Chart It Out
This is the first section of the chart of accounts and shows how much money your business has right now.
What is a bank account?
This is the person who usually asks you for “updated books” in February.
Who is your CPA or tax preparer?
This feature lets you connect your bank directly to QBO, automatically importing transactions daily.
What is bank feeds (or bank connection)?
This number tells you how much profit is left over after paying for your product or service — but before paying your rent, utilities, or Kash.
What is gross profit?
This type of professional often juggles multiple closings, commissions, and expenses — and they rarely have time to keep their books straight.
Who is a real estate agent or broker?
You swipe your card at Staples for printer paper. This goes under this type of account.
What is an office supplies expense?
You should send a 1099 to someone if you paid them more than this amount during the year.
What is $600?
This magical button makes your accountant smile — it confirms your QBO books match your bank statement.
What is reconcile?
If your profit & loss shows a net income of $50,000 but your bank account only has $5,000, you’re likely missing this statement.
What is the cash flow statement?
This kind of business frequently receives retainers, holds client funds in trust, and must keep those accounts squeaky clean.
What is a law firm?
This account tracks how much money your customers owe you.
What is accounts receivable?
If you wait until the last minute to organize your records, you might need to ask for one of these.
What is a tax extension (or Form 4868)?
QBO lets you assign these to expenses or invoices to track income and spending by job or client.
What are classes or projects (or customers/jobs)?
This key number tells you how much you earn after everything — including taxes, payroll, and Uncle Sam — is paid.
What is net income (or bottom line)?
When you hear a realtor say, “I closed $2M in deals, but I have no idea how much I actually made,” they need this person.
Who is Kash the Bookkeeper?
You took out a loan for your business. That loan appears here.
What is a liability account (or loan payable)?
This form reports your business income and expenses if you're a sole proprietor.
What is Schedule C?
QBO has this built-in tool that suggests rules for categorizing transactions — but beware, it's not always right.
What are bank rules (or auto-categorization rules)?
This financial statement gives a snapshot of your business at a specific moment in time, showing what you own and owe.
What is the balance sheet?
Law firm owners who commingle their personal and trust account funds are at serious risk of this.
What is disbarment or a bar complaint?
This account shows how much money the owner has put into the business.
What is owner’s equity (or owner’s contribution)?
If you don’t file or pay your taxes on time, the IRS gives you one of these — and it’s not a love letter.
What is a penalty (or fine)?
When you accidentally record the same income twice, you’ll often find the culprit hiding in this part of QBO.
What are undeposited funds (or duplicate deposits)?
You can only know if your business is healthy by looking at this trio of reports: P&L, balance sheet, and…
What is the cash flow statement?
These two industries rely on tight deadlines, high trust, and accurate records — making them ideal clients for Kash’s high-level bookkeeping services.
What are real estate and legal industries?