A Day in the Life of a Bookkeeper: Simplifying the Basics

💼Bookkeeping for small businesses can be simplified by breaking down tasks and focusing on one client at a time.

🧾Using a debit card and email receipts can streamline the expense tracking process, making it easier to categorize and match transactions.

✍️Writing reimbursement checks helps ensure that expenses are properly recorded and employees are reimbursed for personal expenses.

💡Tracking income and expenses in QuickBooks allows for easy generation of profit and loss statements, providing insights into business performance.

⏰Setting up fiscal years in QuickBooks can better align with the unique reporting periods of certain businesses, such as schools.

How do I categorize transactions in QuickBooks?

—In QuickBooks, you can assign categories to transactions based on their nature, such as income, expenses, or assets. This helps organize and analyze financial data.

Are reimbursed expenses taxable?

—No, reimbursed expenses are not taxable as long as they are considered business expenses and properly documented.

Can I reconcile transactions without bank feeds in QuickBooks?

—Yes, you can manually reconcile transactions by comparing them to your bank statements. However, using bank feeds in QuickBooks can save time and improve accuracy.

What is a profit and loss statement?

—A profit and loss statement, also known as an income statement, summarizes the revenue, expenses, and profits or losses of a business over a specific period of time.

How can I set up a fiscal year in QuickBooks?

—In QuickBooks, go to Company > My Company, select the desired fiscal year start month, and click Save. This allows for customized reporting periods.

00:00Join me as I provide insights into the day-to-day activities of a bookkeeper and demystify the basics of bookkeeping.

06:43Learn how to categorize and reconcile transactions in QuickBooks, simplifying the organization of financial data.

08:35Discover how using debit cards and email receipts can streamline the expense tracking process.

12:14Witness the importance of writing reimbursement checks to properly record expenses and reimburse employees.

15:40Explore the generation of profit and loss statements in QuickBooks and gain insights into business performance.

17:59Understand the benefits of setting up fiscal years in QuickBooks to align with unique reporting periods, such as schools.