Accounts Receivable Reversing Entry 10.35

In this presentation, we’re going to take a look at an accounts receivable reversing entry. So the story goes like this, we had an invoice that was entered into the system in March after the cutoff date, we pulled it back before the cutoff date. So that income was reported correctly as of the cutoff date, which is going to be February 29. Now we’re going to do a reverse in entry, so that everything is correct and the following period in February as of the date of the original invoice. Let’s get into it with Intuit QuickBooks Online.

Enter Service Items & Invoices 8.75

In this presentation, we’re going to enter service items into an invoice. So we’re going to be adding customers as well as new service items as we do. So let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. I’m going to go to our flowchart in the desktop version just to consider what we are doing here. We’re now going to be creating invoices and this is are going to be invoices for guitar lessons that guitar lessons are going to work like this. We’re going to be doing their Guitar Lessons through the month, then we’re going to determine the hours that were spent on the guitar lessons similar to if we were a law firm or a accounting firm, then we’re going to bill the clients for those guitar lessons and have different billable rates for who the guitar lesson was with.

Pay Payroll Tax 8.65

In this presentation, we will pay payroll tax liabilities. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re going to open up our reports on the left. So we’re going to go down to the reports on the left, we’re going to be opening up once again that trust the trial balance, we’re going to type that in and the find reports here trial balance, we’re going to be opening up the trial balance here, then I’m going to be changing the name up top. So I’m going to scroll up top to get to that dates. I’m not not the name, the date, I’m going to change the date from Oh 10120 to 1230 120, January through December 2020. Run that report.

Bills Track & Pay 8.50

 

In this presentation, we will track and pay bills. In other words, we’ve enter bills and prior presentations, we’re not going to use the pay bills feature in order to pay them. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re first going to take a look at our flowchart in the desktop version just to get an idea of of our objective. In prior presentations, we have entered bills, we entered bills for inventory that we purchased, which was a little bit different than what we did in the first month of operations.

Advance Customer Payment or Deposit 8.45

This presentation we will record an advanced payment or a customer deposit. In other words, we’re going to receive a deposit in advance for a guitar that we’re going to provide in the future. Let’s get into it with intuits QuickBooks Online. Here we are in our get great guitars file. Let’s first take a look at a flowchart. I won’t spend as much time on it because we seen it in the past what we really want to do here is put that negative receivable on the books which will be dealing with in our adjusting entry process later. The process here note that the normal accounts receivable processes to have an invoice and then we’d receive the payment then we make the deposit here we’re going to say someone came into our shops as they want a guitar.