Hi Sarah - Thank you so much for this video! It was very helpful. I immediately did a quick check of my account which is being managed by QBO's "Live Bookkeeping". I had a great bookkeeper when I first signed up for Live Bookkeeping 2021. She said she had an Etsy shop herself and understood how to handle a QB account with 2 Etsy shops. The records from the main shop are automatically imported, but the second shop's records need to be entered via Journal Entries. Toward the end of 2021, QBO promoted my bookkeeper, and I subsequently got two successive bookkeepers who were not very good. At one point I discovered that the new bookkeepers never did any journal entries for the second shop. I am now on my 4th bookkeeper. She is aware of the need for journal entries for the second Etsy shop, and I thought had someone go back to make corrections. However, when I checked the balance sheet today, as you recommended in the video, sure enough there is a negative balance. I know this second shop is profitable, so something is wrong. I will be asking the bookkeeper to look into this.
Lately I have been using Loom to record my videos and I hire a video editor to trim, blur, and add any special effects. The video editor is a recent addition and I think her work makes such a difference!
Thank you for this helpful video. Because of you, I was able to fix a couple of entries. I still have one problem. I have a negative opening balance equity for my credit card. I know exactly how it got there. Quickbooks did not sync the account until a few days after the account was active, so instead of an opening balance of 0, it is a few hundred dollars. How do I fix that?
QuickBooks usually does pull in beginning balances as of the date the connection is made, which is usually wrong! In your case it sounds like you can just delete the opening balance that QB brought in. In some cases, where I do need a beginning balance, just a different one on a different day, I edit the QB beginning balance. You can find the QB entry in the register.
Hi Sarah - Thank you so much for this video! It was very helpful. I immediately did a quick check of my account which is being managed by QBO's "Live Bookkeeping". I had a great bookkeeper when I first signed up for Live Bookkeeping 2021. She said she had an Etsy shop herself and understood how to handle a QB account with 2 Etsy shops. The records from the main shop are automatically imported, but the second shop's records need to be entered via Journal Entries. Toward the end of 2021, QBO promoted my bookkeeper, and I subsequently got two successive bookkeepers who were not very good. At one point I discovered that the new bookkeepers never did any journal entries for the second shop. I am now on my 4th bookkeeper. She is aware of the need for journal entries for the second Etsy shop, and I thought had someone go back to make corrections. However, when I checked the balance sheet today, as you recommended in the video, sure enough there is a negative balance. I know this second shop is profitable, so something is wrong. I will be asking the bookkeeper to look into this.
Hi Wendy! Glad this video was helpful and sent you my way!
Thank you so much for this video!
I was also wondering if you don’t mind me asking - what do you use to record and edit your videos?
Lately I have been using Loom to record my videos and I hire a video editor to trim, blur, and add any special effects. The video editor is a recent addition and I think her work makes such a difference!
Thank you for this helpful video. Because of you, I was able to fix a couple of entries. I still have one problem. I have a negative opening balance equity for my credit card. I know exactly how it got there. Quickbooks did not sync the account until a few days after the account was active, so instead of an opening balance of 0, it is a few hundred dollars. How do I fix that?
QuickBooks usually does pull in beginning balances as of the date the connection is made, which is usually wrong! In your case it sounds like you can just delete the opening balance that QB brought in. In some cases, where I do need a beginning balance, just a different one on a different day, I edit the QB beginning balance. You can find the QB entry in the register.
@@SmallBusinessSarah Thank you! I deleted it like you said.
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