How To Get Your Personal Finance On Point Using Quickbooks Online #Finance

in today’s CashNews.co I’m going to show you how to have your personal Finance OnPoint using QuickBooks Online now I used to use spreadsheets to manage my

personal Finance and spreadsheets are great they’re better than not keeping track of your personal bold; color: #1a73e8; text-decoration: none;">Finance but the problem is it’s very time consuming and it’s a very manual manual job by using QuickBooks Online I’ll show you how you can automatically bring the feed of your bank accounts and pretty much have a view of

your entire personal Finance in the same spot using QuickBooks Online will allow you to proactively save for big ticket items like taking your dream vacation or putting a

down payment on your dream home without having to scramble not knowing whether you can actually afford it or not he’ll also allow you to keep track and monitor your money even if it’s spread out in multiple bank accounts if you’re like me and you’re always trying to get the

highest interest rate from whatever bank institution that comes out on the market this tool will allow you to track it and never lose sight of where your money is you can also get a very accurate reading of your monthly expenses and your habits using quickbooks online you can actually generate the

report every month that will show you exactly where you’re spending your money also if you have multiple Investments it would be very easy to manage all of them in one place even if you have rental properties you can keep track of your Cash Flow you can keep

track of your expenses and it’s all under one screen you’ll also be able to instantly generate your current Net Worth this will allow you to see whether you’re on track because it will allow you to see how your Net Worth grows year over year all

in all quickbooks online is a great tool to manage your personal Finance so without further ado let’s just jump right in all right so once you logged into your

QuickBooks Online the first screen that you’ll see will be the dashboard now again this is just an overview of the system and it just to show you an example and how I set up my none;">Finance my personal Finance on QuickBooks Online there will be some things probably that you’re not sure how I got to it or how I set it up this is

a little bit more time-consuming and a bit more lengthy I’m not gonna go into into it in this CashNews.co I will make another CashNews.co that will show how to actually set it up so I’m just gonna give you a quick overview about everything that I created and if you’d like me to

give you to assist you to do it for your own personal Finances just reach out to me and I’ll try my best to help you out so the dashboard is the first screen it will

pretty much show you your Profit and loss you can choose whether you want it for the last month the last 30 days this month last year last order there’s a lot of options that QuickBooks allows you to do I cannot you can also get a quick glance of your expenses you can also

get a quick glance of all the bank accounts that you have on QuickBooks now if you’re like me and you’d like to take advantage of the different Interest Rates that banks are giving with their promotions this is a great tool for you to keep track of everything I have a

lot of bank accounts that I spread my my money in and this is just a cool place that I can just view everything under one screen without having to go back and forth between different bank accounts so this is the dashboard if you click on banking there’s actually three types to choose from

under the banking tab these are actually the bank accounts that are automatically taking the feed out of my bank account and show it here this is just easier I don’t have to create the expenses or the Income once I get more transactions in the bank it just shows here and then

can put it into the right account you also have rules this is one of the cool features that QuickBooks allows you to do which is time-saving and it just makes the process easier once you create rules or QuickBooks will eventually suggest rules the process itself of putting the right expense in the

right account will be much faster and easier they have also a new feature called receipts which makes it easier if you’d like to take a screenshot or take a snapshot of a receipt that you’re that you have expensed we can just use the mobile device and it will show up here next you can

view all your expenses you can segment eyes them based on the expense type or based on the supplier that you paid it for next will be the sales sales is pretty much the Income that you’re receiving so again you can get an overview or you can ask what books to show you what

Income you’re getting from which source I don’t really use the employees feature because this is just it’s not a real business this is just me managing my personal text-decoration: none;">Finance reports this is the feature that I use the most we’ll go back to it in a second Taxes again I don’t really use because it’s not an actual corporation so not using this feature mileage I’m also not using because I

can’t really expense my mileage in my industry but you’re free to use this feature if it applies to you Accounting you can go to your chart of accounts which is where you’re setting up all your different Income accounts expenses accounts

Equity and Assets again this is a not a full CashNews.co on how to set it up so I’m not going to go into how to actually set up if you haven’t done it in the past this will be in another CashNews.co I’m just showing you a quick overview of how

QuickBooks Online can actually help you manage your personal Finances the one thing that I didn’t want to go over before we wrap it up for today is the report section

other reports you can mark the reports that you would like to see if you star them these are my favorites the Balance Sheet and the Profit and loss so again if you’re using QuickBooks Online to manage your personal

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance what you can do you can view your Income and expenses under the Profit and loss report and you can see if you’re running a cashflow

positive for that month or if your expenses were more than your Income then you know that you were a Cash Flow negative for the month this will allow you to see how you are doing on a month-to-month basis and the second report is the Balance Sheet

Balance Sheet is more for a business if you’re using it as a personal Finance tool you can think of the Balance Sheet as your

Net Worth at the end of the day you want to reach retirement with the highest Net Worth possible you want to create a nest egg that will allow you to retire comfortably and achieve your long-term goals with the amount of money that will require you to do it a good

way to track if you’re going in the right direction is to view your Net Worth on a year-over-year basis so on the first of January you can pull up your Balance Sheet report which is the Net Worth and then next January you can pull up again

your Balance Sheet and then you can compare them and see if you made any good progress you can predict based on your year-over-year progress of how much your network increases if you’re thirty years old and you would like to retire at the age of sixty-five you can just take

the amount of money that you added to your network and you can multiply it by 35 if you’re not predicting your Income to significantly change and this will roughly show you how much your Net Worth will be when you retire at age 65 I’m just gonna quickly

give you a quick overview of how the Balance Sheet looks like I have a fairly complicated Balance Sheet I have a bunch of Investments and a bunch of rental properties so it might look scary in the beginning but try just do not get overwhelmed and

just get the concept and the of how this will allow you to manage your own personal Finances if you start with a smaller amount of investment that your Balance

Sheet will look much simpler the first section is pretty much the bank accounts and the cash that I have within the bank account I separated them via different accounts and here at the bottom you see how much your total cash and cash equivalents will be and then your

Investments are just under it and then it will show you your total current Assets which is pretty much how much cash and how much Investments you have physically at any given point in your bank account underneath net I added my rental properties

and it just segments eyes it and show you how each property out of all your total Net Worth is under your asset section you’ll be able to see your Liabilities and equities again if you’re getting a bit confused try to not be overwhelmed this is just an

overview and I will show on a different CashNews.co how you can actually set it up and I will also explain the difference between asset and Equity when it comes to personal none;">Finance but in my Equity is very much a keep track of all my current Investments and how much I would like to end I can also keep track within the equities of all the things that I would like to stay back for so for example me and my wife we

like to travel so I set up a travel fund and each month we take a portion off of our Income and we allocate it to this travel fund I really like the idea of being proactive with saving for things that for big-ticket items for expensive things because you don’t rely on your

Credit card to pay for them and then you realize that you can’t afford it and now you’re battling with paying Credit card Debt and paying a lot of interest I like to spend money that I know that I have and this is a good way for me to

kind of keep track and understand whether I can afford this trip or I should go for a cheaper trip or just wait a couple more months until I can afford the actual trip that I want other than that you can choose to save up for whatever you want each Equity account represents an

amount of money that you would like to save for something specific you can also save for a new car you can save for a down payment of a house and everything will show here on the Equity account in the Liabilities I have all my Credit cards and I

have a bunch of different Credit cards because I would like iLike to take advantage of each Credit card and use it for the features that it gives me the most amount of rewards so I have one Credit card that I use for travel and one

Credit card that I use for my business expenses and a Credit card that I use for personal expenses I can see everything here and it just gives me a quick overview of how much I owe once you go all the way at the bottom you will see total Equity and

your total Liabilities and equities if you put in rent any rental properties or your personal home this amount will will be pretty inflated but this doesn’t mean that you actually own this money this is just the total of your Assets once you pay down the

mortgage within 20 25 30 years depends on your amortization period and you have no more Debt left on these homes then this amount will equal this amount and it would pretty much mean that this is how much is your current network if you want an actual figure of how much your current

Net Worth is it is the total Equity so if you want to compare year-over-year and see how much progress you made with your Net Worth we just go onto this feature here and you can choose whether you want to see it based on weeks based on months

orders or years that’s it for today’s CashNews.co I hope I didn’t confuse you too much I will follow up this CashNews.co with a bunch of other CashNews.cos that explains more in specific about each and every part of this system and I will also make a CashNews.co that explains how

you set it up from scratch and I will do it with with an account that is easier maybe that say to bank accounts one Credit card and one investment and this will show you how the system looks like when it’s not as complicated as this is hopefully you enjoyed it if you liked it

give it a thumbs up if you if you need any support in setting up your own QuickBooks account let me know and I’ll try to reach out to you thank you and I will see you next time