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Saving time with Reconciling Journal Entries
In this episode, Nick Baldo offers a tutorial on QuickBooks, focusing on the journal entry technique and its various applications. He discusses transitioning from customer to class tracking, evaluates the effects on profit and loss reports, and presents a case study on capital improvements tracking. The episode concludes with the benefits of this method.
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!)
End to End Podio Training: https://www.incomedigs.com/pcc
Check out our Podio Templates: https://bit.ly/3pE4DBt
Download our guide: https://www.incomedigs.com/qbosetupguide
Journal entries are extremely powerful. I know they're a bit tedious...and maybe even confusing. But they can save you a bunch of time.
Let's say you've been tracking your books using "Customers" to tag property-specific transactions. Maybe you'd like to switch to "Classes"...
No. Big. Deal.
Check out how I use a reconciling Journal entry to quickly "move" funds from one method of property tracking to another!
(0:00) Introduction to QuickBooks tutorial
(1:08) Overview of the reconciling journal entry technique
(2:33) Transition from customer tracking to class tracking in QuickBooks
(5:10) Start of journal entry method for transition
(7:28) Evaluation of the transition in the profit and loss report
(9:07) Exploration of other applications for the journal entry technique
(10:47) Case study: Transitioning from tracking capital improvements as expenses to fixed assets
(12:28) Conclusion: The benefits of using the journal entry technique
(13:17) Sponsor: Real Estate Accounting Boot Camp.
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By Nick BaldoIn this episode, Nick Baldo offers a tutorial on QuickBooks, focusing on the journal entry technique and its various applications. He discusses transitioning from customer to class tracking, evaluates the effects on profit and loss reports, and presents a case study on capital improvements tracking. The episode concludes with the benefits of this method.
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!)
End to End Podio Training: https://www.incomedigs.com/pcc
Check out our Podio Templates: https://bit.ly/3pE4DBt
Download our guide: https://www.incomedigs.com/qbosetupguide
Journal entries are extremely powerful. I know they're a bit tedious...and maybe even confusing. But they can save you a bunch of time.
Let's say you've been tracking your books using "Customers" to tag property-specific transactions. Maybe you'd like to switch to "Classes"...
No. Big. Deal.
Check out how I use a reconciling Journal entry to quickly "move" funds from one method of property tracking to another!
(0:00) Introduction to QuickBooks tutorial
(1:08) Overview of the reconciling journal entry technique
(2:33) Transition from customer tracking to class tracking in QuickBooks
(5:10) Start of journal entry method for transition
(7:28) Evaluation of the transition in the profit and loss report
(9:07) Exploration of other applications for the journal entry technique
(10:47) Case study: Transitioning from tracking capital improvements as expenses to fixed assets
(12:28) Conclusion: The benefits of using the journal entry technique
(13:17) Sponsor: Real Estate Accounting Boot Camp.