WEBVTT 00:00:00.239 --> 00:00:02.670 Today, I'm gonna do a day in the life of a bookkeeper. 00:00:02.880 --> 00:00:05.440 So, it's been a while since I've done this and my last video, 00:00:05.480 --> 00:00:06.650 you guys seem to really enjoy it, 00:00:06.760 --> 00:00:08.510 so I thought I'd do an updated version. 00:00:12.539 --> 00:00:14.460 My name is Morgan from FinePoints.biz, 00:00:14.500 --> 00:00:18.290 and I love to help you guys get organized and talk to you all about bookkeeping. 00:00:18.579 --> 00:00:18.809 So, 00:00:19.020 --> 00:00:19.250 thumbs 00:00:19.360 --> 00:00:20.819 up is a huge compliment. 00:00:20.860 --> 00:00:22.049 It helps me out a ton, 00:00:22.340 --> 00:00:24.299 as well as if you hit that subscribe button, 00:00:24.340 --> 00:00:26.870 you can get a video for me every week about bookkeeping. 00:00:27.219 --> 00:00:30.530 So, I just turned on the camera to film a couple of YouTube videos, 00:00:30.700 --> 00:00:33.189 but I thought I'd let you know what I was up to this morning. 00:00:33.869 --> 00:00:37.680 So, I was working on QuickBooks online all morning right here on my laptop, 00:00:38.130 --> 00:00:41.000 and I was doing the yearly bookkeeping for 00:00:41.369 --> 00:00:43.090 one of my really small clients. 00:00:43.209 --> 00:00:45.689 So, she doesn't hire me every year to do her books, 00:00:45.770 --> 00:00:47.240 but she did want me to do them 00:00:47.439 --> 00:00:48.610 this year and last year. 00:00:48.770 --> 00:00:50.810 So, it's a fairly typical setup. 00:00:51.130 --> 00:00:51.279 She 00:00:51.290 --> 00:00:54.360 just has one bank account and one credit card, 00:00:54.650 --> 00:00:56.889 and so I just had everything feeding in. 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. 00:01:01.284 --> 00:01:04.574 I was just categorizing all of those expenses 00:01:04.574 --> 00:01:07.785 on both her bank account and her credit card. 00:01:08.194 --> 00:01:10.745 And I did a little work in the chart of accounts too, 00:01:10.915 --> 00:01:13.025 so I wanted to make it more clear. 00:01:13.154 --> 00:01:13.944 She's the florist, 00:01:14.154 --> 00:01:16.275 so she buys flowers. 00:01:16.315 --> 00:01:19.754 So, I kind of wanted to split out the flowers and that cost of goods 00:01:20.235 --> 00:01:23.794 from the vases and clippers and all of her tools. 00:01:23.875 --> 00:01:26.224 So, I made that a little bit more clear in the chart of accounts, 00:01:26.235 --> 00:01:28.824 as well as one of the stock chart of account 00:01:29.514 --> 00:01:30.625 categories they give you. 00:01:31.000 --> 00:01:33.470 is called Office Supplies and Software. 00:01:33.680 --> 00:01:34.120 And I 00:01:34.239 --> 00:01:35.239 just don't prefer that. 00:01:35.360 --> 00:01:38.239 I prefer to split out the software from the office supplies 00:01:38.239 --> 00:01:40.629 because I think of office supplies as like pencils and pens, 00:01:40.839 --> 00:01:42.639 and then software just seems so different to me. 00:01:43.470 --> 00:01:44.980 That's totally personal preference. 00:01:45.269 --> 00:01:47.569 After I categorized all of her transactions, 00:01:47.750 --> 00:01:50.739 I pulled up the profit and loss by year, 00:01:51.029 --> 00:01:51.540 and then, 00:01:51.550 --> 00:01:52.980 because it is a pretty small business, 00:01:53.150 --> 00:01:58.199 I just clicked into each of the categories to make sure that everything made sense 00:01:58.510 --> 00:02:01.339 and there wasn't anything that was in the wrong category. 00:02:01.589 --> 00:02:05.940 My next step is going to be to reconcile the bank account each month. 00:02:06.309 --> 00:02:07.019 So, 00:02:07.349 --> 00:02:08.649 I think I can just do, 00:02:08.710 --> 00:02:10.339 I think I'll probably just do 00:02:10.550 --> 00:02:12.580 it at the beginning of the year and the end of the year, 00:02:12.910 --> 00:02:16.000 and then put in those totals for reconciling and then. 00:02:16.910 --> 00:02:17.149 I 00:02:17.190 --> 00:02:17.660 don't know. 00:02:17.740 --> 00:02:21.220 And then I am planning to meet with her next week and just help her 00:02:21.470 --> 00:02:23.000 get the app set up on her phone, 00:02:23.149 --> 00:02:26.220 so that she's able to categorize this herself because 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, 00:02:30.580 --> 00:02:33.529 and then I'm gonna show her how to use the online receipt capture as well, 00:02:33.570 --> 00:02:34.419 because I think that'll be cool. 00:02:34.539 --> 00:02:34.929 She's 00:02:35.190 --> 00:02:36.050 very 00:02:36.500 --> 00:02:37.860 technologically savvy. 00:02:37.979 --> 00:02:39.139 I think she'll be interested 00:02:39.259 --> 00:02:40.210 to do that kind of thing. 00:02:40.419 --> 00:02:40.610 So, 00:02:40.619 --> 00:02:42.699 what I'm gonna be working on tomorrow is kind of a To-Do List. 00:02:42.779 --> 00:02:44.330 I'm gonna show you guys my to-do list 00:02:44.580 --> 00:02:46.350 and then show you how 00:02:46.770 --> 00:02:48.139 a different client 00:02:48.419 --> 00:02:50.300 kind of has their business set up and the tasks. 00:02:50.376 --> 00:02:51.046 I do for them. 00:02:51.085 --> 00:02:53.126 And as in my previous day in the life, 00:02:53.166 --> 00:02:56.076 I'm going to make this into a couple of different days because 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. 00:02:59.966 --> 00:03:00.315 So, 00:03:00.526 --> 00:03:03.035 I fit in my work here and there as my 00:03:03.485 --> 00:03:05.235 kids' schedules allow. 00:03:05.445 --> 00:03:09.936 I do try to work on every Thursday from like 9:00 to 2:30, 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 00:03:14.031 --> 00:03:17.542 Friday and I had a little bit of a childcare hiccup on Fridays. 00:03:17.951 --> 00:03:20.031 So, I'm trying to work through that at the moment, 00:03:20.391 --> 00:03:22.942 but that's... Usually, I work about like 10 hours a week. 00:03:23.151 --> 00:03:23.552 So right now, 00:03:23.591 --> 00:03:24.472 just in my stage of life, 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. 00:03:30.182 --> 00:03:30.311 All right, 00:03:30.391 --> 00:03:33.861 so earlier I made my to-do list for my personal stuff, 00:03:34.192 --> 00:03:37.621 and then this is for a YouTube project I'm working on. 00:03:38.031 --> 00:03:41.611 And so, now I'm gonna make a to-do list for 00:03:42.639 --> 00:03:44.589 just some work stuff that I need to get done. 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) 00:03:55.110 --> 00:03:55.229 Alright, 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. 00:03:59.830 --> 00:04:00.059 So, 00:04:00.070 --> 00:04:02.149 the first three things are for a certain client, 00:04:02.229 --> 00:04:04.089 so I need to input all their checks 00:04:04.350 --> 00:04:06.970 and then match them to what fed in from the bank. 00:04:07.270 --> 00:04:08.150 And I'll show 00:04:08.150 --> 00:04:08.279 you 00:04:08.589 --> 00:04:09.869 kind of the process for that. 00:04:10.679 --> 00:04:10.970 These 00:04:11.050 --> 00:04:12.679 are paper, 00:04:13.139 --> 00:04:13.830 check 00:04:14.210 --> 00:04:16.119 stubs that I get from my client, 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, 00:04:18.730 --> 00:04:20.809 but this was a paper check that was attached to it, 00:04:20.820 --> 00:04:23.359 and then this is the check stub where they write it down. 00:04:23.769 --> 00:04:25.010 Before I connect it to bank feeds, 00:04:25.089 --> 00:04:28.760 I want to input all my checks first because that makes the process a lot easier. 00:04:29.549 --> 00:04:30.519 And this paper, 00:04:30.600 --> 00:04:31.000 I told you, 00:04:31.040 --> 00:04:31.750 I've told you guys before, 00:04:31.760 --> 00:04:33.309 I try not to deal with much paper, 00:04:33.589 --> 00:04:35.399 but this is what I get once a month. 00:04:35.519 --> 00:04:37.209 There's probably about, 00:04:37.359 --> 00:04:40.309 there's three checks per page and maybe there's 20 of these, 00:04:40.519 --> 00:04:42.109 so like 60 checks a month. 00:04:42.200 --> 00:04:42.380 So, 00:04:42.519 --> 00:04:43.910 I do get these once a month. 00:04:43.970 --> 00:04:44.350 I 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. 00:04:48.790 --> 00:04:49.920 And then, 00:04:50.279 --> 00:04:51.690 so I can input these checks. 00:04:51.769 --> 00:04:53.640 You put in the check first in QuickBooks, 00:04:53.890 --> 00:04:55.079 and then the bank 00:04:56.079 --> 00:04:57.549 feeds it in and then the two match. 00:04:57.640 --> 00:05:01.269 So, that's just a really good check to make sure that 00:05:01.600 --> 00:05:04.369 what you've written is correct and that type of thing. 00:05:04.829 --> 00:05:04.920 All right, 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. 00:05:09.160 --> 00:05:12.279 So, the same client has this book that they've given me, 00:05:12.640 --> 00:05:14.239 so they get income from clients, 00:05:14.480 --> 00:05:16.429 but each of the employees, 00:05:16.839 --> 00:05:19.369 they want to track how much each employee is making 00:05:20.410 --> 00:05:20.720 per 00:05:20.790 --> 00:05:21.619 client. 00:05:22.040 --> 00:05:22.679 So, 00:05:23.149 --> 00:05:23.779 they 00:05:23.869 --> 00:05:24.390 use 00:05:24.829 --> 00:05:28.119 this paper ledger to record like each person's name. 00:05:28.589 --> 00:05:31.540 This person made $300 and it goes to this client. 00:05:31.790 --> 00:05:33.390 So, then on the profit and loss statement, 00:05:33.429 --> 00:05:34.420 it's going to look something like this, 00:05:34.429 --> 00:05:35.619 it's going to have the income, 00:05:35.829 --> 00:05:38.420 and then it'll have each person and how much they made, 00:05:38.709 --> 00:05:42.420 and then the total income for the company and then expenses are down below. 00:05:42.630 --> 00:05:44.869 But that just helps the owner give visibility to 00:05:44.869 --> 00:05:47.299 kind of who is making what within the firm. 00:05:47.750 --> 00:05:49.820 So, after all the income feeds in from the bank, 00:05:49.880 --> 00:05:50.429 I just go through 00:05:50.515 --> 00:05:54.204 this and match it up with the deposits to make sure that 00:05:54.505 --> 00:05:55.934 all the income is accounted for. 00:05:56.265 --> 00:05:57.934 So, once I do those two things, 00:05:58.144 --> 00:05:59.704 then I just reconcile the bank, 00:05:59.825 --> 00:06:01.255 get the statement from the 00:06:01.464 --> 00:06:02.695 bank website, 00:06:02.825 --> 00:06:05.364 and then I'll send reports to the owner. 00:06:05.464 --> 00:06:07.184 So, send a profit and loss. 00:06:07.304 --> 00:06:08.464 For this particular one, 00:06:08.505 --> 00:06:10.304 usually I do the last three months so they can 00:06:10.304 --> 00:06:12.424 compare month-to-month and see how they're doing. 00:06:13.339 --> 00:06:13.500 All right, 00:06:13.579 --> 00:06:14.910 so that's all for one client. 00:06:15.380 --> 00:06:18.459 And then I also have to send an invoice to one of my clients, 00:06:18.619 --> 00:06:22.109 that's something that is kind of hard to keep up on sometimes because, 00:06:22.500 --> 00:06:22.660 you know, 00:06:22.709 --> 00:06:25.220 I just get wrapped up in doing client work and then I'm like, 00:06:25.299 --> 00:06:25.459 OK, 00:06:25.579 --> 00:06:25.630 yeah, 00:06:25.739 --> 00:06:26.739 I actually have to get paid, 00:06:26.829 --> 00:06:28.739 so that's definitely important. 00:06:29.100 --> 00:06:29.450 And 00:06:29.459 --> 00:06:31.579 then I have to text Serena, 00:06:31.660 --> 00:06:34.010 who's another bookkeeper who's in my local area, 00:06:34.140 --> 00:06:35.390 and she actually found me on YouTube. 00:06:35.459 --> 00:06:36.179 She might be watching this. 00:06:36.260 --> 00:06:36.700 Hi Serena, 00:06:36.739 --> 00:06:37.489 if you're watching. 00:06:37.890 --> 00:06:38.570 But 00:06:39.390 --> 00:06:41.350 we just like to get together every so often just 00:06:41.350 --> 00:06:43.679 to kind of like network and support each other. 00:06:43.829 --> 00:06:44.019 She's 00:06:44.029 --> 00:06:45.059 a little bit newer too, 00:06:45.109 --> 00:06:46.500 so sometimes she has questions, 00:06:46.790 --> 00:06:47.679 but I just really like, 00:06:47.709 --> 00:06:48.500 if possible 00:06:48.670 --> 00:06:48.859 to, 00:06:48.869 --> 00:06:50.619 if there's certain people you connect with 00:06:50.950 --> 00:06:53.470 and can just get together in person when you're working from home, 00:06:53.510 --> 00:06:54.739 then that is really helpful. 00:06:55.619 --> 00:06:58.299 And then another client needs to send me a spreadsheet. 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, 00:07:03.989 --> 00:07:07.029 so I might just send her a quick reminder to see if that is ready. 00:07:08.029 --> 00:07:08.470 Then 00:07:09.000 --> 00:07:09.200 send 00:07:09.200 --> 00:07:09.670 an invite. 00:07:09.750 --> 00:07:09.989 Oh! Yeah. 00:07:10.149 --> 00:07:10.570 So, 00:07:10.750 --> 00:07:11.220 it 00:07:11.230 --> 00:07:11.779 is 00:07:12.190 --> 00:07:13.359 getting close to tax season, 00:07:13.510 --> 00:07:14.019 so 00:07:14.350 --> 00:07:16.750 all of my clients I have been communicating with their 00:07:16.750 --> 00:07:19.480 accountants to make sure that they have everything they need. 00:07:19.799 --> 00:07:20.790 So, with QuickBooks Online, 00:07:20.910 --> 00:07:22.869 Laurie is an accountant for one of my clients. 00:07:23.149 --> 00:07:26.220 This was the first time that Laurie had used QuickBooks online, 00:07:26.309 --> 00:07:27.739 so I just added her 00:07:28.190 --> 00:07:29.420 in my QuickBooks account. 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, 00:07:33.149 --> 00:07:34.500 but I just added her. 00:07:35.920 --> 00:07:38.140 And then she is able to go in and pull any 00:07:38.140 --> 00:07:41.290 reports that she needs to do to prepare the client's taxes. 00:07:42.070 --> 00:07:43.679 And then update my business license. 00:07:43.700 --> 00:07:44.540 So, with the new year, 00:07:44.619 --> 00:07:47.220 I just need to make sure that I am current with my 00:07:47.779 --> 00:07:49.489 local business license 00:07:49.899 --> 00:07:51.339 and then set up a meeting. 00:07:51.440 --> 00:07:53.779 I also need to meet with one of my clients. 00:07:54.010 --> 00:07:54.019 I 00:07:54.059 --> 00:07:56.450 told her I'd just give her a little of a tutorial 00:07:57.059 --> 00:07:59.619 in QuickBooks because she's doing a lot of it on her own 00:07:59.619 --> 00:08:02.329 and she's wanting to learn how to put her receipts in there. 00:08:02.859 --> 00:08:03.230 So, 00:08:03.420 --> 00:08:03.660 just, 00:08:03.700 --> 00:08:04.980 I'm probably going to meet with her in-person 00:08:04.980 --> 00:08:07.290 because she's actually someone I know in real life. 00:08:07.739 --> 00:08:09.140 So, I will 00:08:09.820 --> 00:08:13.040 meet with her probably on an evening because we both have kids, 00:08:13.049 --> 00:08:15.760 so it's easy for us to just get together in the evening. 00:08:15.890 --> 00:08:18.000 This is pretty typical for my day, 00:08:18.170 --> 00:08:20.149 some client work and then some odds and ends, 00:08:20.329 --> 00:08:21.850 getting back to people and 00:08:22.170 --> 00:08:23.519 doing stuff for my own business.