QuickBooks Enterprise Tips & Tricks

CONSOLIDATIONS

Several years back, QuickBooks added consolidation functionality to QuickBooks. Even if you only consolidate once a year, this valuable tip can save you time. Before you start planning and brainstorming is critical. When you set up each company within the consolidated group, use a standard chart of accounts identical in all ways for each company.  As part of your consolidation process, create a new company called the “Eliminations Company” using the utilities, export list features in QuickBooks.  In that company, record your first standard elimination entry which eliminates the investment in accounts.  You can either include it in the balance or change the date of this entry to the last day of the consolidation period.  Then eliminate the intercompany receivables and payables and continuing with all of your standard elimination entries.  By adding this to the group of companies in the consolidation you save time and confusion in subsequent years.

 MANAGING TWO OR MULTIPLE FILES

To eliminate headaches and confusion, color code your data files.  That way when you open a second company you first notice the color and cease to accidentally post entries to the wrong company.   Do this through Edit Preferences, Desktop View and personal preferences “Company File Color Scheme.”

CONSTRUCTION INDUSTRY ITEMS

Depending on the type of contractor you are, use items for your cost codes.  Brainstorm what you need for your billing and estimating needs and refer to CSI (Construction Specification Institute), NAHB (National Association of Home Builders) or NARI (National Association of Remodelers Institute).  For subcontractors, for example a HVAC contractor, create and modify your items so you have General Conditions or General Requirements.  Talk to your Estimator and customize your file for YOUR business.

USING CUSTOM FIELDS

Do you have reports that require just a little more than you track?  Sometimes the 401k plan reporting at quarter-end or year-end requires that the company provide employee information and companies tend to create that report from QuickBooks payroll data.  Rather than simply exporting then populating for missing items, use custom fields.  A representative custom report inclusive of your data could include: 401(k) Marital Status, 401(k) eligibility code, 401(k) termination reason, 401(k Compliance Status Code, 401(k) Eligibility Date, 401(k) Year and Date of last check.  Create the custom fields in the employee center, additional information and further define the information with acceptable descriptions.  Have to produce a report to the state breaking down office location?  Add the work site location to the additional information.

USER ROLES AND PERMISSIONS

Focus on roles, not employees.  Find the role that is the most similar to your employee's duties, create a copy, add specific permissions that are not otherwise allowed then save the custom roll.  Assign the person to that roll.  While we are discussing it, NEVER use the Admin role as the standard employee roll.  Assign Full permissions, customize duties and then assign the employee/controller/manager/CEO/CFO to the role.  That way the administrator role becomes the roll that Intuit QuickBooks intended.

THINK OUTSIDE THE BOX WITH YOUR CUSTOMERS/JOBS

Inside the box thinking?  Construction customer/job name.  Outside the box?

• Auto Repair Business - Customers tend to choose one place to do business.  Sure, assign the customer, but consider the work order/job as the current task at hand.  That way you have a more complete history and can inactivate the completed work order when you finish the current job.
• Commercial HVAC Company - Set up customers and the Real Estate Management Companies are the customer, with jobs equal to the physical site.
• Real World Example - The QuickBooks User is the wholesale fresh seafood distribution company. Picture the scenario: They purchase their seafood straight from the fishing vessel.  They also sell the captain supplies, ice and fuel.  (Append the customer name with a *.)  Payouts before and after the fishing voyage are common, and as an industry they have reports that they are used to providing both to the captain of the vessel and the owner of the vessel. (These reports go back in time to beyond the pre-computer days and include reports to the state.)  The fishing vessel "job" is named FPO Current Voyage, supply purchases entered with job name/vessel name and the start date is entered on the customized PO with the job status as "pending".  The vessel owner and vessel captain, along with contract designated distribution percentages are set up as custom fields.  When the vessel departs, the job status is changed to in progress and when it returns it is then assigned a FPO number (industry standard) and the job name renamed to FPO 12345.  The purchase order is completed with the actual catch brought in. The payouts are then calculated within QuickBooks based on the criteria designated in the custom fields.   The "Job" status is then changed to closed after payout. Resulting reports include the standard job cost reports along with Active Trip Reports and the and the industry standard Settlement report.  If you have a complex situation, we can brainstorm and come up with custom solutions and custom reports to suit your needs.