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Create my own invoice for Banking

welcome back to the Clara CFO group Channel this video is going to be talking about using QuickBooks Online for just a regular old month a regular month of bookkeeping how do we how do we do the bookkeeping for one month and that is what this video is going to be I did a video called how to use Qbo in 2022 and it got a lot of attention but it also got a little bit of um I got I got a little bit of of um Flack I guess for not having the video be a true how-to it was kind of more of a what is Qbo because it was kicking off a series with lots of other videos showing you how to do stuff um so I was like you know what that's actually really good feedback I appreciate that and I like when you guys comment and say like hey this is this is not what I thought it was going to be you know I never like click bait and so what I want to do is really give you guys tools to really use it in your business and especially if you've gotten QuickBooks online because you used one of my discount links um you know I want to support you and be in being able to be successful with the tool so what this video is going to be we're going to take a month's worth of data in an account and we're going to upload it and I'm going to show you guys how to um like what you need to be thinking about in order to sort of complete the financials for one month so what we're going to do is we're going to have this QuickBooks file that we're going to look at and then we will import A month's worth of data if you were actually if you were able to have your bank directly connected that's always ideal but because I'm doing this sort of I can't actually connect to a real a bank account so I'm going to import a file and we're going to go through the process of classifying transactions and then reconciling a bank account and then going and looking at the financials from there and so I'll point out some tips along the way but this should be pretty comprehensive to what you need to do on a monthly basis so any questions that you guys have please make sure to put them in the comment section below this is a really basic example you can do a lot of things with QuickBooks online I've done a lot of other videos showing you a couple other things and then we also have some other resources we can direct you to so if you're looking to do something more complex in QuickBooks online check out the description box below and we'll send you to a couple other resources or if you're looking to do something very specific put it in the comments section okay and we'll try to help you out all right well let's go ahead and get into really how to use QuickBooks online on a month-to-month basis with the example of one month in particular here we go okay so let's go ahead and get started on one month of bookkeeping and before we get started make sure that you are in the accountant view because that's the view that we are going to be using here that looks like this so if yours does not look like this especially this left sidebar you can go over here to the gear icon and go to switch so let me show you what yours would look like first so if yours looks like this and you want to look more like what I have to be able to follow along better let's go up to the gear icon and go to switch to accountant view okay then we're going to be in a view that this is how I like to look at things and will also help as you follow along with these videos so you're going to go into the banking section and if you're getting started for the first time what you're going to want to do is connect your bank accounts so you'll actually go in here and connect any bank accounts or credit cards that you have and you'll link directly to your bank so let's say you want to go ahead and connect a bank account you can search for banks here so if you have a very specific bank you can look for that but here's some of the top Banks let's just say you have a Wells Fargo account you'll click through here click continue and then you will actually log in directly now this does have a secure connection so you can be comfortable with that and this gives QuickBooks read only access to pull your transactions directly into the system it does not give QuickBooks any ability to push any information to your bank okay so it's just recording transactions it's basically like giving QuickBooks access to a bank statement that type of thing so if you are so for the purposes of this video we are going to pretend like we've uploaded and we've connected the banks but what we're going to do instead and this is also an opportunity for me to show you how to do this if for some reason your bank does not connect or maybe you're having connectivity issues or maybe you have a pretty obscure Bank where it does not have a connection to QuickBooks online now I haven't really run into that with any of my clients but if for some reason you need to upload transactions and I'm I'm going to upload them so that you will see kind of the manual version if you ever need to do that and I'm going to give you one example and then I'm going to fast forward and do the rest of them really quick so remember you can always bring in your transactions automatically highly recommended it's recommended by QuickBooks it's recommended by me this is the best way to pull your information into QuickBooks now the backup is doing it manually so we're going to go ahead and select one of the accounts that I have here so I'm going to go ahead and pull in some data that I've prepared for this video and we're going to click continue and then what you're going to do is you're going to decide which so these transactions that you're uploading which account do they need to be associated with and I'm going to go ahead and Associate them with the checking account that I have and I went ahead and set up this account and then this is where you tell it some information so that it knows how to read the data and I've got the file over here opened up so I can answer questions about it and I'm going to show you guys this file real quick because this will show you the input data and then you can answer the questions better okay so it's going to say first of all does it have a row header and it's yes the answer is yes and then it's going to ask how many columns show the amount so sometimes you'll have a positive and a negative or a debit and a credit and in this situation we have the positive and the negative all in one column instead of debits and credits so we're going to select yes it has a front a first row header and then yes it's in one column and then it's going to ask the date file format or the date format so we have month day year separated here and then we're going to tell it what Fields does it need to pull in so we're going to go back and look at our file real quick so we have the date column is going to be assigned to date and then we have the description so this is what QuickBooks has in its fields and this is what we want to pull in from our file because I had five columns in this file and so we need to associate it to the right thing so for example I actually don't want it to pull description I'd rather it pull vendor here so I'm going to change this to vendor as the description because if you look at my what's actually labeled as description it's just saying deposit or withdrawal I actually don't want that information I want it to pull this which gives me the vendor information because that's going to be the information that will tell me what this transaction was related to okay and then we're also going to pull in the amount all right so we're just going to go ahead and click continue and this is a place that you can review your information so if something looks like it's not pulling in correctly you can make sure that it that you you know pull that out maybe you need to enter in something manually but everything looks great here I'm going to select all these transactions to import and then you'll click yes great so this is what it's going to look like now that you have imported those transactions this is also what it will look like if you have pulled and connected your bank directly now one thing you'll see here is that my bank is not connected because it's showing my bank has a zero balance and this means that it's not reading a live balance of what my my bank is saying so this tells me that it's not connected and if I wanted to go ahead and connect it you always can but right now it's not a live connection between the bank and QuickBooks since I uploaded these transactions okay so give me a couple seconds I'm going to go ahead and connect the other two accounts that you'll see here and then we'll get into our one month of bookkeeping okay so here we are in the bank feed section so you get to this section by going to Banking and then you should be right here once you have these connected or you have some transactions uploaded it will show these each it will show a different card for each bank or each account that you've connected and remember you want to connect any bank account and you also want to connect any credit card so that you have a separate card here and all the transactions should be included we don't want to leave anything out okay um so let's go ahead now one thing that it's pushing me to do right now is it's pushing me to confirm a paired credit card statement so QuickBooks has identified that um there is a payment to a credit card so I'm going to go ahead um I'm actually just gonna close this out it's like yes I'm happy that you did that but right now we're we're not looking at that we're just going to go through one by one and identify these transactions so um you can change the date range so if you want to go oldest to newest or if you want to go newest oldest it's up to you um and what we're going to do is we're just going to walk through like now is a process where maybe your bookkeeper is sitting down or maybe you are sitting down to do your books for the first time and you're trying to figure out you know what do what steps do I need to complete in order to you know quote unquote have my bookkeeping done and this is what I'm going to show you so first thing is is you need to make sure that all of the transactions from the month have been properly included in your account so we're going to look at the month of August so what I'm looking at here is that I've got the full month of August transaction so I have my first transaction happen on the second in the checking account and then it's going all the way to the 31st I also have all the August transactions from my credit cards here and then on also on my American Express okay so what I am going to do from this point as we're going to categorize each one of these items individually and we're going to tell QuickBooks where to put it because we need to just because it's here doesn't mean it's all the way into our accounting system yet this is kind of just a holding tank until we can categorize it and put it into the right category and then you add it you have to take an action over here in order to get it officially into your books okay and I'll show you here so um this is because I doctored up these files before I had them uploaded I just made this generic and called it a payroll provider okay so um we're gonna just go ahead and add quote-unquote payroll provider as a vendor and we're gonna go ahead and categorize this so we are going to add this vendor this is a quick ad so we can quickly add a vendor I always recommend adding a vendor name and then we're going to click save and then we're going to go ahead and find a payroll account so we're gonna put this I'm just going to make this really generic right now and just call it payroll expenses um most payroll providers have a way that you can link up and get like a journal entry or something directly into QuickBooks online so I would highly recommend that so that properly separates out payroll taxes from wages but since we're not doing that for the purposes of this video we're just going to go ahead and categorize it to payroll and everything looks good and we're going to go ahead and click add okay so here we are with an American Express payment so I can tell it's American Express from the description and then also from the detail here so it says ACH payment to Amex it's an e-payment so we're going to go ahead and create that vendor we're going to save that and then this is where we actually go to we can go record as a credit card payment we can also record as a transfer but let's go ahead and do record as a credit card payment and then we're going to go ahead and and select the credit card that we want it to pay which is the American Express and we're going to click add all right and now here's another transaction that is just this is merchant services so these are the fees that are being charged for this consulting company whenever they're receiving client payments so what we can expect coming into the bank account is client payments coming in because this consulting company has their clients on retainer and all this is just made up you guys I'm just using some real data that I've doctored into a couple different things just to give you a really great example of a real life scenario um but you know this client receives money from a separate invoicing system and when it comes in they also get charged some merchant service fees so we're just going to call this payment system as a quote unquote vendor name and then we are going to call this merchant service fees okay so that's merchant account fees typically um I like to keep those in cost of goods sold as some of you may know but um we're going to leave that there now here's something that it's the same thing this time money is received so it's coming in and this is coming from our our payment system so I just you know created that vendor so we're going to find it again and this time this is coming from sales of services I'm going to see if they have any other I could create a new account at this point but right now we're just going to put it towards sales and I have a whole separate video on chart of accounts customization so if you want to look at that you can but this is sales we're going to go put that to sales but you know what this happens a lot in this account so what I'm going to do is save myself a little bit of time and go ahead and create a rule so I'm going to say every time so I'm going to label this incoming Consulting payments and then anytime money is coming into the checking account I am going to say if the description contains this service client payments and it's a deposit I'm going to categorize it to Sales and put the payee as payment systems so it read all of this based on the rule like what I had already entered in on that transaction um let's go ahead and keep the existing Bank memo and we're not going to Auto add it right now because I want you guys to see the rules and whether or not it's working but if you want to Auto add you can and then this is save okay so it's already identified that rule that I just created it's identified a couple of these payments for me and then so all I have to do is review them at that point and if I think they look good I just can just click add really quick all right so this person also or this consulting company also sells some products and those come in through stripe which is the payment processor so we're going to go ahead and click stripe or create the vendor name of stripe and we're going to also just put this to sales for now now if it was a product sales versus a service actually I came in I can't even do that oh here we go sales of product income we're going to put it into a separate line item I was like I just can't I can't have Consulting and sales in the same line item so we need to have those in separate items and knowing that this is something that happens regularly we're going to also go ahead and create a rule again and we're going to have straight payments you can name these whatever you want um and then I like all of these rules here or everything looks great we're going to click save and look now look how many of our transactions have now been categorized as a rule you guys this is what makes QuickBooks online so efficient and this when you have recurring transactions over and over and over again in your business these rules can save you boatloads of time okay um so we're going to go ahead and just add some of these that we see were just created by our rules okay now we have an expense here by a vendor called websites R Us um someone's websites RS I'm going to go ahead and create the vendor now if I if this was a vendor that was a 1099 I would stop here because this would be somebody that I need to track as a 1099 because it's somebody who's done services for me I would stop right here and fill in as much of this information as I can so like you know make sure my spelling is right and then I would go down here to track payments for 10.99s if you have the business ID you can go ahead and put it in there but this will help keep track of things that you need to identify for 1099s at the end of the year so if you have paid a vendor take the extra second to just click the details and click that check box even if you do nothing else you can gather all the information later I highly recommend getting a W-9 at the very beginning of working with somebody but if you don't you at least have this tracked so you can keep an eye on vendor payments okay and then we're going to click add to that oh if you so if this is great if I accidentally did something and I didn't put it into the right category I can go here and I can click undo and then I can go back here and then make sure that I put this in the right category so let's see if they have a website so they don't have a website account for us maybe do they have a marketing we're going to go ahead and put this in advertising and marketing I'm breaking some of my rules here but this is all just to make sure that this is done kind of quickly I would normally have a separate line item for website charges I don't like putting things in the top account if there are sub accounts underneath it but that's personal preference um I would probably have a separate website account actually okay and so here is a payroll tax okay so this is coming from that payroll provider payroll provider and then this is a payroll it's actually payroll taxes and then here we go with some more of these rules so we just go one by one and we say what is this what is this what is this what is this and we put in the right category so it's very very straightforward um so here we're going to add these things that are already that already have rules applied we're reviewing them and then here's an interesting one so this is a payroll provider charge but it's for a flat fee and I actually know that this is a contractor payment now if I had my payroll provider linked then I would have that contractor payment pulled over and it would be very clear but because I don't have that I'm going to go ahead and knowing what this charge is I'm going to put contract labor for the payroll provider but what I might even do is actually put a contractor name in here so let's um just call it Jessica Jones and we will also knowing that she's a contractor we're going to go ahead and track that for 10.99s and we're going to click add okay um now we are going to just add everything that is abiding by the rules and then here's the payroll provider so QuickBooks will do this when it recognizes that you put something with the same description it will be smart enough to do the same thing that you did last time but this is actually my payroll run I don't want to do that so what I have to do instead is change it back to payroll provider and you can set up rules to you know identify this kind of stuff but again if you're connecting your payroll provider that's the best way to go with QuickBooks online and then we will make this payroll okay and see Look it's even going to prompt you it says hey do you want to make sure that this is all the same and I'm going to skip that for now but you know it's nice that it kind of reminds you all right and here's a stripe transfer we're going to go ahead and click add and then here is a credit card payment so we're going to double check this it's identifying as a credit card payment it's seeing okay that this is paying the card um that looks good that looks good all right there you go um and then we're going to keep on adding things and reviewing things that are identified with the rules that all looks good looks good looks good all right here's a legal payment this is a company called LegalShield and we're going to save that and then we're going to see if this has like legal and Professional Services which it does we're going to go ahead and click add now on any of these transactions you can always attach a receipt you can attach it right here and you know you can go and search for your receipts now you can do it this way there's also some software that can connect directly with QuickBooks and you can push receipts directly into the system so that's like dext is a software and hub Doc is a software so that is an option but you know if it's something that you like especially like meals I like to make sure that a receipt is attached and then or that you can find a receipt for every transaction because remember if you get audited by the IRS you need to have support for every single thing that you spend money on or you receive money on so you neither have need to have invoices or you need to have receipts okay so that's just kind of a quick reminder but that's how you can you know at any point in time if you need to attach and something you can attach it there um we're going to go ahead and continue on here here's another payroll um this is a payroll expense and then payroll provider this is actually money that came in so that's a little confusing maybe it was a refund I would want to make sure I know exactly what this is for um maybe it was something like um maybe you referred business for your payroll provider and your apparel provider actually gave you a commission or something let's say that that's what this is if that's what it is I would call this maybe we call this other income for the purposes of um let's call it other income all right so kind of weird usually we're paying payroll providers so just seeing it coming in as an incoming you want to think about well why would I have be paid by this person and usually it might be a refund but in this situation since it was a flat fee it reminded me oh yeah I you know we provided uh we sent the name of somebody to of somebody a business contact to our paper provider and that person started using the services so we got a commission okay that's called an affiliate commission and you know that's always great when that money comes in all right here's some more product sales we're going to add that um and then what is this okay this is actually so this is something called Bank NYC um this was actually interest expense on a loan okay so and I I you know I'm using this as an example of something that might come in and we're going to add Bank NYC as a vendor and this would absolutely be something that we could create a rule for um knowing that it's something that might happen again we're going to add that and then we've got more rules to apply and this you guys this is where I just find QuickBooks to be so much more efficient and I've used other accounting systems before but when you can identify rules in your business it can create so much um so much efficiency overall since most of these are rules I think you guys get the point at this point I'm going to go ahead and classify the rest foreign so let's get into the credit cards and the way that this business is structured is that the bank account is really mostly just for receiving money and then paying out like the credit card bills most of the detailed um you know software subscriptions and miscellaneous charges and expenses are not going to be out of the bank account they're going to be on the credit card and you know having this you know be my mythological client I highly recommend this so this is where the checking account is very very basic with incoming money and then outgoing larger bills and payroll and then all of the smaller transactions are on credit cards to earn those points and then the credit cards are paid off every single month um where you don't incur any interest so the transactions that we have here so these are a couple things that you're going to see on a regular basis so these are kind of more the operating expenses of the business so for example this is take command health for our HRA and we're going to go ahead and save that as a vendor and this is a payroll um it's actually a payroll expense or you know we could probably even call that so we're going to call that a payroll expense and go ahead and click add and I'm not being too picky on the categorize categories again you guys you know um here's an example of one of those softwares that records receipts so we can put that in here this is a software social media scheduling software we're just gonna pretend that that's the name of the company is social media scheduling and you want to put a vendor name in there because um it runs reports better when you have a vendor name so it is good to keep that and we've categorized that as software I'm going to go ahead and click add convertkit is an email marketing system this is also a software their co-working space we're going to call this rent rent Amazon so we know that this was let's say we had a receipt in this situation that this was um a new monitor for example so let's go ahead and this would be something I would definitely want to either you know get Amazon for business um actually synced up with QuickBooks Online which I have a separate video for that or make sure that you attach a receipt we're gonna go office long-term office equipment I don't want to put this as a fixed asset because it's not over the threshold so I like to call this just like office equipment click up is a software so we're going to add that and you don't have to add a new vendor every time it's just this is a a scratch QuickBooks account that I have never you know fully set up before so I'm having to add these vendors this first time but once that's done these vendors are really easy to pop up so once you start typing a couple letters you'll be able to choose from a drop down menu so this is a FedEx charge let's add FedEx as a vendor and then this should be like shipping shipping and postage and then here's kind of a more expensive Consulting software so um we're going to call this Analytics software as the vendor name and then it is showing up as software I mean you know QuickBooks tries to do a good job with recognizing the information coming in and and suggesting a category but it's not always right so don't rely on them always do a review and then set up your rules here's another FedEx one and it recognized that FedEx did you see that so it read FedEx and then it suggested the vendor name this time based on that last time that I had done it oh and here's a Consulting World Conference so this is a um you can make the vendor maybe it's put on by Consulting world and this is let's see um we would actually maybe call this business development so it doesn't look like they have something like that maybe they have an education continuing education I will put it in continuing education for now I probably it's kind of depending on the purposes of a conference is it more to go and get more business or is it really just training if it's just training and education then you can put it into education remember like the biggest thing about bookkeeping is looking at every single transaction and saying to yourself what is this transaction for and putting it into the right category um so Green Design was a graphic design company um we're gonna go ahead and add this as a vendor but also make sure we're tracking them for 1099 payments since they're a vendor and we're going to let's say that that was for actually a graphic design for ads let's go ahead and add that and then here's a chamber of commerce so chamber of Commerce for your city and we're going to actually go here and say that this is dues because well there's no do's and subscriptions oh memberships and subscriptions they changed it used to be called do's and subscriptions um all right so memberships and subscriptions save all right so now we've added everything from the checking account everything from the let's go to the AmEx um you'll also notice that I just pulled in the information from this past statement so I just didn't go all the way back to August 1st and that is just a choice that I made to prep for this video okay so let's go ahead for Dropbox this is a software Adobe is a software Comcast is needs to be added and this is internet professional organizations this is a dues memberships and dues I'm just going to call it Prof org and this is memberships add ubereats so this is actually a situation where the business owner accidentally charged ubereats onto a business card and it was for a personal meal so we're going to go ahead and still add this as a vendor name but what we're going to do here instead is put this as a draw because we don't want this to show up on our p l as a business expense so what we do in that situation if there's a personal expense on a business card we book it to an owner's draw and we click add and I think I saw one more charge down here this Uber Eats one down here is actually the exact same situation so we're going to go ahead and click that it's not always going to be a owner's draw so we're going to not create a rule for that um here's another membership this is a monthly membership [Music] um and so you would always put the name of the actual vendor I just wasn't creative enough to come up with names for all these vendors um I'm gonna put this as a membership actually it's really maybe it's more continuing education you know sometimes you're gonna have to make a decision well is it more like this or is it more like that um here's some meals this is for travel oops actually I'm gonna do restaurant [Music] I don't add um every single name of a restaurant ever um sometimes I just put restaurant generic and then you can attach the actual um receipt here but if you feel the name to add every name of a restaurant that's fine I just don't like to bloat the number of customers that are in the system and then I will put this to travel meals same thing travel meals I'm not going to save that right now and here's a payment um so this is recorded as a transfer automatic payment so we're actually in September transactions right now so I don't really need to do this part but I'm going to because we're going to reconcile all of these transactions as well so let's go ahead and go in here this is going to be a page from the checking account and then we're gonna add Microsoft as vendor which was these next two as well yeah let's go ahead and create a rule for Microsoft I like that T-Mobile is phone make sure that you look at the drop down and say because if you look at that phone and give you two options and this is in your chart of accounts it gave long-term assets which is a phone category or the actual expense category under utilities and that's what I wanted to choose so you can go in if you want to deactivate anything that's throwing you off if you accidentally select the wrong thing over and over again and you know you never will have that other account you can deactivate the account that's messing you up um okay and then here's a CRM big annual purchase of a CRM and we're just going to call this CRM and then let's say this is a design software okay so now that you have all your transactions in um you can do a couple things the first thing I would do before you even reconcile so the first thing I would do before you even reconcile is go to reports and then do a quick profit and loss review so you would actually look at the last month since this is being recorded in September we can go to last month to just show us August um and I would just look through and see like does this look reasonable is there anything that looks out of whack is there anything that's uncategorized that we need to look at um is there anything that we need to investigate maybe we've put into the wrong account you know does this make sense is this the sales that we were kind of anticipating and you can just do a detailed review or maybe like like this is suspicious to me contract labor of negative 1700 um this is where I would go hmm that thirty five hundred dollars that I put in there that might not be the right thing so I need to go and see why there was a deposit of thirty five hundred dollars because I'm not entirely sure so you need to investigate that okay um so let's say I investigated it and I know that it wasn't actually for a payroll provider like that and it actually was a commission payment let's just say you got a really big you made a really big referral and you got a really big commission payment um actually we put commission payments into other income so if that's the case you would save and close and just fix it okay you know again I'm working with some hypothetical situations here so I'm just trying to make it work with some real data okay so in that situation the other income has now moved down here and we are looking at everything that has come through so we are looking at payroll expenses being extremely high for the income that came in so that would be something that I would be double checking does that make sense we're at a net loss for the month I'm not loving that but this is not a financial review this is just a this is just a review of trying to get everything in here but we're looking for reasonableness you want to do that and you can also look at the balance sheet and look for reasonableness make sure it makes sense um you know looking at checking accounts nothing really wacky has been hit like if you accidentally put something to a asset account when you shouldn't have this is where you can um look at that and you can change the date range up here um the next thing I would do is we want to go ahead and reconcile our bank accounts and that really closes out the month to make sure that we are you know doing everything um really kind of putting a bow on all of the accounts and this helps us make sure that we are actually um including everything that the bank shows okay so if we go to the bank register you can go up here and click reconcile and on the other screen over here I'm going to be looking at a bank statement and I'm going to hide that from you because it's an actual bank statement that remember I'm kind of using this from Doctor data um so what we're going to do since I set up this information from scratch and then I put in a beginning balance into um into the system I'm going to go ahead and put the ending balance of my statement so this is the statement ending 8 31 of 2022 we're going to make that ending balance and we're going to make sure the ending date is 8 31. okay now you'll see the system will automatically basically want to highlight everything that we've added all those transactions that we told the system where to go to it has added them let me get rid of these it's added everything there which is great but you can see this big fat difference right there well the difference is is that there was a beginning balance that we didn't have that I didn't show you guys because I had to manually put in a beginning balance before I started this video so now once I select that beginning balance which if you have been doing your bookkeeping consistently you would already have a beginning balance so that would be naturally assumed and then you would just be adding the new activities now the system recognizes hey everything matches and also it's all been pulled in and matched to something that came directly from the an upload in the bank so you'll see here like this little sign means that these have been added from the bank feeds these green little check boxes and if it doesn't have that it means it was more of a um a direct transaction that was added into the system so I I actually typed it in myself with this opening balance knowing that I would need that in order to recognize reconcile okay so we're going to go ahead and click finish now and that's it you reconcile the account you're done reconciliations and QuickBooks Online are super duper easy now you also want to reconcile your um your credit cards so let's do that real quick okay so here we are in the credit card and I'm just going to show you an example of how to reconcile One credit card and just assume that the other credit card is the same as well what you'll notice with credit card statements is that they usually end in off Cycles bank statements always end at the end of the month but um credit cards will sometimes end in the middle of the month so be sure to be really careful about your date range so in this situation I'm looking at a statement that ends on August 15th and the ending balance is 3605 84. and then we're going to go ahead and start reconciling and so the same thing happened here where it's automatically checking everything that we've added from the bank feeds but there's this opening balance that will put us in Balance okay because you know you have a balance and then you have activity during the month and then you have a new balance okay so with that once we do and we've checked everything and there's no pending transactions we're going to go ahead and finish now okay and then we're going to do the same thing with the AmEx card but I'm not going to show that to you guys because it's basically the same process but you want to reconcile all bank accounts and all credit cards every single month okay so that has you at a one month of bookkeeping and now you can look at your profit and loss look at your balance sheet one more time make sure you're happy with it make sure your date range is correct always make sure you are looking at this from the correct date range so we want to look at last month and we're going to run it on a cash basis most of us will be on a cash basis do a review go in and edit anything if you need to and then you can use your financial statements or if you're a bookkeeper you can send it to your client at this point in time all right well thank you guys so much please let me know if you have any questions in the comment section below alright you guys well I hope that was really helpful and please give me any questions you have in the comment section below I am happy to answer those and if you haven't already grabbed your copy of QuickBooks Online make sure to use the discount that we have because it gives you a full year of discount rather than the three months you can get from the QuickBooks website directly so we've got a special deal with Intuit make sure you check that out all right thanks so much bye everybody