 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 switch the view down below. Opening some tabs to put reports in like we do every time. Right click in the tab up top to duplicate it. Right click in the tab up top once again to duplicate once again. Back to the tab to the middle and down to the reports on the left hand side. Opening up the balance sheet once again. Tab into the right reports on the left and this time we want the P to the L, the profit to the loss, the income statement. Closing up the hamburger and changing that ranging from going from this time, let's go from 0901 to five to 0932 five. And so I don't have anything in there thus far. That's what we're looking for cause we're going to add stuff for the Amazon sales. Tab into the middle closing the hamburger again. Range the same 0901 to five to 0932 five. Run it to refresh it. And then we're going to tab to the left and we've been working on e-commerce situations where we're selling inventory but not on the ground, not in a store but rather online in the cloud with the help and use of third party platforms. For example, a Shopify or an Amazon. In prior presentations, we've been focusing more on the Shopify. Now we're taking a look at more at an Amazon type situation noting that no matter what the third party platform, the general concepts, the overarching concept is in essence the same. We could use different methods to pull that information in from the third party platform into our system either with the use of just bank feeds or we might have a manual entry system pulling information from the third party platform and bank feeds or we could use the QBO commerce which we'll talk about later or like a third party app that's gonna help to pull in that information. Right now we're focused on the manual entry method and more on an Amazon based situation because some of the line items might be a little bit more or different or more detailed. And then, but this method is not just for the manual method in concept because when we think about applications such as the QBO commerce and some of the third party applications, they're gonna pull in the information in a similar way. They're just gonna kind of do it in an automated fashion so we're still gonna need to know some concepts like clearing accounts when we do some of those integrations that we'll talk about in future presentations. In a prior presentation, we worked a practice problem in Excel where we imagined we're pulling information from Amazon because we're having sales that are taking place on Amazon. We're looking at the deposits or payments that are going from Amazon to us which happens about every two weeks and we're looking to break out the detail of all the activity that's happening on Amazon's side before they send out that deposit. That's the general concept, similar concept to what we would do in a Shopify situation. However, we might have different line items when you're thinking about an Amazon situation possibly more line items depending on your circumstances than you might have in a Shopify type situation. So then we can think of doing our accounting in QuickBooks a couple different ways, the easiest ways to say I'm gonna ignore all this other stuff that breaks out from the deposit and just wait till it hits the bank feeds and then record it as basically income when it hits the bank feeds. Or we could try to get more detail entering a journal entry which is still gonna get to the same deposit amount but we'll break out all of this detail so we have it in our finances. And of course, this second method is similar to what other integrations are trying to do including the QuickBooks basically integration. It's not pulling in every transaction. We're summarizing the transaction and then trying to pull them into our QuickBooks so we have more detailed financial statements although we're not pulling in for example, every customer or tracking every unit of inventory on a perpetual inventory based system. Okay, so the first thing we're gonna do to get this practice problem going is I wanna once again upload some bank feed data so we can see the bank feed come through. So I'm gonna do this two times and we're gonna do it two different ways. So I'm gonna put the date, the amount, the bank memo and then I'm gonna have one in August and one in September for that amount that's gonna go into our bank account, the 391.88. And so once we have this, I'm gonna save it as a CSV file as we've done in the past so I'll do it fairly quickly. Hit in the dropdown, save as and we're gonna save it as, I'll hit the dropdown here, a CSV. So it's not gonna be an Excel file, but a CSV and I'm gonna make it bank feeds number three. So we'll say, okay, boom. And then if I look at it in my folder here, we've got the bank feeds number three right there. Opening it back up, just check it, that's the one. Let's pull that into our QuickBooks. So we're gonna go into the banking and I'm gonna go into the links up top but I'm gonna upload, upload from the file, okay. And then we'll select where we wanna be pulling this information from. So let's see if I can find it. I'm gonna copy the URL here, copy the URL, paste it and bank feed number three. And we'll just pull that in as we've done in the past. This is going into the checking account just like if it was connected to the bank feeds and yes, column, one column. My voice is going MMDD, Y, Y, Y, Y, Y. And then date to date, description goes to the bank memo field, amount to amount, that is it. Let's go okay. There's the two I wanna pull in. I'm gonna select all of them, boom. And continue, save it. Okay, import complete, done. Mui B to the N. So if I go onto the checking account, we've got those two amounts are pulling in in our practice data in the bank feeds. So now if we looked at our first method, we can say, well, I'm just gonna let, I'm just gonna see it hit the bank feeds and then I'm just gonna record it as Amazon sales at that point. So what would be the easiest thing to do? We could say, I'll just wait until it hits the bank feeds like this one and I will just put it into directly Amazon sales. Now I should have changed the memo to be Amazon. This would probably, the memo would probably say like Amazon on the bank feed memo or something. So let's do that. I'll put it into Amazon tab, Amazon, boom. And then I'm gonna put it into a sales like Amazon sales or something like that. So do I have an Amazon, Amazon? I'll just say sales, Amazon. And I'll make a new one, boom. And we'll just call it an income account, income. And it's gonna be sales, Amazon. I'll put it into other primary income, save it. And that's it. I could even make a rule for it to come in automatically and just say, okay. And then if I check it out on my checking, it's gonna be going into the checking account. And we see that here. So that's not it. Oh, I gotta go back a month. Hold on a second, exit. Let's go from 0801 to 5 to 0830 to 530. And then run it. And so there we've got our deposit, boom. And then going back up, the other side's going, exit to the income statement, changing the date again to 0801 to 5 to 0830 to 5 and run it. And so there is our sales. Now remember that one of the obstacles you have with this is that if you get a 1099, it might be for the gross sales amount and Amazon could have taken a substantial amount out. And if you report your sales line on your Schedule C, if you're a sole proprietor that's under the 1099, they could have questions. So if you got a Schedule C at the end of the year, and let's imagine this was for an entire year that was saying 20171, then you would just say, okay, well I'll just take the difference and I'll increase my top line revenue and then I'll record the other side to like fees or something like that. So we could do a journal entry. So this would be like the easiest thing to do. We're making a lot of assumptions here, but we could just then go, okay.