 that should be in here. So there's the 510. I'm going to go back and then on the revenue side on the income statement, updating the income statement, I put it to the sales account. So if I go into the sales account, we ought to once again have that 510. Now I'm not going to I'm not dealing with the sales tax or anything but it would be a similar process with the sales tax because the next step we would assume is we collect the payment. Now normally if it was a full-service system, what you would be doing then is tracking your contacts, right? You'd be looking at your contacts and seeing if they owe you money and then reminding them that they owe you money. You could also track it in the business drop-down and invoices and sort your all invoices, the ones that are awaiting payment and then when you receive a payment on it then you would record the payment from the invoice at this point in time. Now note when you record the payment from the invoice, if you get one payment per invoice then you can connect it to that individual invoice fairly easily. However if you have one payment that's being grouped together due to possibly something like a credit card company or something grouping multiple payments together, you might have to collect two of them and deposit them together. If that's the case then you're going to have to use more of a full-service system most likely because it's going to be easier to do that kind of grouping from here. If you also have other deposits that are coming in or other complications like fees or something like that then you might have to create another checking account which is a clearing account so that you can put it into the clearing account and then transfer it from the clearing account into the checking account so that it hits the checking account in the same format as what we'll be showing on the bank statement that we can reconcile with the use of the bank feeds. So I know that gets kind of messy but hopefully that'll make more sense and as we go. So if I hit the drop-down here, if I go back into my bank accounts, I'm going to try to say well what if I can just wait till it clears the bank and then connect it to the invoice, right? I can say all right what if I go to my reconcile over here, find that payment again which was on sometime in October I believe October. Okay I picked up a different one I think I was looking before at this one but I did it for this one here's the 510. So notice zero is actually seeing a match here so it's matching it to an invoice it's not matching it to a payment so this is using that match system a little bit differently than you might think of usually so remember what we've been doing normally is waiting till something clears the bank and then creating a transaction when it clears the bank. Normally when you're looking at the match what you would be thinking is I already made a deposit on my end I did a full service accounting thing made the deposit and now I'm matching it to what is here in in the bank which means this process would not be recording a new transaction in that case but rather helping you with a bank reconciliation and this case we're matching not to the deposit but to an invoice so that means that zero is still going to have to do this second bit over here right so it's still going to record something what's it going to record it's going to record the reduction to the accounts receivable and and the deposit into the checking account even though we're using a matching function so again that method you could see and some it would depend on the accounting system that you're in but you could see a system where that might work again if you're receiving payments that exactly match the amount of the invoice that you're charging and you don't have that grouping kind of problem that would be happening so if I say okay let's match that then if I go to my balance sheet and I'm gonna say update the balance sheet accounts receivable should have gone back down because they reduced the accounts receivable when we matched so now we've got the accounts receivable had a receive payment form goes back down so if I go into the receive payment form was created from that bank fee transaction there it is and we could see the detail tying to our actual invoice so if I go into my invoice I can go back to the source document of the invoice the amount due is now zero very cool or it back and then back and then we can say the other side let's go back again is gonna go into the checking account so it's gonna go into the checking account and of course it deposited that money in the checking account of the 510 somewhere in October I believe let's see it's getting difficult to locate things here receive payment I believe that's the one okay so so we have a nice ability to match there now if I go back and track that internally on the invoice so let's go back to the first tab and go to the business drop down and look at my invoices it should have populated this over here so if I went to the awaiting payments that one invoice has disappeared because it's now been moved over to the paid item so the internal tracking looks good if I go to my contacts and I look at my customers let's just go to the customers this time and I look at customer number two then it has properly recorded the amount here here's the invoice used amount that amount that has been paid on the invoice okay so that you might be able to come up with a system that works like that in future presentations will think about well what if you had a system where you had to have multiple invoices that are being grouped together by a credit card company or by cash payments that are being lumped together then you probably won't be able to match the deposit to the invoice but we'll have to do closer to a full service accounting system and the matching that you have within the bank feed will not be recording a new transaction possibly if you already made the deposit but rather matching to the deposit helping with the bank with the with the bank reconciliations all right so let's go to the tab the right right click and duplicate the tab and just look at our trial balance as of now just to see how how neat it is that it's been being created just as we go we're just making stuff out of the ether which is just amazing it's just constructing on itself growing like a like a tree like a orange tree or something I don't know orange but so here's our balance sheet we have our balance sheet information and it stops down here on our retained earnings and then we have of course the income statement accounts just listed one on top of the other matching over here to what we have on our balance sheet accounts that have the subtotals let's go back so I could see this properly if I may so we have over here the debits equal the credits which is the same as saying assets equal liabilities plus equity so assets equal the liabilities plus the equity and then the income statement fits into the equity section and is broken out on an income statement the performance statement given us the detail of the income statement seven four five nine is the seven four five nine whereas on the trial balance we have the retained earnings before the breakout of the added current period performance statement the income statement and then we just list the income statements down below it that's why those two systems are the same debit credit assets equal liabilities plus equity two ways to say double entry accounting system