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my accountant is asking me to move all accounts receivable deposits to income, how do i do this?

i like how you explain the concepts very clearly and easier to understnad than most tutorials I watched. I hope you continue doing videos like this. Great job!

Thank you!!!

Nice video in giving the good tips.

Yes please in depth videos please 🙏🎉

7:54 Technically, as an independent contractor (1099 filer) you should already have your own office space. Careful with businesses that try to pass you off as an employee when youre not. Don't wanna be hanging out with the wrong crowed.

I need this video, but for when my client is writing checks that bounce. Several from a liability account. What do I do with those when it wasn't money coming in but more money going out, it bounced.

AJ, thanks for the video. Very helpful. Question: My new client used to handle his own bookkeeping, and he has not used "Undeposited Funds". He is a consultant and he invoices attorneys. The attorneys pay him with checks and sends them through the postal system. He gets the checks and deposits them into the bank. Should I follow the same steps in the video when the bank feed alerts me that he has deposited the checks or when he tells me via email?

Very helpful!

wonderful video!!! Thank you!!!

Thanks, how can I improve on my analytical skills

But in my case it has nothing to do with cheques. Who receives physical cheques anymore anyway? Could this be something else? What's the journal entry when money from customer is deposited to my account but I haven't applied it to my invoice? This is just a horrible account that's been unfortunately named

Where should I post the funds if an invoice wasn't entered?

Hi AJ, I have 1 more question about the last part of the video where you show how to record "Due From Company B". I understand where you mentioned that Company A should not categorize it as "office supplies expense", because it should not show up on their P&L. That makes sense to me and does not trip me up, but I was confused because I did not see how Company B can get the Office Supply expense to show up on their P&L. When I log into Company B's QBO account to categorize the transaction, do I follow the steps that you gave in the first part of the video?

I want to create a DBA company and want to use the same tax accounts. Is it possible to change the name of the company and logo on the DBA? When I have created a new invoice template it changes the name of all of the invoice templates and changes the logo for all of the invoices.

How would you handle situation like this? My client used his personal Venmo account 7 times to pay a contractor. He also sent money (7 times) from his business checking account to his personal Venmo account to pay off the balance. Now, there are 7 transactions in the For Review tab in the bank feed. How do I categorize those 7 transactions in the For Review tab where he paid off the Venmo balance? Not sure how to handle or record the 2 different parts: 1) business expense paid with personal funds and 2) outgoing money from business account to pay off the balance of the personal account. Thanks!

We use QB Premier Contractor 2021, we do not want to change to online, but we need to upgrade by May 31, 2024. We also use a PR Subscription, we don't use all the features of Premier, could we just go with Pro 2024?

How much do you recommend to charge?

I have a CRM that linked to QB and duplicated everything. It's a mess. Any idea where to start? My accounts receivable is -$97k

Great detailed explanation. I really appreciate how you explain why things are done

how does this work when you are working with third parties, i have a third party pushing me invoices, and i have my bank account synced online so when i match it is making my A/R and undeposited funds way off

Thank you, thank you, thank you!!! My CPA encouraged me to get Quickbooks online but I’ve had no formal training and I’ve been duplicating transactions and even though I was reconciling my bank statement I didn’t know I needed to reconcile the credit card statements, so when I did that I duplicated and made my profit and loss statements way off.

Thank you AJ. I thought the video was helpful but it didn't address my question. I have a deposit still showing as undeposited even though it has been recorded to income, A/R and the bank account. All entries appear to be correct but the undeposited entry has not been offset?

Thanks for sharing

The CPA is ok with me just using vendor capital one and expense gas and fuel... Been doing it for a year now QuickBooks gave me an error message must choose a credit card??? I don't understand can you help

How does account receivable and payable work with cash and cash equivalent in QuickBooks online

Thank you!!

Is there a certain QBO tier for these features or will it work for all of them?

Thanks so much. I've spent over 2 hours trying to find a way do this, before finding your very helpful video. You're a champion!

Thank you for help. Still very confusing. My question is, how come that when the deposit hits your bank feed, and you match it to that payment, its does not take it out of undeposited funds? It should automatically leave the undeposited funds becaus its now in the bank, but it does not. So confusing.

thanks for this video, very helpful

What do you do when accepting online payments and say.. after stripe takes their 3%, only $970 was deposited, but the client did pay the full $1000?

this was super helpful, thank you!

Very helpful. Thank you

This video was very helpful and saved me so much time trying to figure out how to account for this bounced check. Thank you.

Thank you!!

Thank you so much!!

Hi,I hope to join a bookkeeping/Accounting firm as an virtual employee. I like to work for US,UK,Australian or New Zealand bookkeeping firms. I live in Sri Lanka(My country-It is south Asian country).How can find a job?

What can you do if the payment comes from a credit card directly to the bank through a payment processor? Such as Wix.

I really appreciate this video. Thanks!

How do you get rid of a open balance on an existing invoice that was partially paid. The customer changed the final scope of work or refused to pay the remaining balance. So all of our outstanding A/R has to do with partial invoice balances. We run our company on a Cash basis.

This video was helpful, I would also need help with Desktop Pro Plus. I love your videos always give me an answer. Thank you very much.

How do I clean up books that someone has left moneys in the undeposited funds for 8 months and reconciled the bank statements? Make a JE? Mind you theses are invoices that are paid. Should I void the invoice and add a memo paid but duplicate deposit?

Very helpful!

It shows as depositing to 'undeposited funds' what does that mean?

What about if it was a credit card refund that was part of a batch you received from your card processor that's part of a deposit. This method won't show up in the deposit for you to reconcile

I enjoyed your video, concise, to the point and good advice. I trained up learning Xero because it's the most common accounting software in NZ. I did a bookkeeping course and a Diploma in Accounting. I'm trying to land work with a bookkeeper or accountant using Xero because this is a new industry for me and I don't have the confidence to jump straight into starting my own bookkeeping business until I get some experience first. I'm finding that most people don't want to employ someone inexperienced like myself, they forget one day they started at ground zero just like me, hopefully one day soon, God willing, someone will Bless me with an opportunity. 🙏

Thank you Very useful information.

Great advice. 👌

after adding my deposits through the undeposited funds it isnt adding the amount to my checking account even though the deposit shows. Is there a place to turn the undeposited funds account on that I am missing?