Thanks for this video. Now, its clear to me and I understand on how to record a personal daily expense. You clearly explained everything step by step. Thanks. more tutorial on bookkeeping and if possible in some other accounting software as well.
Thank you Hector for all you do. Our org is just setting up QBO; Of course, we have an existing petty cash. How do we create an opening balance with existing cash on hand??
This video has been very helpful. For my company, I will be passing out petty cash to multiple employees for their expenses. Would you suggest creating Petty Cash as a main Account with the employees’ name as a sub account?
Yes, I would suggest you to add sub accounts under the main account "Petty Cash". For e.g. you have smith an employee then add him as a sub account "Petty Cash - Smith" , so that you can track all the petty cash expenses been done by your employee. Thanks,
Hector, thank you for all of your explanations they are so helpful. I am looking for some guidance, I make purchases for a client and then bill the client for reimbursement (no mark-up) I am looking for the best way to track these purchases. Wondering how to classify them and lastly I would like a streamlined way to attach the original store receipt to the invoice that I send them. Do you have a video that coverers anything similar to this?
i was told petty cash would be typed as a current asset? now im not sure if i should put it under current assets or as a bank? i was also told petty cash is cash that never touches my bank account (for example cash in your pocket/loose cash). So how can i transfer money from say my checking account to the petty cash account and that money still be considered petty cash if its come from my bank account?
How about instead of creating the transfer manually, you categorize the ATM transaction on your records in Quickbooks as a transfer to your newly created "petty cash" category?
@@HectorGarciaCPAThanks for your reply! I was reading online that it’s looked down upon by the IRS to take out cash from ATMs from your biz checking account. what are your thoughts on this? and how are we supposed to pay for biz expenses that are cash only otherwise? 🙏 I run a travel company where I often have to pay vendors in foreign countries in cash. Much appreciated!
What account type is a Loss on Sale of a fixed asset in QBO? I’ve seen an account created as an other expense called Gain/Loss; but I’m bit confused, I think of gain as an other income account and the loss as other expense (two separate accounts). Thank you
How would record taking the money out of the petty cash account to use for a cash box for an event we ran? I know we used some of the money for donations and food. so we have less money coming into the petty cash account. If anyone could help me that would be great! I am new to this and I'm trying to keep the books the best I can. Thanks in advance
What I can’t figure out is how to handle it when a customer pays $100 cash for a $90 invoice. We don’t have a register so I give him $10 from my wallet. I deposit the $100 bill into the bank. In QB, I receive payment with cash, but there is no way to easily report in QB that the $10 is not a credit.
When you go to bank could you just tell the teller, you only want to deposit 90, and get the 10 dollars back from there. In QB. just record you received $90?
hello I ve multiple products whose prices gets changed on a daily basis. do i need to change inventory prices everyday . and secondly can i make dayend in QBO that is profits and losses for each day which includes NP of each day
You can change the prices but changing it on daily bases will take your time so when you are making the invoice then just put the new price for that product under the invoice section. Thanks,
Thanks for this video. Now, its clear to me and I understand on how to record a personal daily expense. You clearly explained everything step by step. Thanks. more tutorial on bookkeeping and if possible in some other accounting software as well.
Awesome
Thank you Hector for all you do. Our org is just setting up QBO; Of course, we have an existing petty cash. How do we create an opening balance with existing cash on hand??
You might need to enter it as in 01/01/24 whatever the balance was at the beginning of the year, against income
This video has been very helpful. For my company, I will be passing out petty cash to multiple employees for their expenses. Would you suggest creating Petty Cash as a main Account with the employees’ name as a sub account?
The employee is the payee
Yes, I would suggest you to add sub accounts under the main account "Petty Cash". For e.g. you have smith an employee then add him as a sub account "Petty Cash - Smith" , so that you can track all the petty cash expenses been done by your employee. Thanks,
Been looking for this content. PERFECTION
:)
THANK YOU SOO MUCH FOR THIS VIDEO, I LEARNED A LOT!!!!! MY CLIENTS WILL BE HAPPY!!!!
Great
Hector, thank you for all of your explanations they are so helpful. I am looking for some guidance, I make purchases for a client and then bill the client for reimbursement (no mark-up) I am looking for the best way to track these purchases. Wondering how to classify them and lastly I would like a streamlined way to attach the original store receipt to the invoice that I send them. Do you have a video that coverers anything similar to this?
No on this specificly
The payment received is not showing up on the profit and loss statement
You killed it! 👏🏽🎉
:)
how do you create this customize window & dashboard & all
Is it differences of versions or any other things ?
Great explanation, love watching you sites. Thank you
i was told petty cash would be typed as a current asset? now im not sure if i should put it under current assets or as a bank? i was also told petty cash is cash that never touches my bank account (for example cash in your pocket/loose cash). So how can i transfer money from say my checking account to the petty cash account and that money still be considered petty cash if its come from my bank account?
Bank is a current asset. Bank is the best option
How about instead of creating the transfer manually, you categorize the ATM transaction on your records in Quickbooks as a transfer to your newly created "petty cash" category?
That works
@@HectorGarciaCPAThanks for your reply! I was reading online that it’s looked down upon by the IRS to take out cash from ATMs from your biz checking account. what are your thoughts on this? and how are we supposed to pay for biz expenses that are cash only otherwise? 🙏 I run a travel company where I often have to pay vendors in foreign countries in cash. Much appreciated!
@@globethotter use the petty cash account to record the expenses, save all receipts
What version of QuickBooks are you using, i mean full subscription, mine certainly doesn't look like this.
Is yours QB desktop maybe? Im using Quickbooks Online
@@HectorGarciaCPA now it is online have subscription until April
Thank you for the video!
What account type is a Loss on Sale of a fixed asset in QBO? I’ve seen an account created as an other expense called Gain/Loss; but I’m bit confused, I think of gain as an other income account and the loss as other expense (two separate accounts). Thank you
Other Expense
How would record taking the money out of the petty cash account to use for a cash box for an event we ran? I know we used some of the money for donations and food. so we have less money coming into the petty cash account. If anyone could help me that would be great! I am new to this and I'm trying to keep the books the best I can. Thanks in advance
You book the cash spent against it proper expenses
What I can’t figure out is how to handle it when a customer pays $100 cash for a $90 invoice. We don’t have a register so I give him $10 from my wallet. I deposit the $100 bill into the bank. In QB, I receive payment with cash, but there is no way to easily report in QB that the $10 is not a credit.
You have -$10 in the petty cash account that needs to be reimbursed
When you go to bank could you just tell the teller, you only want to deposit 90, and get the 10 dollars back from there. In QB. just record you received $90?
Use the owner draw account, JE From the owner draw to the expense account.
Gold content
hello
I ve multiple products whose prices gets changed on a daily basis. do i need to change inventory prices everyday .
and secondly can i make dayend in QBO that is profits and losses for each day which includes NP of each day
You can change the prices but changing it on daily bases will take your time so when you are making the invoice then just put the new price for that product under the invoice section. Thanks,
Can this be done with desktop?
Yes, same concept
Hi sir how can I sign up my quickbook account
Quickbooks.com
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