Zoho Books – Lesson 7 – Owner’s / Shareholder’s Equity

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If you’ve reviewed this course in it’s entirety, then by now you’ve hopefully picked up on something very important. While the software may look and function differently, the underlying bookkeeping fundamentals are exactly the same. Debits are still debits. Debits still increase assets & expenses. Software will never change that. Credits are still credits. Credits still increase income, liabilities, and equity.

Zoho Books is no exception. when we look at Owner / Shareholder, Member, or Partner contributions, or distributions, we still see the same things. Net income from the income statement closes out to the equity section of the balance sheet. Contributions still increase equity, and distributions decrease equity. Nothing changes.

Watch the video from this final lesson in the course, and see how to use Zoho Books to manage the equity section of the balance sheet.

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Zoho Books – Lesson 6 – Customer Deposits

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Zoho Books is setup to handle customer deposits, albeit not through an invoice. This is a limitation, on one hand. On the other, as you’ll see in the video, Zoho has done a really nice job in providing for specific types of transactions.

In the video I will walk you through the invoice process, and you’ll see why you cannot invoice for a retainer in Zoho Books. Then I’ll show you how it IS handled in Zoho Books.

It is important, when you are learning a product to understand where the limitations are. This comes from having a working knowledge of the fundamentals. To invoice for a deposit, I need to be able to link an item to a liability account. And so there goes your hint.

Enjoy the video and post your questions on How to handle customer deposits in Zoho Books.

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Zoho Books – Lesson 5 – Accounts Payable

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Zoho Books handles things a little differently than some of the other cloud accounting apps out there, when it comes to Accounts Payable. We saw this in Accounts Receivable, but I hadn’t pointed it out.

Each area stands on its own. To enter a bill, you go into the purchases area, then click on Bills. When you want to make a payment, it will be tempting to go back into this area, but there is no vendor payment option here. Under the same Purchases menu, you will find, “Vendor Payments Made.” This area shows a list of payments, and you can enter a new vendor payment from here. You can use this, or the plus sign at the top (show in the video) to create a new vendor payment transaction.

Other than the nuances of where to click to enter and pay bills, the process is the same. Enter a bill, increase Accounts Payable.

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Zoho Books – Lesson 4 – Accounts Receivable

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The accounts receivable cycle is the same, no matter what the software. You invoice a customer, and they owe you money. You receive the payment, and deposit that money into your bank account. The accounts receivable cycle is closed at that point.

In this video, I throw in a monkey wrench, that we see a lot of with small business accounting. What do you do when the small business owner gets paid in cash, and never deposits the money into the business? That question is answered in the video.

Zoho Books, as you’ll see gives us some really nice forms, in a clean, and slick interface, that makes this process easy.

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Zoho Books – Lesson 3 – Banking

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The bank feeds in Zoho Books work much like the other products that you’ve seen, but these guys have one leg up on all of the others. There is one little thing I noticed, that Zoho Books does, which none of the other bank feeds, on any of the other cloud accounting products do.

You’ll have to watch the video to find out what that is. The video is short, because the process is simple. Enjoy, and we’ll see you in the next lesson…

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