 Here we are in our QuickBooks Online test company file using the accountant view as opposed to the business view you can toggle between the two views by going to the cog up top and switching the view down below. Let's duplicate some tabs so we can put our financial reports in them right clicking the tab up top we're going to duplicate it right clicking the duplicate a tab to duplicate it again back to the tab to the middle as the right is thinking going down to the reports on the left hand side we want to open up one of the favorites that being the balance sheet and then we're going to tab to the right and then we're going down to the reports on the left hand side this time the profit and loss otherwise known as the income statement closing up the hamburger scrolling up changing that range from 010124 tab 123124 tab and running it that's January to December 2024 let's go to the tab to the left scroll up to the top close up the hamburger and change that range from 010124 tab 123124 and we will run that one as well to refresh it let's go to the tab to the left we've been working on our receipts let's find those receipts on the left hand banking side we're on the receipts all the way then to the right now in prior presentations we thought about how to get the receipts uploaded we made some mock receipts to upload into the system which we now have down below in the for review area we added some receipts and we first thought about those receipts that we could add and match to the items that are coming through the bank feeds as it clears our checking account however we might have situations which we want to touch in on now where the receipt isn't going to tie in exactly to the bank feed transaction uh as it goes to the bank feed possibly we're going to be using the receipt in order to create a transaction in order to tell us what the transaction would be so for example if we had a contractor or an employee that had some expenses and we said we're going to reimburse you for whatever expenses you have give us the receipts we will then reimburse you well then when we get the receipts that's going to be the indication for us to then create the transaction it's not going to be the something that's going to come through the bank feeds for us to automatically match out another example of that would be if for example we have a sole proprietor situation and we are we are out and about and we want to make a purchase that's a business related purchase but we make it with our personal account so we make it with our personal credit card or with cash it's our personal cash or something like that and then we might want to snap a receipt of the image and pull that into our QuickBooks file and at that point I would have to use that receipt in order to record the expenses so I have it in there for taxes and everything so I didn't pay it with the business account so it's not going to go through the bank feeds on the business side but I need to pull it into my QuickBooks system that's another thing I can imagine that we would be using the receipts for so let's go to the the receipts tab on the right hand side now we'll talk about how to get this information from yourself or possibly from other people like a contractor using the managed forward email and the app later so obviously the app can help us just to upload the information into the system and if we have multiple people like contractors or employees we can use this kind of email address method to do that so we'll get into that later let's now just focus on the idea that we have these receipts in the system and we basically need to record expenses related to these receipts so let's take a look at this this office this depot one again right so we got another receipt that we we uploaded in a prior presentation here's an image of the receipt now instead of uploading it as a receipt which would basically if I recorded it on this side would make like an expense form which we would then you would expect matched to something that clears the bank account we can use the receipt to make a bill so we could say there's our receipt I want to make a bill out of it and the bill is a form that increases accounts payable and the other side goes to whatever account like an expense account that that we're going to be putting in in order for in order to have a reimbursement so the bill adds an extra step however because it goes into accounts payable so we got to make sure that we enter the bill and then we use the bill to write the check or to make to enter the expense form that were to make the actual payment whatever we're going to do at that point so let's say for example we're paying let's make a contractor as our vendor let's call them Sam the contractor that we are paying so we're going to say save the contractor payment and we're going to we're going to then enter the transaction date so maybe if this was the receipt and we've received the receipt maybe we review the the receipt at some later point so let's say it was 0 3 15 to 4 for example and then this is to reimburse contractor let's say and the due date let's say is 0 3 20 to 4 because this is going to enter a bill and this is by the time that we want to pay off the accounts payable and then down here on the description it's got the depot okay but instead of going to supplies we're going to say this when we actually pay this off we're paying off the contractor so we might say contractor contractor so we're paying they're telling us how much it costs or whatever and we're going to pay off the contractor instead of putting it to supply so I'm going to say let's say contractor expense or something it's going to go into an expense form it's going to be expenses contractor so that looks good I'll just say save that tax field uh communication it's a it's a contractor other business here we'll we'll do that okay so that looks good now this is just basically going to make a a bill form now if I wanted to to bill a client with it we can do the same kind of thing we did before we can make it billable which means we can pull it into a line item on an invoice if we if we needed to do that but this would mirror entering a bill so what let's say save let's do save and next and so now it says no matches create create a new expense for this receipt so we are going to create a new expense although it's not an expense form it's going to be a bill form so I'm going to say all right create the bill create the bill and so that mirrored in essence what we would do if I hit the plus button up top and basically just made a bill so we would enter a bill looks like this same form as an expense form except instead of decreasing a checking account or or credit or increasing a credit card account liability it's going to be decreased it's going to be increasing a payable a liability so let's see what it looks like if I close this out and I go on over to my balance sheet and run it now we've got in our liabilities this accounts payable so if I go into my accounts payable there's our bill and if I go into that bill that was created from the receipt there's the bill that we created from the receipt I can close that out and go back to my report the other side's on the P&L the profit and loss so now we we didn't put it into supplies this time we put it into you know contractor expense because we're reimbursing the contractor they bought supplies we were going to pay the contractor according to whatever deal that we have that's going to be the idea now then of course when we make the transaction we're going to actually have to pay them and so now we can go over here and say we're going to we're going to pay off the contractor which I could do by saying a plus button up top and enter and a payment form a bill payment like this which is in essence a check form and then check off that I'm going to be paying Sam to record the transaction so here's going to be the payment this would be decreasing the the checking account and the other side is going to be decreasing the accounts payable account so it's kind of a two-step process so now you're going to be paying them and if you're paying them out of the checking account you're going to you could actually print the check here or something like that where you might have an electronic transfer or something like that that you're paying them but now you're doing this accrual step so as you pay them the 20606 however you do it if it's an electronic transfer or something like that we can actually record before we do the bank feeds it