Bookkeeping Basics with QuickBooks Online - Learn to Record ANY Transaction

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Index

0:30 Understanding debits and credits

1:17 Using T-Accounts and debits and credits to better understand

2:30 Having different income and showing it as a credit

3:59 To get an extra foundation, free video in Nerd Buzz

6:16 Another video statement of cash flows

7:17 Example of a check recording, realtor example

8:19 Recording a real-estate broker transaction fee

14:14 Review of debits and credits

17:22 Debits increase Assets and Expenses, Credits increase Liability, Equity, Revenue

18:41 Why Seth prefers the cloud version of everything

19:53 Now posting the real estate broker transaction in QBO

21:10 Showing the trial balance and profit and loss

22:25 Always think about how it will affect the balance sheet and P&L

22:56 Create the check

22:23 Double check which account type you want

24:36 Crediting an insurance account

26:23 Run the transaction journal and it shows you debits and credits

28:29 Answering chat box question

30:00 Seth avoids opening balance equity but uses it when starting a new set books but

the company was already in existence

21:35 Instead of opening balance equity use contributions

31:45 New chat box question

32:08 Start with Purchase Orders

32:23 Turn on purchase orders if they're off

32:48 Purchase orders on the trial balance effect

33:38 QuickBooks gives you the form to add that placeholder before it affects P&L and Balance sheet

33:50 Filling out the purchase order

34:34 Using the personal credit card to pay for materials for business

35:54 Cleanest workflow for 34:34

36:40 T-Account for 34:34 on using personal cc

38:21 Debits increase expenses, credits increase liabilities

38:32 In chart of accounts Seth creates new account

39:30 Pulling the purchase order in

40:45 Running the transactional journal to recheck your work

41:50 To reduce a liability

42:30 Grab a CSV download to eliminate non business transactions and upload the correct ones

47:15 Transaction about new vehicle 30k trade in 2500k

49:08 Write transaction for new vehicle in t-account

53:01 Removing a bill from 2018 when today is 2020

53:33 Record a bill credit

54:13 Prior period adjustments account into chart of accounts

57:09 Have further questions? Ask them in Slack if your part of the Bulletproof Bookkeeping programs






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