ChatGPT in Accounting. Part 1: Answering QuickBooks Questions

I'm going to ask a question about Quickbooks online, uh, no. uh, QuickBooks time just to make sure you're not confused. I'm thinking it's within the context of it's no longer the context of QuickBooks time, so let me just paste that in and press Enter, okay, uh, books desktop, if that's the question about QuickBooks desktop, uh, no. , I did it. It doesn't say desktop anywhere, so it gives me a QuickBooks desktop answer, uh uh. okay, okay, okay, let's wait until it's done, um, okay, so it gave me an answer for desktop QuickBooks and I'm wondering if that's the same answer for QuickBooks Online or if it'll give me a QuickBooks Online version of that answer, but the answer.

It looks quite interesting. I don't want to read that yet. We'll come back and read it in a second. I had to say I have QuickBooks Online to see if it fixes itself. So here it says that the process is similar. Okay, so let's read this carefully, in QuickBooks Online the positive funds account is used as a holding place for incoming payments that have not yet been deposited. Good good response when a payment is received, whether it's an ACH check or because I will. Record the payment of positive funds, this increases the balance of undeposited funds and decreases accounts receivable.

Accurate. Perfect. When you are ready to deposit the payments into the bank account, you can use the deposit function to select the payments you wanted, the password and proceed to the bus. that's accurate, okay, this decreases the positive fund balances and increases the balances in the bank, okay, these are all pretty good standard answers regarding credit card payments. QuickBooks online integrates with several processors, okay, that's interesting, like PayPal and Square, okay, yes, you can add. applications to bring that information to process credit card payments when the credit card payment is processed. Okay, this is all accurate;

However, if credit card processing and payment can take several days and may result in a delay between payments, that is what makes the funds positive. The account has a balance in terms of balance in the positive process, it does not need to be zero very often, but the balance will fluctuate depending on the timing of payments. I mean, this answer is pretty perfect, what was the question? So, this is a question. from my CPA about the mechanics of QuickBooks desktop, ah ok wow it was a question about QuickBooks desktop that's why he gave me a quick possessive answer so I correct myself when he enters the balance sheet and clicks the password to keep saying I would. expect to see a zero balance from time to time ok I see exactly what the underlying question is she wants to see that balance she wants to see it physically on the report ok well I am I like the answer here this , this.

The last piece, um, is here, the question behind the question is, why can't QuickBooks group the subpositive funds together so that it's very obvious every time the account hits zero? Let me explain what that is, really quick here. so I'm going to go into the balance sheet. I'm hoping the sample file I'm playing with has enough information to illustrate this, so let's just take a snapshot, um, so we're combining the chat. GPT stuff with the QuickBook stuff here, but let me go to the bus or the funds and click here, so I guess what the accountant was trying to see or the question we're trying to ask is how do you know?

I can't just look at this count and see it go to zero, let's see this ever go to zero, look at this, it doesn't look like it's ever going to go to zero, um and I guess that's what's causing that counter to probably be Obviously, I don't have much experience with QuickBooks or understand the mechanics of undeposited funds, but it seems like this is what the accountant is generally concerned about: No, no, no, no, in a way, no. I don't see the balance going to zero and of course the reason for this is because there was never a specific period where the account went to zero.

That being said, I can get that count to zero. Let me go to a bank deposit. and I'm going to select all the payments here, so basically every single thing that's in my big positive funds account, I'm just going to select them all here and make a deposit for them to roll over for 44,000. Click. on Save and close and then I should be able to go back to my balance sheet and let me do um All dates, click run report and at some point I guess this should be at zero, that's what it's supposed to be, unless I'm seeing this wrong somehow, I hit the double scroll feature QuickBooks Online reports it drives me crazy, okay let me scroll here, yeah there it is, it finally went down to zero so I guess The question behind The question this person was asking is why can't I see the zero and load?

GPT did a wonderful job. He explained all the mechanics of the non-deposited funds account that works for banks for credit cards. I mean, it's just giving a quick general explanation of what it is, hopefully when the person reads this, they understand that there is a

part

icular

part

of the question, which is where humans really come into play, who are trying to discern what it's the person. I'm trying to ask, so I'm going to copy and paste this. I'll wait, this is QuickBooks desktop, so let me take the QuickBooks uh desktop version of the question that I mistakenly thought was QuickBooks online and then you.

I could come back here and go respond and I'm going to put star star. I'll put a quick answer below. Okay and then start start. I'm going to put a long answer. Yes, sometimes some people just don't want to. deal with long answers, but I feel like the long answer is good, okay, let me put this in parentheses and then I'm going to come down here and I'm going to do star star and I'm going to put uh, the problem is that in your company file. There are not very frequent times when there are no transactions on the bus, it generated funds, uh, because you have a normal business with a constant cash flow.

Yes, I know I have horrible spelling with constant cash flow and it's normal to have outstanding payments. to be deposited okay the trick here is the problem is there is no way to force QuickBooks to group the payments based on report deposits to make it easier for your CPA to also understand uh yeah I guess that's the last piece here and I honestly don't even know if my answer is that much better than the GPT answer from the actual chat, so there's some formatting here, so that's it, that's what I'm playing with, in a nutshell. um GPT chat will search the internet or you know the information that has been entered into the GPT chat to provide answers and the answers are extremely consistent, they are missing a few little things here and there, but as you can see, eighty percent of the job , ninety percent of the work of

answering

QuickBooks

questions

is done by Chad jbt and it is quite precise, it requires the human to put the finishing touches so you know we are going to replace the QuickBooks jobs.

Consulting accountant not yet, um, you know, can he do it right now? Can you make their lives easier? I'm just thinking, you know, if I had an autoresponder in my email for every QuickBooks question and I would say for the this is the jpt response from the chat, you know, try it and see if it works, give me a couple of days and I'll give you the human version of the response, which could be something really interesting, where maybe you know my clients get this artificial. intelligence answer first and then maybe it's correct and then maybe they're trained to understand that they're getting some kind of computer version of the answer, but then later on I'm going to look at the answer. that it was happening automatically and then maybe just tweaking a few things here and there, maybe highlighting them, involving them and saying, by the way, the first route that was given to you, the first answer, is pretty accurate and I just changed these things . here and there, from business profitability to gross profit, whatever, um, and that's how I know I can.

I may possibly start serving some of my clients again. I don't know if a client, a typical small business client who works with an accountant, is going to pay. thousands and thousands of dollars for an accountant who uses AI, you know that to answer the

questions

, it may seem lazy, but it could be the immediate reaction that small business owner clients might have with an accountant who doesn't really take the time to reply. every question right away, you could actually be, you know, hey, I'm not sure if it's worth thousands of thousands of dollars, you know, it's just that this person only spent five minutes or 10 minutes or whatever

answering

questions again, that's another one. completely different conversation about whether the five minutes.

It's worth a thousand dollars or not, it might not matter, the point is that artificial intelligence and GPT chat and AI, whatever you want to call it, is going to change the perspective of what people see professionals, ass, and them. They're still going to value your judgment, they're still going to value experience, but they're starting to notice that they're putting less effort into their work and that's going to be interesting because I guess when they were preparing taxes, professional tax preparers used to prepare tax forms by hand, for example. . you just print it out from the IRS or go to the IRS office, let's say 20 or 30 years ago and um and fill it out by hand with calculators and stuff and with that change to computer-based tax returns.

I wonder if customers felt differently. about your tax preparers if you know they were being lazy or doing less work or there is work that is their work in some way less valuable because they are using tools and it is possible that in the short term people may have some skepticism towards you, knowing if the professional is doing all the work that you know they used to do or whatever, but I think in the long run, um Ai, they're just going to be tools, these are just tools to do your job better, that's all. and yeah, you could probably get rid of some of the low-level jobs and some of the employees and and and and and and and the careers of the people who depended on the low-level work, only they could end up yeah, I think that's possible, but in the long term, um if you're using the tools correctly and you're still applying your judgment, you're still applying, you know the experience, you're still thinking about it, you're still reading it and you're going back and correcting the knee-jerk responses or whatever in the long run, I think people won't care that you're using AI to help you because it's like you're looking at a computer when you didn't have a computer before or like you're looking at better software when you didn't. use software before or whatever, so don't be afraid of it, man.

I really think you should look into it, open a chat, a GPT account, start with a free one, maybe pay the $20 a month, but I think that's how it will be. You'll be surprised at how many interesting things you can do and I for one am experimenting and will try to keep you up to date with the things I discover along the way anyway, I hope you enjoyed this and I. See you next time