💸 Practice BOOKKEEPING before you ever get your first client! | Realistic Bookkeeping

Summary

In this instructional video, Rachel Brown offers a concise guide for small-time bookkeepers and beginners on utilizing QuickBooks. She demonstrates how to set up a QuickBooks account for free, link a bank account, and categorize transactions, emphasizing the importance of practice to gain confidence. Rachel walks viewers through her own bookkeeping process, from syncing bank accounts to reconciling transactions, aiming to demystify bookkeeping and equip viewers with the skills to manage their finances effectively.

Takeaways

• 😀 Rachel Brown introduces a video aimed at teaching small-time bookkeepers how to use QuickBooks.
• 📚 The video is designed to be a practical guide for those interested in bookkeeping, with a focus on hands-on experience.
• 💡 Rachel emphasizes the lack of courses that provide real-world bookkeeping examples and aims to fill that gap.
• 🚀 Viewers don't need to have a business set up to learn; they can use QuickBooks Online as an accountant for free.
• 🔑 QuickBooks allows users to create an accountant profile and manage their own books, even for personal accounts.
• 🖥️ The tutorial involves screen-sharing to demonstrate the process of setting up and using QuickBooks for bookkeeping.
• 💻 Rachel walks through the process of linking a bank account to QuickBooks and categorizing transactions.
• 🏦 The importance of categorizing expenses and income correctly is highlighted for accurate bookkeeping.
• 🔗 Tags are used in QuickBooks to organize transactions by client or purpose, simplifying the management of finances.
• 🔍 The video shows how to reconcile bank accounts in QuickBooks to ensure the accuracy of financial records.
• 📈 Rachel suggests that making mistakes and learning from them is a valuable part of gaining confidence in bookkeeping.

Q & A

What is the main purpose of the video?

The main purpose of the video is to provide a quick and succinct tutorial on how to use QuickBooks for small-time bookkeepers, offering practical examples and guidance for those looking to start or understand bookkeeping.

Who is the presenter of the video?

The presenter of the video is Rachel Brown, who runs a realistic bookkeeping channel.

Why is Rachel making this video?

Rachel is making this video because she noticed there are many courses on starting a bookkeeping business, but fewer that actually show how to do bookkeeping, so she aims to fill that gap with practical demonstrations.

What is the significance of signing up for QuickBooks Online as an accountant?

Signing up for QuickBooks Online as an accountant allows you to have your own accountant profile for free, where you can do bookkeeping, add clients, and even manage your own books, which is useful for learning and practicing.

How does Rachel plan to demonstrate the use of QuickBooks?

Rachel plans to demonstrate the use of QuickBooks by sharing her computer screen and walking through the process of setting up and managing a bookkeeping business account within QuickBooks.

What is the importance of connecting a bank account in QuickBooks?

Connecting a bank account in QuickBooks is important because it allows you to import and categorize transactions, making it easier to manage and track financial activities.

What is the role of 'tags' in QuickBooks as demonstrated in the video?

In QuickBooks, 'tags' help to categorize and organize transactions according to the client or purpose, making it easier to manage and report on specific financial activities for clients.

Why is it beneficial to make mistakes while learning QuickBooks, as suggested by Rachel?

Making mistakes while learning QuickBooks is beneficial because it helps you understand how to fix errors, reconcile discrepancies, and become more adept at using the software under various scenarios.

What additional resource does Rachel recommend for those interested in bookkeeping?

Rachel recommends taking the QuickBooks certification exam and joining relevant Facebook groups for community support and to ask questions, which can help build confidence in bookkeeping.

What does Rachel suggest for those who are not yet ready for a client?

Rachel suggests that those who are not yet ready for a client should practice with QuickBooks using their own business or personal accounts to gain confidence and experience in bookkeeping.

How does Rachel handle the process of categorizing transactions in QuickBooks?

Rachel handles the process of categorizing transactions by assigning appropriate payees, categories, and tags to each transaction, which helps in organizing the financial records and making them client-specific.