How to do a full month of bookkeeping in QBO {full tutorial}

The speaker introduces the video, which focuses on the monthly bookkeeping process using QuickBooks Online (QBO). They mention a previous video that received both attention and criticism for not being a comprehensive 'how-to' guide. The speaker appreciates the feedback and aims to provide a more practical tutorial. The video will cover uploading a month's worth of data, classifying transactions, reconciling bank accounts, and reviewing financials. The speaker also encourages viewers to use the comment section for questions and mentions additional resources available in the description box for more complex tasks.

The speaker explains how to connect bank accounts to QBO for automatic transaction imports, ensuring a secure read-only access. They discuss the process of manually uploading transactions if direct bank connectivity is not available, demonstrating how to select and associate the correct account and categorize the data. The speaker emphasizes the importance of reviewing the imported transactions for accuracy and the option to make manual adjustments if necessary.

The video script describes the process of categorizing individual transactions within QBO. The speaker walks through creating vendors and assigning appropriate accounts for various types of transactions, such as payroll expenses and merchant service fees. They also introduce the concept of setting up rules in QBO to automate the categorization of recurring transactions, demonstrating how to create and apply these rules to save time and improve efficiency.

The speaker discusses the importance of customizing vendor names in QBO for better reporting and the need to track payments for 1099 vendors. They provide a step-by-step guide on how to add a vendor, categorize expenses, and set up rules for automatic categorization. The video also touches on the process of identifying and correcting any uncategorized or misclassified transactions to ensure accurate bookkeeping.

The script highlights the efficiency gains from using automated rules in QBO for recurring transactions. The speaker demonstrates how to apply these rules to various transactions, such as payments to vendors and payroll taxes. They also discuss the importance of attaching receipts to transactions for audit purposes and mention software options for easier receipt management.

The speaker emphasizes the importance of reviewing financial statements, such as the profit and loss report, before reconciling bank accounts. They provide guidance on ensuring all transactions are categorized correctly and advise checking for any discrepancies or unusual activities. The process of reconciling both bank accounts and credit cards in QBO is explained, highlighting the steps to confirm that all transactions match the bank statement.

The script details the process of reconciling credit card statements in QBO, noting the difference in statement closing dates compared to bank statements. The speaker demonstrates how to enter the credit card statement's ending balance and match transactions to ensure the balance is correct. They advise on the importance of reviewing all transactions and making necessary adjustments before finalizing the reconciliation.

The final paragraph outlines the steps to finalize monthly bookkeeping in QBO. The speaker suggests reviewing the profit and loss and balance sheet reports one last time to ensure everything is accurate and reflects the correct date range. They mention the option to edit any transactions if needed and highlight the importance of using the correct financial data for decision-making or reporting to clients.