QuickBooks Online Home Finance Chart Of Accounts For Individuals
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- čas přidán 20. 12. 2020
- Thank you for watching this great QuickBooks Online course: “QuickBooks Online For Home Finances”. This QuickBooks Online Home finance lesson will show you how to set up and save the chart of accounts for someone using QuickBooks Online for their non-business, personal financial records. An “account” is a record of transaction. The chart of account are the records of transactions in categories. Home finance users will need an account for every income source, account for every expense or expenditure and an account in the chart of accounts to record and track each bank account and credit card account you have. Once these are input in the QuickBooks Online Account list, you will record all transactions in to their correct account category. Individuals have different financial needs from a company and that’s why the leaning approach about how to input the chart of accounts is a little different. You will see the relationship between the expense accounts and the vendors who provide services for you. The vendor's list is as easy to manage as the list of accounts in the chart of accounts. You will likewise see the customer list for all of your personal income sources. Each income account should have a customer on the quickbooks online customer list.
This CZcams Home Finance QuickBooks Online Playlist is the only set of videos anywhere that shows you how to use QuickBooks ONLINE for your non-business, personal finances. Whether you are managing managing the finances of your whole family as 1 complete entity, or using this playlist video series to keep financial records of a trust or an estate, these techniques will work for you and give you the ability to asses your financial position and see how well you did in a any particular time period.
Everybody can benefit from this course. Everybody will need, in one way or another, to be able to manage their personal, home finances. QuickBooks Online makes it easy and affordable if you simply know how to use it. That’s what this video playlist series is all about.
These easy, step-by-step QuickBooks Online tutorials show you how to handle anything individuals, families and even trusts and estates may need to keep financial records of. Yes, these techniques and methods shown here are appropriate for Trust And Estate Accounting because those are entities that you will have all your finances organized and managed smoothly with the help of QuickBooks Online. Learning what you need to know from this fun and easy course will give you everything you need.
You don’t need any prior knowledge of: accounting, computers or QuickBooks to enjoy studying this fun and easy course. Almost as soon as you start, this course will give you everything you need for you to manage your money. You can even estimate your taxable income for estimated taxes and find your personal net worth. There are several features in QuickBooks Online that will make personal financial management skills perfect for you.
The full QuickBooks Online Home Finances play list is here:
• Introduction And Set U...
The QuickBooks DESKTOP playlist for Home Finance is here:
• QuickBooks Home Financ...
You can lean QuickBooks free at the main CZcams channel:
/ woldwidequickbooks
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Other Related Videos 👇
QuickBooks Online Bank Reconciliation and proving correctness:
• QuickBooks What Is Ban...
QuickBooks Online Bank Feeds And Importing Transactions:
• Setting Up Bank Feeds ...
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Hello to all of my QuickBooks friends using QuickBooks Online to manage their personal finances. This QuickBooks Online Training tutorial will show you how to manage the accounts in the chart of accounts if you use Q.B.O. for home finances. There are only 3 kinds of accounts that you need to set up; bank / credit card accounts, Income type of accounts and Expense type of accounts. After you learn about the chart of accounts for home finance non-business personal transactions, then later we will record each transaction in to the appropriate account category. This way, individuals and families can use QuickBooks Online to track their income and expenses
I hope you will click “like” on any video that helped you and I hope you will subscribe!
-Mark
So happy I found this!
Thank you for telling me
Make sure you click on the top right corner of this video so you get the link to the full playlist that you can watch in proper order for best understanding
Mark
amazing! these are the best
Thank you I'm glad it helped you and I hope you will click like after watching each one and subscribe
Very Helpful! Thank you
So glad!
If you click in the top-right of the video, you can get the full, complete home finance playlist course. You can also find the link in the description field. If you watch all of them in proper order, you will have everything you need.
-Mark
Hi - You are so learned with Quickbooks! Was wondering - how do you enter personal investments when using quickbooks desktop for personal finances? THANK YOU SO MUCH!!
Thank you for your compliment and your question
If you click in the top right corner of the video, you will see the link to the full home finance playlist. I definitely have a video For every topic including the one you're asking about. Please confirm you have the link and found the video you're looking for
Mark
Hello! I have just gone to QBO- some of the input screens have changed in the latest version of QBO- for example there is now a "Tax Form Section*" required when entering an item on the Chart of Accounts. It seems to have set options to choose from. What am I supposed to do with this required field? I'm putting most to "Other Miscellaneous Service Cost" (oh I'm using QBO for Personal Finances (vs. Business)
Do you have the "plus" version of the software? For hoem finance, you need the version with all the important features.
Please advise and I will help you.
You should click in the top-right corner of the video to get the link to the full home finance playlist and watch all in proper order to realy understand best.
-Mark
Hi Mark - absolutely love your videos - I have two questions and will post separately. My first question is that when I go to add a new expense into the chart of accounts there is no 'other business expense' option. The only option listed that is close is 'other miscellaneous service cost' - will this option suffice? I do have the plus version
Thank you for asking. If you have the plus version then I really don't know why you would have different options for account type and detail type.
Try to remember however, that detail type does not really affect the behavior of the account it's just an added detail for you to understand what that account is used for.
As long as you use the proper General type then you should be fine
Mark
Hi, is it possible, or would you recommend against deleting pre existing accounts that QuickBooks starts you off with.?
Thanks for your content.! Learning a lot
Thank you Oscar
I'm glad you like the channel
If you are someone who is distracted by a list that is too long, then you might make the irrelevant accounts inactive
I don't think there are so many accounts that if we get in your way and you may need one of those expenses even as a home finance person
It's really your discretion and whatever works for you
I'm here if you have any other questions and if you feel the videos help you please support the free Channel by clicking like and subscribing
Mark
Hi Mark - my second question is : I have a rental property and claim a lot of expenses for this property when I do my taxes. Can I still account for these expenses when using quickbooks for personal finances or should I have a separate account under a landlord setting? All of the purchases/income from the property currently come out of my personal accounts. Thank you in advance for your time!
Thank you but I have a specific separate playlist for quick books for landlords using quick books online and even though it's the old interface, you still should be able to learn everything you need to learn from the landlord's playlist here.
QuickBooks ONLINE For Landlords:
czcams.com/play/PLqRhgBZfJuE5sTNbBRCnTBVxKzSeEdhyc.html
You do need a separate quick books online account for your property management completely separate from your home finance
Of course, when you transfer money from your property bank accounts to your home finance bank account you should record that transfer as income from property but they should be recorded as 2 separate entities and therefore used 2 different quick books online accounts
Here is the link to the quick books online for home finance that you will need
QuickBooks Online For Home Finance: czcams.com/play/PLqRhgBZfJuE7Q384t8vu8NZjcndmAimAz.html
I hope you will always remember to click like after watching each one and please subscribe to help support the free channel for everyone
Mark
Is there a reason to only use “other business expenses” or can you utilize the other detail types when setting up the various expenses?
Most of the time the detail type never makes a difference when you're using quick books online
In this case, most of the detail types that you choose will not make much of a difference in how it behaves and where it shows up
Most of the time it's just for you to look at your chart of accounts and have some clarification
Mark
I have Business Quickbooks and I'm wondering if it's possible to make medical expanses sub-account under "personal expanses"
Thank you Shira,
Of course you could but it's really better to keep all your personal finance records in a separate QuickBooks Online account. Then, Click in the top-right of this video to see the full home finance playlist. Then you will see the proper way to do everything.
-Mark
For the new update, click new account. Save account under “type”. And the detail type will be the “Tax form section”. Then your account name and bingo.
Yes thank you they changed the chart of account interface long after I made this series so I will have to remake it with the new interface and the better microphone but everything else is exactly the same regardless
I'm excited to follow your course to use QBO for my home finances. I had already created an account and linked my checking account. Right away I'm having a problem, creating accounts. When I go to the Chart of Accounts page and click on New, it offers me to set up a new Category, not a new Account. I don't understand why. Frustrating. I can't even get started tonight. Thank you!
Thank you so much Rhonda,
I'm happy to help you if I can.
What is different on your screen compared tot he video? I never saw "category" as an option in the new account window and never saw that choice appear whne clicking "new account".
-Mark
@@worldwidequickbooks Thank you Mark! Thanks so much for wanting to help I'm very, very surprised to see that appear, but it's still happening. When I'm in the Chart of Accounts screen, and I click on "New", instead of the pop ups that allows entry of a new account, I get
New category
Categories are for tax time and accounting. Tags might be a better way for you to get custom insights.Find out more about tags
Even when I go to quickbooks help, it says I should see the the drop down that allows creation of a New account. Maybe I need to start over. I had already created an account I am paying for, and connected it to my personal checking account, and imported about a months worth of transactions. I had used QB for my small business, so thought it would be easy to do for my personal finances, but am feeling a bit confused about how to do that, and now this. I appreciate what you are doing and the help! Maybe also I need to call QB support, but I'm afraid they will charge me
@@rhodaclimenhaga9364 You seem to have a tech support issue.
If QBO tech support cannot help you, then I would cancel the account and sign up fresh with a different email address.
-Mark
@@worldwidequickbooks I ended up cancelling the account and signing up fresh, it's working perfectly now
Hi Mark, I have set up my bank, credit card, and cash on hand accounts. Most of my expenses are paid through my bank and credit card. Can my expenses and vendors be directly linked from my bank/credit card account automatically or do I have to input them manually? The expenses and vendors vary widely, monthly and I am wondering if this information can be linked through my bank/credit card account records. Thank you very much for your assistance.
Yes of course! First, thatnk you for asking.
Second, I reccomend that AFTER you finish this playlist for QBO home finance, you do the "bank feeds playlist.
Make sure that you have the whole QBO home finance playlist by looking in the description field or clicking in the top-right of the video.
Then, do this bank feeds playlist. It expidites things as you said but you must finish the home finance playlist to understand this one.
czcams.com/video/3ocpiJb63ws/video.html
I hope you will remember to click "like" on each one after watching and please subscribe.
-Mark
@@worldwidequickbooks I will make sure to review the home finance and the bank feeds playlist. Thanks Mark. Much appreciated.
Hi Mark, please, how do I add a TFSA, RRSP account and a crypto wallet into the chart of account ?
Is keeping records of a cash app for any of the crypto currencies would be exactly the same as keeping records of a bank account with any foreign currency
You can download a special app that you can add on to your quickbooks books file that will allow you to use your crypto currency like any other additional currency inside the multi currency feature in quick books
If it were a normal currency then quickbooks would already have everything it needs to keep records of a bank account with a normal currency that's backed by a government
If you want to use a currency that's not backed by a government then you have to find on Google or somewhere, an app that you can add to quickbooks that adds that specific crypto currency to the multi currency feature inside your quick book's file
That would be the only way because only a special app can make the decimal places as many as you need when dealing with multi currency
Here's the desktop playlist for the multi currency feature please let me know if you rather have the quick books online playlist for the multi currency feature
Learn Multi-Currency Feature In QuickBooks Desktop: czcams.com/play/PLqRhgBZfJuE6wyVuVE-SDzgvEMBY679Dd.html
Mark
@@worldwidequickbooks Thanks Mark. I will go through the playlist. Can you please advise on how to add a TFSA, RRSP to the chart of account account. This is money that is deducted from my checking account that goes to my RRSP and TFSA account. Should this be categorized as a transfer? Thanks you.
Hello, I have a question. I am setting up a quickbooks acct to track our personal household income and expenses. I watched your video and see that the detail type is "other primary income". When I go in to edit and add a primary income acct, it does not give me any other option except Service/Fee for the detail type. How do I change that? Thank you
Thank you LeAnna,
You must first make sure that you have the "PLUS" version of QuicBooks online. The other 2 versions are missing important features.
Anyway, in this case, detail type will not make a difference.
-Mark
@@worldwidequickbooksEven with the plus version, it’s still updated and these features were update. Please make a reupdate on this section please.
Why do you use Other Expenses instead of the pre-populated Expense categories provided in Quickbooks
Yes there's a reason for that and I suggest you click in the top right corner of this video to get the link to the full home finance playlist
Each video is only a few minutes and you need to watch them in proper order to understand everything and it will be easy as Elementary School but Encompass everything you need to really keep perfect records of your home finance so your personal family affairs
Mark
Can I use 1 quick books online for both business and personal? Thank you!
Yes, absolutely
You must keep them separate and you must have separate quick books online accounts.
But yes,you can absolutely do that..
You should click in the top right corner of this video to get the full home finance playlist and watch it in proper order to understand everything and I guarantee. You will have everything you need and football's online to completely manage your home finance and the best possible way.
Mark
Thank you for such a quick response 😊
How do I add lines of credit and mortgages?
If you click in the top right corner of the video you will find the link to the full playlist. Although you really should watch the full playlist in proper order to understand everything within its context, you can look at the titles of the videos in the playlist in the right hand panel and see where I put mortgages and long term liabilities with loans and interest
Please confirm you found the playlist and the videos or I will send them to you
Mark
@@worldwidequickbooks thank you, but it won’t allow me to edit the account type until i reconcile the cash accounts? I spoke with a representative at QuickBooks and they said I had to hire an accountant to resolve it. All I am trying to do is upload my accounts accurately and take a look at spending etc. but this software seems to be designed for absolutely expert level users.
Hi Mark, thanks for your video I am finding it extremely helpful. However, I'm a little confused about something. So, I signed up for a Q.B.O Plus account in hopes of eventually using it to freelance as an accountant (I've recently completed an online accounting course). In the meantime though, I thought I'd use it for my families personal finances. so far I have connected a few checking accounts, savings, a credit card account, and some paypal account even. what im confused about is if your course is suited for connecting these accounts so that the transactions in them are automatically recorded (which is what I have already done) or are you suggesting that we just add the accounts to the charted accounts as you've shown in the video and then add every transaction manually?.
And I have one more question if I may. when I try to add an account (either manually or connecting it to my bank), I don't see the option for "BANK' under "Account Type" so I have chosen "CASH AT BANK AND IN HAND" as it seemed to be the equivalent from what I could tell. is that okay?
Thank you :)
One question at a time please and only two to three sentences a question and then I will be able to help you
@@worldwidequickbooks okay sorry about that.
Question: are you suggesting that we add every transaction to the accounts manually or is it okay to connect these charted accounts to my our various bank account so that it automatically records transactions?.