QuickBooks Online 2021. We’re going to record the receipt of inventory and create a bill from the purchase order created in a prior presentation. Let’s get into it with Intuit QuickBooks Online 2021. Here we are in our get great guitars a practice file, we’re first going to be opening up our reports that being the balance sheet and profit and loss or income statement by going up top or right clicking on the tab up top duplicating that tab, we’re going to do it again, right click on the tab up top duplicating that tab, we will then go to the reports down on the left hand side.
Hello in this lecture we’re going to create the liability section of the balance sheet. In prior lectures, we have taken a look at the assets in terms of first current assets and then property, plant and equipment and given us the total assets at that time, then we are now going to move on to liabilities, and that will be part of the second part of the balance sheet meaning it’ll then sum up to total liabilities and owner’s equity. We are going to be taking this information of course from the adjusted trial balance the adjusted trial balance in the format of debits and credits, we are now formatting it in the format of the accounting equation. Still the double entry accounting system just in two different formats, just reshuffling the puzzles so that different readers can understand the financial statements even though they don’t understand debits and credits.