Bookkeeping Boot Camp: Identifying Business Expenses | Michelle Cornish | Skillshare

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Bookkeeping Boot Camp: Identifying Business Expenses

teacher avatar Michelle Cornish, Author & Illustrator - Former Accountant

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

9 Lessons (40m)
    • 1. Bookkeeping Boot Camp Introduction

    • 2. Tracking Business Expenses

    • 3. Eligible Business Expenses for Tax Purposes

    • 4. Capital Expenses

    • 5. Assets, Liabilities, Equity, Income, and Expenses

    • 6. Chart of Accounts

    • 7. Sample Business Expenses

    • 8. Project: Creating Your Chart of Accounts

    • 9. Closing Thoughts

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About This Class

In this 40 minute class, learn how to identify business expenses to save yourself time and headaches during tax season! Michelle Cornish, former CPA, will explain how you can tellĀ if you have an eligible business expense and show you how to create a chart of accounts you can use to track your business income and expenses. You will also learn the difference between assets, liabilities, equity, income, and expenses.

Meet Your Teacher

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Michelle Cornish

Author & Illustrator - Former Accountant



I'm Michelle, a former accountant with a passion for writing and teaching business and personal finance. I worked in public accounting for almost 20 years. I self-published the book Keep More Money: Find an Accountant You Trust to Help You Grow Your Small Business, Increase Profit, and Save Tax as a result of meeting many business owners online that didn't know how to hire an accountant. In 2019, I started a new adventure: writing picture books and financial crime thrillers.

I love the opportunities Skillshare provides to learn AND teach!

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1. Bookkeeping Boot Camp Introduction: Hi, and welcome to Bookkeeping Boot Camp: Identifying Business Expenses. I'm Michelle Cornish, a CPA and author living in Enderby, BC, Canada. In this course, you will learn how to tell if an amount you spend is actually a business expense. You'll have an easier time when it comes time to do your taxes. Don't worry, business expenses are fairly universal so if you don't live in Canada, you're all good. Grab your notebook or your favorite app, and let's get started. 2. Tracking Business Expenses: Welcome back. In today's video, tracking business expenses, I'm going to talk about self-reporting tax systems. Why keeping your business statements is not enough as far as the tax authorities are concerned, and what a profit and loss is. A self-reporting tax system means, that it's up to the taxpayer to provide their tax returns every year. It's also up to the taxpayer to keep track of their expenses and prove their deductions. If you ever get audited, it means it's up to you to provide the documentation, as to why you claimed a certain expense. If you don't have the documentation, then the government can disallow it. Now, a lot of people mistakenly think that they can keep their credit card and bank statements, and this will be enough documentation, for the expenses that they have claimed on their business tax return. This is not enough because the statements don't actually say what you bought. They will just show what store you were shopping at. It won't prove that it was an expense that was related to your business, and not a personal expense that you are just putting on your business tax return. It's really important that you keep the receipts from the store as well. What I like to tell people to do is, every month, take those receipts, match them up to the statement, and staple them. It's also a really good idea to have a separate business bank account and a separate business credit card. This makes it a lot easier for tracking your business expenses. You don't have to go and sort through your personal account and pull out all the business related items. That way you're going to make sure that you don't miss anything as well. Now, if you prefer electronic statements and electronic receipts, that's totally fine. Just create a folder on your computer. Maybe you can go by month again and keep all the receipts in with the statements as well. Then you have proof of what it was that you purchased. Now, let's talk about profit and loss really quickly. A profit is when your income is more than your expenses. When you subtract your expenses from your income, you are left with a profit, which is what we're all going for, and that is really great. Now, when you have a loss, your expenses are higher than your income. If you have other sources of income, so maybe you have a job and you are doing your business as a side hustle or a freelance business, which technically is the same as a regular business. The business expenses that you get to deduct are the same, and I'm going to talk about that in a future video. But when you have a loss in your business and you have employment income, you can actually deduct that loss against your employment income. This is another really good reason, why you want to keep your receipts for all those expenses. Lots of times people think, "Oh, well, I didn't make any business or any money in my business, so I don't need to claim it." But you could be missing out on some potential tax savings if you have other sources of income, because you can deduct those business losses against your employment income, and save tax that way. Definitely keep that in mind. You want to be tracking all your business expenses, even if you're going to have a loss that year. Generally, businesses will have a loss in the first three to five years of business. Of course, we want to try and build our businesses up as quickly as possible, so we don't have those losses in those first few years, but it is quite common to incur losses in those first few years. In this video, I covered a self-reporting tax system. Why credit card and bank statements are not enough proof for your business expenses, and what a profit and loss is. I will see you in the next video, where I'll be talking about eligible expenses for tax purposes. 3. Eligible Business Expenses for Tax Purposes: Hi. In this lesson, eligible business expenses for tax purposes, I'm going to be talking about how to know if you have an eligible business suspense, as well as provide some examples of common business expenses. How do you know if you have an eligible business expense? I like to tell my clients to ask this question, if you didn't have your business, would you still have the business expense? If the answer is no, then it's definitely an eligible business expense. If the answer is yes, then you need to dig a little bit further. In some cases, you might have personal and business expenses that are the same, so a really good example of this is a cell phone. Lots of people use cell phones for business and personal, and they use the same number for their business as well as personal. You're going to have that expense whether you're running your business or not, but if you have your business calls going through the phone and maybe you're paying more for data because you're using your phone all the time, you're using the internet all the time on your phone, then you're going to have a higher bill than you normally would if you're just using it for personal purposes. This is what's called an incremental expense, and this means that the expense is higher because you have your business. The incremental portion is just the difference between the business amount and the personal amount. The higher amount that you pay, is going to be the business portion, you would have your personal cell phone bill regardless, but you're going to be paying a little bit extra because you're using that phone for business as well. That extra amount that you pay that isn't eligible business expense, and that is what is called an incremental expense. Those expenses can be a little trickier to track, it's just a matter of tracking the usage, you need to come up with a reasonable way to track the business use of your cell phone. You could do it by the number of calls that you make or whether or not the calls are long distance. That sometimes is a determining factor, if you're making a lot of long distance calls for business purposes, or if the data that you use are strictly for business than the portion of the phone bill that you pay for data services is going to be business-related, and then the rest of the bill is going to be personal. Another common example where you're going to have incremental expenses could be vehicle expenses if you're using the vehicle for business and personal use. If your expenses are purely for business, those are the really easy ones to track. Again, I mentioned in a previous video that it's a really great idea to have a separate business bank account and a separate business credit card to make things really easy for you to track in your business. Now some common examples of business expenses, so if you're running your business online, you're going to have a lot of monthly subscription fees. You're going to have hosting fees for your website. You're going to have charges for your e-mail management system. You might have fees that you've paid to a business coach to learn your business, those are definitely deductible. Anything that helps you to run your business, that's an eligible business expense. Think of it in terms of that way if you're spending the money to promote yourself, so advertising expense, if you're running a contest, any fees that you pay to purchase prizes those are all eligible business expenses. As far as running a business offline, you might pay rent to a building, or maybe you own the building and you're going to have mortgage interest that you pay on that building, that is an eligible business expense. Maybe you have employees, so you'll pay wages. Office expense is a pretty broad category, now that can include your office supplies, your paper, your ink for your printer, your pens, paperclips, all those things. Sometimes people would group things into office expenses when they don't know where else to put them, and this you can always ask your accountant where they prefer that you put that expense. You might have supplies that you need, maybe you have uniforms that you supply to people. If you purchase artwork to hang in your office and it's less than a cost of $500, that is also expense. If it's more than $500, that's going to be a capital expense, and I'm going to talk about that in the next video. This video just to recap, I covered how to decide if your expenses is an eligible business expense and a few common examples of business expenses. In the next video, I will be talking about capital expenses. See you then. 4. Capital Expenses: Welcome back to you Bookkeeping Bootcamp, identifying business expenses. In this lesson, I am going to be talking about capital expenses. Capital expense is different from the expenses that I mentioned previously, the expenses that I mentioned previously are called current expenses, which means you can deduct them on your current tax returns, so you track them every year and every year at tax time you can deduct them on your tax return. A capital expense is a little bit different. This is going to be for anything that's going to have a life longer than one year, so an example of this would be a vehicle. If you purchased a vehicle that is strictly going to be used for business purposes, this would be considered to be a capital expense. Capital expenses don't get to be fully expensed in the year that they are purchased. Say you've paid $5 thousand for this vehicle, you would get to deduct what's called a capital costs allowance in Canada, it might be called something a little bit different depending on what country you're in, but it's basically a depreciation of the vehicle, so in Canada, on vehicles we use a 30 percent rate, and you can check with your local accountant to find out what rate they use in your area. But you would only get to deduct that percentage in the year that you purchase the vehicle, or maybe even less. In Canada, we have a rule that you only get to deduct half of the depreciation in the year that you purchase the vehicle, so on the 30 percent you would only get to deduct 15 percent of that vehicle in the year of purchase. Capital expenses get depreciated over their useful life, which basically means that the deduction you get on them is a portion of the purchase each year based on the percentage that the Income Tax Act assigns to that asset. For the vehicle example again is 30 percent every year, so you're going to have a deduction for roughly about three years, three to five years is going to be the useful life of that vehicle. Now, for computer equipment, things are changing so rapidly, it's generally only going to be a two-year life, so you would get to take half of that expense in one year and half in the following year and that generally capital expenses apply if you spend more than $500 on an item. If you're not sure if what you're purchasing is a current expense or a capital expense. Firstly, look at how much you're spending. Secondly, look at how long this asset is going to last you, so if you're purchasing a new printer for example, maybe it only costs $500, but it's going to last you for three years so you would spread that expense out over those three years because it's right on the borderline of the $500 amount. That's what you want to look out to determine if the expense is going to be current or capital, and you can also ask your accountant if you're not sure, because there are many different categories of assets and they all have a different depreciation rate, and that means that their useful life is going to be different. I hope this was helpful. In the next lesson, I'm going to be talking about assets, liabilities, income, expense, and equity. I'll see you then. 5. Assets, Liabilities, Equity, Income, and Expenses: Welcome back. In this video, I'm going to be talking about assets and liabilities, income and expenses and equity. This is going to be important for you when it comes to working on your project, which is creating a chart of accounts for your business. A chart of accounts is a list of all the accounts that you're going to have in your business where you're going to be recording items. Assets are typically going to be what are called debit accounts, which you can look at that as a positive number. If we're talking in terms of positive versus negative, assets are going to be positive. This is going to be things like your bank account. If you have accounts receivable, those are assets. If you have any equipment in your business, those are going to be considered assets as well. Inventory is also an asset, so those are the most common ones. Now liabilities are on the opposite side of assets, so these are things that you owe. Generally, assets are things that you own, so they're are things that you can get money from. Liabilities are things that you owe, you owe money on and you owe payments. Those are going to be your accounts payable. You need to pay your suppliers for example. If you have any business loans, that is going to be a liability. If you owe money for any payroll deductions, that is also a liability for you. Generally liabilities are looked at as a negative, so you owe them money, it's a negative. Now, income and expenses are switched around from assets and liabilities. Income and expenses are always current, they're always based on the current year that you're working on when it comes to your taxes. For example, this is the year 2017, you're going to record your income expenses for 2017. Those numbers do not carry forward 2018. Once your year ends, it rolls into what's called equity and retained earnings. I will talk about that in a minute. Your income and expenses are just current for the year that you are working in. When you start a new year, your income and expenses should go to zero and you're starting fresh in the new business year. Income, those are accounts that are recorded with a credit. We look at that as a negative number, but it's not really negative because you are bringing money in. But the reason it's recorded as a credit is money is coming in. If it's being deposited into the bank that is positive money in the bank, so you need to record a negative somewhere because when you are doing bookkeeping, you always have opposing entries, otherwise you're not going to balance. Now I will talk about this a bit more, If you're using an accounting app, you don't have to worry about this too much, but if you are doing double entry bookkeeping by hand, you always have to have a debit and a credit and those have to balance out. When you have income coming in, for example, you might have $100 deposited into your bank account, that is going to be positive in the bank account, which is a debit. It's going to be negative showing up in your income as a credit. All right, so that's income and expenses. Now, equity is where you will find amounts owing to owners so it could be partners, it can be a proprietor, sole proprietor, it can be shareholders. You're only going to have shareholders if you are incorporated, so if you have a company. Then also in the equity section, you will find retained earnings. The retained earnings account is where the income and expense amounts are closed out to every year. Most programs do this automatically, so you shouldn't have to go in and manually record something in retained earnings and you should actually never have to touch that retained earnings account. Generally, that's an account where if there's entries required for that account, they should just be done by your accountant because there are very few entries that are required in that retained earnings account. It's going to be things like dividends and stuff like that, so you shouldn't be recording those yourself. But that's what equity is, it's the value of the company. For example, if you ended the year on a positive note and you had $25,000 in profit. That $25,000 would get closed into retained earnings and you would end up with $25,000 in retained earnings. All your income accounts will be closed to zero and all your expense accounts would be closed to zero. This is important because your chart of accounts, which is basically your list of all the accounts where you're going to record entries in your business, it becomes your trial balance once they're actually balances in those account numbers. Your trial balance needs to balance to zero, so that's where if you're doing your bookkeeping by hand, your debits and credits always need to balance out to zero. You don't need to worry about it so much in an accounting app and that's really what we're focusing on in this course. But certainly if you have any questions about double entry bookkeeping, definitely let me know. All right, in the next lesson, I am going to be getting into the accounting app called wave and showing you a few things in there. 6. Chart of Accounts: Hello, I am here in the accounting app called Wave. You can find this by going to This is a free accounting app. I highly recommend it. It's a great way to track your business income and expenses. I wanted to talk to you about the chart of accounts. A chart of accounts is just a fancy way of seeing all the accounts you're going to use in your business. This refers to the account you use for tracking everything; your assets, liabilities, equity, income, and expenses. It's different from the accounts as in customer accounts. You can track those in Wave as well. But a chart of accounts is the list of accounts that you're going to use to track everything in your business. This is different from a trial balance. A trial balance is essentially a chart of accounts that has numbers recorded in some of the accounts already. I want to show you the difference. This is what Wave looks like when I first log in. Sometimes you'll have pop-ups if they have announcements. Looks like they have a new feature here. It's missing a close that. I am in a dummy company that I set up called Chelle's Greeting Cards. But this is how your business would look when you first log in. I want to go to the chart of accounts now. I click on "Accounting" on the left side menu, and then "Chart of Accounts". Most accounting apps come with a preset chart of accounts but you can change that. Most of the accounts are changeable. There are some that you cannot delete, like you'll see here in Wave the accounts receivable, it says it's a system account. That means you can't delete it and it doesn't have the garbage can. Some of the other accounts do for deleting. This one bank of Montreal is one that I customized for this dummy account. It would probably just say bank. When you log in here before any customization to customize account, you just click on the pencil. Then you can type any name that you want in here and save it. So this is the chart of accounts in Wave. It gives you the list of all the preset accounts that it has already in here for your business. Now, I added the sales for podcasts income and affiliate income. This sales was already in here. To add an account, you would go to the top and just click this blue "Add Account" button. Then you can search for the type of account. Here you've got your asset tab, then your liabilities. If you're not sure if it's current liability are non-current, you can just click on it to see what's in there. Current liabilities are going to be paid debts such as lines of credit that could possibly be due in the current year. Non-current liabilities are going to be things like long-term debt that are due beyond the current accounting year. Then you have your income tab. You see it's got all of these preset accounts. So you should be able to find the right income account for your business if this not showing up in the chart of accounts already. Then your expense. Cost of goods is generally when you have inventory and products that you sell. If you do not sell any products, you're not going to be to use the cost of goods accounts. You can see here under expenses, there's all kind of presets in here. Then your equity is going to be your owner investment in drawings. I mentioned about the retained earnings account in the previous video. That is one where you're not likely going to have to make any entries in there, but you will see it on the chart of accounts. If I scroll down here, owner's equity and it says System account, that is the retained earnings accounts. When it says owner's equity, that is for a proprietor or a partnership. When a business is not incorporated, it's not called retained earnings is called owners equity or it would say partner's equity if it was a partnership. That is based on the dummy company that I set up. I set up it as a unincorporated business. If we setup as unincorporated business, it would say retained earnings instead of owner's equity. That's essentially your chart of accounts. You see it has all these sample expenses in there. If there's certain name that you don't see, you just click the "Add Account" and set it up so that it matches for your business. As you're working on your project, which is a completed chart of accounts for your business, if you have any questions as far as what accounts should be there, just let me know if you need any help with your chart of accounts. Just share the project in the course and I'm happy to provide feedback for you. I'll see you in the next video. 7. Sample Business Expenses: Welcome back to bookkeeping boot camp, identifying business expenses. Today, I wanted to show you some sample tax forms that can help you as far as identifying your income and expenses for your business. The tax forms are not going to have the assets and liabilities for the equity. They just focused on income and expenses, because that's what you're taxed on. That's not to say that you'll never be taxed on assets, because when you do sell a business asset, there are tax consequences. It's really important that you're working with an accountant that can help you with those calculations, as well as tracking them right from the beginning of your business. So right from the time you own those assets or liabilities, it's really good to have an accountant helping you out. One of those reasons is because the tax forms from the IRS or the CRA, they don't include balance sheet items like assets, liabilities, or equity. Right now, I have the Schedule C from the 1040. This is right from the Internal Revenue Services website. I will share a link in the course as well, so that you can access it directly. But I just wanted to show you what the form looks like and give you an idea of the types of income and expenses that you can track in your own business. You will have your name, this is for a sole proprietor. There are different forms to be completed when your business is incorporated. But the types of income and expenses are going to be very similar. So you fill in your business name and address, and whether you're using a cash or accrual basis for accounting. Cash basis is when things actually go through the bank account. The accrual method is when you record accounts receivable, which is when customers owe you money but hadn't paid you yet, or accounts payable, which is when you owe [inaudible] and hadn't given them. Again, this is an area where I recommend you have an accountant to help you. Okay. So Part 1, income. This is where you can start recording your income from your business. You'll see there's just one line for income. I highly recommend that when you're tracking your business income, if you sell more than one product or service, you track those separately, so you can identify which is going to be your most profitable product or service. Because that will help you when you want to grow your business. The Part 2, is the expenses. This gives you a really good idea of the kinds of things you should be tracking in your business. You can see there's advertising, vehicle expenses, commissions and fees, labor; so that could be employees that you pay. There's also wages over here on Line 26. Each expense has a corresponding line number. Insurance, interests. This could be interest on a business loan or a mortgage if the business owns the building. Legal and professional services. That's generally legal and accounting. Office expenses, profit sharing and pension plan; highly recommend that you have an accountant help you with that. If you do have that in your business. Rent or lease, expenses that you pay. Repairs and maintenance, supplies, and licenses. So these are going to be taxes and licenses. Those do not include income taxes that you pay because income taxes are not deductible against your business income. This is going to be things like, property taxes, which are deductible against your business income when the business owns property. You're also going have licenses that you might pay to run your business or to stay certified in whatever your profession is. Travel expenses; utilities, which is going be your power, your heat, and then some wages here. Then you'll see there's a line for business use of home. That is something that I also recommend you have an accountant help you with, when you work from home and that is the only place you work from. There are additional expenses that you can claim. Watch for another course coming from me, regarding business use of home and business use for vehicles. Super important topics for self-employed people. All right. Let's flip over to the Canadian form. This is called a T2125, and it is the statement of business or professional activities. Again you'll have the identification part where you have to enter in your business name, what you do, your social insurance number, business number as well. The business number is different from the social insurance number, or the social security number in the US. A business number is a separate number that you get for your business, for tax purposes. You won't always have to get this number. So again, I highly recommend that you consult with an accountant. In Canada, we have a little extra section where you need to fill out information if you are earning income from Internet activities, if you're earning income online. Then Part 1, similar to the US, is business income. You'll see it's all lumped onto one line. So I highly recommend you track all the different types of income separately in your bookkeeping program or accounting app. Then the expenses are quite similar to the expenses on the US form. In Canada, we distinguish between business income and professional income. Professional income is going to be lawyers, accountants, doctors, engineers; that kind of thing where you have to go to school to become whatever profession it is that you are in. All right. Then here we have the list of expenses on a Canadian form. So you see we've got very similar to the US form: advertising, meals, bad debts, insurance. Bad debts are when you have a customer where you charge the [inaudible] income but haven't paid you yet, and then they'd never end up paying you, that becomes a bad debt. You can then expense that , because you never received that income. But that is only if you've recorded the income in the first place. If you're using a cash basis method, you wouldn't have done that. Then we've got insurance, interests, business taxes, fees, licenses. Again, that does not include income taxes. That is not deductible as business expense. All the rest are fairly similar. In the next lesson, I'm going to be talking about the project. Creating your chart of accounts for your business and walking you through the process in Google Sheets. All right. I'll see you in the next video. 8. Project: Creating Your Chart of Accounts: Hi. Welcome back to Bookkeeping Boot Camp, Identifying Business Expenses. This is your project videos. I'm going to be walking through how to create your chart of accounts. This is where we are going to list all the accounts that your business is going to have. I opened up a Google Sheet. You can use Excel or you could even use a pen and piece of paper, whatever is going to help you to list out those accounts. We can save chart of accounts at the top. Now, I'm going to do a Freelance Writing and Editing business. Whatever your business need is, you put that after chart of accounts. I am going to have a separate bank account for all of my business transactions. Though, when you're looking at your credit accounts, you want to start with your assets, so the bank account falls into that category. I'm just going to put assets here. You know the part we are referring with. It's not going to be a heading. You know I have to put assets on here. You can just start listing all the accounts that your business will have, then offer business bank account. I'm going to use accounts receivable because I might have some clients that aren't going to pay you right away, so I'm going to keep dropping that. If you've had a business vehicle that you simply use for your business, you can record that. List that as one of the accounts. If you have a building that you own and that as you grow your business, then you could list that as an asset as well. If you sell products, you're going to have in importance. So you'd list that under the assets. I think for my freelance writing and editing business, I'm only going to have a bank account and accounts receivable. Next is the liabilities. These are things that you owe, that the business owes money itself. Most common one is accounts payable. This is when you receive a bill from a supplier but you haven't paid it yet, so you record it, sitting there waiting to be paid. If he have a business loan, that would go under the section. A business line of credit, also we're going to this section. A business credit card is also going to be a liability for your business. But when you're using accounting app, the credit cards are treated similar to bank accounts because they are linked in the app and the system will automatically do that for you so you don't need to worry about adding it. After assets and liabilities, equity, and this is where you're going to have amounts owing to the owner. When you have more income than you have expenses or if you have a loss in that year, the retained earnings account are going to tract that. Now if you're not incorporated, what we call retained earnings, it will be called owner's equity. In my little freelance writing and editing business, I am not incorporating owners equity. That is basically the lifetime value in the company, based on profit and loss of every year it has been in business. You're also going to have owner's draw and contributions. You can have that as two separate accounts, or you pin this, combine it as one like I'm doing here. An owner's draw, is when you take money out of the company that you're just going to spend for personal use. A contribution is when you take personal funds, so you've earned your money from somewhere outside of the business. Maybe you have a 9-5 job, and you're an employee, and you're earning money there. If you put money into your business bank account from that source, that's going to be considered a contribution. We want to have that in there. Then after equity, is going to be your income. For my business, I'm going to have writing and editing. You'll have, whatever your business is, but you want to make sure to track each product and service separately, so you know which one is going to be the more profitable for you. But sometimes people just lump them all into one account called income. That's fine if you're not worried about tracking each item, but it is a good idea to have separate services and products if you can track them separately, it will really help you when it comes to growing your business, you're going to learn where it opens to add book. Then I'm going to have expenses. It should be bold and this is a heading. Now here's where I would list everything you would like to keep and want me to spending money on in my business. I might be some average type. Then you can flip over to the tax form. This is the schedule I'll see on the IRS website. You can see here all the expenses listed down there, and you would take any of those that you are going to have in your business and we'll stamp on your chart of Accounts I'm probably going to have some professional fees that I might pay to an accountant or a lawyer that I get advice from. I might have a bit of vehicle expenses, driving around by employing [inaudible] But I'm not going to have a huge amount of expenses as a freelance writer and editor. Most service-based businesses are not going to have a lot of expenses. This is where the tax form comes in handy. You can just double-check that you're not missing out on expenses. I would probably have utilities, but that would be calculated as part of the businesses accounting plan, so that is going being tracked. [inaudible] is not really tracking my accounting app because there's going to be a personal options to it as well. Most accountants would calculate this during tax. I think I might also have some licenses and dues. If I'm going to be paying membership fee in writing associations or editing associations, that would go in this currently here. You can carry on in that way the different types of expenses that you can still have in your business. If you get stuck, post in the queries. I'm happy to answer your questions. Please share the link to your Google Sheet, or if you want to upload a spreadsheet or show your list of all your accounts. Happy to give me some feedback. The whole point of having this list of accounts is so when you go and start working on your bookkeeping, whatever software you use or if you can use an accounting app, you'll be sure to have all those accounts already set up for yourself when you start tracking everything. I will see you in the next video. Thanks for watching. 9. Closing Thoughts: Welcome back to Bookkeeping Boot Camp, identifying business expenses. I wanted to thank you so much for participating in this course and just to remind you to share your projects. That is going to be the chart of accounts that you created for your business. If you need any help, I am happy to do that. Just let me know and I can definitely provide you some feedback on your project. The chart of accounts is really going to help you when you go to set up your business in an accounting app, like Wave. If you're using other apps, certainly let me know. Ask any you questions that you have. I'm happy to help in any way that I can and most familiar with Wave and zero but I do know some of the other accounting apps as well. I hope that you enjoyed my class. I will be creating some new classes in the future. Keep an eye out for those and provide me with any feedback that you have, both positive and negative so that I can make the classes better for you in the future. Thank you so much for watching.