Відео

You would book it to the asset directly for cash. The cash would be your credit, and the debit would be the asset of the vehicle. If there were fees involved with warranties, and such, you would expense those.

I have only seen a sub-account created on a credit card. You could edit the sub and make it stand-alone. If you rename it the same name, it will merge. Be careful, however, as you cannot undo that action and it will undo reconciliations. You could use Intuit's test company and replicate what you see and test the results. quickbooks.intuit.com/learn-support/en-us/help-article/small-business-processes/test-drive-quickbooks-online/L9C12ODlA_US_en_US?uid=lxd50q3l

Thanks for your reply but It won’t let me merge because it’s a ‘linked’ account. I’m going to try and move all of my transactions to the linked account, uncheck the sub account box, and delete the account that I made. Hopefully that will do the trick

Yes, if you go to my website artesaniaccounting.com you will see a free online resource in the blog section.

I would do a separate transaction to remove the truck that you are writing off. Contact your accounting professional for the correct journal entry.

If the 5k and 25000 are for the asset, it would go against the asset. Is the vehicle titled in the name of the company? It needs to be to put it on the books.

Hi vechile in owner name not company name psying loan off still

@@esmareldafortuin5741 If it is not titled in the business name, it cannot be put on the books. I suggest you speak with your tax professional.

@@artesani Thank you for your response. I just updated the title to be in the company name. Can you please tell me how to enter this in QB online? The vehicle is paid off with the company as the owner of the title

Also, should the parent account balance match the credit card statement balance on 12/31/XX?

Yes, your parent account should match the balance on the credit card account.

@@lyndaartesani2653 f the parent account has a positive balance, how would you balance out the parent and sub accounts?

No. You would only be able to restore a backup, if you backed it up.

But I’ve seen it where people have used Clio as their billing software and they don’t connect it to QuickBooks. Not sure if that’s what you’re asking. I don’t recommend that as it’s important to keep one strong workflow. However, Clio is a practice management system for the law firm and a place to do legal billing. It is not a full ledger system. That’s where QuickBooks comes in. QuickBooks would be where you track all the income and expenses.

@@lyndaartesani2653 yes, quickbooks will be used for income and expenses for the office side. The fees which will be transferred from client to office account and the disbursements are to be synced with qbo ( from the bill syncing option in clio). Since clio has the reconciliation option adn bill management of client side, so, I was wondering if these would be enough to manage the client accounting.

who owns the vehicle?

@@artesani It’s owned by my cousin

Then, why would you put the truck on the books? Unless the company is going to buy it from your cousin you don’t need to place the vehicle on your books.

@@lyndaartesani2653 Ah okay makes sense. Unless the company buys it from my cousin. The vehicle is used for business purposes and was purchased with my cash so I was just curious on if it was possible

under the advanced search option, you can filter.

Thanks Lisa!! ❤

Hi Jaybook: Yes, the Accountant's Law Lab is a great place to learn about the 3-way bank rec and much more. Our course dives deep into that if you want to DIY learn. If you prefer to learn in a group setting, the Law Lab is your place. Clio is a practice management system, not an accounting GL. you need qbo and Clio.

@@artesani thank you so much! I do like to DIY if I can, but I’m humble enough to know I very well could use more individual help if the course doesn’t cover everything in as much detail as I may need. It sounds like the Law Lab comes with material to learn certain things(or everything), or is it more of a community to ask questions as they arise, and the course is more meant for learning from A-Z? As an example, would the course show everything from Chart of Accounts set up to the 3-way Rec, while the Law Lab is not as thorough but there is a community of support? In regards to Clio and QBO, I was under the assumption Clio generated the necessary reports to provide the tax accountant. Is this not so?

Clio does not provide all the reports for the tax professional. With the LawLab, you get access to all our prior meetings and you have access to ask questions to the group that’s in a private space.

Debit the vehicle (asset) credit the loan.

You don’t. Any vehicle on by the company should be titled in the companies name.

If you applied a payment that did not exist (and therefore would not clear the bank, I suggest you unlink it from the invoice. Then remove it. But be careful if this transaction is in a closed accounting period (where you have processed a tax return.). If that is the case, you will need to do more creative accounting than that. I suggest you join the facebook group QB Community Live. My friend, Matthew Fulton will give you a video with step-by-step directions. Much easier than on this platform. facebook.com/groups/qbcommunitylive

Why was it painful for you?

And I am asking so I can improve my work.

Nothing against you. it's just the topic. Not something I enjoy.

@@rgasta7765 Okay. Thank you for clarifying. have a great day!

Is the old account still an open account? If not, you won't be able to pull in the transactions. All is not lost; however, you can download the transactions to .csv and manually import them.

Glad it was helpful! :)

No, intuit changed the way you add to the Chart of Accounts so the functionality has changed. :(

Take a look at reach reporting software. We love it!

So glad it helped!

The truck is an asset. The loan is a liability.

Similar. LeanLaw is a time & billing software marketed towards larger law firms. Clio is also billing but has practice management built in. Smaller firms are more drawn to Clio.

@@lyndaartesani2653 thank you

Which e-book were you trying to download and I’ll make sure you get a copy.

It doesn’t say which e-book

This video was made 3 years ago and banking has changed and the way the payments come in is different on different credit cards. You can split the payments if you do a manual payment (instead of using the credit card payment feature) or do a journal entry at year-end to balance out the sub-accounts and accounts, which is my preferred method. Depending on the client (larger firms) we do it went the bill is paid (monthly). I hope that helps!

Thank you! I’m glad it helped.

You are most welcome! Let me know if you want to hear about any other topics.

@@artesani YES! It's clear that LeanLaw can be used for Real Estate (Trust account) closings - but the closing workflow is different and LeanLaw doesn't provide clear guidance for the "Pay from Trust" feature for closings. So, for real estate closings, how do I record the payment for the attorney's closing fee (invoice) in LeanLaw since the attorney's fee is generally paid during closing via an actual physical check written against the trust account? If I pay the attorney's fee in LeanLaw using the "Pay From Trust" feature, the result is a duplicate "check" entry that LeanLaw automatically creates in the trust register and a negative trust balance is created. Whoops! That can't be right. Any wisdom that you would like to share would be appreciated.

@@davideylerYT You could run the transactions through a "clearing" account to make that work.

@@davideylerYT have you reached out to the folks at Lean Law? If you tell him you’re an accountant they will train you on how to use the product for real estate Trust accounting. It’s a little bit different because it’s more escrow accounts.

You are welcome 🙏

Your welcome. Let me know if you have any other topics you would like to learn about. .

Go to your chart of accounts in on the very right side you will see a gear. click the gear and select show and activate it or show all. That will make any in active bank accounts show is deleted. When you find the one you want to reactivate, edit the account and make it active again.

@@lyndaartesani2653 oh thank youcso much. I'm having a bit if a nightmare with trying to connect QBO to tge actual bank accounts. The last time they were updated was July 2021. It's a campaign group using cash basis but very much in need of getting into order! Thanks so much for replying.

I am a believer that any amount counts. Even the small amounts. We work with clients to ensure they have the absolute best pricing on insurance, phone service, etc. Especially to make sure they are not paying for software they no longer use.

Hi Adrienne: Check out this website for more details: www.accountantslawlab.com/offers/29yonk2s/checkout

If it does not match you an just book the payment to the parent account and use the journal entry to clean up the balances.

​@@artesani Perfect, thank you. The bank actually posts the payment to the first card, not to the parent account so I'm just going to treat that card like the parent when it comes to confirming the payment from the bank. Right?

Hi Nat: You cannot provide a proper 3 way without access to Clio. It is part of the 3 ways.

Thank you!

Can you log into your bank to see if they could show up in the bank feed it didn’t bring in the transaction for some reason? If Payroll did not process, you will typically get notification.

@@lyndaartesani2653 Thank you so much for your reply Lynda. My client doesn't remember whether he received a notification. One thing is for sure, both direct deposits didn't show up at the bank on 5/29/21 or a later date. We also see his bank charged a couple returned check fees $29 in early June. To me, it proves the direct deposits failed but why did his QB book didn't reflect it and they are in the payroll report and p&L. It really bothers me because I have not seen this before? Should I issue J/E to reverse the direct deposit so I can balance the bank account?

You should see a reversing entry for the bounced payroll added in the system. It will show as a deposit. You will need to contact Intuit support to rectify this. There is a $100 fee for the bounced payroll too.

@@artesani I will, Artesani, there is no reversing entry. I think I need to report to QB to find out what 's going on. Thank you.

I have not seen that. Can you send me a screenshot? lynda@artesaniaccounting.com

do you mean the sales tax? That is considered part of the cost of the goods (purchase) and is not separated.

Awesome!

You could merge the 2 accounts. But be sure to merge them in the right order. Merge the new one that has few accts. to the older account so you don't lose the bank reconciliations.

MyCase is a bit different because they have a manual sync. So you have to push the data in.