would you like to use a quickbooks online tool that will make editing transactions
very easy well then you should watch this episode of quickbooks online crash course
using registers for owners investment transactions
if you have any questions about this topic you can leave them in the comments section below and i'll
do my best to help you and of course if you feel the video helped you i hope you will click like
and don't forget to subscribe to get updates on new videos that come out all the time what are
register windows well a register is a window that both shows the transactions that are
listed and recorded in the account in the chart of accounts and a window that allows you to record
transactions directly into that account it was made to look like the old register books from
the days of bookkeeping before the computer you can see every transaction listed and you can edit
or add a transaction right there in the same window and if you do that
then you will be able to see the change in the balance of the account immediately so you would
open each one of them from the chart of accounts window that we learned about earlier in the course
you can edit any transaction you see just by clicking on it and the data fields in each line of
the register are the same as in the windows that we originally used to record these transactions
the advantage to using the register window instead of what we used before like the deposit window the
check window the expense window and credit card and so forth you see the advantage is that you can
see the running balance as you record and enter each transaction in this window so let's take a
look you should click the cog wheel and you go all the way across to where it says chart of accounts
now you can view the register for most of the accounts in the chart of accounts
any account that is simply income and expense you can only run a report but the other accounts
of the different types you can open in a register window for example look at cash in chase bank
we can click view register close this little hint and you can see here let's stretch this a
bit and you can see that starting from january 1 there are two lines in the register window
for each of the transactions that we have recorded into this account the account called
cash in chase bank remember back on january 1 we had the first deposit from allen
remember back on january 5th we wrote our first check notice how the running balance changes
so if somebody asks you what is the balance on a specific date you can look in the date
column and go across to the balance and you will know the balance on that specific date
also you notice that there's two lines for every one transaction and if you click anywhere in the
two lines you will be able to edit any of the fields of data that are in this transaction
remember in the original payment window that we recorded this payment to ned's taxi we had
a field to put in the name the expense account the transaction number date and money amount so these
are all the same fields that were in that original window except they're squashed into these two
little lines click cancel if you go up and click any of the transactions in any of the registers
once you change the money amount the running balance will change immediately and all of the
other balances going forward will change because the running balance depends on previous balances
that's the way the old register style books used to look like in the days before the computer
you should also know that you can go back well there's a quick way you can open up
from this pull down any other account in the chart of accounts that has available
a register window for example if we wanted to look at the american express
credit card that's one way of opening it up we could have clicked cog chart of accounts
and gone down to the um american express card and clicked view register to open it up so now we're
looking at all of our credit card charges credits and payments all in one window but again the two
advantages here is that you can see the running balance after each transaction and you can look at
it and change it at the moment that you're looking at the entire account and the running balance
now you may well ask why do we learn registers in a crash course and the reason is that there
are two types of transactions that need to be recorded in the register window
of the account called owner's investment one of them is when the owner pays a business
expense from his or her non-business personal account and the second is when an owner brings
a personal non-business asset from home into the business to be used for business purposes
so let's consider the first example let's imagine on january 19th of 2022 vonda paid ronda's repair
shop five hundred dollars for a business related repair her personal check number was one seven
eight five so what will be the result well repair expense will increase by five hundred dollars
because we just paid for more repair and it will become seventeen hundred dollars
and because that money came from the owner's pocket from their personal account into the
business that five hundred dollars increases the owner's investment to seven hundred dollars
and this is what the trial balance should look like after we record this transaction from the
top right we click the cog wheel and we go over and click chart of accounts we scroll down to the
account that says owners investment and go across to the right then click view register now notice
the only transaction in this register is the one we made in the prior video for two hundred dollars
so we click add journal entry add journal entry and we have to put in
the check number as the document number for this transaction the date will be january 19th of 2022
and the person whom we paid was ronda's repair shop and the reason we paid was for repair expense
let's just go up here repair expense now is owner's investment increasing or decreasing
well the account we are in is increasing so we put the 500 in the increase column
because we have both more owner investment from personal to business
and we also have more company repair expense for the business repair that rhonda just did
when we click save you notice the balance does increase to the 700 we predicted
but the best place to look at this is to click reports and then go to the trial balance
and you can see the numbers are exactly as what we predicted the owner's investment balance is now
a total of seven hundred and repair expense has increased to one thousand seven hundred dollars
example two on january twenty of two thousand twenty two vonder brought to the office a piece
of video equipment to be used only for business from this point forward the fair market value
of the equipment on january 20 is one thousand dollars you can add a new account on the fly
that means that you can add a list item like a chart of account accounts or a vendor name
at the moment that you make the transaction and what will be the result well
equipment the new account will show up for the first time as a thousand dollars because
that was the value of the equipment at the moment that vonder brought it to the office and because
it came from the owner to the business owners investment will also increase by a thousand and
become one thousand seven hundred dollars again we click the cog wheel go to chart of accounts
scroll down to the owner investment account and click view register now you could add uh
you could click okay so you click in the register and you could add a transfer instead of a journal
entry if you're bringing a fixed asset so click transfer and now you have a new fresh open field
to record this transaction now the date of the transfer was january 20 of 2022
and there is no payee in this case but the account that represents the reason why you're you're
making this transaction or increasing the owner's investment is not yet on the list so you scroll
to the top and click add new and we're right back in the add account to the chart of accounts window
that we learned about in the beginning of the course the type is fixed asset and the detail type
can be some kind of equipment and if it doesn't say equipment it doesn't matter what you choose
i would choose furniture and fixtures and change the name to all caps
because the detail type in this case is not relevant we click save and close and now we know
that the owner's investment is changing because there's a change in the company equipment question
is the account we are in increasing or decreasing we are in the owner's investment account and
the owner's investment account is increasing because more is being invested into the company
a thousand dollars worth of equipment after we click save we can click re uh excuse me we can
click reports trial balance and you can see the numbers are exactly as what we expected
owner's investment increased to one thousand seven hundred dollars
and equipment showed up for the first time as a thousand dollars