Unless there is an integration I am not aware of, there is no way to do that. I wouldn't want to either. You can always run reports in Upwork to vies that data. I would simply enter a bill in QBO for what you owe them and pay it.
Hi! What does "Clearing" mean exactly? What if you are not an LLC, and have no card pertaining to your business? Would we still make a separate account for "Clearing"? I appreciate your content! Thanks so much!
Hi Paige! The kind of entity is irrelevant to this process. The idea of the clearing account is to make it easy to reconcile the Upwork payments and fees with the activity in your bank account.
You would need software like SaasAnt Excel Transactions, and then of course you would need to prep the spreadsheet to import it. Of course once you've done that once, you have a template so it's very quick after that.
Thank you for the video. One questions: What about the fee Upwork charges? Can I just ignore it, since they take their fee before they pay me? So on $100, there is a $20 fee. Do I just record $80 of income. Or $100 income and a $20 expense?
Hi! I would show the full amount that you were paid, and then show the fee as a deduction. So you would record an invoice for the full amount that you were paid. Then when you receive payment, you receive the full amount into undeposited funds. Then you record the deposit, check of the payment for the full amount. Then add a line item in the deposit with a negative amount for the fees, and book that to "Upwork fees' or something along those lines.
That's up to you, really. The way I would do it, is Set up Upwork as a customer, and then the customer as a sub-customer. This way you can track all of your jobs for Upwork in one place. Makes for nice reporting.
Hi! If you want to work as a freelancer in accounting, then you need t know your stuff! Keep studying, get your first client. Expect to make mistakes. Lots of them, but make sure you learn from them. Make sure you have a good mentor. Someone you can lean on for guidance when you run into issues you've not yet learned how to handle. I've had someone just like that, and while it is a lot less often, than it used to be, I still lean on him for guidance. You should be able to go through a client's balance sheet, and identify where there may be issues. Then, once you have the skills, you'll want to do something to bring in the clients. My RUclips channel here is a good example of something that really works. I don't make claims about what I can do. I simply demonstrate and teach it. Then people call.
Thank you very much, it was very helpful.
Thanks! This was super helpful in understanding how to use Quickbooks with Upwork.
Thanks again My question is, how to transfer a freelancer's time sheet from Upwork to QBO?
Unless there is an integration I am not aware of, there is no way to do that.
I wouldn't want to either. You can always run reports in Upwork to vies that data. I would simply enter a bill in QBO for what you owe them and pay it.
@@nerdenterprises Thank you very much. have a wonderful time
You save my life... Great video
Thats is fantastic! You've just saved somebody with this informative video. Thank you so much!👍
Thank you so much! I'm so glad this helped!
how to account for upwork refunds?
This is from the perspective of a Client on Upwork. How can I record my transactions as a Freelancer?
Hi! What does "Clearing" mean exactly? What if you are not an LLC, and have no card pertaining to your business? Would we still make a separate account for "Clearing"? I appreciate your content! Thanks so much!
Hi Paige!
The kind of entity is irrelevant to this process. The idea of the clearing account is to make it easy to reconcile the Upwork payments and fees with the activity in your bank account.
Thanks for this! Instead of creating each transaction separately in QBO, is it possible to upload the CSV from Upwork?
You would need software like SaasAnt Excel Transactions, and then of course you would need to prep the spreadsheet to import it. Of course once you've done that once, you have a template so it's very quick after that.
the payment goes to Upwork but doesn't the 1099 that Upwork issues come from us? if you use QB's 1099 feature
Evan Adams no. Upwork can't issue a 1099 from us. We pay Upwork. Upwork pays the subs. They issue their own 1099.
@@nerdenterprises Will it not raise any issue to record the amount under the contractor's name (vendor) when in fact it was paid to Upwork?
@@nerdenterprises and create the other entry under another vendor's name, which is Upwork ?
@@mrmbizservices Shouldn't be a problem. I would make sure to indicate somewhere that this was "via upwork."
@@mrmbizservices Which other transaction?
Thank you for the video.
One questions:
What about the fee Upwork charges? Can I just ignore it, since they take their fee before they pay me? So on $100, there is a $20 fee. Do I just record $80 of income. Or $100 income and a $20 expense?
Hi! I would show the full amount that you were paid, and then show the fee as a deduction.
So you would record an invoice for the full amount that you were paid.
Then when you receive payment, you receive the full amount into undeposited funds.
Then you record the deposit, check of the payment for the full amount.
Then add a line item in the deposit with a negative amount for the fees, and book that to "Upwork fees' or something along those lines.
Awesome. Thank you so much.
One more questions. To whom should I make the invoice out to? To Upwork or the customer?
That's up to you, really. The way I would do it, is Set up Upwork as a customer, and then the customer as a sub-customer. This way you can track all of your jobs for Upwork in one place. Makes for nice reporting.
Good idea. Thank you!
You bet! Let me know if I can help with anything else!
what skills are required to work as a freelancer? as i am studying accountancy qualification but want to work online as a freelancer.
Hi! If you want to work as a freelancer in accounting, then you need t know your stuff!
Keep studying, get your first client. Expect to make mistakes. Lots of them, but make sure you learn from them. Make sure you have a good mentor. Someone you can lean on for guidance when you run into issues you've not yet learned how to handle. I've had someone just like that, and while it is a lot less often, than it used to be, I still lean on him for guidance.
You should be able to go through a client's balance sheet, and identify where there may be issues. Then, once you have the skills, you'll want to do something to bring in the clients. My RUclips channel here is a good example of something that really works. I don't make claims about what I can do. I simply demonstrate and teach it. Then people call.
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