I think you read my mind with this one! Your short video was great, but I wanted a bit more! Would you make one that also talks about ways to analyze your balance sheet? Thank you for making videos!
@@ClaraCFO Hello, I wanted to know how can I take customers payments in group them into a jounral entry vs holding them in undeposited under received payments?
Thank you Hannah for putting out this series. Excellent presentation. So besides what you stated, that it’s to know the amounts in the accounts, what would be the purpose of reviewing the BS, how often should it be reviewed, what should we get out of it, should we compare it to other periods in time, if so what are we looking for. Look forward to hearing more. Thanks so much!
I so appreciate this. I kind of got into taking over the role of all things financial for a business due to a forced medical retirement and .... I have NO idea where any of these numbers are coming from. I'm going back to basics and doing a new company file in Quickbooks so that things can be automated like they're supposed to and all the gremlins can be cleaned up starting fresh. But looking at what is in there... based on what I see ... nothing is making sense so I'm back on the youtubes to see what am I missing. Thanks for this!
Hi Hannah - just found your videos and they are most helpful. We are in the very early stages of start up (first 120 days). My question concerning balance sheets is: do I count annual software subscriptions (e.g., WordPress, Memberpress, MailPoet, etc.) that expire some months in the future as assets? And I decrease the value of that asset so that its worth is zero when the subscription expires? Thanks again for making time to maintain this channel! Best, -Dave
Thank you for your helpful video. If you can also create a video like how to do balance sheet reconciliation as a case study, that would be great! Thank you for your good work!
Hi Clara. Thank you so much for your very informative videos. Quick question, which accounting software program do you recommend for a VRBO/Airbnb business? Thanks
Sometimes that is necessary, but I would look for help from someone who specifically does QB cleanups before you go this route! I have a contact if you need one. Email us at hello@claracfo.com if you'd like to be connected.
To see a more clear picture in understanding balance sheet is to look at the assets and ask a question whether your assets are completely yours or not by looking at the liability and equity, if it's 100% equity and 0% liability means all yours otherwise if there are some parts are liabilities then the assets are not completely yours cause you still have a liability to pay them.
@@ClaraCFO I am looking for content on all kinds of adjustments when they're needed, Why they're needed ..Trying to understand that ...just starting my business this year
@@nleposk1 You really don't need to be doing many journal entries as a new business. They are used mostly in accrual accounting and at the end of the year to potentially close out your books for taxes. Your CPA will do those for you or give you any adjustments that need to be made. Most cash-basis business owners don't have to do any though.
@@ClaraCFO my business is bookkeeping, I'm going through a course but they aren't addressing that. But if that's the CPAs responsibility I can see why. Thank you
I think you read my mind with this one! Your short video was great, but I wanted a bit more! Would you make one that also talks about ways to analyze your balance sheet?
Thank you for making videos!
Great suggestion! I definitely can do a video on that. What are you analyzing for? What’s the goal you have in mind?
@@ClaraCFO Hello, I wanted to know how can I take customers payments in group them into a jounral entry vs holding them in undeposited under received payments?
Thank you Hannah for putting out this series. Excellent presentation. So besides what you stated, that it’s to know the amounts in the accounts, what would be the purpose of reviewing the BS, how often should it be reviewed, what should we get out of it, should we compare it to other periods in time, if so what are we looking for. Look forward to hearing more. Thanks so much!
Great topic ideas Patty - We will definitely work on another balance sheet video!
Excellent
I so appreciate this. I kind of got into taking over the role of all things financial for a business due to a forced medical retirement and .... I have NO idea where any of these numbers are coming from. I'm going back to basics and doing a new company file in Quickbooks so that things can be automated like they're supposed to and all the gremlins can be cleaned up starting fresh. But looking at what is in there... based on what I see ... nothing is making sense so I'm back on the youtubes to see what am I missing. Thanks for this!
Very informative video clara!!!
Thank you! Thanks for watching!!
Wow that's nice
Hi Hannah - just found your videos and they are most helpful. We are in the very early stages of start up (first 120 days). My question concerning balance sheets is: do I count annual software subscriptions (e.g., WordPress, Memberpress, MailPoet, etc.) that expire some months in the future as assets? And I decrease the value of that asset so that its worth is zero when the subscription expires? Thanks again for making time to maintain this channel! Best, -Dave
Thank you for your helpful video. If you can also create a video like how to do balance sheet reconciliation as a case study, that would be great! Thank you for your good work!
Thank you very much for giving this information please due vedio on invoice matching
Invoicing video is coming out in 2 weeks!
Hi Clara. Thank you so much for your very informative videos. Quick question, which accounting software program do you recommend for a VRBO/Airbnb business? Thanks
I think I almost need to do a fresh start on QB's it's kind of a mess from the person that was doing the bookkeeping before me.
Sometimes that is necessary, but I would look for help from someone who specifically does QB cleanups before you go this route! I have a contact if you need one. Email us at hello@claracfo.com if you'd like to be connected.
To see a more clear picture in understanding balance sheet is to look at the assets and ask a question whether your assets are completely yours or not by looking at the liability and equity, if it's 100% equity and 0% liability means all yours otherwise if there are some parts are liabilities then the assets are not completely yours cause you still have a liability to pay them.
That is one way to look at things! thanks for sharing!
Do you have any videos on adjusting entries?
I do not - what kind of adjusting entries are you thinking about?
@@ClaraCFO I am looking for content on all kinds of adjustments when they're needed, Why they're needed ..Trying to understand that ...just starting my business this year
@@nleposk1 You really don't need to be doing many journal entries as a new business. They are used mostly in accrual accounting and at the end of the year to potentially close out your books for taxes. Your CPA will do those for you or give you any adjustments that need to be made. Most cash-basis business owners don't have to do any though.
@@ClaraCFO my business is bookkeeping, I'm going through a course but they aren't addressing that. But if that's the CPAs responsibility I can see why. Thank you