like before you start the exercise remember   we only recorded two bills now here are the bills  that you should enter you can pause the video   in this position while you record them into your  quickbooks online account go slowly and be careful   look out for any tricks or any uh unclear things  that you're not sure of and enter them slowly   when you finish this is what your  trial balance should look like   if you have any numbers that are different  from what you see here you should pause the   video and use the techniques that we learned in  earlier videos to help find and fix your mistakes   this is what the vendor balance detail should  look like after this exercise and again   use what you learned to make sure that when  you're finished finding and fixing mistakes   that the vendor balance detail looks like this now if your numbers are different it might  be that you have one of the common mistakes   sometimes you can use logic to find and  fix those mistakes so my first question is   what if your supplies account is too high and  you don't see equipment on the trial balance   pause the video listen to the theme of  jeopardy and think about it the answer is   you chose the wrong account when you  entered the second bill from staples   the first bill from staples you were supposed  to choose supplies then when people usually get   to staples again and they enter a bill they say  oh that supplies and they change it to equipment   most of the time uh it's the same expense account  with the same vendor but you have to be careful   every once in a while the same vendor  will give you a different expense or   asset so double check the account  if it's a vendor like staples what about this what if your accounts payable is  correct but the vendors balances are wrong think   about it in the trial balance total accounts  payable is correct but when you look at your   vendor balance detail one vendor's balance is too  high or maybe another vendor's balance is too low   what mistake would cause that condition  the answer you chose the wrong vendor   when you entered a bill so by thinking this  way logically you will more easily be able to   find your own mistakes and fix them the  way that we learned in previous videos   chapter 17 paying vendors bills when you make  a bill payment obviously that's a transaction   and any transaction that is a transaction  will be recorded in the chart of accounts   in the general ledger and the results will always  immediately change the trial balance and of course   at the moment you pay a specific vendor's  bill the vendor records will change at that   moment and as you remember the report that we're  using to reflect the vendor records is the vendor   balance detail so from that same bill payment both  the trial balance and the vendor balance detail   will change for example let's imagine on february  one we paid khan edison a thousand dollars   for bill number six one six one which  happens to be unpaid from the previous video   now we wrote check number one and i promise we  will learn more about checks in the next video   but for now assume we wrote a handwritten check  and we will not print checks here in this course   you can learn about printing checks through  quickbooks using the video of the desktop version   which you can watch after the accounts payable  section of this course well what will happen in   the trial balance at the moment we pay a thousand  dollars to con edison well accounts payable goes   down because we now owe less money to vendors and  accounts payable will become twelve thousand uh   two hundred eighty five and of course because we  paid from cash and bank cash and bank will go down   by a thousand and cash and bank will become twenty  two thousand three hundred twenty so those are the   numbers we expect in the trial balance after we do  our first bill payment in order to pay bills we go   to the plus sign and we choose pay bills under the  vendor column now let me fit this into the screen   nicely now when you first go to the pay bills  window you get every single unpaid bill regardless   it's a lot easier to filter by the specific  payee by the specific vendor whom you're paying   so i will filter by con edison and click apply  and notice only con edison's bills show up here   in the pay bills window it's also reminding me  of my cash balance before the payment so if i   pay a thousand dollars it'll go down by exactly a  thousand dollars now the date i have as february 1   and starting check number do not click this  check box we are not printing checks here you   can watch the lesson of printing checks from  the desktop version video it's the same idea   but here is bill number six one six one and if you  if you click on it you can go back to it read the   description the memo or anything else but i'm  going to close it out so well we lost our pay   bills window so we'll go back to pay bills and  we'll filter again by uh the payee con edison   apply so now it's bill number six one six one so  we're going to check this bill and if you make a   check mark in the box quickbooks assumes you're  paying the entire amount of the bill which in   this case we are of course i lost the date i have  to you know if you lose you leave the window you   have to reset the date sometimes so we're paying  con edison a thousand dollars for this bill   on february one with check number one if we agree  everything we click instead of clicking save and   print we should really click save and close okay  once it's closed we can go back to the reports   we can take a look at the trial balance and we can  see the numbers are exactly as what we expected   twenty two thousand hundred twenty uh  twenty two thousand three hundred twenty   what about account payable account payable  twelve thousand two hundred eighty five   and we predicted account payable would be twelve  thousand two hundred eighty five very good   now where else do we have to check the results  well what about the vendor records specifically   let's check the vendor balance detail and  see what it looks like so if we click reports   and we come down to vendor balance detail you can  see that con edison now only has one unpaid bill   left over because the other unpaid bill 6161  has disappeared because it is no longer owed   now in order to fully understand this let's  do a second example let's imagine on february   2 we paid five hundred fifty dollars to rex  repair shop for bill number seven five seven five   we paid with check number two now what will happen  in the trial balance well accounts payable will   go down by 550 because we owe less and it will  become eleven thousand seven hundred thirty five   cash and bank will also decrease by 550 because  we're paying from cash and bank and that will   become twenty one thousand seven hundred twenty so  let's go ahead and pay it like we did the last one   we can click the plus sign go to the  vendor column and click pay bills   now again we have to move  the date back to february 2 and of course this is check number two i was  playing with the computer you know on break so it   suggested for me number three but you should put  number two and again you should always filter it   by the payee so that you can only see  rex repairs bills after you click apply   now it's nice and clear and you only see the bills  for that particular vendor now here's bill number   7575 now be careful because if you click the  check mark into the box on the left of the bill   quickbooks will assume the payment amount is  the entire bill in this case we're not paying   the entire bill so we have to do an extra  step we have to highlight the bill payment   type in just the money amount that we're paying  and then push the tab key to save the field now we   click save and close and if we look at the reports  for vendors right now you will see that it makes   sense will open the vendor balance detail now when  we look at rex repair bill number seven five seven   five is still on the vendor balance detail because  it's unpaid so you see the original amount was   two thousand fifty but the open balance is down to  one thousand five hundred for that particular bill   now let's check the trial balance and see if  the numbers are exactly what we expected cash   in bank has decreased to twenty one thousand seven  hundred seventy and that's what we expected cash   in bank twenty one thousand seven hundred seventy  what about account payable account payable eleven   thousand seven hundred thirty five we predicted  accounts payable would be eleven thousand   seven hundred thirty five so we checked our  vendor records and we checked our trial balance   and the results are exactly what we expected  chapter 18 writing checks and paying expenses you will find that recording checks checks type  of transaction or expense type of transactions   are almost really the same thing   a check transaction is when you pay immediately  and when you physically give a check   this reduces the bank account and it increases  the expense or asset that you paid for   with a check you have to record a check  number because you physically gave a check   now an expense transaction really has the same  result and is really almost the same thing   when you pay immediately now in both cases you  record either a check or an expense if you pay for   something and you get it at the minute that you  pay that's completely different than the way we   were doing in earlier videos where we first got  the bill on one day and then paid it on another   this is different from that this is when you get  the ex when you when you uh receive the service   or you receive the asset you pay immediately the  expense transaction also reduces the bank account   it also increases whatever expense  or whatever asset you're paying for   but instead of recording a check number you put  in the reference field the transaction number   and you usually record an expense  transaction for paying online   or you record an expense type of transaction  if you're paying from a cash on hand fund   or a petty cash fund which we're  going to address in the next video for example let's imagine on february third we  pay check number three for five hundred dollars   to staples for supplies supplies will increase  by five hundred dollars and become one thousand   one hundred eighty and cash and bank will decrease  to twenty one thousand two hundred seventy because   it will go down by the five hundred dollars that  we just paid in this check the vendor's balance   will not change at all and the reason the  vendor's balance will not change is because   if you pay immediately the vendor does it  you don't owe the vendor a different amount   because you paid at the moment you took the  service that's the difference between the two   transactions you're learning about here and  the previous vendor transactions you learned   about in the previous videos so let's go ahead  and record check number three on february 3rd   500 to staples you click well let's  reduce this here let's click the plus sign   go to the vendor section and click check  okay now the date was february third the vendor that you paid staples okay  now you do have unpaid bills with staples   but we are not going to be paying one of these  previous bills what happens on february 3rd has   nothing to do with these previous bills  it's for supplies we're paying for today   now what we're paying for is supplies so we  click supplies and the amount we're paying   is five hundred so now we have everything we need  check number three paid from cash and chase bank   uh paying to staples four supplies five  hundred dollars that's it this situation   assumes we physically wrote check number three  and sent it in the mail at the moment we click   save and new or save and close good now  when we come back to the trial balance reports my custom reports my trial balance  you can see cash and bank is what we predicted   twenty one thousand two hundred seventy  twenty one thousand two hundred seventy   supplies are supposed to be eleven eighty let's  see supplies eleven eighty so we recorded it   properly and the results are as exactly as what  we expect now let's do an example of an expense   let's imagine on february 4 we paid rex repair  for a job that we received today february four   so we paid rex a thousand dollars for coming over  in an emergency and repairing something for us   and what happened on february 4 has nothing to  do with the previous bills let's imagine we paid   online and we got confirmation number eight seven  six five four because every transaction needs some   reference number the repair expense is going to  increase by a thousand dollars so after we record   this expense repair expense should become five  thousand fifty cash and bank should decrease by   a thousand because we just transferred a thousand  dollars into rex's bank account for this repair   so the cash and bank should become twenty  thousand two hundred seventy and remember   the vendor's balance does not change we paid  immediately for something we immediately received   and this online transfer has nothing to do with  the previous bills so let's go ahead and record   it click the plus sign in the top right and  under vendors the first choice is expense now you notice it looks almost exactly  like the check field the only difference is   this says reference number instead of check number  eight seven six five four the vendor is rex repair   notice even though that we have these bills we're  not paying these bills this is a separate charge   for an emergency visit now the payment  date we said was back on february 4th   and of course the account is repair expense   and the amount is a thousand dollars now it's  not yet associated with any particular customer   so this is enough information to  record the expense when we click save after quickbooks con confirms that it's saved we  can go back to our good friend the trial balance   and take a look cash in bank twenty thousand two  hundred seventy well that's what we predicted   cash in bank twenty thousand two hundred  seventy is repair expense five thousand fifty repair expense five thousand fifty so  that's exactly how to record an expense   and that's exactly what the results will  be and again vendors balances don't change   because you're not paying a previous bill  chapter 19 cash transactions and petty cash   spending cash from a cash fund sometimes  physically it's the owner's wallet although it   is a good idea to have a separate little lock  box and keep careful tabs and careful track   of all the money that comes into and  out of the lock box the cash on hand   or petty cash in your quickbooks records is a bank  type of account now that makes sense because you   deposit money into the account when you establish  it and you pay from the account so making it   a bank type of account when you set it up in your  chart of accounts allows you to manage it properly   usually you write a check to a st establish and  set up the fund and you should record the payments   from the fund as an expense type of transaction  because you're not writing a check you're paying   an expense the reference number should be the  number from the physical cash receipt that you   receive when you pay for example let's imagine on  february 5th we wrote check number four to cash to   establish the petty cash fund of 500 that means we  walked to the bank we wrote out the check by hand   wrote the payees name as cash and handed it to the  teller and the teller handed the owner 500 cash   from the cash in bank well we can't record  this until we set up an account for petty cash   and it's just like we learned before we click the  cog wheel because that's where the settings and   setup information is to set up something that we  will then use so we'll then come over and click   chart of accounts okay you could also come here by  clicking accounting and you would come to the same   window for chart of accounts once you have your  chart of accounts in front of you click new now   this type of account will be bank type of account  and cash on hand there really is no choice for   um there really is no detail type choice for  petty cash so just leave it as cash on hand   and the uh the name uh can be cash on hand dash  petty cash depending on the name that you like   now save and close and you can see we now  have this account in our chart of accounts   to record all the payments from and deposits to  the petty cash now let's see if we can record this   transaction well that's very simple you write  a check okay so again you this time you go to   the plus sign and under vendors click check  now computer remembers its check number four   and this is paid to the order of cash so you could  just click add cash and make cash a new vendor so   that you can write checks with the name cash i  kind of messed up the capitalization but don't   worry we know that the date is back on february  5th now the money is coming from the top account   cash and bank and it's coming to the account down  at the bottom down here is cash on hand petty cash   so the top account is where the money is coming  from when you're writing a check or paying an   expense and the account down here is where the  money is going to we know the amount is five   hundred dollars push tab okay very good now when  we click save or save and close or save a new   we can come back to the trial balance by  clicking reports my trial balance and you can see   cash on hand petty cash shows up for  the first time as five hundred dollars   now let's record paying from petty cash  let's imagine on february sixth we paid   eighty dollars cash to verizon for a prepaid  phone card the place we bought the phone card   from gave us a little cash receipt with number  one two three four five as the receipt number   well that's very simple we click the  plus sign and under vendors click expense now the thing you have to be careful about is  which account you're paying from this is the   first time you have to click the pull down arrow  and choose cash on hand petty cash as the account   we're paying from now you don't always need the  vendor's name so it's nice to choose verizon   and even though we have unpaid bills that we owe  verizon this transaction has nothing to do with   those unpaid bills it is still telephone expense  in the amount of eighty dollars and of course i   think the receipt number was one two three four  five reference number one two three four five take   a picture of the receipt with your phone and save  it or save the physical receipt itself to match   this transaction and again don't forget to put the  date the date was february 6 so let's go back here   to february 6. okay very good so we have whom  we paid where it came from when we paid why   we paid how much we paid and the reference  number now when we click save the results   are as exactly as what we would expect we can  close this out you go back to the trial balance   you see cash on hand petty cash has been reduced  by eighty dollars from what we paid down to 420   and you can see telephone expense has increased by  eighty it used to be two thousand six hundred now   it's two thousand six hundred eighty and just  to prove it i'm going to click on the number   and i'm gonna look only at the telephone expense  account these charges to the expense account   are from previous bills but this last eighty  dollars is from the february sixth petty cash   petty cash account paying that expense let's  try this one february seventh we paid staples   a hundred and twenty dollars cash for equipment  and staples gave us a receipt with number eight   four seven two well that's very simple again  we click the plus sign we go to expense   we have to make sure that we're paying from  the petty cash fund you don't always need a   vendor but it's nice if we choose staples do not  worry about the two unpaid bills this cash payment   has nothing to do with that and the date this time  is february 7 and this time what we're paying for   is equipment a small amount of equipment which  is here there we go and the amount we're paying   i believe is a hundred and twenty dollars  okay so now all we have to do is put the receipt number in the field and save the receipt  so that this transaction matches the hard copy   and when we save it petty cash will go down  uh by a hundred and twenty dollars and become   three hundred click save now when we look at the  trial balance you see petty cash cash on hand   has become three hundred and if you look at the  equipment account and ask why is it one thousand   two hundred fifteen you can double click and you  can see this equipment purchase was from a bill   whereas this equipment purchase was from petty  cash on hand now let's finish up by replenishing   the petty cash fund let's imagine on february  8th the owner withdrew i guess it's vonda vonder   withdrew 200 from an atm machine specifically  from the account called cash and bank to replenish   the petty cash fund and here's the slip and atm  withdrawals if you haven't guessed already should   be expense type of transactions and it's very easy  to make we click the plus sign we click expense now we make sure the money is coming  from cash and bank to the petty cash fund and then of course we have to put the  proper date there is no payee in this case   or you could put vonda's name but you don't  have to remember the account on top is where   the money's coming from and the account on  the bottom is where the money's going to   and the amount just 200 dollars and because this  is a bank transaction where you receipt in a slip   you one two three nine eight seven one two three  no oops nine eight seven and now you recorded   all the information about that event the atm  withdrawal that you replenish the petty cash fund   after we click save we can  go back to the trial balance   and you can see petty cash is now up to five  hundred and cash and bank has been reduced by   the two hundred let's double click and check  it out yep if you go to the bottom you can see   the last transaction that decreased cash and bank  is this 200 to petty cash to replenish the fund   chapter 20 vendor and expense  practical exercise transaction set this is a mix of all of the vendor related  transactions you will practice them and   check that your numbers are the same as mine now  here's what the trial balance should look like   before you start this exercise if you have any  numbers that are different you should stop the   video fix your previous mistakes and make sure  you're starting with the exact same numbers   here's what the vendor balance detail should  look like before you start this exercise   and again i repeat if it's not exactly the same  and i mean the same line by line one by one   that means you have to find and fix a  mistake before you even start the exercise here are the transactions that you're  supposed to record for this exercise   you can pause the video in this position  and then read the transactions one by one   as you record them into quickbooks be very  careful and you might have to refer back to   a previous video to make sure you're doing  them correctly here's what the trial balance   should look like when you finish if it doesn't  you have to use what you learned to find and   fix mistakes you can pause the video in this  position to compare this trial balance to yours now here's what the vendor balance detail should  look like after this exercise remember it's not   enough that the balance of each vendor is correct  you have to make sure that each individual line   especially the open balance column each individual  line is the same as mine if not then you have a   mistake now i'm going to ask you some common  sense questions to see if you can figure out   what mistake you might have made first question  what if your cash and bank account is too high   and your cash on hand petty cash is too low  you can pause this video and listen to the   theme of jeopardy while you think about the  answer now i'm going to give you the answer   you chose the wrong bank account when you wrote  a check or paid an expense or bill that happens   all the time quickbooks tries to remember the  previous bank account for each transaction window   but it's not always the same and you have  to check it carefully of course the opposite   is also true if your cash in bank was too low  and your cash on hand petty cash was too high   that means you recorded a petty cash  expenditure from the cash and bank account   and that's a mistake that you would have to go  and fix using the techniques that we learned what about this what if each vendor's  total balance is correct but the   individual bill balances are wrong think  about that for a second what would cause   that condition you can pause the video to  think about it but here's the answer it   means you applied a bill payment to the wrong  bill you got the right vendor and you got the   right money amount that's why the vendors balance  is correct but you applied it to the wrong bill use what you learned in the previous  videos to find and fix your mistakes   keep fixing until your numbers are the same  as mine and you should know that regarding   all the other possible vendor transactions you can  watch the desktop videos for refunds and credits   discounts terms prepaids to vendors and reapplying  bill payments good luck in your exercise now that   you've finished the accounts payable and expense  section of the course i'd just like to remind you   that you can get free quickbooks help from me by  leaving your questions in the comments section   below and i'll do my best to help you and if you  wish to support the channel that will continue to   give free quickbooks help to everyone then i hope  you will click like and don't forget to subscribe chapter 21 recording bank deposits  when would we record a basic deposit   well when the payment we receive for a  service goes immediately into the bank account   we would also use the window i'm about to show  you only when we do not need to track the quantity   for example if we give a service and we need to  know how many hours we sacrificed to get that   money we should not record it in the deposit  window because there is no field for quantity   also when you record a deposit from a customer  we will not see them in the customer center or on   the customer reports so if you don't need to see  the results in the customer center and you don't   need to see the results of the deposit on the  customer related reports then you can record it   in the way that i'm about to show you for example  let's imagine on february twenty we received two   thousand from candy for an editing service and it  was directly deposited into the chase bank account   confirmation number zero nine eight seven six now  let's think about what the results and the trial   balance will be before we record this deposit  well cash in chase bank now if we click reports   and we click my trial balance we can see that  before we record this cash in chase bank is   fourteen thousand seven hundred seventy so what  will it be after we record this two thousand   the chase bank becomes sixteen thousand seven  hundred seventy that's the number to expect   after we record this what will editing income  become well right now editing income is uh   what is that fifteen thousand nine hundred  sixty so it would make sense that it would   become seventeen thousand nine hundred sixty after  we record this two thousand dollar editing income   job for candy or that was done for candy  now to make the deposit it's very simple   click the plus sign and all the way to  the right on the top click bank deposit   now this is your basic deposit window the  date of the deposit was february twenty   now leave the bank account that you're depositing  the money into and notice it's showing you the   balance where it says received from click directly  under there and choose the customer you received   it from me double check that that was uh actually  that's candy excuse me so we want to make sure   uh see it's warning you that you shouldn't do it  the right way and we're going to talk about what   this warning means in a future video but really  we said that the customer is candy now the account   is the income that was earned and in this case  the income that was earned is editing income   and then you just put the amount in this case the  amount was two thousand push tab notice there is   no field to record the quantity so instead of  saving new i like to click save and close if i'm   finished now when we look at the results cash and  chase bank sixteen thousand seven hundred seventy   that's exactly what we expected and editing  income seventeen thousand nine hundred sixty   and guess what that's exactly what we  expected now let's record a second example   and then i'll show you the right way to do it  let's imagine on february twenty one we receive   three thousand from allen for a video service  and that money was directly deposited into the   chase bank account and here's the confirmation  number what will the results be in the trial   balance well cash in bank becomes three thousand  dollars more than this number so therefore cash   and bank becomes nineteen thousand seven hundred  seventy video income increases by three thousand   so video income will be three thousand more than  this number which means video income will become thirty four thousand eight hundred let's go  ahead and record it and this time i won't   forget to put in the confirmation number  on the top right by the plus sign we click   and then we go down to click bank deposit  now we know the date was february twenty one and we know we received the money from  alan arby we know the account see it's   just warning us about something we're going  to learn in a future video now the account   is video income because that's the income  we earned the reference number is really the   confirmation number that i forgot to put last  time five four three two one zero so we'll make   sure we put it in this time five four three two  one zero now the amount is three thousand so now   we have all the information we need or at least  we have all the information that we think we need   and it's everything we're going to get from  this basic deposit window after i click save   and close i can see my trial balance numbers  are exactly what we predicted cash in chase   bank nineteen thousand seven hundred seventy and  video income thirty four thousand eight hundred   now let me show you why this is not the best way  to record this type of circumstance number one   if i click sales and i go to the customer center  for and i click all sales notice neither of the   two deposits that we just made are showing up  in the sales list for in the customer center   in fact even if we click customers and we click on  the specific customer here in the customer center   in this case alan we would get every transaction  that we ever made with alan except for the   deposits so if you make that transaction in the  window that i just showed it will not show up here   you should also know when i click reports and i  go to all reports and i click um sales by customer   detail for the sales related reports of course i'm  going to go all dates you can see by this report   that we learned about before will show every  invoice and every sale receipt that you recorded   in the invoice window and the sale receipt window  but it is not showing any of the deposits that we   just made even though those two deposits that  we just made were actually sales of a service   so what would be a better way to record these two  transactions well we already learned about sales   receipts we already learned that we can record  sales receipts directly into the bank account   that's the way that we did it we learned that  sales receipts give us the ability to track the   quantity of the hours given we were not able  to put that in in the deposit window and sales   receipts will show in the customer center deposits  will not sales receipts will also actually show up   on the sales by customer detail report and  deposits chapter 22 deposits with cash back   what exactly happened that caused you to use the  deposit window instead of making a sale receipt   well you received cash from a customer for a  service you did not immediately deposit the   cash into the bank instead you use some of the  cash for expenses or for non-business reasons   for example let's imagine on february 22  we receive 900 cash for three video hours   for betty a hundred dollars of the 900 was  used to purchase supplies probably from staples   200 of the 900 was used to pay ups for a  delivery and the remaining 600 was deposited so   what's going on here well you must use the  deposit window despite its limitations because   you didn't deposit the cash you spent  from cash that the customer handed you   and let's imagine the deposit number is 616161  because there's always some kind of confirmation   number or transaction number in this case it'll  be the deposit number so how do we record this   well it's very simple in the top right we click  the plus sign and then we click bank deposit   okay the date of the deposit was february 22.  now it already knows the bank account that we   deposited from under received from we're going  to choose the customer betty because that's   where you put the name now of course this is  asking us for something that we will learn in   a future video double checking a human error  that you could make on something we're going   to learn soon let's close it out the account  is video income because we earned video income   from betty now go all the way to the right in the  amount field in the amount field you have to put   the total that you actually received from hold on  the total you actually received from the customer   pushing the tab key on the left of your  keyboard will move the cursor to the next line   so the video income that we earned is 900. now i  agree with you the amount of the deposit was only   600 that's because we're not finished but you  still have to acknowledge the total income that   you earned on the first line on the second line we  record the fact that we paid staples for supplies uh a hundred dollars okay notice  uh it made it bigger you know why   very important when you record cash  back you have to put the minus sign   next to the amount of the money that  you spent for the expense with cash back   then push the tab key on the left of your  keyboard notice it decreased the total deposit   you should do it for the next cash expenditure  to ups ups you spent for delivery expense   which is up uh which is down here delivery expense  and the amount you paid for delivery was 200. okay   well excuse me that's in the wrong field okay the  amount you paid was 200 but you should put minus   200 and then push tab notice the deposit goes  down to the amount that was actually physically   deposited so this is going to go into video income  for the full 900 that you earned this is going to   go into supplies for the amount that you paid for  supplies and it will increase supplies this 200   is going to go for delivery expense and it will  increase the amount that you paid for delivery   even though it's decreasing your bank account and  this would be the way to record it as far as the   check nug the deposit number 6161 i recommend you  put it in the top line for the reference number   i guess it really doesn't matter as long as  it's somewhere but it's probably a good idea   to put in the the reference number of the  top line now when we click save and close   we know that things are recorded as  free and now let's check the accounts   to save to see if they increased  correctly well if we go to reports   and we open up my trial balance first let's see  if the 600 not 900 was recorded in cash and chase   bank i open up the chase bank account by clicking  on it and look the very latest transaction   february twenty second only six hundred because  it says it's split between several accounts   so we know that's correct let's go back to  the summary which is the trial balance now   let's open up supplies okay double click and  you can see the last purchase of supplies   was february twenty second for a  hundred dollars it came from a deposit   and notice it increased the amount you spent on  supplies by a hundred we'll check one last one   that's right the last one to check is delivery  expense double click on the number and you can see   the last delivery expense for 200 that increased  the amount that you paid for delivery by 200   was done by this deposit on february twenty  second chapter twenty three undeposited funds   we all know that sometimes we get paid by  check and of course there's usually a big   time difference between the day we get paid by the  check and the day that we physically deposit the   money into the bank now up until now we have been  recording transactions that get directly deposited   into the bank but if we get paid by check on one  day and we don't deposit the money for two weeks   what do we reflect in our accounting records  during those two weeks remember our records   have to show the fact that the customer does  not owe the money during those two weeks   during those two weeks our records should reflect  the fact that we physically have the money   but we can't record it in the way that we  recorded it in earlier videos because the   money was not put directly into the bank so what  do we do well what happens when we get money   if we get money for from a customer who previously  owed us money both accounts receivable in the   chart of accounts and that particular customers  balance goes down and in previous videos we   recorded the money into cash and bank because  that's what happened in that example but if the   money did not go into cash in bank at the moment  we physically were handed a check which account   do we record the money going into well that's the  reason why we have this special account called on   deposited funds undeposited funds is the account  that represents the money received from customers   that is expected to be deposited into the bank  it is a current asset and its detailed type is   undeposited funds and this is the first time  we're adding an account to the chart of accounts   where we have to be mindful of the detail  type to get it to behave the way we need to   making the detail type undeposited funds is what  tells quickbooks that this is an account that is   connected to the deposit window in a special way  it allows us to keep track of each check or bit of   cash and credit card swipes that we received  but has not yet been deposited into the bank   now undeposited funds was not placed in our  chart of accounts automatically by quickbooks   when we created the account we will have to  put it ourselves click accounting then click   chart of accounts then we can come  over to the right and click new now the type of account should be other current  asset that allows you to choose the detail type   on deposited funds you'll have to click the  detail type here and scroll down and come down to   undeposited funds the very last choice you could  change the name to money waiting to be deposited   or money we received you know you can put any name  you want but the best name is really undeposited   funds because it's well known that this is  money we expect to deposit into the bank we   click save and close and now we have undeposited  funds in our chart of accounts and we can use it now let's review receiving money let's  imagine on february twenty third we did ten   editing hours for candy and she paid us a  check for that well if we got paid right right   away whether it's check direct deposit cash or  whatever we still have to record a sales receipt   but before we record a sales receipt let's  discuss what the results will be this time   editing income becomes what number well if  we take a look at our trial balance right now custom reports my trial balance we can see that  editing income here it is editing income before   this transaction is seventeen thousand nine  hundred sixty but we just earned more editing   income fourteen hundred dollars worth so editing  income will become nineteen thousand three hundred   sixty undeposited funds is going to show up for  the very first time as one thousand four hundred   because this is the first payment in  our hand of one thousand four hundred   so let's go ahead and make the sale  receipt exactly the way we learned before   in the top right we click the plus sign we go  over to the left and click sales receipt now   the first thing you have to do is make sure the  date is all the way back at february twenty third   can we choose the proper  customer in this case it's candy   and of course what service did we provide for  candy we provided in this case the editing service   quickbooks remembers it's 140 an hour so if we  did ten of these the sales receipt is in the   amount of fourteen hundred now the only difference  the only difference between the previous examples   and the one we're doing now is first we have to  make sure that this money gets deposited into   undeposited funds now why is it going  into undeposited funds for this one   but in the previous ones we chose cash and bank  that's because this time the payment method   which will click for the pull down the payment  method is check and if you choose payment method   check then quickbooks knows that the reference  number is actually the customer's check number   that you received so these three fields are  the only fields that will be different if you   receive the check compared to the way we got paid  before through direct deposit when we click save   will check to make sure that the numbers in the  trial balance are is exactly as what we expected   when we come back we see that editing income  shows up as nineteen thousand three hundred sixty   which is the amount we expected and the 1400  should appear for the first time in undeposited   funds here's undeposited funds showing up  in the trial balance for the first time as   fourteen hundred now let's do a second example  from the other transaction where we learned how   to receive money from customers let's imagine  on february twenty fourth we received a thousand   dollars cash in our hand from betty for payment of  the oldest open unpaid invoices well what will be   the results if we receive a thousand dollars  cash well right now um accounts receivable   is twenty four thousand four hundred forty but  it will go down by a thousand if we actually get   paid so accounts receivable should become  twenty three thousand four hundred forty   and we know the money must be recorded  into undeposited funds instead of the   bank account because the money is in our hand  and not in the bank but what will it become   well right now undeposited funds is one thousand  four hundred so if we receive another one thousand   dollars then undeposited funds will automatically  become two thousand four hundred let's take a look   at how to record it from the top left we click  new receive payment the date is february 24th and we know that the customer is betty notice when  we choose betty her open invoices appear at the   bottom here but the most important thing to notice  in this window is you must make sure that what   she gave us gets recorded into undeposited funds  we're not depositing this money directly in the   bank account like we did in previous transactions  it's undeposited funds because the payment method   is cash put in our hands and cash tells the  person looking at this transaction that that's   the reason that there is no reference number  for this payment sometimes with cash payments   we forget to write out a handwritten receipt  and that happens but the amount we received is a thousand dollars after typing it into the  amount received field on the left of your keyboard   push tab notice quickbooks assumes that the  invoice that the payment should be applied to   is the oldest one and it places the  check mark right here on the top invoice   and now we double check to see that we agree with  everything in this window before we save and close   when we click save and close you see that the  amounts in the trial balance are exactly as what   we expected accounts receivable decreased to 23  440 which was the amount we originally expected   and undeposited funds has increased  to 2 400 exactly as we expected   now at this point you should pause this video and  enter these two on your own this will give you a   chance to practice what we just learned you should  enter these exactly the way we enter the other two   then we'll be ready to start making deposits  in the deposits window from undeposited funds   and when you finish these are the numbers in  the trial balance cash and bank is still twenty   thousand three hundred seventy and video  income is forty one thousand seven hundred   accounts receivable should be twenty one  thousand four hundred forty and most importantly   your undeposited funds right now should  have four items totaling ten thousand   four hundred dollars let's talk about what  happens when you physically deposit the money   undeposited funds will go down because you have  less undeposited because you just made a deposit   of course cash and bank will go up because you  just put some money into the bank for example   let's imagine we will deposit the february 27th  excuse me let's imagine that on february twenty   seventh on february twenty seventh we deposit  check number one seven one seven from candy back   from february twenty third when we received  that check and the thousand dollars in cash   from betty that we received on the twenty fourth  let's predict what undeposited funds will become   well right now on deposited funds is ten thousand  four hundred but if the amount that we're actually   depositing is twenty four hundred undeposited  funds should become eight thousand let's predict   what cash and bank becomes well if cash and bank  is going to increase by two thousand four hundred   that means that cash and bank will become twenty  two thousand seven hundred so let's take a look at   how to make the deposit we click the plus sign and  go all the way to the right and click bank deposit   now notice this window looks different than  it looked before the top section here is for   everything that was in undeposited funds that's  waiting to be deposited however if we scroll   to the bottom here we notice that this section  was the section that we used in the prior video   so we could have both cash as well as previous  customers checks to deposit within one deposit   but right now we're just going  to focus on the top section here   and the instruction said that the date of the  deposit was february 27th the bank account   the specific bank account that the money was  deposited into is our main operating bank account   and the two items that were brought to the bank  were the two items here in the middle on the 23rd   and the 24th for the 23rd it said we  deposited candy's check her check number 1717   was brought to the bank on february 27th  and the cash that can that betty gave us   on february 24th was also brought to the bank now  notice at the moment we click in the left margin   you see quickbooks tries to calculate the total  of the deposit as we select the items and tell   quickbooks which items were physically brought to  the bank now since we're not depositing anything   else in this section all we have to do is click  save and close and when we come back to the trial   balance the results are exactly as what we  expected undeposited funds has decreased to   eight thousand and cash and bank has increased  to twenty two thousand seven hundred seventy   if you want to see what this deposit looks  like in cash and bank you can double click   and scroll to the bottom and you see this was the  last deposit and you scroll across and you see   it's recorded as one number increasing cash and  bank you can hit the back button on your browser   and then check on deposited funds double click and  you can see that if you scroll to the right you   see the individual items that we just deposited  were each one by one deducted from the balance   of undeposited funds and if you hit the back arrow  you see that's the reason why we have the correct   eight thousand dollar balance and finally let's  see what happens when we deposit the remainder   of undeposited funds on the very last day of the  month well we do exactly what we did a moment   ago and we know undeposited funds will become zero  and this will simply be eight thousand more than   it was a moment ago thirty thousand seven hundred  seventy we click new go all the way over to bank   deposit put the date as february 28th now you  can see these are the only two remaining items   physically sitting in the office waiting to be  deposited we still have alan's check number 1818   and we still have candy's cash from the february  25th uh payment and we still don't have anything   else that's involved in this particular deposit  so all we have to do is select by clicking in   the left margin the two items that were physically  brought to the bank on february 28th as we select   quickbooks calculates the total of the deposit and  it should match the actual deposit slip with the   individual items listed one by one when we click  save and close the final trial balance is exactly   as what we expected undeposited funds became zero  because we just deposited the remaining items   and cash and bank increased to the amount we  predicted thirty thousand seven hundred seventy   chapter twenty four using the deposit  detail report to edit previous   deposits the deposit detail is a report  that shows every deposit that you ever made   into every bank account since the creation of the  file it shows the specific payments and receipts   that have been deposited from undeposited  funds it will help you edit a deposit   now let's just take a quick look at the  report itself if you click the reports area   and you click all reports make sure that  you don't have to click it again on the left   you can go down to review sales and i know that  it's a little unusual that a deposit report would   be in review sales but it does relate to sales and  after you click review sales for this category of   report go all the way down to the bottom center  and you can click on deposit detail now of course   the date range that it defaults is the current  month to date however it's best to click all dates   and then click run the report now this is showing  every deposit to every bank account since the   beginning of the file if you put all dates for the  time period now in order to get the deposits or to   see the deposits that we made in the recent video  you would have to scroll all the way to the bottom   now here are the last two at the bottom and these  are the ones that we made in the previous video   notice it has three money amounts rather than  one for example the february twenty eighth it   has the total as a positive number and it  has the individual items as negative numbers   we can see the deposit by double clicking right  here on the word deposit and we can see exactly   what we put here are the two items and we  can find out the details of what they are   and here's the total okay if we close this out we  can look at the deposit the deposit before that   here are the two items in negative and you can  see the positive number is the total deposit   click on the deposit for february 27 and you can  see more detail about the two specific items that   were deposited on february twenty seven now let's  take a look at these other three deposits here   these other three deposits were from the video  before that when i was showing cash back this   is the deposit this is what it looks like when  you get cash back it shows the total deposit   and it shows the individual items that were  cash back this was the income you earned   these were the two expenses this is whom you  earned the income from these are the vendors whom   you paid to and this was the total deposit and i  could click on it and take a look same thing about   the deposit before that and so on however if you  keep going up you will see on the deposit report   payments and sales receipts well why would you  see payments and sales receipts on a report   that's clearly marked deposit detail any payment  or sale receipt on this report was money that we   received that was directly deposited into the bank  account let me show you if i click a sell receipt   as a loan deposit on this report you will see  that this was deposited directly to cash and bank   and not to undeposited funds same thing with this  payment for an invoice when betty paid us for an   invoice payment this payment was paid directly  into the bank account and not put in undeposited   funds so we close it out so that explains why  individual payments and individual sales receipts   are sometimes listed on the deposit report but if  it says deposit you can bet that there's several   receipts or payments together in one deposit now  it's very easy to remove an item from the deposit   open the deposit remove the check mark next to  the item that should not be a part of the deposit   the item will then appear as  available and added to future   available to be added to future deposits and it  will immediately be put back in on deposited funds   to add an item to a deposit open the  deposit that you want to add the item to   find the item by looking at the ones that are  still unchecked and then place the check mark next   to the item you want to add so i'm going to give  you a simple example of both removing an item from   a deposit and adding an item to a deposit here's  the simple example let's remove check number 17917   from candy from the february twenty seventh  deposit well that's very simple the report   shows us the february twenty seventh deposit  that's these numbers with candy when i click the   deposit i can see there are only two items that  were deposited on february 27th and i want to   remove this i want to tell quickbooks this was not  deposited with the february february 27th deposit   well all i have to do is click this check mark and  this fourteen hundred will go back to undeposited   funds undeposited funds is empty right now but if  i remove the check mark and i click save and close   you can bet that when we go back to the  report you can see february 27th no longer has   that check it only has a thousand dollars look  let's take a look at the february 27th deposit   you can see it only has one item this thousand  dollar check and this other item is sitting   here available to be added to this or any  other deposit i also would like you to take   a quick look at the reports and i'd like  you to see our trial balance for a moment   at this moment you can now see that undeposited  funds now has the fourteen hundred dollars whereas   a moment ago undeposited funds was empty but once  we remove the check mark and we take it out of a   deposit it goes right back into undeposited  funds now let's add that check number 1717   to the february 28th deposit well that's just  as easy here we are back at the deposit report   running for all dates and go to the bottom that  makes it easy to find the february 28th deposit   if we click to open it up what we will see is the  deposit that we made and as you can see these are   the two items that were on the deposit when we  made it on february 28th and what quickbooks   is showing is any extra items and undeposited  funds that are lying around and not yet deposited   like this check number one seven one seven so a  moment ago we took it out of a previous deposit   so any other deposit that we open up will show the  ones that were deposited and anything that's not   yet deposited why does it show it that way because  all you have to do is click the check mark and   congratulations you have added that free item to  this february twenty eighth deposit save and close   now when we go back we can see that this is  the new amount and the new details of the   february twenty eight deposit and that's what  the february twenty seventh deposit looks like   but let's not leave it this way let's correct  it before our final exercise well that's very   simple go back to the deposit that you add it to  and you remove the check mark to say this is not   really part of the february 28th deposit save and  close and now we can reopen the correct deposit   for february 27th and we can add it back to where  it was save and close and our numbers are correct   and now you can manage any issue regarding  bank deposits chapter 25 using the advanced   search tool using the new search tool is a  little bit different than it was years ago   you can search only for transactions not list  items and you cannot search for data fields within   list items like customers or chart of accounts or  the items list it'll only be data in transactions   that you're searching for and when you search  you must decide three filters in this specific   order first you have to tell quickbooks online  which type of transaction you're looking for   then once you do that you have to tell quickbooks  online which data field in the transaction   you're looking for and then once you decide the  data field you have to tell quickbooks online   what is the content of the field that you're  looking for so that quickbooks online can find   the transaction for you so when you open the  search tool or at least the advanced search tool   first they will ask what transaction type that's  the top pull down menu then that will determine   what data fields are possible because different  transaction types have different fields of data   in them then once you decide which data field  to search on then you tell quickbooks online   what the content in that field must be for  quickbooks online to present that transaction   in the search result list you would open the  search tool by clicking the magnifying glass   and you would open the advanced search tool by  going down to the bottom and clicking advanced   search tool then the advanced search tool  opens up notice sales receipt is the first   example transaction type shown and these  are all the data fields in a sale receipt   however if you chose instead a payroll check  you would notice there are different fields of   data in a payroll check what about a uh  purchase order well notice there would be   different fields of data in a purchase order  than would be in a check see look for a check   these are all different fields of data and then  once you determine the field of data you then   determine what the content will be for example if  you're looking for an account you can only search   for the account name that contains a particular  text or is exactly the same as a particular text   however if you're looking for memo it could  contain specific text be equal to specific text   does not contain the specific text you're looking  for but if you choose amount notice the content   changes to searching for an amount greater less  than equal and so on so that's the way it goes   the content depends on the data field if it's  a numeric search then the choices are equals   greater than greater than or equal to less than  or less than or equal to but if the data field is   alphanumeric which means it has either text  or numbers then you will put in the content   to search for something that contains the text  is equal to the text does not contain the text   or does not equal the text and those are the  different ways that you use the search tool   so let's do an example of each type and see  how to use when we search in the advanced way let's search for an invoice in the amount of  three thousand dollars well how do we do that   first we choose the transaction type invoice and  as you can see the transaction types are listed in   alphabetical order then after we choose the  transaction type we're searching on the data   field of amount and we want an amount that  equals exactly three thousand when we click   search we can see that in the entire account  there's only one for three thousand dollars   what about this let's search for any invoice  greater than two thousand nine hundred okay   so we still have invoices and we still have amount  but this time we want those that are greater than 2900 and we click search and we see eight  of them now you will only see these six   i moved ahead a little bit and played around  with the software and entered these two extra   so you should not have these two extra unless  you moved ahead as well so let's see what else   we could find well what about a sales receipt  with a line description that has the word hello   i had previously opened one of the sales receipts  in the account and in the line description i   typed the word hello just for illustrative  purposes so if we go to the advanced search   and we go down to sales receipts sales receipts  and the field that we're looking for in the sales   receipt is the description field on a specific  line and we want the one that has the word hello all you do is click search and here it is now you  will not get this result because you did not open   up a sale receipt and put the word hello on a  line description but if we double click to open   this sale receipt you can see that i put the word  hello in the line description of the sale receipt   on a particular line and that's how quickbooks  online was able to identify that specific receipt   chapter 26 using the audit log now  you may well ask what is the audit log   the audit log displays a list of every event that  ever happened in your quickbooks online account   but then the question is what is an event well  it's very simple an event means something happened   and an event in your quickbooks online account  means something happened in your quickbooks online   account that's it that's all it means nothing  else and the audit log records and displays   everything that happened from the  moment your account was created   so this is what the audit log looks like and  as you can see you can sort all these events   by what type of event it was or you  can sort them by who caused the event   in addition to that you could also narrow  down the date of the event so that you can   get all information about all the events that  happened in your quickbooks online account   now you may well ask what events can you track  and find with the audit log well there are   many many events listed and displayed in  the events pull down choice but in this   course we've only experienced four kinds of events  so far we've experienced login and log out events   because we have logged in and logged out we  experienced events where we changed the settings   because we did that in one of the earlier  videos we also put in list items like customers   vendors products services and so on and of course  transactions are events but there's a difference   between a transaction and a transaction event  that we will now discuss first we'll do an example   of finding the login and log out events  let's imagine we want to know who logged in   between october 15th and october 22nd of two  thousand twenty one well that's very simple   in the top right we click the cog wheel we go  over to the tools column and go down and click   audit log and this is the way it looks by  default now we want all users because we're   trying to find out who so we leave this alone but  we don't want all events we want sign in and sign   out events sign in and sign out is also called  login and log out events but we want a custom date   so after we choose the type of event that we want  we click the pull down date and we click custom   and we put the from date as october 15th  and we put the two date as october 20th   or october 22nd and now click away and you can  see there was only one sign in and it was by vonda   and you can click the top of the column until  the cursor becomes the double-arrow so you can   drag the column wider like we did with reports  and you can see that between this date range   there was only one sign-in from all the users  it was vonda and it was october 15th at 4 45 pm   now what about a settings event well that means  a moment where the settings in the account were   changed and we did change the settings in  this course we'd like to know specifically   for example who changed the settings between  october 15th and october 22nd same date range   we're still searching for who did it but we're  looking for a different event so therefore you   have to be careful you must remove the check mark  from the prior selection or you will still see   the events from the prior search listed and  displayed in the new search well what does that   mean it means that i no longer want to see sign  in sign out i know i now want to see settings   events where the settings have changed so  we scroll to where it says settings but be   careful if we leave the check mark on the prior  selection and we add settings now we're seeing   everything we're seeing all the sign  in and sign outs and the settings   you must remove the check mark by clicking on it  from the older search criteria of sign in and sign   out and now you will see only the event that you  want the one that's checked during this date range you can also print your results to hard  copy paper or a pdf that you can send   if you go to the top right and click  the printer icon you have the choice of   exporting it to onenote saving it as an adobe  pdf or actually printing it from your printer we can also track important changes to list item  events now we know that list items are things like   the chart of accounts customers vendors products  and services and there are other list items that   we have not yet dealt with in this course but  the list item event is anytime one of these   is added changed or edited or deleted for example  let's find out who changed alan's phone number   recently specifically between the dates of october  29th and november 4th well that's very simple we have to first make sure that we remove  the check mark from the prior criteria   before we add the new search criteria lists  so we want to see the change to all list items   but specifically the custom date  between october october 29th and november 4th if we click anywhere in the  window away from the two fields we will see   the results displayed and we can see that there  was only one change to the list item of alan orby   between these dates now every time you have a list  item displayed in the audit log you could always   view the history of that list item click here  viewing the history means you can see every change   to that list item from the date that it was  actually created so you can see it was created on   october 12th you can make this a little little  wider here it was added on october 12th at 7   51 pm but then it was edited on november 4th  and you can see who edited it vonda and that's   what makes this so helpful you can even print  or export to a pdf when you get these results   a transaction event is probably the most common  event that you will search for in the audit log   but you will see a transaction event  is special compared to the other events   it has more details to it and most importantly  you cannot find the transactions in the audit log   by the date that was listed or recorded in  the transaction you must find them by the   date that they were created if you're searching  for a specific transaction in the audit log in   order to find the date created you have to use our  good friend the journal report so let's imagine we   want to find all the changes to the february 27th  deposit we must look in the journal first to find   the real life date that it was created then we can  go back to the audit log and search on that date   in order to find the history of that transaction  so if you choose all transactions as your event   and then you make the custom date the date of the  actual transaction you will not find it in the   audit log look if we go back to february 27 and we  say we want to see all the transaction events only   on february 27 click away from the date you see  there's nothing because february 27 is the date   listed and recorded with the transaction it was  not the date that the transaction was created   to find the date that it was created we click  reports and we go to our good friend the journal   we set this up a long time ago so that we can  see not only every transaction like this one   on february 27th but once we find the deposit on  february 27th we can scroll to the right and see   that the deposit on february 27th was created  on october 27th at 12 12 18 am whatever it is   therefore we have to click the cog wheel go  back to the audit log and when we search for   transactions make sure that we put the  right custom date and in this case the   correct custom date the journal showed it was  actually october 27th of this very same year   click excuse me go back you can make  the date range only one specific day   if you want click away and now you can see this  is the deposit let's make this column wider again   okay if we scroll down you can see that completed  the deposit was the first one then here's another   separate deposit and then that deposit was  edited and then a few minutes later edit it again   edit it again five minutes later edit it again and  so on but what you can do is in any one of these   lines you can click view and you will get the  complete history you see transaction events   allow you to drill down to find the details  of every change to every transaction   and that's why they're special and that's why this  report is so great so we have the deposit id as 91   it was the 91st transaction that was  recorded into quickbooks and you can see   every change you can see it was added on october  27th at 3 12 a.m then it was edited at 4 30 a.m i   don't know what i'm doing up during the night like  that and then it was edited again 12 minutes later   in fact even better you could open up each  one to see what it was well this is the one   that was says it was created it was added and  this was the original information close it out   but if you want to see exactly what was changed  about an hour and 18 minutes later you can   open up that change and you can see what's  highlighted you can see that the amount was   changed because a previous row was deleted close  it out well what was changed 12 minutes later   open up that change and you can see that something  else was removed and therefore the total amount   so the amount was changed because one of the items  was changed and this explains the detail of each   change here's the detail of the last change look  here this is the detail of the second change   and the detail of when it was added so by  using these details in combination with   the journal you will be able to find every  change to every transaction that was ever   entered in your quickbooks online account  chapter 27 your quickbooks online final exam   and now it's time for you to prove that you're  an expert in quickbooks online this project   is a mix of every transaction type that  we learned about in the entire course   here's what the trial balance  looks like before the exercise   make sure that your numbers are exactly the  same as mine before proceeding with the exercise   notice i ran the trial balance from  the beginning of january till the end   of february and it does not include any of the  march transactions that are part of the exercise   so make sure every single one of your ending  balances is the same as mine before you start   here's what the customer balance detail  should look like before you start the exercise   make sure that each individual open balance of  each invoice matches each individual open balance   of the invoices in your quickbooks online account  if they don't match you have to learn what we used   to fix your mistake to make your numbers the  same as mine before we start the exercise   here's what the vendor balance detail should  look like and again it's not enough that the   total balance of each vendor is correct these  black bold numbers are important but the most   important numbers are the individual open invoice  or open bill balances one by one make sure that   they're all the same before you begin the exercise  in order to finish with the same numbers you also   have to start with the same numbers now here's the  first half of the transactions in this exercise   there are 18 transactions but i'm only  showing you nine at a time if you want   you can pause the video as you enter them one  by one enter them carefully just as we learn here's the second half of the transactions going  from the 10th to the 18th you can pause the video   or there might be a file that  you can download where you can   read the transactions from the file  and record them into quickbooks online when you finish the exercise this is  what the trial balance should look like   when you are done go through each number one by  one and if you have any differences use what you   learned in previous videos to find and fix your  mistakes here's what the customer balance detail   should look like after the exercise and you have  to go through the open balance of each invoice   one by one here's what the vendor balance detail  should look like after finishing this cumulative   exercise again go through the open balances for  each open bill one by one double check everything   if you have to pause the video and reopen one  of the previous videos to refresh your memory   about how to do something that is perfectly fine  in fact it's encouraged congratulations if you   have all the numbers correct and you understood  everything about finding and fixing mistakes   you are now an expert in quickbooks online thank  you so much for watching the entire tutorial   and don't forget you can always visit the channel  page to learn every possible topic there is   in quickbooks desktop or quickbooks online i  wish you good luck and please stay in touch

Channel: thequickbooksdude

Views: 319,201

Keywords: QuickBooks Online Complete tutorial, QuickBooks online complete training, QuickBooks online full tutorial, free QuickBooks online help, QuickBooks online complete course, free QuickBooks q & a, QuickBooks q & a, QuickBooks beginner training, QuickBooks teacher, QuickBooks help, introduction to QuickBooks online, QuickBooks, tutorial, online, accounting, 2022, quickbooks online, qbo tutorial, QuickBooks online tutorial, qbo basics, QuickBooks basics, QuickBooks online 2022

Id: aoWghI3kvpc

Length: 211min 51sec (12711 seconds)

Published: Thu Nov 11 2021