Hey Hector, I was hoping to find some help specific to being a reseller boutique (of new and used fashion items) and paying taxes (in Australia). For example, if I buy a product for $100, and sell that same product for $180, am I required to pay tax on the final sale price ($180), or just the profit I made ($80)? It seems to me Quickbooks works in a way which calculates GS and COGS, so it shows the profit margin on the final amount. Therefore, the system automates the process and will account for taxes on the final sale price? Is this right? Look forward to hearing from you.
Hi, I would like to order QBO with class. Also, do you have any videos for setting up chart of accounts for real estate, property management company, rental arbitrage, traditional rental properties held for over 1 year.
Thanks Hector, that was really helpful. I was wondering, should the purchases made with petty cash from these vendors include receipts? Why or why not?
Thanks a lot for these videos Hector, i have really benefitted ever since i started watching them. I have a request though, Would it be possible to have a video for a school set up accounting? I am a bookkeeper for a new company based online, i would really be inspired if you can assist.
Hi Hector so after I import all my Inventory do I create a sales receipt each time sometimes sells, and do I create a expense each time adjust my inventory (after the initial import).
@@HectorGarciaCPA How about as I purchase inventory after current inventory import...do I create a expense each time I purcahse inventory? I do have my bank account connected. I am worried that I will expense the purchase twice... once the transaction comes in from my bank by categorizing expenses, then as items sale doing a sales receipt creating a expense manually. I hope this makes sense.
@@HectorGarciaCPA one more question if you do not mind, would I adjust the inventory in after import on the main screen of product and services or do so by way of expense (as if I just bought the product).
This is really helpful do you have one that shows how to integrate eBay
I dont, but Synder is a great app for that
ruclips.net/video/lOSW66htmLQ/видео.html
Hey Hector, I was hoping to find some help specific to being a reseller boutique (of new and used fashion items) and paying taxes (in Australia). For example, if I buy a product for $100, and sell that same product for $180, am I required to pay tax on the final sale price ($180), or just the profit I made ($80)? It seems to me Quickbooks works in a way which calculates GS and COGS, so it shows the profit margin on the final amount. Therefore, the system automates the process and will account for taxes on the final sale price? Is this right? Look forward to hearing from you.
Hi Hector! I have learned so much from your videos. Thank you so much! Would purchases made by debit cards be the same as check?
Yes. Same as check
@@HectorGarciaCPA wow, thank you for the quick response! Have a blessed week.
Hi, I would like to order QBO with class. Also, do you have any videos for setting up chart of accounts for real estate, property management company, rental arbitrage, traditional rental properties held for over 1 year.
Get QBO plus. No i dont have such video
Thanks Hector, that was really helpful. I was wondering, should the purchases made with petty cash from these vendors include receipts? Why or why not?
I would
Great video! New subscriber here. How should I assign purchases made with Venmo?
Thanks a lot for these videos Hector, i have really benefitted ever since i started watching them. I have a request though, Would it be possible to have a video for a school set up accounting? I am a bookkeeper for a new company based online, i would really be inspired if you can assist.
Is not in the plans
Hi Hector so after I import all my Inventory do I create a sales receipt each time sometimes sells, and do I create a expense each time adjust my inventory (after the initial import).
Sales receipt to sell it is enough
@@HectorGarciaCPA How about as I purchase inventory after current inventory import...do I create a expense each time I purcahse inventory? I do have my bank account connected. I am worried that I will expense the purchase twice... once the transaction comes in from my bank by categorizing expenses, then as items sale doing a sales receipt creating a expense manually. I hope this makes sense.
If I have physical products on hand,should I still leave the OH qty as 0 when adding products?
Always zero IMO.. adjust them in when you are done importing
@@HectorGarciaCPA perfect! You are da best!
@@HectorGarciaCPA one more question if you do not mind, would I adjust the inventory in after import on the main screen of product and services or do so by way of expense (as if I just bought the product).
I tried adding the sales tax to a product total, but it just changes the amount to what the total tax amount is in dollars.
The sales tax needs to be calculated by QB
What's the total number of users for QBonline Pro Plus
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