Hello everyone. So, this is a panel about blockchain and the free software community. How does the blockchain fit into the free software community? I have been hosting this panel at a few other conferences with some interesting results and discussions and I hope we're going to have an interesting discussion here. The basic idea is the question at least last year when I started this blockchain was very very much hyped and very much dominated by coins and tokens and people trying to make money and it seemed really at odds with what the free software community is standing for and so I was starting to ask the question what's what's going on here this is coming out of the free software community in some form it's using open source free software code for the most part and everybody is saying it should be using free software and open source code for different reasons that we'll talk about and so I started to organize meetups and these discussions in order to find out more about what's going on and what's the what's the reason for the state that the things were in. So quickly introduced the the panelists so you have already heard talk so we have Stefan Bayer from sorry what was your company name again from cryptomics we have Amod from Gitcoin we have Subtack sorry sorry Subtack from Gitcoin and Amod from Mozilla and Jolin okay I'm gonna start off the the questions sorry where's my list here so yeah I'm gonna start of the first question is basically why are you using blockchain in a project and what how did you get started with that okay so well I'm not actually using blockchain in a project I'm sort of a consultant and I look at a lot of blockchain projects you know other people's projects how did I get started with blockchain well I'm come from a distributed systems background and you know we were already working on consensus protocols and fault tolerance replicated databases back in the early 2000s but people were working on that much earlier but I was in the early 2000s so so it's just a natural continuation of my earlier research yeah so my project basically Gitcoin it started off more as an open source project so all like including my CEO me and most of the other team as we have been involved in open source for quite some time and we all knew that sustainability was a problem in open source so we started off as solving sustainability problem in open source and block and seem like a good way of doing that because any ways blockchain allowed you like I said as a technical stack it allows us to change the transactional state or a programmatic change into financial financial rewards right so that's why we felt that blockchain is a good way of solving the sustainability problem in open source so that's how we started off with blockchain and our application basically is open source in itself as well so Gitcoin if you go to GitHub you will see that it's the source code is basically open source and it's the platform mostly is a centralized Django application but then we use blockchain for the stakeholder parts and the funding process so yeah that's how we got started so regarding me you may say me as a blockchain enthusiast because being an open source developer I must be open to all the technologies and the same's blockchain and machine learning those are very much booming technologies so if I want to succeed myself or if I want to take my knowledge further then definitely having a no in this technology or having a know-how in this technology is really important for me so having this blockchain and relating it to the various industries like I had been working in the insurance in the healthcare in the media advertising as well so basically what are the problems in those industries and how exactly blockchain can leverage the security in those that is one of the major concern and if we can enhance more security in it and that will be a really great option to do so so yes blockchain can be used as a security and basically my personal experience with it is very really good basically if we can implement our existing know-how because blockchain as I said that it's a concept and that can be implemented with the existing architecture be it cloud orbit the infrastructure to leverage or to make the existing architecture even more efficient and what exactly it is now so yeah hi my name is Jordan personally I'm using blockchain for research projects for a couple of years then I found the blockchain and open source project last year in Singapore and I believe that the blockchain technology can benefit the internet of things industry for many areas such as the data trust security and security okay so how do you see in in your work the relationship between blockchain and free software yeah well most of the projects I see I I see are actually open source and they do want to make money so often there are ICOs involved and and you know you mentioned that's a bit of a conflict but you might see it as way but but but that's generally open source in terms of I look at this also from a cyber security point of view and and you know I'm a smart contract auditor and and I think it's essential these projects should all be open source from a security point of view and also from you know we're placing our trust in these protocols and projects we are eliminating third parties with a protocol so we have to be able to see what this protocol does so yeah I think most projects are actually open source and and they should be yeah so I'll talk about so when we say free software like we all know it's not really about that it's not supposed to be any talk about money right so it's more about the freedom right so it's about distribution it's about the decentralization of everything it's about people working from different parts of the world and that's kind of the underlying thing of blockchain as well the idea itself the concept itself comes from the decentralization of the things so I like seeing blockchain more like from a decentralization perspective than a security perspective so I guess the underlying principles are very similar as though it's about money and then open source we say free but it's more about freedom than though many people think that open source means that it has to be free but it doesn't necessarily need to be free it's more about the freedom of the things so I guess they are kind of connected in that way that they have similar kind of principles it's just that many of the open source people I feel that it's kind of like marketed in a very wrong way are told in a wrong way by many people because since mostly when we talk about blockchain the thing that comes to our mind is cryptocurrencies or tokens rather than it being a technology stack solving maybe IoT problems or maybe sustainability problems so I guess that's why it's thought of as like not so open source friendly but I guess at the end of the day most of the blockchain projects are also open source and so yeah those are pretty good connected in between right I would like to see this blockchain from a bit mobile perspective because the reason being I belong to a country where agriculture is the primary occupation and still the farmers are committing suicide because they are not able to pay their debts and the main reason for this is being there being cheated or they are being fooled on by the landlords that the debts are still remaining where they're already created so imagine in such a kind of country where maybe in agriculture insurance will be healthcare and these sectors have a lot of people surrounding it so in that case if you're not able to build a trust over here then those administration becomes absolutely futile and having a leveraging technology like blockchain which can inbuilt have a trust factor in it a secure factor in it then we can be able to have the basics or the at least the primary occupation of the country being leveraged to a very secure and a trusted channel so yes blockchain it's first of all it should be open source because that will cater to a wide variety of the developers the especially end users and it will help them making a life a bit bit more simpler than what it is now rather in in many cases in many rural areas where people are able to actually leverage technologies or harness technologies at least this blockchain can help getting a next step or a step ahead than what it is now yes I think the problem is people join the blockchain ecosystem for rewards they want to be rich actually most of them become millionaires due to mining Bitcoin and Ethereum's so from my own perspective is that to running a sustainable open source project we really need a platform such as give coin it's because the github is a open source community platform for managing open source projects but we actually need a platform as a coin to running a good bounty programs because a good bounty programs helps to be a sustainable blockchain ecosystem but I think people join any blockchain open source project for rewards and not really wish to country open source projects we use solidity smart country of Ethereum to write the apps but actually we didn't check out the source code for Ethereum and make any contributions all right let's get a little bit more technical how do you specifically use existing free software and open source in your project or in your work with the projects that you're working with okay so well from my point of view there are two things when I audit a project I obviously use free software free open source software for all the tooling you know starting from the text editor and and the static analytics to tools but in general you know all these projects that they built on free open source and you know if you build on the Serium platform you're using a lot of tools and the actual protocol which is open sourced and in general I think in any type of software it's very difficult to develop these days without using open source you know the API's that you use to access the platforms that they generally open source the the the front end libraries everything so yeah if that answers the questions it I see it yeah true I agree with Stephen Rice for example with Gidka and late most of the blockchain projects if it's not just a white paper or a token or a smart contract which has been written out there for someone to use someday or a token which just says that this token is built on this principle and it's actually practical does nothing apart from people buying it and stuff so if you're actually making a project a blockchain project where you can use the blockchain technology it has to have some kind of application right even for as simple as making a browser blockchain enabled or web she enabled as we say we use a project on MetaMask which uses Chrome extensions or module extensions which are written in JavaScript which is again open source project right we in Gidka and the entire Gidka is written in Django so Django is an open source project we use jQuery in front end so jQuery is again an open source project then we use Linux servers for deployment of the entire Gidka platform which is again an open source project so when you finally create a project out of it where you're using the blockchain anywhere so you will definitely more or less use open source project like I was saying in my slides like even the closed source companies that we have kind of directly or indirectly would be using open source projects for making their application so as to say so it's not like that if you are a blockchain application you are gonna avoid or not use open source projects you're definitely gonna use open source projects and most of the blockchain projects that are there use some kind of reactor Django or some kind of language to build the platform there where you can go and use a blockchain in itself right so which is written in some kind of open source project and probably deployed in a Linux server or it's an Android application so it has open source involved in it anyways right to take this discussion forward as Saptak had already mentioned in his previous talk that whether we know what is open source or whether they don't know what is open source but we definitely use open source without being realizing so because we are whether whatever project we are working in we are surrounded by these technologies that we inherit your implicitly definitely use use them so as far as I'm concerned I'm a Java developer so I've definitely used all the APIs and everything and also I'm into machine learning so basically the technology like TensorFlow and all the open CV etc so I'm using those to basically create something like object detection and image recognition etc so yes I use open source widely and in definitely in support of it we are using open source projects such as not yours for your tools especially I think the most important part of the open source ecosystem is the community so as mentioned a couple minutes ago I think the most important thing is to to bring people to bring open source developers into our projects but actually we can not make until now because of many people joining the project ecosystem for mining coins and not really to contribute contribute their open source come in and even they didn't express their interest in contributing any branch branch open source projects so I think the major problem it's a culture of the blockchain because it's not really the problem of the open source project so the last question was how do you use fuss in your project and since you don't have a project we can jump straight to the next question and that one was not on the list so based on what you just said about the people joining the projects for mining and so I would like to ask now in the in the last year there has been a lot of change in the perception of blockchain and Bitcoin because of the value drop and so on so I would like to ask do you see a change in the perception of the projects or in the attitude of the developers or creators of the projects in the last year or do you see a change in the future what what are your thoughts on that yeah tricky question I don't think there is a big change in attitude I mean projects generally want to make money and get funded that that's you know when you create a company and you decide to do something based on blockchain otherwise you need funding usually and then last couple of years we've seen everyone do an ICO because that was the easiest way to get money so you do crowdfunding before that startups went to venture capital now they're either going back to venture capital or they talk about a security token offering but in the end the goal is to to fund their development you know that might be adults with some of the free open source principles but but a lot of these projects are about startups and and making money so I don't think that has changed and I don't think that's likely to change soon obviously there's also a lot of misconceptions on you know cryptocurrencies tokens and what is Bitcoin and and what does it have to do with blockchain but but you know that that's slightly related only yeah I completely agree like most of the startup projects so it will be needing some kind of funding and based on what happened like the last few months which which we are like calling the crypto winter kind of a thing where everything is going down and stuff so maybe there are not many millionaires who can like just throw away money to any of the blockchain project that's coming up so many of the companies the people who throw away the money of blockchain are kind of thinking more consciously okay whether we should be funding this project or not but I guess in a way it's gonna reduce the amount of people who thought just like so it's as good and bad parts the bad part is obviously maybe many of the good projects might now need other ways of getting funding and stuff but a good part is also that many people who just thought of it as a investment plan for their future so many people will now be using blockchain I guess more like a technology stack rather than just an investment plan of like hodling what we call in blockchain right we just hold all coins right like we buy Ethereum and keep it and hope that it goes up and then it's our retirement plan also as to say but now maybe we will be more like biddling on blockchain which is like using the technology stack and trying to make more of stuffs out of blockchain and use it in a practical applications rather than just thinking of it as a money source this question basically reminded me of one of my incident so when I basically heard this word Bitcoin for the first time and I went to a sphere of my fellow developers that what exactly it is anyone knows about it so one answer I received it's like no Bitcoin is or cryptocurrency is something which stock people use is none of our concern so what I mean to say is that it blockchain or these technologies will take some time to sink in so it just like our internet when it was launched around it when it came into being around 25 years ago it did not become or it did not be famous at the first month or the first year it basically through various applications or through various web apps basically it went to the developers and went to the end users so it depends on our enthusiasm that how exactly we want to dive deep into a particular concept and how exactly we would allow ourselves to research on these further in this aspect so even though having a variety of usage unless and until we are giving the end users a confirmation that yes the trusted applications are more secure applications can be built using blockchain and if you're not able to develop a prototype or develop a sample application for them which actually will benefit them then only it will be possible for a developer or a contributor to enhance or promote the advocacy of blockchain yeah I think last year the winter of critical currency people left the critical currency market because the price was very bad but they they briefed that the market bear was gone by this couple of months and then come back to the critical market for next chance to make more money not really expect to use the blockchain technologies so for me I didn't see any changes as well was the question cryptocurrencies blockchains or distributed ledgers generally which level you're asking blockchain generally for example yeah I'm not terribly fast either way about the sort of changing fortunes of people who pump up shoe or burst bubbles and seems a spectacularly unimportant it does create short-term problems sure we've seen that before what I think so firstly point out that that cryptocurrencies are only a subset of blockchains albeit currently a fairly large subset but hyperledger has been sort of grinding away on on other problems that don't have anything at all along lines of cryptocurrency I'm not yet convinced either whether they're good ideas but they're largely unaffected so it is strictly cryptocurrencies that have been sort of subject to this bubble bursting type behavior I have finally allowed myself to become an advisor to a blockchain company what appealed to me in them was that they are from the outset running a business meaning organizing people and systems and resources to deliver something of value to customers who give you money not investors not speculators not bc's not whatever but customers so who's receiving the thing that you are producing and paying you for it what I'd suggest that the cryptocurrency will do is allow resources to shift back to companies founders developers GPU supply has been an actual issue to move back to other things that are actually more valuable and so in that respect I would say it's a sort of gradual improvement but yet not a gigantic effect yeah I'd like to dig deeper into exactly what you just said so the the cryptocurrencies are the ones that are losing whereas the rest stays the same is that but I'd like to ask everybody else so you really think that is the case or are other projects that are not cryptocurrency focused suffering from the the down hype so to speak from the negative publicity that is coming now or not what is your thought on that I'm not entirely sure that there are two aspects to this and first of all obviously it if you wanted to start a project now based on blockchain it'd be a harder sell to the general public but on the other hand it might also be you know I think we see a lot of really poor projects that have disappeared and and we we get better quality projects now so yeah cryptocurrencies have been affected startups have been affected but not not only in a bad way yeah so means I agree with him that many of the projects which like many of the projects have faded away at such and many of the good projects have stayed back but I do agree with Roland as he said like I don't believe personally and it's nothing to do with my company company's opinion but I don't believe that blockchain solves everything it's not like that unified string theory kind of a thing that solves all the problems right so it's not like that every time there is something okay I have to make it in blockchain it's not like that you don't use PostgreSQL for all your databases you don't write JavaScript in your backend all the time so it's similarly blockchain you don't use blockchain for any problem that is thrown to you so I don't believe in the blockchain everything principle that many of the blockchain ecosystem people believe in right so there is all this projects which has a particular thing that should be used there are applications I believe where blockchain helps maybe in trust applications and stuff like that but it's and I believe those projects will still stay because that's a technical that there it has been used as particularly application which has the features that are needed for the trust improvement and not like just for using of money similarly in Gitcoin we didn't really see but we might like I at least hope that may like not hoped but I thought that maybe because of the script of inter people might have a negative feeling of earning in form of blockchain because we are but like finally funding the projects in the form of ERC 20 tokens so it might not have been as attractive of earning in Ethereum as it was one year back or like two years back than it is now but we didn't really see a massive change in that way that contributors are no longer contributing to the project because it's in blockchain which is a good thing like I thought maybe that would happen but that didn't happen and yeah it's like so for me it's not new right because for me like I work in a US bus company so I earn in the US dollars and which gets converted to Indian rupees so I have always faced this US dollar and Indian rupees values going up and down up and down up and down so it's very similar to that if I think of it right it's very kind of similar to that it might blockchain the currencies might again go up and people might again come back to it and all the stuffs but it's practically to be used where it's supposed to be used and not just thrown away everywhere so I guess all those projects and many of the projects I've seen in the ecosystem are using blockchain so they're like okay I have a lot of Ethereum lying about what do I do I will make a project in a particular marketplace which I don't even know about how the marketplace works so this is something I've seen again and again happening and this kind of projects would have any ways gone down whether it the crypto came or didn't come right so I guess yeah so whichever projects used blockchain because blockchain made sense in using in that project I guess they will still stay because they are not really dependent on the cryptocurrency aspect of it right I might have a bit different opinion about it so basically from whatever I've analyzed or whatever I have kind of researched about it I somewhere feel that cryptocurrency might be the future so if any technology or if any organization is not adopting cryptocurrency now then they have to do it sometime later so it is beneficial to have a bit open-minded in that case that since even though right now I'm not using a technology but if it can be the future then in that case I should be ready enough to extend my current architecture to incorporate the technology as well okay I don't know it's a hard topic for me but you know many of my friends in Asia they create startups because blockchain technology it's a hard topic meaning it's a fashion because for entrepreneurs who create startups doing project companies they can stand they can sit right here give presentations and running they were writing lots of high papers and they were running the raw shows around the world so they feel such things are very fashions so I don't know it'd be a bit speculative for me I would I said that the other applications are sometimes a bit questionable and yes a good factor those are probably I was going to say sort of a halo effect because of cryptocurrencies but but fashion is is as accurate a way to describe the problem that people are doing stuff both startups or startups and corporates and maybe even regulators are getting involved in blockchain projects which in situations that really don't warrant it and often because I suspect that it's fashionable or in the setup case this is sort of halo effect because hey you know blockchains are cool so invest in my setup so yes maybe there's an amount of that dropping I can't quantify it but it wouldn't be it wouldn't surprise me that there are places where the benefit is not necessarily obvious so point to the MAS running a blockchain trial between the central bank and the local banks the problem they're solving is Swift Swift is appallingly awful in sort of 1960s era EDI today to sort of encapsulate it in Jason so there are certainly the certainly scope to improve some of those ancient systems but yeah is it the right technique and you need to and is the tendency to do it being pushed too far forward the last couple of years because of the the assent of cryptocurrencies and therefore are they starting to recede speculative yes but I don't have concrete evidence it's a way to see I want to open the space for for also for questions for the audience so that means we're gonna continue talking but if you have a question please raise your hand and then you can join the discussion or if you have any any opinion to what we're talking about please raise your hand and yeah you want to say something right now here we go okay thanks so I've been in a startup accelerator for the past several months and we've had presentations by partners from Sequoy Golden Gate Ventures Founders Fund and the consensus has always been that blockchain is cancer and startups that can't explain how their business process is dependent upon having a blockchain probably haven't thought about without they can't explain how their business processes are improved by the blockchain probably haven't thought it out too hard and that's had a kind of a knock-on effect in the companies that people are starting in this accelerator at least and I see people that are doing fractionalization projects without using blockchain which is kind of interesting and I'm wondering if you all have seen that yet or or if you see people changing their projects away from blockchain and just going back to what you're saying before like delivering business value for the company or the investors yeah it's it's actual stigma not seeing just a lack of hello you're seeing an actual stigma yeah and the cancer part I didn't say that like one of the one of the partners over there that's what that was their words for it so okay well now we have some data yeah so I kind of wanted to talk about it in a V like Roland also said right the hello effect right so it's I'm not sure about the cancer part means yeah but to be fair before blockchain it was a similar scenario with machine learning and AI right so any startup would say that we are using machine learning and AI if even if it was like tree if look if conditions if else if if else if and you say I have used a machine learning project I made an AI or you just wrote a rejects and it gives a chatbot and you say it's an AI assistant system you're probably gonna get funding from some big VC and stuff right so that's I feel has always been before that I guess it was cloud then it came to machine learning AI now it's blockchain and surely something new is gonna come again after sometime because crypto winter is already here so that hello effect is kind of always there in startups and everywhere right so I like to call them keywords so it's like in keywords you use these keywords to get funding out of it so many of the projects do use that it's not like there are no other alternatives of doing something which you can do it with blockchain right there are always different other alternatives and you should be considering different ways of doing things and it's so yeah many of the projects I believe do that just to get the funding part of it or because it's trendy but not because it's actually needed in the project so that is there and I have seen that happen in the ecosystem again and again yeah so that's true but I am not sure I would go ahead to call it a cancer but yeah I hope that answers your question to some extent so just to one point to add to his so regarding blockchain I'm not sure of that might be the case because blockchain itself is an expensive technology that we cannot using just for show off and without any purpose and as far as the startup is concerned if there is any heavenly investor who just is ready to fund fund the startup without knowing what exactly they are going to do with the funding then that that would be the best case but I don't think any investor would do that so especially having the incorporating technology like blockchain without having any materialistic use of it would be would not be that often scenario okay so to latch on to that you said somebody here said blockchain winter and you say blockchain is cancer do you think the blockchain winter is helping us to fight the blockchain cancer or is it making it worse anybody want to jump to this question well in the ecosystem we are saying that the crypto spring is coming unlike Game of Thrones winter is coming but I'm not sure how long this winter runs unlike in Game of Thrones but I don't know like I said like this surely clears out a lot of the noise right so I would say that because of the winter it would clear out a lot of the noise and many of the projects that remain would actually be good projects like he said that many of the projects which actually need blockchain would still be there because they need it for the technology itself they don't need it because it was a money-making machine for them right so in that way I would say that crypto winter to some extent acts as that apocalypse thing that we often have the reset button that the mother nature uses sometimes to cleanse the earth so maybe it's something like that where we can be like okay the crypto winter kind of clears out all the noises and all the pollutions that we had in the blockchain ecosystem and all the good things that were there for the projects itself stays on so yeah I feel that it might have some effect in fighting the cancer but yeah so you know occasionally Gardner comes up with something useful that the thing I'd point to at the moment in this case is the Gardner hype cycle it's a curve that looks sort of like this where you've got you know initial excitement over the top expectations the trough of disillusionment and then a sort of gradual climb into normalization and then I'd suggest the crypto winter is just a trough of disillusionment for this particular category of technology hello okay yeah I feel the same like the graph I think now we are at the normalization just climbing up the normalization graph of it since the Linux foundation has come in and they are coming up with the hyperlature and some of the R3 Codra who are forming and financial consortium to customize the blockchain solution to fit into the enterprise needs and I really I think now the enterprises are looking into it and seeing how this can be adopted definitely the public blockchain is not suitable for the enterprises to take it up straight away I think that is already a customization of the blockchain is going on few high level things I would see is business to business interphase interfacing framework I think that's where I'm seeing blockchain is going towards where it can form like an business to business integration framework on the other side some sharing of information across the industry I think there are already projects on the KYC shareings where you have already KYC information is verified by someone and all the banks doesn't need to do the same work again so they wanted to share the information they're already finding out some real use cases of it and there is one more area on the independent currencies for an ecosystem for example the food industries or the transport industries they can come up with their own currencies to use it across the different things but I something related to the loyalty points where in now in the Kings Kings flyer is already going into the blockchain to exchange the loyalty points to other loyalty systems where they can exchange the information I think there's already the industry use cases or coming in some serious investments are going on on the blockchain so one thing I really feel is like whether there is a value proportion has been rightly found out or not there is these are all the use cases which could be achieved by different technologies and different ways that we are doing now whether the blockchain can provide that value proportion instead of doing it the other way like distributed technology or whether the blockchain can provide the value proportion is for the real question I believe I'd suggest that the I forget his name the IBM speaker on Thursday laid out these are the six or eight criteria for identifying projects that were candidates for blockchains now generally this is hyperlegia based but it's thinking was broader than that and I think that sort of is a more thoroughly spelled out variant of what you're saying if you don't take at least these six boxes then you know give up now you're almost certainly better off with the trustee who's you know who's trusted or bonded or in some other way constrained become trustworthy only once you've got a situation where provably all six don't apply then yes it starts to make sense to look at a blockchain and at that point either the running costs or the risks drop to the point where there's a there's economic value being created and yes then the parties can argue about who should get how much of the newly created by so it's happening it's good to see yeah I think there's a big difference between the practice and the theory in theory blockchain can bring a lot to to these sort of enterprise networks you described and there's a lot of adoption and the two types of adoptions that there are companies and enterprise networks that sort of get on the bandwagon as well and and really don't know what to use it for and you know sort of force the issue but but there's some really good ideas and you know if you look at supply chain for example the theory of what the the blockchain can do to pick supply chain is it's very clear you know everyone agrees of the advantages but then you see companies trying to implement this and and you know you've seen them there's a big use case with IBM and mask for international shipping I think which you know it's a basically difficult to to actually get to work in practice and and for a number of reasons one it's difficult to get anyone everyone to agree on the common protocol and to get everyone involved and second we just don't know how to do these things properly and and there are a lot of proof of concepts being presented as successes and and I don't think they're all such successful examples and so again with all new technology you know you have to be careful what works and what doesn't and things that might look like a really good idea don't actually work in practice in the other way around you know some some things that are bad idea really take off that always happens so yeah I mean I would also agree it's not about exactly I feel that it's not more about the industry or particular places where we can apply it's more about the reason why you where you are using the blockchain right like he said the six boxes that you need to take so this is I would tell an experience I had in a hackathon where I was mentoring in blockchain so one of the projects when a group did was like about investigation report filing in theft so what they said is like and the application that they made was because there have been theft reports or investigation reports for other reasons which have been manipulated by the police or someone like that right and they made a project to be very simple it's it was built on blockchain and to ensure that any kind of manipulation becomes a transaction and the transaction is openly visible to everyone so anyone who makes a transactional change to the investigation report that was filed basically it can be tracked back to whoever made the changes so I can kind of understand the use of blockchain over there because it's it's ticking some of the boxes right but then another project it basically was like okay we are using RSA encryption but since everyone says blockchain is more secure so we will be using blockchain now that's somewhere my question is because finally the encryption algorithms that are used in RSA or in blockchain are kind of similar right so the underlying cryptography is more or less similar but many people would be used to make it secure just because it has been trendy that blockchain makes everything more secure so I guess the reason why you're using blockchain also plays an important role in wherever the project you're using blockchain itself so we have less than 10 minutes left so I want to bring the topic back to free software and open source and ask you how can the free software community benefit from blockchain work now a year ago we would have said there's a lot of money in blockchain so we can use it to fund a free software development so that's changing so what is left or what what are the benefits now well it has changed in a way that I see also not as successful anymore but you know it's still a way of doing funding in in sort of a decentralized or democratic way you know you can you can actually get a project funded somehow using smart contract based crowdfunding you can you can call it an ICO and STO or whatever you can still do that and and and get get funding and it's different funding you know it's funding anyone can participate and in most countries in some countries you have to be a credited investor but but it's still possible and obviously then there are projects such as Gitcoin which you know which sort of take this open this up much more I mean you probably more qualified to talk about this but the way I see it it's it's a bit like an ever open ICO where you can just ask for money in any way you want and get projects funded yeah so I also feel that like like the thing is we never talk like this about other projects like like we don't see so yeah Python is Python still important in open source or like C is important in open source so I guess in similar ways we shouldn't be saying about why blockchain is important in open source so I would say that it still uses like it can be used very in different projects if it needs to be used if the application asks for the use of it and also blockchain enables you still it and like you can maybe the money factor isn't big but the important part about blockchain it helps helps you to programmatically like put a financial benefit to the programmatic transaction of any kind which is where Gitcoin is also using blockchain right so like we kind of change our state of an open source issue and pull request is what we decide as a blockchain transaction right so if someone starting walk on an issue to someone sending a pull request or the pull request getting marched now this can be tracked as a transaction states different transaction states and then the final financial benefits consert of it so there are different ways how it comes it's not basically like just about the money thing or the value of a particular coin going up at now I according to a blockchain is more of a with respect to the free and open source communities blockchain is more of the things which they need to implement it in order to make their system even better secure because as we know we were ever of decentralization we were ever of the encryption and other technologies but putting it all together is something blockchain I would suggest so it's like using whatever resources we are having and a technology which you want to add up to in a more managed in a more managed or in a more efficient way without without with ensuring that none of these resources go futile that is what the open source communities need to focus on okay yeah from a high level view the open source developers can get its benefits from ICO and other open source monies especially we can use towards such a solidity to issue our own critical current issue our own tokens and there are other many critical currency platforms except Israel for such purpose so I think it's it's very different from about 10 years ago open source developers can only get funds from traditional investors and big big funds but it's quite different now you can get small mining I mean meaning start mining to fund companies from crypto funds and other individual crypto investors so I think this is a very good news for open source developers that's a bit philosophical but I suspect there are some some broad trends one is yeah get past the the crypto winter and normalize a bit stabilize a bit what's happening with cryptocurrencies and they become more broadly applicable as a means of direct payment for engineering effort the get-go-and-time stuff the second is that as we sort of climb this sort of latter curve of normalization for blockchain blockchains generally it means that the demand for engineering talent stabilizes and grows along with it and that is an opportunity it requires a slightly different engagement to engage with individuals but it's an opportunity in the sense that people they're working on things that are infrastructure companies in that situation have a recruiting need and got it the tech companies a bit able to recruit if they are allowing their developers to contribute meaningfully to open source and free software and I have forgotten the third thing there was a third one but it's gone so I'll stop it too we're down to one minute the sensor out of time basically does anybody have any last words that they want to add or any any comments from the audience does anybody have any comments about using blockchain for increasing governance inside of corporations and banks and how that can be used for you know the GES scores of the company I mean I've just heard anecdotally that like people are being offered you know blockchain projects to basically use smart contracts to cut out a bunch of analysts inside their company yeah okay I don't think we have time to answer that question now but that's a that's a bigger question we can discuss out on the hallway so okay what's left to say is thank you for coming and thank you for engaging with us and I hope we gave you an engaging discussion and I hope we you were able to take something away from from this discussion thank you thank you everybody


Everyone it's your girl Kenzie here from late in sports cards, and I'm ripping brand new release today at 21 22 Panini recon basketball hobby six Fox break number four pick your team go over the teams Then we'll get started. We've got Allen F. Warriors bohabi Clippers Clement a with the Mavs Dean I pistons Diego B nets Dylan L or I with the Blazers Edgar B Celtics Hank S. Pacers Jessica G with the Hawks Jiu W. Jazz Jorrell E with the Grizzlies Kuhun K. Nuggets Kyle M. Wizards Lersak Y. Cavs and Spurs Mark S. Pelicans Matt L. Heats Mathias S. Sixers Michael H. Hornets Mike C. Bucks Raquel B. Rockets Sokoke Raptors Terrence L. Magic Thomas D. Thunder Tony K. Sons Von B with the Bulls and T-Wolves Wang S. Lakers and Nick's and Houston H with the Kings best of luck everybody here we go feeling a big rookie auto come out of this one what about you Jake what you feel all right let's see a big rookie auto probably the biggest one we've pulled so far the Billy one-of-one was cool but I probably have to say that Wagner the Wagner auto in the first first break so far being once a Cade let's see we get him a Cade in this let's get him that Cade a draft night I think I would be really sick all right good luck everyone here we go and group breaks are all sold out this morning just a few left tonight with Caleb starting at 415 Jonathan Kominga rookie bronze 299 John Morantz and future legends John Morantz and start there for the Great Leagues Jaws got autos in this set too see if they're live or not the past couple of products have all been redemptions about Donovitch on the hollow and all systems go Jalen Green cool in their rockets I really like this insert to the background just looks really cool nice on there you can do it I'm gonna try and a try hollow denwitte and maneuvers Steph Curry yeah for sure yeah they really are Dean Jericho Sims rookie Mike Conley and rock the rim Zion they pretty much all have that like hollow effect so we got a thicker card coming up let's see down brooks we've got Warriors Moses moody on the rookie Jersey auto to 75 grads on that one golden state F with the dubs on that 74 of 75 very nice second Jersey auto that we've seen today Marcus cousins and Aaron Wiggins on the pink rookie right there was one that we pulled earlier that was a close-up when he was a little chunky that did not show his good side that's for sure but I see rookie blue to 99 rookie Moses moody warriors here you go Allen off to a hot start with the Warriors on the blue color match there maneuvers Josh Giddy I'm excited to see him play this year though Dean I think he should hopefully you stay healthy have a good year rock the rim Donovan Mitchell again hopefully the key word Santiago Donald rookie bronze the 299 Clyde the glide and future legends Evan Mobley Washington Junior rookie we've got Doug McDermott on the purple to 49 spurs and shingoon on the rookie recon last pack box one Conley we've got bucks another Billy a rookie auto on the true potential I'm gonna shoot Billy I gotta say it fast like force does there and sharp rookie hollow and pink Vinnie Smith box to here we go Jared Butler rookie we've got red the 199 Michael Porter Junior nuggets rock the rim Shaquille O'Neal two autos per box yes yeah we had the rookie Jersey auto and then the Billy base auto out of that first box Obama hollow Isaiah Thomas and Blake Griffin on the pink Kate Cunningham rookie base you know Dean with the base there let's see we get you something bigger MCD bay future legends got a redemption first redemption that we've seen today it could be big Corey Kispert on the rookie hollow and all systems go Kevin Durant all right good luck everybody let's see who we got we've got Kyle Anderson glorified signatures red card number 15 Kyle Anderson card number 15 that is a Grizzlies hit Grizzlies and red is numbered to 99 or less Grizzlies who's my wise camp rookie we've got Evan Mobley on the bronze of 299 you know calves and do sumo on the rookie return bonus MPJ hollow bones highly rookie nuggets and hall hopefuls James Hardin not sure about that one no no hate against Hardin but I don't know book night rookie we've got blue book night rookie to 99 Hornets and future legends SGA I mean they gotta pick somebody's in the league for that insert huh we've got Raptors Armani Brooks rookie true potential auto Raptors get her to on the hollow and booze of it pink Loserievous rookie to 299 bronze Charles Barkley and Josh Christopher rookie recon last pack box dream on I've got hollow Bradley Beal and maneuvers Dejante Merck box three get everyone all filled for the all filled for the daytime Caleb will be live at 415 tonight with more group breaks got two baseball breaks with spots it is a tier one full case break random team and definitive full case random team that still have spots left Robinson Earl rookie we've got bronze 299 Aaron Wiggins Warriors and bones Highland on the rookie recon and then only other one after those is a football break it is a full case 20 box tiered random team of contenders optic so only those three for tonight available okay key okay key got hollow Zion Pelicans and all pro team Trey young cool in there you go Jess nice insert again every spot you buy will get to an entry into the Nationals promo that goes until Tuesday so any breaks you purchase into Tuesday or before we'll get you into the promo around the third we've got Benton on the rookie hollow and maneuvers Jalen Green yeah I think that's someone I was talking about being the one that was not not as good sign oh what do we have here wow Robert Parish on the call the excellence blue to 35 Celtics cool in there you go Celtics Celtics one of the last teams taken in most of the product which is crazy because there's Tatum Otto's live in this to Patrick Williams hollow pink KPJ we just pulled that Tatum green out of five earlier which was cool beautiful color match on that car Tray Murphy the third rookie we got blue to 99 Jame on green color match warriors rock the rim Evan Mobley calves just some nice mobles coming their way Gordon Hollow Halliburton and pink rookie Charles Bassie Sixers Josh giddy rookie thunder hollow sorry purple to 49 Darys Basley thunder and maneuvers Magic Johnson Booker we've got Nets a Darren Sharp rookie Otto Nets Colin Sexton Hollow and rock the rim of Jonathan Kominga Warriors Luca Garza rookie red to 199 Steven Adams Grizzlies and future legends Scotty Barnes rafters Robert Williams a third hollow and pink Robert Covington see a big Otto Quentin Grimes rookie we've got red to 199 Washington junior Pacers future legends Josh giddy calling we've got Blazers a trend in Watford rookie Otto Blazers Brogdon Hollow and rookie recon of Corey Kispert Jalen Johnson rookie bronze to 299 Horton Tucker Lakers and maneuvers Luca Donchich bones Highland rookie thunder or I'm not thunder nugget sorry mobile on the bronze to 299 Magic and rock the rim Paul George John Murray Kevin Garnett Hollow and pink Patrick Beverly Jericho Sims rookie Mike Conley and future legends Franz Wagner Magic Carter junior Rachel Jackson we've got Blazers on the Dustin for greatness of Nassir little Otto Portland Blazers both Blazers hits in that that box Cousins and Boucher you've got Landell on the hollow rookie Spurs and Santiago Donna pink rookie um so you know for international shipping we ship once a month now and that is the first week of every month Herbert Jones rookie you've got blue to 99 KPJ and rock the rim of Jason Richardson so if you have not gone tracking yet um this week you should be getting it here uh soon I would believe you do once a month now Kevin Durant Hollow Denwitte and all systems go drama rant for the Grizzlies very nice because yeah you hit pretty big on some of those uh prison breaks that we did uh from the national I remember you have some really nice cards that'll be coming your way so I can see why you might be a be excited to get that package uh both of the full case breaks I think that I ripped you did very well holiday mouth McBride rookie we've got red to 199 Yanis bucks and future legends Desmond Bain yeah no problem you know thanks for hopping in Barton we've got Blazers a trend in Watford on the green three of five nice low numbered hit their Blazers man Blazers are Blazers are Blazing here who's got them Blazers Dylan out there you go three of five one off of that jersey number it looks like too we'll mag that one for you congrats Russell Westbrook hollow and DeMar de Rosen on the pink okay Evan Mobley rookie base calves bronze 299 Kemba Walker and Quentin Grimes rookie recon iodo sumu on the rookie bronze 299 Lamarcus Aldridge and rock the rim John Collins just a one-on-one that's all me not asking for anything not asking for much at all let's try we got we got a couple breaks I got a couple breaks I got hollow shack and rock the rim Vince Carter rafters hollow McDermott and pink Eric Gordon Jalen Suggs rookie base magic to bias Harris hollow and rock the rim John Collins got clippers on the red the 75 glorified signatures of Terence Mann clips on that auto Brandon Clark hollow and future legends Lucan onchich is Aldridge hollow rookie of your seventh for the heats and all pro team got another one of these here for you just Trey young red shade and springer rookie blew to 99 blade griffin nets and maneuvers of ai all right last box here come on big rookie auto let's see one big rookie auto good luck everybody that's scotty Barnes rookie base have we seen a scotty Barnes yet that might be the first scotty Barnes rookie we've seen today rafters blue are red Bertons to 199 and cominga future legends to say I don't remember saying his name very often at all we've got heat a destined for greatness of can't read that name max streus stress destined for greatness Montemores hollow and joellen bead rookie review your seven rookie bronze a 299 Rudy gay and jillian green on the rookie recon bomba johnson hollow jaren jackson jr pink russell westbrook we got add on sumo on the uh ricky foals blue to chris middleton bucks and maneuvers lebron nice one there later bonus ready jackson hollow and derek rose pink got jillian green rookie base rockets erin wiggins on the rookie hollow and isiah jackson recon rookies got nets on the rookie auto cameron thomas nets uh finney smith hollow and maneuvers lamella ball couple packs left erin wiggins rookie purple to 49 of your seven heats and rock the rim jason tatum last pack here and we'll do our recap the old hollow for zengas and pink shack recap time we had the grizzly's redemption of kyle anderson again that'll be the 99 or less cameron thomas nets trin and watford blazers darin sharp nets armani brooks raptors a villy rookie bucks destined for greatness and a seer little blazers destined for greatness of max struss struss uh read the 75 glorified signatures trainman clippers called to excellence robert pairs for the selts of 35 cool in there and we had the rookie jersey autos 74 75 moses moody warriors and the three and five rookie auto of trin and watford for the blazers all right congrats to everyone who hit on that one we've got more recon basketball coming right up


QuickBooks Online 2023 bank feeds. Match and receive payment form to bank feed deposit. Get ready to start moving on up with QuickBooks Online 2023. Support accounting instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course. Each course then organized in a logical reasonable fashion making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as excel practice problems PDF files and more like QuickBooks backup files when applicable. So once again, click the link below for a free month membership to our website and all the content on it. Here we are in our bank feeds practice file. We started up in a prior presentation using the 30 day free trial. We also have open the free QuickBooks Online sample company. If you want the to open at the same time, we suggest using incognito window to open the sample company or another browser. If you're using Google Chrome, you can open the incognito by selecting three dots in the browser new incognito window typing into the search engine then QuickBooks Online test drive. We're using the sample company to compare the accounting view the one the bank feeds practice file is in and the business view the one the sample company is in. You could toggle between the two views by going to the cog up top and switch the view down below. Let's duplicate some tabs like we do every time putting reports in them right click in the tab to do so and duplicate right click in the tab to do so and duplicate back to the tab to the middle reports on the left hand side. Let's open up that balance sheet report on the left by the way if you're in the business view the reports are located in the business overview and then the reports just so you know where they are on that view. Let's tap to the right open up the reports on the left hand side this time the profit and loss the P and the L closing up the hand buggy change the range from 010123 to let's say 12 hold on a sec let's go from<PHONE_NUMBER>22 and then run it and then I'm tapping to the middle scrolling up closing the hand buggy change the range 010122 tab 123122 and run it to refresh it also opening the bank feeds because that's where our focus is these days first tab let's go to the banking on the left banking up top closing the hand buggy if you're in the business view by the way the bank feeds are located in the bookkeeping and then in the transactions up top and in the bank transactions okay so now we're focusing in on the bank feed deposit the revenue cycle go into the flow chart to just get a recap of what we're doing here the revenue cycle depends on the kind of industry you're in at the end of the cycle we do expect the checking account to go up so it would link into the bank feeds in that way but it will be dependent upon the flow that is what type of business you're in are you in gig work where you can just wait till it clears the bank record revenue with the deposit are you out of cash register we're gonna have to record the sales receipts which we'll talk about later or are you in a system where you have to do the work first and invoice the system we're talking about with these presentations in which case you have to enter an invoice and then you're gonna have to receive the payment in some way shape or form from the client or customer and then you're gonna have to make the deposit where are the bank feeds gonna fit into that process we have at least three nodes it can fit into we can create the invoice increase in accounts receivable other side going to sales and then just wait till the revenue comes in through the bank feeds and connect the bank feed to the invoice and the the bank feed then will create the received payment making a deposit in essence with the receive payment we did that last time or we can have this time we're gonna have the invoice creates an increase in the accounts receivable other side goes to sales and then we can record the receive payment when we get paid so when we get paid we can record the receive payment here where we have two options we can make the deposit directly into the checking account with the receive payment and then use the bank feeds to double check that meaning we're just using the bank feeds to kind of do our bank reconciliation in that case it's not going to record anything new it's just going to double check what's on the bank to the books or we can make the receive payment go into a clearing account which is payments to deposit or like undeposited funds and then we can connect the bank feed to the receive payment which theoretically would take it out of the clearing account and then record it into the actual deposit with a deposit form now note that when you have the receive payment whether or not you're going to put it into like undeposited funds or the clearing account one of the main functions of that would be that you need to group your receive payments together because the credit card for example is going to group multiple payments together or because you have multiple cash sales for example that are going to be grouped together when you actually get the deposit going into your checking account on the bank side of things that's why you would need to put it into a clearing account and then record the deposit grouped together in such a way that it's going to be reflecting the same amount that's going to be on the bank statement so if you have that kind of scenario then you're kind of forced to record the receive payment and make it go through undeposited funds and then you're going to have to record the deposit on your end because you can't wait till it clears the bank because the the deposit that's going to clear the bank is going to be including multiple receive payments or multiple sales receipts right it includes multiple sales that are included that's where the problem is so you can have to figure out what the grouping is of the transactions so that you can match out what's on your books to what's on the bank's books but if you're in a situation where you're going to get paid with an electronic transfer or you're going to get paid by check for example or or even if it's cash but you get it's you know single sale by single sale mainly check or electronic transfer then you can record the receive payment here directly into the checking account and match it to the bank feeds because the dollar amount will be the same one transaction by one transaction type of thing so let's let's look at those options and hopefully that'll be making it a little bit more clear i'm going to make a new tab this time i'm going to right click and duplicate the tab let's pull this to the front and and i'm going to do my sales receipt in here now the one i'm going to use this time let's let's use this uh 420 so let's say we use that 420 so i'm going to go up top and say all right let's have a new item and let's say this time we're going to say an invoice first so let's enter an invoice and let's say this is for customer four just to change things up customer number four and boom and bam and let's say this one is on let's say oh nine i think everything was in let's say 10 oh one uh 22 let's say and then i'm going to say i'm just going to create a service item again let's just say hours and let's say the rate is five what did i say it was again i forgot 420 it's 420 man 420 okay so there we have it so so this is going to then increase accounts receivable by 420 the other side is going to go to revenue by 420 and we're going to be tracking the sub ledger for the customer number four so that we can receive the payment on it just like normal on the invoice this would happen of course before we had the the receipt of the payment that we're tying out to in the bank feed so this would be the first thing that happens in our scenario in our story so we're going to say save it and close it boom and so then the next thing so now we can check that out if i go to my balance sheet and run it i'm going to say okay there's the checking account there's the accounts receivable accounts receivable there's the 420 invoice boom shaka locker all right and then the other side if i go back on up is on the income statement income statement services and if i go into that there's the 420 there okay going back up and then if i go to the first tab and i track this internally i can go to my sales my customers close up the hamburger and down to customer number four we've got our invoice the next thing we would expect to happen is to receive the payment by the way if you're in the business view where's that located it's under the get paid and pay area and then the customers on the left so the next thing you would expect is the receive payment option last time we connected the the deposit that cleared the bank directly to the invoice this time i'm going to record the receive payment and then try to connect the bank feed from there so we can also find by the way that open invoice we might track it another way by going to sales and then and then you might go to all sales and then sort your invoices this way by say the open invoices so that's another way that you could track that which is in a little slightly different place on the business view that's under bookkeeping and then transactions and then all sales that's where it is on the business view okay so given that then we could make our receive payment so let's do that so now we're going to say okay we got paid we're going to get paid by it so we're going to say all right got the money say it happened on this 10-2 let's say and let's say that we got whatever you know cash let's just say it was a check let's say now the options are at this point in time we can put it directly into the checking account right we can put it into the checking account which means we're going to have an increase to the checking account for which is going to be recorded not with a deposit but a receive payment and a decrease to the accounts receivable the receive payment will decrease accounts receivable that's like the defining factor of the form or we can put it into this clearing account which is called payments to deposit and then make the deposit into the checking account now normally when you put it into payments to deposit one reason you do that is once again because you might have multiple items that are being received possibly with cash or possibly by credit card which are going to be grouped together by the credit card company or you when you make the physical deposit into the bank and therefore you're going to have that clearing account to help you to tie out what goes into your checking account not only in terms of total dollar amount but the units of dollars so that you can do the the checking to the bank account possibly with the bank feeds to help you out with the bank reconciliation so if that were the case then I couldn't I couldn't really tie the bank feed to the receive payment I would have to actually make the physical deposit in my system so that I can do that grouping thing but you also might say well if I'm going to tie the bank feeds to the receive payments maybe I'm just going to put it into the payments to deposit as another double check so when I get to the bank feeds the bank feeds will take it out of payments to deposit and move it into the checking account so it'll still record a transaction so let's just see what that would look like I'm going to I'm going to save this see what are you talking about for crying out loud okay let's just see what I'm talking about here I'll show you so I'm going to go up top and we're going to say then this is going to decrease the accounts receivable so if I go into the accounts receivable we've got a decrease there for the payment that's good the other side didn't go into the checking account yet we put it into this clearing account which is the same as undeposited funds in the desktop view and there's the 420 payment so nothing happened to cash because I mean the income statement because income was impacted when we did the invoice now normally if you were going to make a deposit then if I hit the plus button and we're going to say the next step would be to make a deposit in our flow chart here if I was going to make it not with the bank feeds but just enter a deposit you've got this like list so that if there were multiple payment items you can group them together so that it will be recorded in your checking account in the same grouping as what's going to be on the bank statement because if you got multiple cash deposits or multiple credit card deposits you want to put them into your checking account in the same grouping as they're going to show on the bank statement that's kind of like the point but but now I'm going to say instead of doing that I'm going to say instead of doing that why did it what was that I don't I just want to log out of this deposit form we're going to try to connect the bank feed to it to record that transaction which should move it from here to the checking account so let's do that I'm going to go okay if I go to the bank feeds then and I look at my transactions here's the transaction it didn't pick it up it's not seeing it directly so let's go into it and the only way it would see it to match it is by by dollar amount and possibly by date so let's go into it and say okay I want to match this to an invoice if I go into the match then it's pulling up that payment so now you can see it saying okay now I see the payment that we're matching to so there's the suggested matches one connected so now I'm going to record this which should record the the the deposit so the next transaction so I'm going to it's actually going to do a transaction so I'm going to save it and so now it's recorded that and if I go to my balance sheet and run it I should have a checking account item within it for that for that deposit of the 420 let's check it by dollar amount over here there it is right there so now it's recorded with a deposit form here and it made the deposit for so if I go into it it made the deposit form and it looks just like that deposit form that I was gonna that I was showing you that we could have done on our side all right and then the other side decreased the clearing account the other side decreased the clearing account and the payments to deposit and boom it's back down so now it actually made a transaction now the other way that you can do this is if I wanted to connect it to the second node is I can record the receive payment and make a deposit at this point in time so let me just show you that I can say okay let's go to the let's do that again this time I'm gonna do it for this time I'm gonna do it for the $300 so I'll go first tab we'll say let's make another invoice boom invoice and I'm gonna say customer four five customer number five I don't know why I even need to make a new customer I could just but no I just want to want to make it all differentiated by customer makes perfect sense stop questioning my method me stupid head trying to tell me how to do my thing I figured this what was the dollar amount again the dollar amount was 300 300 okay so this is going to increase accounts receivable the other side's going to go to sales because it's an invoice and the sub ledger for customer five will also be reflecting that as well so let's save that and close it let's go to the balance sheet just to double check it so now we've got the accounts receivable went up customer number five 300 boom other sides on the income statement I got to refresh it if I want to see it which I do so I'm going to refresh it and go into customer number five there is that one there's the 300 okay going back on over then the sub ledger is impacted and if I go into the first tab and look at my customers over here I now have customer number five with an outstanding item the next thing we would expect to happen is we receive the payment so again you could wait till it clears the bank and try to connect the bank feed to the invoice but we're going to record the receive payment and deposit it directly into the checking account with the receive payment thing this time instead of using the clearing account so I'm going to say let's do a receive payment we got paid we're going to record it on our end and I'm just going to not put it into the into the clearing account but rather directly into the checking account so now it's going to go into the checking account with a received payment form instead of a deposit form but the transaction will go into the bank that means when I check it to the deposits it's just like I'm checking a normal deposit doing normal bank reconciliation stuff right because I'm not actually going to record a new transaction with the bank feeds now it's just going to verify the transaction that I did record ties into what happened on the bank side so that's just normal bank reconciliation stuff so I'm going to go back on over to the balance sheet and I'm going to say all right now if I go into my checking let's check out the checking then this one was for $300 I should have a sales uh receipt it should look a payment type of form there it is I think that's the one for 300 so if I go into that there it is for customer number five and I scroll up to the top the other side decreased the accounts receivable so I go into the accounts receivable and we can see that uh what happened there we go so that has decreased so we've got the increases and decreases this is what happens in accounts receivable you should be able to take and tie stuff off it goes up and then it goes down invoice and then you get the payment and then the other side is going to go on to uh if I look at my my detail over here on the customer side of things for customer number five now I've got the invoice and the payment so if I look at the invoice it has now been paid matching the payment so that looks good and then if I go to my bank feeds and I wait till it clears the bank I might refresh it and maybe that'll help it to kind of see it so if I refresh it maybe then it might pick up maybe it'll pick it up automatically so then I'm going to go down let it think yeah it does so so there it is it picked it up just by the dollar amount so then it said hey I found a match that's what it's saying I can I speak quick books so I'm interpreting it for you says it's just like that it's like hey dude I found a match so we have the match here so now this isn't going to do anything when I record it because I already recorded in essence a deposit so this is just saying this is just matching which helps me out with my bank reconciliation which is the full service accounting system we're not using quick books in this case to to make the financial statements we're just using quick books to double check to verify the transactions in the checking account which helps us out with just a normal bank reconciliation so I'm going to say match on that and there it is no no our difference happened over here to the to the to the actual transactions in my bank statement it just verifies so now we've we've tied it we've tied a deposit to the invoice we've tied a deposit to the received payment whether we put it into undeposited funds where it records a new transaction taking it out of undeposited funds with a clearing account payment to be deposited pushed into the checking account we've tied it to the received payment that acts like a deposit where the bank feed doesn't do anything except match help us out with the reconciliation and then next time maybe we'll do one more and record the actual full service where we record the actual deposit and then we tie the bank feeds into that and this would be something that you would have to do if you deal with like credit cards that are going to make deposits comprising of multiple received payments or multiple sales receipts or you have cash that you're going to deposit which comprises of multiple sales receipts or multiple received payment forms we'll dive into that more next time