Meeting Title: Brainforge-Finance-Weekly Date: 2024-09-19 Meeting participants: Liam Mears, Uttam Kumaran
WEBVTT
1 00:00:31.680 ⇒ 00:00:32.450 Uttam Kumaran: Hey?
2 00:00:35.340 ⇒ 00:00:38.010 Uttam Kumaran: I don’t think I can hear you yet.
3 00:00:39.100 ⇒ 00:00:40.799 Uttam Kumaran: Then you’re connecting to audio.
4 00:00:45.170 ⇒ 00:00:46.390 Liam Mears: One more time.
5 00:00:46.550 ⇒ 00:00:47.499 Uttam Kumaran: Yeah, yeah, that’s what I think.
6 00:00:47.500 ⇒ 00:00:50.289 Liam Mears: That’s on my end. I didn’t see it. Pop up my bed. How’s it going, man?
7 00:00:50.290 ⇒ 00:00:51.257 Uttam Kumaran: Good! How are you?
8 00:00:51.500 ⇒ 00:00:54.491 Liam Mears: I’m doing well, I’m doing well.
9 00:00:55.790 ⇒ 00:00:59.109 Liam Mears: alright, so have you had a chance to look at the books.
10 00:00:59.340 ⇒ 00:01:16.470 Uttam Kumaran: Yes, so I did spend some time last week going through and like changing a couple of categories. I have a couple of questions, so maybe we can just jump right into. And then also let me just share.
11 00:01:17.260 ⇒ 00:01:25.109 Uttam Kumaran: I’m just like I take notes and like, try to keep agendas for everything these days. So I keep like on track. So I’m just gonna send you.
12 00:01:25.660 ⇒ 00:01:39.550 Uttam Kumaran: I’m just gonna send you a notion page that I I kind of like started jotting some notes down. It’s not that relevant for this, just in case I can make sure we can get it. Get through everything. But let me pull up quick. Books on my side.
13 00:01:40.940 ⇒ 00:01:41.610 Liam Mears: Right.
14 00:01:43.109 ⇒ 00:01:46.700 Uttam Kumaran: The biggest, I think, to start with, the biggest thing was just
15 00:01:46.840 ⇒ 00:01:50.820 Uttam Kumaran: I I was going through and like doing like, kind of like multiple
16 00:01:50.980 ⇒ 00:01:58.040 Uttam Kumaran: transaction, like recategorizations. The thing that I had question was like, what was the difference between
17 00:01:58.190 ⇒ 00:02:02.100 Uttam Kumaran: like subscriptions and then, like technology?
18 00:02:02.756 ⇒ 00:02:05.179 Uttam Kumaran: Cause. I saw both categories in there.
19 00:02:05.560 ⇒ 00:02:06.699 Liam Mears: Yeah. So
20 00:02:06.870 ⇒ 00:02:08.370 Liam Mears: going forward.
21 00:02:10.259 ⇒ 00:02:17.149 Liam Mears: if you’re doing so for for the software, even if it’s a software subscription, you should probably go be going in the software category.
22 00:02:17.728 ⇒ 00:02:21.139 Liam Mears: and using subscriptions will probably just be for like.
23 00:02:23.420 ⇒ 00:02:24.980 Liam Mears: like, like
24 00:02:25.070 ⇒ 00:02:38.659 Liam Mears: articles like regular anything that’s not basically anything. Subscription based, that is, the software should basically basically be going in there. So quick books is a lot of assuming
25 00:02:38.740 ⇒ 00:02:49.889 Liam Mears: I’m going to go through and just keep creating rules as I go, so that should eventually be like phased out, it should be going where it’s supposed to be going. If you see something that’s categorized incorrectly.
26 00:02:51.130 ⇒ 00:02:56.629 Liam Mears: let me know if there’s anything that’s like frequently being categorized incorrectly because it could have just been
27 00:02:56.790 ⇒ 00:03:09.850 Liam Mears: a rule set up wrong. Quickbooks should be just categorizing correctly, it could be assuming incorrectly. So just give me a heads up, and I can go ahead and edit rules and everything but setting up rules is going to be very nice for making sure that things are
28 00:03:10.260 ⇒ 00:03:12.929 Liam Mears: correctly being categorized. Going forward.
29 00:03:13.650 ⇒ 00:03:18.500 Uttam Kumaran: Okay, cool. Yeah, I think there was just like Loom and a couple of other software. So maybe I’ll just.
30 00:03:18.520 ⇒ 00:03:30.520 Uttam Kumaran: I’ll just try to like. See which ones those are, and then I’ll just keep the tally in the in notion that way. I could just, I could just say, like, that’s all gonna be in there, so that as I’m looking, I can just make those notes.
31 00:03:31.155 ⇒ 00:03:39.629 Uttam Kumaran: So that’s perfect. And then I was looking at the what exactly this was.
32 00:03:39.750 ⇒ 00:03:41.360 Uttam Kumaran: and
33 00:03:42.200 ⇒ 00:03:44.459 Uttam Kumaran: this was under insurance.
34 00:03:44.580 ⇒ 00:03:48.330 Uttam Kumaran: and it looked like there were like expenses. And then also.
35 00:03:48.380 ⇒ 00:03:52.819 Uttam Kumaran: like journal entries. So for, like the same net amounts.
36 00:03:52.920 ⇒ 00:03:54.710 Uttam Kumaran: but I just wanted to confirm.
37 00:03:55.030 ⇒ 00:03:55.990 Uttam Kumaran: like
38 00:03:57.092 ⇒ 00:04:02.650 Uttam Kumaran: or if those were duplicates or like, I don’t know, I guess, like again, I’m just learning how to like navigate everything.
39 00:04:02.650 ⇒ 00:04:04.600 Liam Mears: Yeah, I know for sure. I’ll always
40 00:04:05.130 ⇒ 00:04:05.880 Liam Mears: oh.
41 00:04:06.060 ⇒ 00:04:08.599 Liam Mears: this is for August.
42 00:04:09.447 ⇒ 00:04:16.862 Uttam Kumaran: This was actually just. I was just looking at all time, but I was just looking at the insurance category in general.
43 00:04:17.200 ⇒ 00:04:19.149 Liam Mears: Elements pop in there, we’ll
44 00:04:19.890 ⇒ 00:04:21.980 Liam Mears: it could have been things that I hadn’t
45 00:04:22.690 ⇒ 00:04:24.690 Liam Mears: here. So
46 00:04:28.530 ⇒ 00:04:29.870 Liam Mears: experience
47 00:04:37.100 ⇒ 00:04:39.719 Liam Mears: is there? I’m having a hard time.
48 00:04:40.420 ⇒ 00:04:43.369 Liam Mears: is there in in insurance
49 00:04:43.900 ⇒ 00:04:45.979 Liam Mears: expense set up, for
50 00:04:47.270 ⇒ 00:04:50.410 Liam Mears: I don’t know if I see an insurance expense in here.
51 00:04:51.790 ⇒ 00:04:53.974 Uttam Kumaran: Yeah, let me. It’s
52 00:04:54.630 ⇒ 00:04:58.619 Uttam Kumaran: It’s under the 6, 6 0 8 0.
53 00:05:00.360 ⇒ 00:05:01.030 Uttam Kumaran: Let’s see.
54 00:05:07.940 ⇒ 00:05:14.890 Liam Mears: I don’t see anything between January and end of August for that category.
55 00:05:15.640 ⇒ 00:05:18.410 Liam Mears: Could it have been prior year? Maybe.
56 00:05:19.790 ⇒ 00:05:27.449 Uttam Kumaran: Yeah. Well, I see one on 3, 1620, 24. It’s under E. Renter. Plan is the
57 00:05:27.620 ⇒ 00:05:28.640 Uttam Kumaran: customer.
58 00:05:28.870 ⇒ 00:05:30.589 Liam Mears: Alright! Let me look for the vendor, then
59 00:05:33.250 ⇒ 00:05:36.379 Liam Mears: accurate. 3, 1624.
60 00:05:41.030 ⇒ 00:05:41.470 Uttam Kumaran: Yeah, well.
61 00:05:41.470 ⇒ 00:05:41.900 Liam Mears: All right.
62 00:05:41.900 ⇒ 00:05:42.689 Uttam Kumaran: I like.
63 00:05:42.950 ⇒ 00:05:44.690 Liam Mears: Now they’re showing us a draw.
64 00:05:46.990 ⇒ 00:05:48.989 Uttam Kumaran: So. Oh, okay, so then.
65 00:05:49.160 ⇒ 00:06:00.699 Uttam Kumaran: okay, well, let me let me see like how I got to here, then, cause I had the screenshot in notion, but I don’t know. Let me see, I think I went through the pnl, and then
66 00:06:01.460 ⇒ 00:06:02.480 Uttam Kumaran: let me look.
67 00:06:03.100 ⇒ 00:06:04.633 Liam Mears: Yeah, cause that’s that’ll be
68 00:06:05.220 ⇒ 00:06:12.839 Liam Mears: showing up on the balance sheet if it needs to be recategorized. I can do that. I’m just. That’s not what I’m not saying.
69 00:06:13.670 ⇒ 00:06:14.720 Uttam Kumaran: Yeah.
70 00:06:15.090 ⇒ 00:06:15.830 Uttam Kumaran: yeah.
71 00:06:44.620 ⇒ 00:06:48.109 Liam Mears: Did that have been insurance, or is it vice versa like it should be a draw.
72 00:06:48.961 ⇒ 00:06:57.130 Uttam Kumaran: No, it should be a. It should be a draw. But I just wanted to confirm, because it looked like there were multiple items for the same date.
73 00:06:57.590 ⇒ 00:06:59.859 Uttam Kumaran: So that’s just all I wanted to like.
74 00:06:59.860 ⇒ 00:07:05.389 Liam Mears: Okay, was it? That was it that that amount that was feeding in for that transaction?
75 00:07:05.590 ⇒ 00:07:12.639 Uttam Kumaran: Yeah, if you, if you if you have the notion open, you’ll actually see the transactions that I’m like talking about, because I just put a screenshot in there.
76 00:07:12.700 ⇒ 00:07:14.490 Uttam Kumaran: But I’m trying to. Actually.
77 00:07:14.880 ⇒ 00:07:18.380 Uttam Kumaran: I’m trying to actually find how I got there through.
78 00:07:18.380 ⇒ 00:07:25.090 Liam Mears: I can see in quickbooks. I see, like those like quarterly transactions for 66, 50.
79 00:07:25.090 ⇒ 00:07:25.880 Uttam Kumaran: Yes.
80 00:07:27.340 ⇒ 00:07:30.490 Uttam Kumaran: So it looks like. On 1217 there was a chat.
81 00:07:30.520 ⇒ 00:07:33.690 Uttam Kumaran: and then on 1231, there’s a journal entry
82 00:07:33.730 ⇒ 00:07:35.129 Uttam Kumaran: or the same.
83 00:07:36.440 ⇒ 00:07:40.700 Uttam Kumaran: and then on 6, 30 and 6, 18, there was a journal entry in the chest.
84 00:07:41.030 ⇒ 00:07:42.830 Uttam Kumaran: because my question was like.
85 00:07:43.050 ⇒ 00:07:44.890 Uttam Kumaran: I guess I didn’t know what the difference was.
86 00:07:44.890 ⇒ 00:07:47.449 Liam Mears: Yeah, let me it looks like, I think.
87 00:07:47.820 ⇒ 00:07:50.269 Liam Mears: to the 6 15 one that was matched.
88 00:07:51.650 ⇒ 00:07:53.105 Liam Mears: So let me.
89 00:07:53.620 ⇒ 00:07:56.140 Liam Mears: Doesn’t look like those ended up duplicating.
90 00:07:56.300 ⇒ 00:07:58.430 Liam Mears: Let me just do an advanced search here.
91 00:07:58.760 ⇒ 00:08:01.983 Liam Mears: 2650.
92 00:08:04.880 ⇒ 00:08:05.750 Liam Mears: Okay,
93 00:08:08.700 ⇒ 00:08:14.170 Liam Mears: alright. So look in here. We have 6, 1524,
94 00:08:14.640 ⇒ 00:08:20.120 Liam Mears: 6, 6, 50, and 3, 1612, 1725, 3, 9, 17,
95 00:08:21.540 ⇒ 00:08:25.899 Liam Mears: 618-23-1231. Why are these dates?
96 00:08:28.210 ⇒ 00:08:29.239 Liam Mears: That’s better. No way.
97 00:08:29.240 ⇒ 00:08:32.520 Uttam Kumaran: 12 cents this this because I just see a journal entry and a check.
98 00:08:32.960 ⇒ 00:08:34.440 Liam Mears: Yeah, I’m looking at right now.
99 00:08:34.440 ⇒ 00:08:35.670 Uttam Kumaran: Okay, okay, I guess.
100 00:08:35.679 ⇒ 00:08:38.419 Liam Mears: Alright, so it looks like
101 00:08:39.049 ⇒ 00:08:41.919 Liam Mears: for the 1231
102 00:08:42.549 ⇒ 00:08:43.719 Liam Mears: look at home.
103 00:08:47.469 ⇒ 00:08:48.259 Liam Mears: hmm!
104 00:08:49.539 ⇒ 00:08:57.559 Liam Mears: Let me see if it’s showing up twice in the balance sheet because it might have matched or might not have matched. So let me just go ahead and look at that, for just
105 00:09:06.045 ⇒ 00:09:12.679 Liam Mears: it won’t. Quickbooks is smart, it’ll match it, it’ll be. Oh, look at these 2 same amounts in the same time.
106 00:09:12.680 ⇒ 00:09:13.440 Uttam Kumaran: Yeah.
107 00:09:13.600 ⇒ 00:09:15.219 Liam Mears: Let me see
108 00:09:15.240 ⇒ 00:09:16.700 Liam Mears: straws.
109 00:09:17.100 ⇒ 00:09:24.009 Uttam Kumaran: I feel like it did, but I don’t know. I I guess, like I also I got I switched to the I just. I’m in the accounting view.
110 00:09:24.050 ⇒ 00:09:26.199 Uttam Kumaran: but maybe the other view is different.
111 00:09:26.380 ⇒ 00:09:29.000 Liam Mears: Looks good. Alright. It looks like a match, so we’re good.
112 00:09:29.000 ⇒ 00:09:29.500 Uttam Kumaran: Okay.
113 00:09:29.500 ⇒ 00:09:32.920 Liam Mears: Only 1, 66, 50 don’t usually catch that.
114 00:09:33.000 ⇒ 00:09:37.050 Liam Mears: What a very valid concern! Very valid concern!
115 00:09:37.130 ⇒ 00:09:38.579 Liam Mears: Nope, we’re good there.
116 00:09:38.580 ⇒ 00:09:42.850 Uttam Kumaran: And so when it, when it says check and journal entry like, what? What are the differences there.
117 00:09:42.850 ⇒ 00:09:43.600 Liam Mears: So
118 00:09:44.700 ⇒ 00:09:46.990 Liam Mears: basically so the check
119 00:09:47.480 ⇒ 00:09:49.040 Liam Mears: it is interesting that it was
120 00:09:49.140 ⇒ 00:09:56.397 Liam Mears: so. Submit it as a check. I want to look and see the audit history for this journal entry.
121 00:09:57.580 ⇒ 00:09:59.660 Liam Mears: that’ll be the 1st thing. So
122 00:10:00.050 ⇒ 00:10:02.799 Liam Mears: this journal entry was added.