1 00:00:00,239 --> 00:00:02,670 Today, I'm gonna do a day in the life of a bookkeeper. 2 00:00:02,880 --> 00:00:05,440 So, it's been a while since I've done this and my last video, 3 00:00:05,480 --> 00:00:06,650 you guys seem to really enjoy it, 4 00:00:06,760 --> 00:00:08,510 so I thought I'd do an updated version. 5 00:00:12,539 --> 00:00:14,460 My name is Morgan from FinePoints.biz, 6 00:00:14,500 --> 00:00:18,290 and I love to help you guys get organized and talk to you all about bookkeeping. 7 00:00:18,579 --> 00:00:18,809 So, 8 00:00:19,020 --> 00:00:19,250 thumbs 9 00:00:19,360 --> 00:00:20,819 up is a huge compliment. 10 00:00:20,860 --> 00:00:22,049 It helps me out a ton, 11 00:00:22,340 --> 00:00:24,299 as well as if you hit that subscribe button, 12 00:00:24,340 --> 00:00:26,870 you can get a video for me every week about bookkeeping. 13 00:00:27,219 --> 00:00:30,530 So, I just turned on the camera to film a couple of YouTube videos, 14 00:00:30,700 --> 00:00:33,189 but I thought I'd let you know what I was up to this morning. 15 00:00:33,869 --> 00:00:37,680 So, I was working on QuickBooks online all morning right here on my laptop, 16 00:00:38,130 --> 00:00:41,000 and I was doing the yearly bookkeeping for 17 00:00:41,369 --> 00:00:43,090 one of my really small clients. 18 00:00:43,209 --> 00:00:45,689 So, she doesn't hire me every year to do her books, 19 00:00:45,770 --> 00:00:47,240 but she did want me to do them 20 00:00:47,439 --> 00:00:48,610 this year and last year. 21 00:00:48,770 --> 00:00:50,810 So, it's a fairly typical setup. 22 00:00:51,130 --> 00:00:51,279 She 23 00:00:51,290 --> 00:00:54,360 just has one bank account and one credit card, 24 00:00:54,650 --> 00:00:56,889 and so I just had everything feeding in. 25 00:00:56,930 --> 00:01:00,599 It was actually feeding in all year because I had had it set up in the past. 26 00:01:01,284 --> 00:01:04,574 I was just categorizing all of those expenses 27 00:01:04,574 --> 00:01:07,785 on both her bank account and her credit card. 28 00:01:08,194 --> 00:01:10,745 And I did a little work in the chart of accounts too, 29 00:01:10,915 --> 00:01:13,025 so I wanted to make it more clear. 30 00:01:13,154 --> 00:01:13,944 She's the florist, 31 00:01:14,154 --> 00:01:16,275 so she buys flowers. 32 00:01:16,315 --> 00:01:19,754 So, I kind of wanted to split out the flowers and that cost of goods 33 00:01:20,235 --> 00:01:23,794 from the vases and clippers and all of her tools. 34 00:01:23,875 --> 00:01:26,224 So, I made that a little bit more clear in the chart of accounts, 35 00:01:26,235 --> 00:01:28,824 as well as one of the stock chart of account 36 00:01:29,514 --> 00:01:30,625 categories they give you. 37 00:01:31,000 --> 00:01:33,470 is called Office Supplies and Software. 38 00:01:33,680 --> 00:01:34,120 And I 39 00:01:34,239 --> 00:01:35,239 just don't prefer that. 40 00:01:35,360 --> 00:01:38,239 I prefer to split out the software from the office supplies 41 00:01:38,239 --> 00:01:40,629 because I think of office supplies as like pencils and pens, 42 00:01:40,839 --> 00:01:42,639 and then software just seems so different to me. 43 00:01:43,470 --> 00:01:44,980 That's totally personal preference. 44 00:01:45,269 --> 00:01:47,569 After I categorized all of her transactions, 45 00:01:47,750 --> 00:01:50,739 I pulled up the profit and loss by year, 46 00:01:51,029 --> 00:01:51,540 and then, 47 00:01:51,550 --> 00:01:52,980 because it is a pretty small business, 48 00:01:53,150 --> 00:01:58,199 I just clicked into each of the categories to make sure that everything made sense 49 00:01:58,510 --> 00:02:01,339 and there wasn't anything that was in the wrong category. 50 00:02:01,589 --> 00:02:05,940 My next step is going to be to reconcile the bank account each month. 51 00:02:06,309 --> 00:02:07,019 So, 52 00:02:07,349 --> 00:02:08,649 I think I can just do, 53 00:02:08,710 --> 00:02:10,339 I think I'll probably just do 54 00:02:10,550 --> 00:02:12,580 it at the beginning of the year and the end of the year, 55 00:02:12,910 --> 00:02:16,000 and then put in those totals for reconciling and then. 56 00:02:16,910 --> 00:02:17,149 I 57 00:02:17,190 --> 00:02:17,660 don't know. 58 00:02:17,740 --> 00:02:21,220 And then I am planning to meet with her next week and just help her 59 00:02:21,470 --> 00:02:23,000 get the app set up on her phone, 60 00:02:23,149 --> 00:02:26,220 so that she's able to categorize this herself because 61 00:02:26,800 --> 00:02:30,449 the business is small enough that she's totally able to do that as a business owner, 62 00:02:30,580 --> 00:02:33,529 and then I'm gonna show her how to use the online receipt capture as well, 63 00:02:33,570 --> 00:02:34,419 because I think that'll be cool. 64 00:02:34,539 --> 00:02:34,929 She's 65 00:02:35,190 --> 00:02:36,050 very 66 00:02:36,500 --> 00:02:37,860 technologically savvy. 67 00:02:37,979 --> 00:02:39,139 I think she'll be interested 68 00:02:39,259 --> 00:02:40,210 to do that kind of thing. 69 00:02:40,419 --> 00:02:40,610 So, 70 00:02:40,619 --> 00:02:42,699 what I'm gonna be working on tomorrow is kind of a To-Do List. 71 00:02:42,779 --> 00:02:44,330 I'm gonna show you guys my to-do list 72 00:02:44,580 --> 00:02:46,350 and then show you how 73 00:02:46,770 --> 00:02:48,139 a different client 74 00:02:48,419 --> 00:02:50,300 kind of has their business set up and the tasks. 75 00:02:50,376 --> 00:02:51,046 I do for them. 76 00:02:51,085 --> 00:02:53,126 And as in my previous day in the life, 77 00:02:53,166 --> 00:02:56,076 I'm going to make this into a couple of different days because 78 00:02:56,246 --> 00:02:59,796 the way that I do my work isn't just like a whole day I'm working. 79 00:02:59,966 --> 00:03:00,315 So, 80 00:03:00,526 --> 00:03:03,035 I fit in my work here and there as my 81 00:03:03,485 --> 00:03:05,235 kids' schedules allow. 82 00:03:05,445 --> 00:03:09,936 I do try to work on every Thursday from like 9:00 to 2:30, 83 00:03:10,216 --> 00:03:13,886 is a big chunk of time I work, and then I was trying to do the similar thing on 84 00:03:14,031 --> 00:03:17,542 Friday and I had a little bit of a childcare hiccup on Fridays. 85 00:03:17,951 --> 00:03:20,031 So, I'm trying to work through that at the moment, 86 00:03:20,391 --> 00:03:22,942 but that's... Usually, I work about like 10 hours a week. 87 00:03:23,151 --> 00:03:23,552 So right now, 88 00:03:23,591 --> 00:03:24,472 just in my stage of life, 89 00:03:24,511 --> 00:03:29,621 I'm just trying to fit in work as I can and that's kind of what my preference is. 90 00:03:30,182 --> 00:03:30,311 All right, 91 00:03:30,391 --> 00:03:33,861 so earlier I made my to-do list for my personal stuff, 92 00:03:34,192 --> 00:03:37,621 and then this is for a YouTube project I'm working on. 93 00:03:38,031 --> 00:03:41,611 And so, now I'm gonna make a to-do list for 94 00:03:42,639 --> 00:03:44,589 just some work stuff that I need to get done. 95 00:03:44,800 --> 00:03:48,270 It's mostly for client work so I thought you guys would enjoy um taking a look at this. (MUSIC) 96 00:03:55,110 --> 00:03:55,229 Alright, 97 00:03:55,320 --> 00:03:59,410 so this is the work I'm trying to get done before picking up my kids in about 2 hours. 98 00:03:59,830 --> 00:04:00,059 So, 99 00:04:00,070 --> 00:04:02,149 the first three things are for a certain client, 100 00:04:02,229 --> 00:04:04,089 so I need to input all their checks 101 00:04:04,350 --> 00:04:06,970 and then match them to what fed in from the bank. 102 00:04:07,270 --> 00:04:08,150 And I'll show 103 00:04:08,150 --> 00:04:08,279 you 104 00:04:08,589 --> 00:04:09,869 kind of the process for that. 105 00:04:10,679 --> 00:04:10,970 These 106 00:04:11,050 --> 00:04:12,679 are paper, 107 00:04:13,139 --> 00:04:13,830 check 108 00:04:14,210 --> 00:04:16,119 stubs that I get from my client, 109 00:04:16,290 --> 00:04:18,649 and so they're upside down obviously because I don't want to show you what it is, 110 00:04:18,730 --> 00:04:20,809 but this was a paper check that was attached to it, 111 00:04:20,820 --> 00:04:23,359 and then this is the check stub where they write it down. 112 00:04:23,769 --> 00:04:25,010 Before I connect it to bank feeds, 113 00:04:25,089 --> 00:04:28,760 I want to input all my checks first because that makes the process a lot easier. 114 00:04:29,549 --> 00:04:30,519 And this paper, 115 00:04:30,600 --> 00:04:31,000 I told you, 116 00:04:31,040 --> 00:04:31,750 I've told you guys before, 117 00:04:31,760 --> 00:04:33,309 I try not to deal with much paper, 118 00:04:33,589 --> 00:04:35,399 but this is what I get once a month. 119 00:04:35,519 --> 00:04:37,209 There's probably about, 120 00:04:37,359 --> 00:04:40,309 there's three checks per page and maybe there's 20 of these, 121 00:04:40,519 --> 00:04:42,109 so like 60 checks a month. 122 00:04:42,200 --> 00:04:42,380 So, 123 00:04:42,519 --> 00:04:43,910 I do get these once a month. 124 00:04:43,970 --> 00:04:44,350 I 125 00:04:44,480 --> 00:04:48,040 usually go into the office and pick them up or they'll drop them off for me. 126 00:04:48,790 --> 00:04:49,920 And then, 127 00:04:50,279 --> 00:04:51,690 so I can input these checks. 128 00:04:51,769 --> 00:04:53,640 You put in the check first in QuickBooks, 129 00:04:53,890 --> 00:04:55,079 and then the bank 130 00:04:56,079 --> 00:04:57,549 feeds it in and then the two match. 131 00:04:57,640 --> 00:05:01,269 So, that's just a really good check to make sure that 132 00:05:01,600 --> 00:05:04,369 what you've written is correct and that type of thing. 133 00:05:04,829 --> 00:05:04,920 All right, 134 00:05:04,959 --> 00:05:09,029 and then the second thing I have to do is I have to input the income per person. 135 00:05:09,160 --> 00:05:12,279 So, the same client has this book that they've given me, 136 00:05:12,640 --> 00:05:14,239 so they get income from clients, 137 00:05:14,480 --> 00:05:16,429 but each of the employees, 138 00:05:16,839 --> 00:05:19,369 they want to track how much each employee is making 139 00:05:20,410 --> 00:05:20,720 per 140 00:05:20,790 --> 00:05:21,619 client. 141 00:05:22,040 --> 00:05:22,679 So, 142 00:05:23,149 --> 00:05:23,779 they 143 00:05:23,869 --> 00:05:24,390 use 144 00:05:24,829 --> 00:05:28,119 this paper ledger to record like each person's name. 145 00:05:28,589 --> 00:05:31,540 This person made $300 and it goes to this client. 146 00:05:31,790 --> 00:05:33,390 So, then on the profit and loss statement, 147 00:05:33,429 --> 00:05:34,420 it's going to look something like this, 148 00:05:34,429 --> 00:05:35,619 it's going to have the income, 149 00:05:35,829 --> 00:05:38,420 and then it'll have each person and how much they made, 150 00:05:38,709 --> 00:05:42,420 and then the total income for the company and then expenses are down below. 151 00:05:42,630 --> 00:05:44,869 But that just helps the owner give visibility to 152 00:05:44,869 --> 00:05:47,299 kind of who is making what within the firm. 153 00:05:47,750 --> 00:05:49,820 So, after all the income feeds in from the bank, 154 00:05:49,880 --> 00:05:50,429 I just go through 155 00:05:50,515 --> 00:05:54,204 this and match it up with the deposits to make sure that 156 00:05:54,505 --> 00:05:55,934 all the income is accounted for. 157 00:05:56,265 --> 00:05:57,934 So, once I do those two things, 158 00:05:58,144 --> 00:05:59,704 then I just reconcile the bank, 159 00:05:59,825 --> 00:06:01,255 get the statement from the 160 00:06:01,464 --> 00:06:02,695 bank website, 161 00:06:02,825 --> 00:06:05,364 and then I'll send reports to the owner. 162 00:06:05,464 --> 00:06:07,184 So, send a profit and loss. 163 00:06:07,304 --> 00:06:08,464 For this particular one, 164 00:06:08,505 --> 00:06:10,304 usually I do the last three months so they can 165 00:06:10,304 --> 00:06:12,424 compare month-to-month and see how they're doing. 166 00:06:13,339 --> 00:06:13,500 All right, 167 00:06:13,579 --> 00:06:14,910 so that's all for one client. 168 00:06:15,380 --> 00:06:18,459 And then I also have to send an invoice to one of my clients, 169 00:06:18,619 --> 00:06:22,109 that's something that is kind of hard to keep up on sometimes because, 170 00:06:22,500 --> 00:06:22,660 you know, 171 00:06:22,709 --> 00:06:25,220 I just get wrapped up in doing client work and then I'm like, 172 00:06:25,299 --> 00:06:25,459 OK, 173 00:06:25,579 --> 00:06:25,630 yeah, 174 00:06:25,739 --> 00:06:26,739 I actually have to get paid, 175 00:06:26,829 --> 00:06:28,739 so that's definitely important. 176 00:06:29,100 --> 00:06:29,450 And 177 00:06:29,459 --> 00:06:31,579 then I have to text Serena, 178 00:06:31,660 --> 00:06:34,010 who's another bookkeeper who's in my local area, 179 00:06:34,140 --> 00:06:35,390 and she actually found me on YouTube. 180 00:06:35,459 --> 00:06:36,179 She might be watching this. 181 00:06:36,260 --> 00:06:36,700 Hi Serena, 182 00:06:36,739 --> 00:06:37,489 if you're watching. 183 00:06:37,890 --> 00:06:38,570 But 184 00:06:39,390 --> 00:06:41,350 we just like to get together every so often just 185 00:06:41,350 --> 00:06:43,679 to kind of like network and support each other. 186 00:06:43,829 --> 00:06:44,019 She's 187 00:06:44,029 --> 00:06:45,059 a little bit newer too, 188 00:06:45,109 --> 00:06:46,500 so sometimes she has questions, 189 00:06:46,790 --> 00:06:47,679 but I just really like, 190 00:06:47,709 --> 00:06:48,500 if possible 191 00:06:48,670 --> 00:06:48,859 to, 192 00:06:48,869 --> 00:06:50,619 if there's certain people you connect with 193 00:06:50,950 --> 00:06:53,470 and can just get together in person when you're working from home, 194 00:06:53,510 --> 00:06:54,739 then that is really helpful. 195 00:06:55,619 --> 00:06:58,299 And then another client needs to send me a spreadsheet. 196 00:06:58,589 --> 00:07:03,929 I had some questions for her and so I'm waiting for her to get back to me on that, 197 00:07:03,989 --> 00:07:07,029 so I might just send her a quick reminder to see if that is ready. 198 00:07:08,029 --> 00:07:08,470 Then 199 00:07:09,000 --> 00:07:09,200 send 200 00:07:09,200 --> 00:07:09,670 an invite. 201 00:07:09,750 --> 00:07:09,989 Oh! Yeah. 202 00:07:10,149 --> 00:07:10,570 So, 203 00:07:10,750 --> 00:07:11,220 it 204 00:07:11,230 --> 00:07:11,779 is 205 00:07:12,190 --> 00:07:13,359 getting close to tax season, 206 00:07:13,510 --> 00:07:14,019 so 207 00:07:14,350 --> 00:07:16,750 all of my clients I have been communicating with their 208 00:07:16,750 --> 00:07:19,480 accountants to make sure that they have everything they need. 209 00:07:19,799 --> 00:07:20,790 So, with QuickBooks Online, 210 00:07:20,910 --> 00:07:22,869 Laurie is an accountant for one of my clients. 211 00:07:23,149 --> 00:07:26,220 This was the first time that Laurie had used QuickBooks online, 212 00:07:26,309 --> 00:07:27,739 so I just added her 213 00:07:28,190 --> 00:07:29,420 in my QuickBooks account. 214 00:07:29,589 --> 00:07:32,859 Maybe I can put a screenshot here to show you guys how to do that as well, 215 00:07:33,149 --> 00:07:34,500 but I just added her. 216 00:07:35,920 --> 00:07:38,140 And then she is able to go in and pull any 217 00:07:38,140 --> 00:07:41,290 reports that she needs to do to prepare the client's taxes. 218 00:07:42,070 --> 00:07:43,679 And then update my business license. 219 00:07:43,700 --> 00:07:44,540 So, with the new year, 220 00:07:44,619 --> 00:07:47,220 I just need to make sure that I am current with my 221 00:07:47,779 --> 00:07:49,489 local business license 222 00:07:49,899 --> 00:07:51,339 and then set up a meeting. 223 00:07:51,440 --> 00:07:53,779 I also need to meet with one of my clients. 224 00:07:54,010 --> 00:07:54,019 I 225 00:07:54,059 --> 00:07:56,450 told her I'd just give her a little of a tutorial 226 00:07:57,059 --> 00:07:59,619 in QuickBooks because she's doing a lot of it on her own 227 00:07:59,619 --> 00:08:02,329 and she's wanting to learn how to put her receipts in there. 228 00:08:02,859 --> 00:08:03,230 So, 229 00:08:03,420 --> 00:08:03,660 just, 230 00:08:03,700 --> 00:08:04,980 I'm probably going to meet with her in-person 231 00:08:04,980 --> 00:08:07,290 because she's actually someone I know in real life. 232 00:08:07,739 --> 00:08:09,140 So, I will 233 00:08:09,820 --> 00:08:13,040 meet with her probably on an evening because we both have kids, 234 00:08:13,049 --> 00:08:15,760 so it's easy for us to just get together in the evening. 235 00:08:15,890 --> 00:08:18,000 This is pretty typical for my day, 236 00:08:18,170 --> 00:08:20,149 some client work and then some odds and ends, 237 00:08:20,329 --> 00:08:21,850 getting back to people and 238 00:08:22,170 --> 00:08:23,519 doing stuff for my own business.