I’m Shannon Phares, Operations Director at Kildal Services. The new year begins with me being pushed and encouraged by many friends – including StacyK – to go beyond the fence, open the gate, and get out of my comfort zone for once! The thought of being on camera or video scares the crap out of me! However, I felt compelled to create a short video to help our clients with a common problem: managing Undeposited Funds.
Undeposited funds really does make sense, I promise.
I recently completed another QuickReview™, and after Stacy spoke to the client, she hired us for the clean up. Shortly after, I received an email from the client in which she said that no matter what she did, she just wasn’t grasping the concept of Undeposited Funds. I decided we needed a resource to share with her – and future clients – to help explain it all.
Because this is not the first time we’ve seen our clients struggling with how to use the Undeposited Funds account, I decided to put on my “big girl pants” and make my first ever video. (I even managed to stomach watching the entire thing myself.)
Stacy always tells clients to think of Undeposited Funds as the accounting system equivalent of their cash drawer: it’s where the payments a business has received are “stored” until they get taken to the bank. It’s a way of ensuring that deposits in QuickBooks Online match what was taken to the bank and ultimately shows up on the statement.
Using Undeposited Funds in QuickBooks Online helps make bank reconciliations easier at month end.
If after watching this video, it still doesn’t make sense, I would recommend you reach out to us for some training.
Here it is, my video on managing Undeposited Funds in QuickBooks Online:
Shannon Phares, Operations Directory, graduated from Walsh College of Accountancy with a BA in 1999. She is also a Certified Bookkeeper through the American Institute of Professional Bookkeepers, a Notary Public, and a Certified QuickBooks ProAdvisor. Shannon has extensive experience with QuickBooks Enterprise Solutions, inventory management, setup and data clean up. Our clients love her attention to detail and her ability to quickly analyze an issue and offer solutions (which is most likely a result of her obsession with all things forensic!).
Hey friends! If you could help me to help my friend, Steve Blundell. He works for Intuit, and is looking into developing some new resources for accounting professionals. He is specifically looking at the need for content that helps accountants set up new or existing clients within QuickBooks Online for specific verticals.
Are you interested in content that helps accountants set up new or existing clients within QuickBooks Online for specific verticals?
Steve is looking to get some feedback on what would be helpful for accounting professionals when setting up a specific industry (ie: restaurant, contractor, etc.) and has created a survey to gather more info on not only whether there’s an interest in it, but what accounting professionals would want these resources should include.
Here’s the email he sent me:
Hi,
My name is Steve Blundell from Intuit. We are working to develop content that helps accountants set up new or existing clients within QuickBooks Online for specific verticals. With the help of QuickBooks Online ProAdvisors these guides have been developed to make it easy for you to serve a multitude of verticals from within QuickBooks Online.
An example of an industry guide is attached. We would like to ask you to take a few minutes and review the guide and take just a few more minutes to respond to a survey HERE so we can best develop this content based on your feedback.
We appreciate your time
Steve Blundell
Intuit Accountant Segment Leader
If you could take a few moments and fill out Steve’s survey, both he and I would greatly appreciate it.
NOTE: This feature is a LIMITED RELEASE as of August 5, 2016; not all users will have it.
As a longtime lover of the Group Items available in QuickBooks Desktop, I am ridiculously excited to see that we now have something similar in QuickBooks Online – they’re called Bundles.
Look at that pic. They’re pretty fabulous, aren’t they?
QuickBooks Online Bundles Have Arrived!
I’ve used QBDT Group Items for years to easily track commissions paid to 1099 Contractors (ie: an independent sales rep, or some other non employee vendor), and have long lamented the fact that this wasn’t a feature in QBO.
That’s all changed, and I’ve created a PDF walk through to show how to set this up.
I’m the first one to say that I’m incredibly lucky. Over the the last few years, I’ve told hundreds – no, thousands of people that I’ve presented to – how fortunate I am to be surrounded by such a great support system.
Having gone through 2 sessions of StacyK Academy, and led the Work/Life Harmony sessions at both Scaling New Heights and QuickBooks Connect has reinforced these feelings of thankfulness.
As I was walking through the airport to my gate, heading to this year’s Sleeter Conference, with no other obligations than to walk onto a stage and accept an award for CPA Practice Advisor’s Most Powerful Women in Accounting award – for the FOURTH FREAKING YEAR IN A ROW – I couldn’t help but think about all of the people that help me get through every single day. Each in their own little, or incredibly huge, way.
My watch was buzzing, telling me texts were coming in, emails were coming in. With each buzz on my wrist, I felt like it was yelling: “Stacy, there were a million things to do! Why are you casually strolling through the airport and not walking as fast as you can down the moving walkway. The quicker you get to the skyclub, the quicker you can reply to that email about adding a new estimate and sending that invoice…”
I started to grab my phone to reply to some of these, as I was walking, and then just stopped dead in my tracks. I put my phone in my backpack and almost blinded the entire airport with the lightbulb that went on over my head: I don’t HAVE to reply right this second.
Then I window shopped allllll the way down the McNamara terminal; I’m convinced that gates 20-60 are just for show, I’ve never had a flight in or out of those! I almost bought a pair of earrings, but asked myself if I really loved them – the answer was “Feh”, so I put them back. I finally stopped into the Delta SkyClub (letting a dude go before me that was really, really in a hurry to get in), found the comfiest chair I could, grabbed a coffee and sat down with a book and sent this text to my husband:
My friend, Donna Ohman and I have a saying about what we do: “We’re not saving lives”. I thought I got that, but it wasn’t until that moment, standing in the middle of DTW, that, you know, I reallyGOT it. My clients aren’t going to care if I reply in 15 minutes, or an hour and 15 minutes. They just care that I’m getting shit done, that I’m getting it done correctly, and before any deadlines.
Don’t get me wrong, I’m still going to strive for #InboxZero – it’s one of my favorite games to play, almost as much as 2048 or Peggle – but I’m just not going to worry about it quite so much.
So my Thanksgiving wish for you is that you share hugs (real ones, now – you gotta really bring it in, no bro hugs or business hugs) with the people around you that help you be you, that help you get through each day. My wish for you is that you are able to take 30 minutes today to do something that is JUST FOR YOU. My wish for you is that you truly realize:
#ThereAreNoBookkeepingEmergencies.
(Yeah, I realize that is a really long hashtag that won’t catch on. I’m okay with that. It’s just a hashtag.)
