 zero accounting software 2023 income from bank feeds with bank rules one customer but two income accounts get ready to become an accountant hero with zero 2023 first a word from our sponsor well actually these are just items that we picked from the youtube shopping affiliate program but that's actually good for you because these aren't things that were just given to us from some large corporation which we don't even use in exchange for us selling them to you these are things that we actually researched purchase and use ourselves focus right scarlet solo third gen usb interface with software suite i've been using a focus right for years for my audio needs before which time i had a usb microphone which plugged directly into the computer but i think you'll find as i have found if you want to increase the quality of your microphone you will need an interface and the focus right is the go-to interface as far as i'm concerned i've been using this for years now it works well it's easy to use it seems quite durably built because i only do the screen recordings i only need the one solo interface however if you have multiple microphones you need to plug in or if you have other instruments you need to plug in you can look at a similar model that has more input ports if you would like a commercial free experience consider subscribing to our website at accounting instruction dot com or accounting instruction dot think of it dot com where we have many different courses you can purchase one at a time or have a subscription model given you access to all the courses courses which are well organized have other resources like excel files and pdf files to download and no commercials here we are in our custom zero home page going into the company file we set up in a prior presentation the bank feed file duplicating some tabs to put reports in like we do every time we're going to right click on that tab up top and then duplicate it and then right click on the tab up top again and duplicate it again back to the middle tab going to the accounting drop down opening up the balance sheet report tabbing to the right accounting drop down this time the income statement report we're going to change the dates on the income statement to 2022 because that's the year that our transactions are in from the bank feeds january to december of 2022 update let's go to the first tab we're going to go to the accounting drop down into our bank feeds which is under the bank accounts we've got our one account connected thus far we're going to go to the drop down for the manage of the accounts account transactions so we're now going to keep on adding some of the deposit side of things trying to construct our income statement from the deposits noting that we're kind of assuming at this time we're imagining we're doing like gig work or something so that it's fairly easy for us to wait till something clears the bank and record it as revenue when it does if i go into the cash coding over here uh the new thing we're going to do if i if i sort by the payee is we're going to say what if uh we've got different kinds of deposits coming from the same customer and this could be a similar kind of thing that you would have on the expense side of things what if for example you had different kind of expenses or different kinds of accounts for the same vendor on the expense side when money's going out it might be for like a half office depot or home depot or something where you might normally buy supplies but sometimes you might be buying uh equipment or something like that and you might say is there any way i can differentiate the information in the account to make that differentiation sometimes that might be by the dollar amount but here we're specifically looking at the added detail so for for example here you might have multiple types of income coming from amazon right you might have book sales you might have uh you might have amazon affiliate marketing you might be selling inventory on amazon so is there a way that i can distinguish you might have different locations from amazon where is it being sold in or something like that so we could look in here and try to say is there anything in this added detailed information that can help me distinguish between one type of income and the other so for example here even in the payee line they have amazon which is really the the customer you would think would simply be amazon but you have this differentiating factor with the income and the california now if that ties into two different sources of income you can use that as a differentiation factor now even this description sometimes the bank feed memo information comes in and possibly you might end up with a different number for example that might indicate different kinds of locations so you might be able to get into a little bit more detail on the memo description and see if there's a differentiating factor that might be indicating different locations or something like that which could help you to make more detailed bank rules and break out the different customer payments for different things to separate accounts let's go back to the reconcile tab okay so let's add the detail here so i'm going to go in i'm going to assume this one i want to make a specific rule differentiating this amazon dot com from that amazon dot california for example so let's go into here and say add a rule or let's add the detail first because i want to add an account as i go now when you when you're going to create an actual customer notice that you could just call it amazon right i could just call it amazon as the customer and have one customer for for multiple different rules and still be able to apply it to different accounts or you might want to have a separate customer so i'm going to add some of that differentiation factor here so that i can track it in different customer fields so if i sort it by customer it's going to be a different customer even though really it's it's the same kind of overall company of amazon so that's an option you can have i go down here it's going to be i'm not going to have an item description the account that it's going to go to i'm going to make up another account here and break it out and i'm going to call it let's pretend that this one is let me see what revenue accounts i'm on here it's my account number my account number is uh three four three five four three six zero let's say four three six zero so four three six zero on the account number it's going to be a revenue type of account so i'm going to say it'll be a revenue type and then i'm going to call it amazon crime so that's like similar to youtube or if you if you uploaded movies or something like that then that type of income so let's say i can differentiate i'm just making this up but let's say we're going to differentiate in that fashion and put this to amazon prime account so i'm going to say all right let's save that and then i can make a rule for that if i wanted to hitting the options button now that i have my account entered and create a bank rule let's create a bank rule and it's going to be any conditions match that's fine it's going to be if you have any uh i like any text field i love i love that they have that option of any text field which it isn't often there in other softwares like uh like a quickbooks because that allows you to use the rule to apply to all you know all the text fields you don't have to say well is this a description or is this the memo field or something like that when you're trying to put these more detailed rules in there and then i can say i wanted to contain uh i wanted to uh contain and we only really need to contain you could do exact here but i still just may make it contain and i just want to make sure that it contains the portion that is different the differentiating portions from the other rule now if we wanted a rule to pull in all amazon items all amazon related stuff to the same account then i would want to make a more generic rule possibly saying if it contains amazon just do this to it but if i want to differentiate them i can include that differentiating factor which is this bit and make sure that that's in there so it will only apply it to that differentiating factor now if there was more information that i needed to differentiate such as the description here again i could use in any text field to do that but then i can pick up the piece of the number that's a differentiating factor or i can have the two line items and say you want to make sure that it matches all of them all the rules in order to to get it but i this should be enough with just one for now so i'm going to remove that second one i'm going to call it amazon can i just copy it no i can't copy it let's copy it down here i'm going to call this amazon.com so i'm going to copy and paste that there and that's going to be my new contact so and again i made a different amazon.com not just amazon uh so that'll be differentiating from i think the other one was amazon.california or something uh ca and so down here i'm going to say the account is going to be the income account of amazon prime 100 going to it and then i'll just take it so the reference that looks good so if we save this and then i can uh record it so so now these two are both being pulled in because they're amazon.com so i can pull both of those in and check it out if i go to my balance sheet and update it the checking account should go up by those massive amounts in here but the other side is going to go to the income statement updating the income statement into the new income account amazon prime if i go into it we're racking in the the money almost eight dollars right there that's what i'm talking about we're we're so there it is amazon.com receive money for them all right back on over now the other one if we have received money from amazon for something else i can go back over here and put it into a different category so let's pick this one up now and so this one is from amazon but it's slightly different so if i want to make it a different category i could say let's add the details and say that this one is going to be from now i could use the same uh name up top but maybe i want to differentiate it so i'm going to say it's from a different amazon so that i have a different customer that will be set up or you could use the same customer if you so choose but i can differentiate the account down here and i can set up a differentiating rule based on the information that's pulling through so i'm going to add another account and say let's say this is going to be uh i have four three six five account let's say new let's say four three seven zero four three seven zero and this is going to be a revenue type of account and uh hold on revenue and it's going to be for let's say these are uh book sales book sales we're selling books on amazon our book you can go in and check it out we're making this isn't really for books i'm just kind of making this up but there it is we're going to say okay boom and then let's make a rule for it so i'm going to go up top now that i have my account added options drop down and i'm going to say we want to make a bank rule and we will make a rule so it's going to be it uh any text field i like and then if it contains and i'm just going to make sure to have that differentiating fan factor which is the amazon amazon service as opposed to the other amazon and there it is and then i'm going to just delete the second bit because i don't need it and i'm going to say contact i'm going to make a new contact which is going to be amazon services slightly different than amazon.com for the last one so we can sort our two items in different contacts or customers and then a hundred percent of it is going to be going to that new account we set up which is book sales all right and then let's save it and the rule should be applied differentiating the rule and if i scroll down there it is so i'm going to add that one and so now if i go to my checking account it's going to be an increase to the checking account but i want to go to my income statement that's really where we differentiated things on the income statement and now we've got our book sales so we have the two rules being applied out even though they're basically being coming from the same place all right let's go back to the tab to the left let's just add some other income items so here's like an audible income so this would be like uh you could make it so i'm going to say let's add the details on that one and we'll make a rule for it i'll make another account for it so maybe i just want to call it audible but i'll leave that for now because i'll adjust it on the rule anyways and i'm going to make another account for it so this is going to be an income account which i'll call uh four three eight zero four three eight zero on the number four three eight zero and i'm just going to call it that audible income so i had to sneeze there for a second i'll just call it audible audible uh book audio book audible books sales something like that all right and then i'm going to say all right uh hold on that's the account that should be down here audible book sales and this should be revenue revenue and that looks good all right let's save it and let's go up and make a rule drop down drop down create a rule there are rules here and i'm just going to make a standard rule uh text any text field if it contains and i don't need the payments bit maybe just audible that's all i need if it has that then do it get rid of the second thing i'm going to copy audible down here that's going to be my new customer contact adding it and then we're going to say the account is going to be the audible account huh right there and there it is and then so that looks good let's go and save it and then if i go to my income statement just to check it out or hold on i didn't add it yet you got to add it and then income statement update we can see uh book sales pulling through all right let's go back to the first tab let's just add some more of these here so let's just go through these and just add them so audible i'll just add that and amazon Verizon let's just go ahead and add the Verizon and i'll just kind of clean this up a bit and add them as we go uh google here's a google one let's say that's youtube so it is youtube we'll just say let's youtube okay so we'll add that and we're going to say i'll just call it uh youtube so i'll copy youtube and then down here i'll make another account and say it's revenue i'm going to say four three nine zero so i'm going to say all right new one new account four three nine zero and i'm going to say the account type is a revenue account and it's going to be for youtube and then save it and that's all we need to make the rules i'm going to hit the drop down up top keeps doing that drop down create a bank rule it's going to be contained one i'm going to say any text field if it has google in it i don't need or just say youtube it just has youtube in it that's all i need then do it i'm going to delete this bit youtube's my new now again i could put the the vendor as google here uh or or youtube right it kind of depends or the customer the contact i'm just going to call it youtube which probably isn't the most proper should have called it google but whatever youtube is the account we set up and then it's going to go boom all right let's add it and let's add it and then uh let's check these off so amazon i can check that one off audible i'll check that one off uh let's add interest that's from the bank so i'll add that one so let's add the details here we're just going to say that's an interest payment so okay so let's just add the account it should be an interest account an expense type of account so revenue expense uh this is interest income this is a income account right because it's an interest payment received all right interest income we don't have any interest income here so i'm going to say income it's going to let's put it up in revenue you might put it in other income like at the bottom of the income statement because it's not like part of your normal operations so maybe we put it in other uh so i'll put it down next to the 75 so let's make it 7550 say add and 7550 and this is going to be uh uh in uh other other income and i'm going to call it interest interest income and then save it okay and let's see if i'm going to add the rule for it adding a rule bank rule and i'm anything i'm going to say this is going to be a any text field if it contains interest payment that should be good all right any it's going to be let's call it from uh who's it coming from i can say the bank i guess bank generic customer and then the account is going to be the interest income account that we just set up okay and i'll put this i've been doing reference on that okay and then the rule if it says interest payment all right that'll be the the rule you could call it bank interest or something you could you don't have to name the rule the same as coming through the bank memo but we'll keep it there so i'll save it and let's go down and say interest is there serious do i want to add that i don't know let's go verizon let's go ahead and add the verizon next and we've got the soak out gas and do i want to add that i guess i could add that amazon let's add the amazons uh and then this is another amazon i could add that let's leave that for now in case i want to test anything else audible interest payment okay so then if i go back to my uh balance sheet and update this uh my my checking account is still uh in the negative as a liability but my income over here on the income side of things we've now got our our prime account audible book sales sales uh the web sales and that interest account is down here it's down under uh interest income because we put it into other income down below it seems like the youtube one didn't pull in for some reason let me add the youtube one again i'm going to say youtube and we'll say the account should be youtube right did not add a you youtube account i did and then if i made a rule up top if we make the rule bank rule i'm going to say this as long as it contains youtube maybe i'll keep the google youtube as long as it contains maybe i maybe i've made a rule that wasn't contained i should check my rules uh but any case let's go in here and say uh any text field if it contains that and then i'll delete the second bit and then it's going to be the contact is youtube which we already set up and then i'm going to say it's going to be an account of youtube and then that's good and then i'll call i'll keep the whole i'll call it google youtube this time which i think is a different name all right let's save that see if it applies out the rule so there's the rule being applied okay so now i can add that series let's go ahead and add that and then next and we got google here we'll add that all right so if i go back to the balance sheet update it uh still have a negative cash income statement update it we can now see the google uh pulling through the youtube pulling through all right so now if i go to the first tab if i want to check those rules i can go to the accounting drop down bank banking let's see if i have two google rules which i probably do if i look at my bank rules and i want to update them i can go into my rules here so these are my spend money rules here's my receive money rules so we've got stripe we've got amazon and then we've got these two google rules so something's wrong with this first one so if i go in and edit it let me just see what i did that didn't work i i i said equals see that equals and then i deleted the text if i put contains it would have been so now i've got two rules so i'm going to go back and see if i can remove that second rule so this is a a a google rule so i think it's this one hopefully it'll delete the wrong one i'm going to take take that off and delete it and so are you sure you want to delete it i'm going to say yep so the rule has been deleted all right so now if i go back into my account and i go to my bank accounts here we could see that we've added we've cleaned up a lot of information and pulled them in i'm going back to my bank feeds and we've applied many of the rules we've been building our account transactions in the same way we did with the expense side building them as we pull it in then the bank rules should make it more automated for future presentations we've been reconciling at the same time we make the rules we've also if i go to my contacts drop down i could see that i've been adding uh contacts uh in this case i'd say customers uh as we've been making those rules as well and then we've been building out our income statement breaking the general rule of not adding income accounts by customer because we happen to be doing like gig work which is kind of the exception to the rule oftentimes all right and then remember that income account interest account was down here all right let's look at our trial balance right click duplicate take a look at the trustee trial balance scene where we stand as of this point in time accounting drop down reports trial balance is what we're looking for the trustee t to the b not tuberculosis not tuberculosis trial balance and you've got the balance sheet accounts on top of the income statement accounts the balance sheet stops that retained earnings sales and then our income accounts our revenue accounts or sales accounts and then we've got our expense accounts down below we're in balance debits and credits it's the same thing it's basically saying assets equal liabilities plus equity uh that we could see here and here and the income statement fits into the balance sheet because it is summarized in you know the current earnings and the equity six nine four nine five four which is also on the income statement bottom line six nine four nine four fifty four the income statement breaking out the detail of our performance report