Any Quick Books experts out there?

Topdogfran

I have been asked by my boss to produce regular reports from Quick Books to let him know how much money in our Company Bank account is ours (ie not owed in any way shape or form)........

Most normal business buy stock before they sell it, but we are an agency, so our clients pay us (normally) first, either a deposit (and the balance direct to the artist/tutor) or the full amount (the artist or tutor then invoices us).

I've produced an Open Invoices report, and an Unpaid Bills report, but ofcourse they don't take into account any invoices not yet received for work done, or invoices paid for work yet to be done.

Before I go completely mad, is what he wants possible? (Not forgetting VAT bills and corporation tax!)

DCodd

Topdogfran wrote: »

I have been asked by my boss to produce regular reports from Quick Books to let him know how much money in our Company Bank account is ours (ie not owed in any way shape or form)........

Most normal business buy stock before they sell it, but we are an agency, so our clients pay us (normally) first, either a deposit (and the balance direct to the artist/tutor) or the full amount (the artist or tutor then invoices us).

I've produced an Open Invoices report, and an Unpaid Bills report, but ofcourse they don't take into account any invoices not yet received for work done, or invoices paid for work yet to be done.

Before I go completely mad, is what he wants possible? (Not forgetting VAT bills and corporation tax!)

It seems to me that what you want would have to be done on an excel spreadsheet, taking ino account of prepayments and accruals and work in progress.

I do not use quick books but Sage Line 50 and Job Costing but I would have to export a number of reports to excel and then enter any projected costs to get the answer you are after!

Do you know how much the Artist or tutor will charge? Even then you would have to estimate how much of the deposit is actually yours if any!

Savvy_Sue

I am glad it is not just me driven mad by QuickBooks ... and what DCodd suggests may well work, especially as you can export reports to Excel and play about with them more then.

Now, I am not an expert, but what this is what we have done in our charity so we don't go mad and spend all the money at once.

1. Big grant comes in, to be spent over a year. Let's say it's £24,000 because that makes the sums easy.

2. Enter this to the Deferred Income account, using the appropriate Class and dating it for when it reaches you.

3. Make a journal entry for each of the months this grant covers, so that's £2,000 per month over the year. You DEBIT Deferred Income and CREDIT the account you want to spend the money from, and you date the journal for the date from which you want / expect to spend the money.

When you reconcile the bank account, your full amount is showing easy peasy, but when you run reports, the money is showing when and where it should.

Also wonder if your budgeting tools would help with this? But I haven't used them yet so no idea how.

good luck ...