Rachel - Bookkeeping
We use Quickbooks as our accounting and book keeping software.
Every time we make a purchase or receive money, quickbooks pulls all of our bank records and puts them into quickbooks in a list.
Our job is to take every expense and pair it with a receipt.
Our job is to take every dollar
I recommend doing book keeping regularly, to keep on top of it as opposed to trying to do it all at once at the end of the month.
Book keeping is incredibly tedious and detail oriented.
Step 1: Ask Brittany to Refresh transactions & For Bank Statements
Brittany is the only one that can refresh transactions, basically telling quickbooks to "pull" transactions from my cards to the quickbooks software so you can review them.
Ask Brittany for the bank account statements which you'll need to complete the bookkeeping.
Step 2: Log in to Quickbooks:
Go to quickbooks.com
email: brittany@reboundtotalhealth.ca
password: Whiteyeti33!
Step 3: Make sure the business is correct
At the top of the QuickBooks page it should say "Rebound Total Health Holdings Inc."
If it says "Rebound Total Health" , then you need to switch businesses
To do so, hit the gear icon at the top right
Click Switch Company
Click Rebound Total Health Holdings Inc.
Step 4: Get Set up
On the left hand side click book keeping -> transactions ->
Then under the word on the white page that says "transactions, make sure "bank transactions" is selected.
and then you should see the following page:
This is where you will see the 4 different accounts lined up.
You will be focused on balancing every single account EXCEPT investing. Investing won't change.
Step 5: Business Bank Account
Click the business bank account, and look at the "spent column"
compare that spent column to what's located in the bank statement Brittany provided. Your goal is to figure out what that expense was for.
Most of the time, if it's in this account, it was probably some e-transfer, which you may need to ask Brittany for as it will be located in her email address.
Once you understand where the expense came from, you need to go find the receipt for it.
You will want to download and save this in a specific folder on your computer , just for you to keep organized
Once you have the receipt for the expense click "receipts"
Then you will click "upload from computer"
Select the file you want to upload then hit open
Give Quickbooks a second to process. Once processed, you'll see that receipt be added to the list below, including the details associated with the receipt.
Next, we want to go back to the business bank account, to see if Quickbooks has "matched" the transaction for us or not!
Cick "business bank account" and go back to the "spent transaction" to see if there is a "matched" symbol.
Here's what it looks like when Quickbooks matches a transaction for you:
If quickbooks matches this transaction for you, great, then all you have to do is click "add". Note that quickbooks need you to enter the tax type. SO, if you try to hit add and the tax type isn't determined, it will ask you to input what tax type. Make sure the tax type matches the receipt.
If quickboboks has NOT matched the transaction, it means the details on the receipt are not the same as what quickbooks has in the system, or there's missing information from the receipt. This means we need to go back and edit the receipt. Take a note of the total $ of the expense, then head back over to the receipts section
Find the receipt that we need to explore further ( the one you just uploaded).
At the far right, beside action, click "review"
This will pull up all the details that quickbooks has pulled from the receipt as well as as a photo of the receipt.
This is where you want to review the details of the receipt from the photo and make sure they match what quickbooks is automatically filling in.
A LOT of our expenses are from things based in the US so on the receipts, the funds are in US, which means we have to enter the correct amount (the $ of the expense you just made a note of)
If a receipt is in US funds, you need to indicate that in the notes on the receipt. Also, the tax code for US items is "exempt"
As you can see below, there are lots of different fields to make sure are correct when reviewing receipts
Some notes:
Document Type should read receipt
Bank/Credit account should match the account you're currently working on.
Make sure the date matches the receipt - often times quickbooks pulls the wrong date
For account/category - this is where you'll need to know WHAT the item is in order to categorize it correctly. Most of the time quickbooks will pull this correctly, but if it ever says "uncategorized expense" we need to figure out what category it is - you can always ask me!
For tax type, you'll have to check the receipt. Most will be HST or exempt. If its US, its exempt. There are also some canadian expenses that are exempt tax wise.
Step 6: Go Business Credit Card
Repeat this process one expense at a time to stay organized.
For any of the "psychology today expenses" leave ALL of those until the end of the month as they are extremely tedious and its easiest to be able to download them all at once.
When downloading different receipts, you'll either use "download" or if there isn't a download option, you will go to "print" and then chhange the source/printer to "print to pdf" - this will tell the computer to download a pdf of the receipt, which you can then upload to quickbooks.
You will need all the passwords to the different website in order to access the receipts needed for book keeping.
We will keep a master list of these passwords which you can find here: Passwords Here
If you come across an expense to which you don't know the password, ask Brittany, then add the password to that list. You might also benefit from writing down where to find the receipts for each site (ie which buttons you click to get to the receipts you need) for each given expense.
Every time we make a purchase or receive money, quickbooks pulls all of our bank records and puts them into quickbooks in a list.
Our job is to take every expense and pair it with a receipt.
Our job is to take every dollar
I recommend doing book keeping regularly, to keep on top of it as opposed to trying to do it all at once at the end of the month.
Book keeping is incredibly tedious and detail oriented.
Step 1: Ask Brittany to Refresh transactions & For Bank Statements
Brittany is the only one that can refresh transactions, basically telling quickbooks to "pull" transactions from my cards to the quickbooks software so you can review them.
Ask Brittany for the bank account statements which you'll need to complete the bookkeeping.
Step 2: Log in to Quickbooks:
Go to quickbooks.com
email: brittany@reboundtotalhealth.ca
password: Whiteyeti33!
Step 3: Make sure the business is correct
At the top of the QuickBooks page it should say "Rebound Total Health Holdings Inc."
If it says "Rebound Total Health" , then you need to switch businesses
To do so, hit the gear icon at the top right
Click Switch Company
Click Rebound Total Health Holdings Inc.
Step 4: Get Set up
On the left hand side click book keeping -> transactions ->
Then under the word on the white page that says "transactions, make sure "bank transactions" is selected.
and then you should see the following page:
This is where you will see the 4 different accounts lined up.
You will be focused on balancing every single account EXCEPT investing. Investing won't change.
Step 5: Business Bank Account
Click the business bank account, and look at the "spent column"
compare that spent column to what's located in the bank statement Brittany provided. Your goal is to figure out what that expense was for.
Most of the time, if it's in this account, it was probably some e-transfer, which you may need to ask Brittany for as it will be located in her email address.
Once you understand where the expense came from, you need to go find the receipt for it.
You will want to download and save this in a specific folder on your computer , just for you to keep organized
Once you have the receipt for the expense click "receipts"
Then you will click "upload from computer"
Select the file you want to upload then hit open
Give Quickbooks a second to process. Once processed, you'll see that receipt be added to the list below, including the details associated with the receipt.
Next, we want to go back to the business bank account, to see if Quickbooks has "matched" the transaction for us or not!
Cick "business bank account" and go back to the "spent transaction" to see if there is a "matched" symbol.
Here's what it looks like when Quickbooks matches a transaction for you:
If quickbooks matches this transaction for you, great, then all you have to do is click "add". Note that quickbooks need you to enter the tax type. SO, if you try to hit add and the tax type isn't determined, it will ask you to input what tax type. Make sure the tax type matches the receipt.
If quickboboks has NOT matched the transaction, it means the details on the receipt are not the same as what quickbooks has in the system, or there's missing information from the receipt. This means we need to go back and edit the receipt. Take a note of the total $ of the expense, then head back over to the receipts section
Find the receipt that we need to explore further ( the one you just uploaded).
At the far right, beside action, click "review"
This will pull up all the details that quickbooks has pulled from the receipt as well as as a photo of the receipt.
This is where you want to review the details of the receipt from the photo and make sure they match what quickbooks is automatically filling in.
A LOT of our expenses are from things based in the US so on the receipts, the funds are in US, which means we have to enter the correct amount (the $ of the expense you just made a note of)
If a receipt is in US funds, you need to indicate that in the notes on the receipt. Also, the tax code for US items is "exempt"
As you can see below, there are lots of different fields to make sure are correct when reviewing receipts
Some notes:
Document Type should read receipt
Bank/Credit account should match the account you're currently working on.
Make sure the date matches the receipt - often times quickbooks pulls the wrong date
For account/category - this is where you'll need to know WHAT the item is in order to categorize it correctly. Most of the time quickbooks will pull this correctly, but if it ever says "uncategorized expense" we need to figure out what category it is - you can always ask me!
For tax type, you'll have to check the receipt. Most will be HST or exempt. If its US, its exempt. There are also some canadian expenses that are exempt tax wise.
Step 6: Go Business Credit Card
Repeat this process one expense at a time to stay organized.
For any of the "psychology today expenses" leave ALL of those until the end of the month as they are extremely tedious and its easiest to be able to download them all at once.
When downloading different receipts, you'll either use "download" or if there isn't a download option, you will go to "print" and then chhange the source/printer to "print to pdf" - this will tell the computer to download a pdf of the receipt, which you can then upload to quickbooks.
You will need all the passwords to the different website in order to access the receipts needed for book keeping.
We will keep a master list of these passwords which you can find here: Passwords Here
If you come across an expense to which you don't know the password, ask Brittany, then add the password to that list. You might also benefit from writing down where to find the receipts for each site (ie which buttons you click to get to the receipts you need) for each given expense.