In this guide I want to explore the mechanics of FIFO inventory costing with QuickBooks Online. 

Let’s say you run a store called, “Gotham Tactical Supplies” where among other things, you sell the following products:

• Bat-Gadgets
• Vibranium Shields
• Arc Reactors...

Nothing to see here. This one is ALL about the video. 

Grab some popcorn. 

Sit back.

Relax.

And enjoy!

 Click to get the template 

I read something interesting this week. Maybe a little unsettling. The intention was good, but I think the outcome was poor, at least from my point of view. 

The message was about a company that apparently grosses $1M/year and that just...

If you have a YouTube channel like I do, then hopefully you get questions from people asking for your help. 

This is a GREAT opportunity to help others get everything they want, so you can have everything you want. 

Not everybody is a potential customer, but everybody can...

Bank Reconciliations are one of the most foundational elements of bookkeeping, especially, “bulletproof” Bookkeeping. This is the one sure way of making sure that not a single transaction is missing. It also establishes if there is anything in the books that shouldn’t be. 

When QuickBooks Online was first introduced in 2001, it was a very simple cloud-based accounting system. No one could have predicted then, how things would evolve.

Many years later, we have several versions of QuickBooks Online, catering to all levels based on needs, including QuickBooks...

If you're a small business owner, you know how important it is to have your finances in order. QuickBooks Online is a popular accounting software that can help you keep track of your finances. You may already use QBO, but did you know you can also add your accountant to your account?...

Every month, when you reconcile your bank and credit card accounts in QuickBooks Online, there is an important part of the process many people miss.

You’ve just finished confirming everything in your books that cleared the bank or credit card account. 

The temptation is...

Let’s say you invoice a customer for services and, even though it’s 2023 and there are much faster and more secure ways to pay, your customer pays you with a good old fashioned check!

This means you deposited the check and the funds were credited to your account, and some time later...

And how much gas is in the tank?

Overdrive

You know I have never been a fan of any of the so-called “KPI” (Key Performance Indicator) or “Dashboard” tools out there. They are either very limited or very difficult to use. 

But when Trevor Lee...

It’s a good day for a clearing account! Or so the expression goes!

Or doesn’t it?

I created this video many moons ago to make it easy for me when I had to explain The Undeposited Funds account. 

But the undeposited funds account was always a bit limiting....

It comes up a lot. A client wants to upgrade from QuickBooks Desktop to QBO. My suggestion is always to start a new, clean company and NOT migrate the data. Some clients like the idea, but the ones who hesitate are usually most hesitant because they want a way to access customer history. 

...