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How to handle landed cost with separate shipping vendor in QuickBooks

I just had a client ask me how to handle landed cost in QuickBooks when the shipping gets payable to a different vendor than the items themselves.  I decided that this is probably a pretty common issue among users.  Here is what I instructed my client to do:

1)      Receive the inventory items into stock at their normal cost against the vendor that supplied them.

2)      When the bill for the shipping comes in, enter that bill into QuickBooks and offset it to a “Shipping Charges Clearing” expense account.  (If you don’t have this account in your COA, go ahead and create it as an expense account.) Be sure to put it against the proper vendor.

3)      Pay the shipping bill as normal.

4)      Once the bill has been entered, manually figure out what the landed cost would be for each item that was received. 

  1. Example – if you received 5 widgets at $2.00 each and the shipping charge was $20.00, your landed cost would be $6.00 per widget.

5)      Now that you know what the landed cost should be for each of the items that were received earlier, do an Inventory adjustment to change the TOTAL VALUE of the goods (not the quantity.)

  1. Use your “Shipping Charges Clearing” account as the Adjustment account.
  2. Find the items that were received at regular cost and enter in the new landed cost.  Make sure to only adjust the items that were received on that one item receipt.
  3. Save the adjustment

6)      Now, when you look at your “Shipping Charges Clearing” account, the balance should be zero.

Any questions – give us a call!

Posted in Current Tips and Tricks, Inventory | Tagged |

Resolved Question: What exactly can you edit in a transaction in QuickBooks?

Posted in Q and A |

Resolved Question: What exactly can you edit in a transaction in QuickBooks?

Posted in Q and A |

Mass changes to your QuickBooks forms!

It’s not uncommon for us to hear about companies that are using QuickBooks that want to make a mass change to their data.  Believe it or not, there is an app for that!

The app is called the Mass Updater and was written by the same guy that developed the Data Transfer Utilities and other apps.  The Mass updater allows you to mass update transaction headers and rows. In addition, this program can transfer data from the Other 1 and Other 2 fields to Custom Fields so that you can see the data on reports and filter for the data.

Here is a list of what information it can update for you:

Txn Type

Header Field

Row Field

Bill

APAccountRef

 

Bill

DueDate

 

Bill

ExchangeRate

 

Bill

Memo

 

Bill

RefNumber

 

Bill

TermsRef

 

Bill

TxnDate

 

Bill

VendorRef

 

Bill

 

Amount

Bill

 

BillableStatus

Bill

 

ClassRef

Bill

 

Cost

Bill

 

CustomerRef

Bill

 

Desc

Bill

 

ItemRef

Bill

 

Memo

Bill

 

Quantity

Bill

 

UnitOfMeasure

BillPaymentCheck

BankAccountRef

 

BillPaymentCheck

ExchangeRate

 

BillPaymentCheck

IsToBePrinted

 

BillPaymentCheck

Memo

 

BillPaymentCheck

TxnDate

 

Charge

Amount

 

Charge

CustomerRef

 

Charge

Desc

 

Charge

ItemRef

 

Charge

Quantity

 

Charge

Rate

 

Charge

RefNumber

 

Charge

TxnDate

 

Charge

UnitOfMeasure

 

Check

AccountRef

 

Check

ExchangeRate

 

Check

IsToBePrinted

 

Check

Memo

 

Check

PayeeEntityRef

 

Check

RefNumber

 

Check

TxnDate

 

Check

 

AccountRef

Check

 

Amount

Check

 

BillableStatus

Check

 

ClassRef

Check

 

Cost

Check

 

CustomerRef

Check

 

Desc

Check

 

ItemRef

Check

 

Quantity

Check

 

UnitOfMeasure

CreditCardCharge

AccountRef

 

CreditCardCharge

ExchangeRate

 

CreditCardCharge

Memo

 

CreditCardCharge

PayeeEntityRef

 

CreditCardCharge

RefNumber

 

CreditCardCharge

TxnDate

 

CreditCardCharge

 

AccountRef

CreditCardCharge

 

Amount

CreditCardCharge

 

BillableStatus

CreditCardCharge

 

ClassRef

CreditCardCharge

 

Cost

CreditCardCharge

 

CustomerRef

CreditCardCharge

 

Desc

CreditCardCharge

 

Memo

CreditCardCharge

 

Quantity

CreditCardCharge

 

UnitOfMeasure

CreditCardCredit

AccountRef

 

CreditCardCredit

ExchangeRate

 

CreditCardCredit

Memo

 

CreditCardCredit

PayeeEntityRef

 

CreditCardCredit

RefNumber

 

CreditCardCredit

TxnDate

 

CreditCardCredit

 

AccountRef

CreditCardCredit

 

Amount

CreditCardCredit

 

BillableStatus

CreditCardCredit

 

ClassRef

CreditCardCredit

 

Cost

CreditCardCredit

 

CustomerRef

CreditCardCredit

 

Desc

CreditCardCredit

 

ItemRef

CreditCardCredit

 

Memo

CreditCardCredit

 

Quantity

CreditCardCredit

 

UnitOfMeasure

CreditMemo

ARAccountRef

 

CreditMemo

ClassRef

 

CreditMemo

CustomerRef

 

CreditMemo

DueDate

 

CreditMemo

ExchangeRate

 

CreditMemo

FOB

 

CreditMemo

IsPending

 

CreditMemo

IsToBeEmailed

 

CreditMemo

IsToBePrinted

 

CreditMemo

Memo

 

CreditMemo

PONumber

 

CreditMemo

RefNumber

 

CreditMemo

SalesRepRef

 

CreditMemo

ShipDate

 

CreditMemo

ShipMethodRef

 

CreditMemo

TemplateRef

 

CreditMemo

TermsRef

 

CreditMemo

TxnDate

 

CreditMemo

 

Amount

CreditMemo

 

ClassRef

CreditMemo

 

Desc

CreditMemo

 

ItemRef

CreditMemo

 

PriceLevelRef

CreditMemo

 

Quantity

CreditMemo

 

Rate

CreditMemo

 

SalesTaxCodeRef

CreditMemo

 

ServiceDate

CreditMemo

 

UnitOfMeasure

Deposit

DepositToAccountRef

 

Deposit

ExchangeRate

 

Deposit

Memo

 

Deposit

TxnDate

 

Deposit

 

AccountRef

Deposit

 

Amount

Deposit

 

CheckNumber

Deposit

 

ClassRef

Deposit

 

EntityRef

Deposit

 

Memo

Deposit

 

PaymentMethodRef

Estimate

ClassRef

 

Estimate

CustomerRef

 

Estimate

DueDate

 

Estimate

ExchangeRate

 

Estimate

FOB

 

Estimate

IsActive

 

Estimate

IsToBeEmailed

 

Estimate

Memo

 

Estimate

Other

 

Estimate

PONumber

 

Estimate

RefNumber

 

Estimate

SalesRepRef

 

Estimate

TemplateRef

 

Estimate

TermsRef

 

Estimate

TxnDate

 

Estimate

 

Amount

Estimate

 

ClassRef

Estimate

 

Desc

Estimate

 

ItemRef

Estimate

 

Other1

Estimate

 

Other2

Estimate

 

PriceLevelRef

Estimate

 

Quantity

Estimate

 

Rate

Estimate

 

SalesTaxCodeRef

Estimate

 

UnitOfMeasure

InventoryAdjustment

AccountRef

 

InventoryAdjustment

ClassRef

 

InventoryAdjustment

CustomerRef

 

InventoryAdjustment

Memo

 

InventoryAdjustment

RefNumber

 

InventoryAdjustment

TxnDate

 

Invoice

ARAccountRef

 

Invoice

ClassRef

 

Invoice

CustomerRef

 

Invoice

DueDate

 

Invoice

ExchangeRate

 

Invoice

FOB

 

Invoice

IsPending

 

Invoice

IsToBeEmailed

 

Invoice

IsToBePrinted

 

Invoice

Memo

 

Invoice

Other

 

Invoice

PONumber

 

Invoice

RefNumber

 

Invoice

SalesRepRef

 

Invoice

ShipDate

 

Invoice

ShipMethodRef

 

Invoice

TemplateRef

 

Invoice

TermsRef

 

Invoice

TxnDate

 

Invoice

 

Amount

Invoice

 

ClassRef

Invoice

 

Desc

Invoice

 

ItemRef

Invoice

 

Other1

Invoice

 

Other2

Invoice

 

Quantity

Invoice

 

Rate

Invoice

 

SalesTaxCodeRef

Invoice

 

ServiceDate

Invoice

 

UnitOfMeasure

ItemReceipt

APAccountRef

 

ItemReceipt

ExchangeRate

 

ItemReceipt

Memo

 

ItemReceipt

RefNumber

 

ItemReceipt

TxnDate

 

ItemReceipt

VendorRef

 

ItemReceipt

 

AccountRef

ItemReceipt

 

Amount

ItemReceipt

 

BillableStatus

ItemReceipt

 

ClassRef

ItemReceipt

 

Cost

ItemReceipt

 

CustomerRef

ItemReceipt

 

Desc

ItemReceipt

 

ItemRef

ItemReceipt

 

Memo

ItemReceipt

 

Quantity

ItemReceipt

 

UnitOfMeasure

JournalEntry

ExchangeRate

 

JournalEntry

IsAdjustment

 

JournalEntry

RefNumber

 

JournalEntry

TxnDate

 

PurchaseOrder

ClassRef

 

PurchaseOrder

DueDate

 

PurchaseOrder

ExchangeRate

 

PurchaseOrder

ExpectedDate

 

PurchaseOrder

FOB

 

PurchaseOrder

IsManuallyClosed

 

PurchaseOrder

IsToBeEmailed

 

PurchaseOrder

IsToBePrinted

 

PurchaseOrder

Memo

 

PurchaseOrder

Other1

 

PurchaseOrder

Other2

 

PurchaseOrder

RefNumber

 

PurchaseOrder

ShipMethodRef

 

PurchaseOrder

TemplateRef

 

PurchaseOrder

TermsRef

 

PurchaseOrder

TxnDate

 

PurchaseOrder

VendorMsg

 

PurchaseOrder

VendorRef

 

PurchaseOrder

 

Amount

PurchaseOrder

 

ClassRef

PurchaseOrder

 

CustomerRef

PurchaseOrder

 

Desc

PurchaseOrder

 

IsManuallyClosed

PurchaseOrder

 

ItemRef

PurchaseOrder

 

ManufacturerPartNumber

PurchaseOrder

 

Other1

PurchaseOrder

 

Other2

PurchaseOrder

 

Quantity

PurchaseOrder

 

Rate

PurchaseOrder

 

SalesTaxCodeRef

PurchaseOrder

 

UnitOfMeasure

ReceivePayment

ARAccountRef

 

ReceivePayment

CustomerRef

 

ReceivePayment

DepositToAccountRef

 

ReceivePayment

ExchangeRate

 

ReceivePayment

Memo

 

ReceivePayment

PaymentMethodRef

 

ReceivePayment

RefNumber

 

ReceivePayment

TxnDate

 

SalesOrder

ClassRef

 

SalesOrder

CustomerRef

 

SalesOrder

DueDate

 

SalesOrder

ExchangeRate

 

SalesOrder

FOB

 

SalesOrder

IsManuallyClosed

 

SalesOrder

IsToBeEmailed

 

SalesOrder

IsToBePrinted

 

SalesOrder

Memo

 

SalesOrder

Other

 

SalesOrder

PONumber

 

SalesOrder

RefNumber

 

SalesOrder

SalesRepRef

 

SalesOrder

ShipDate

 

SalesOrder

ShipMethodRef

 

SalesOrder

TemplateRef

 

SalesOrder

TermsRef

 

SalesOrder

TxnDate

 

SalesOrder

 

Amount

SalesOrder

 

ClassRef

SalesOrder

 

Desc

SalesOrder

 

IsManuallyClosed

SalesOrder

 

ItemRef

SalesOrder

 

Other1

SalesOrder

 

Other2

SalesOrder

 

PriceLevelRef

SalesOrder

 

Quantity

SalesOrder

 

Rate

SalesOrder

 

SalesTaxCodeRef

SalesOrder

 

UnitOfMeasure

SalesReceipt

CheckNumber

 

SalesReceipt

ClassRef

 

SalesReceipt

CustomerRef

 

SalesReceipt

DepositToAccountRef

 

SalesReceipt

DueDate

 

SalesReceipt

ExchangeRate

 

SalesReceipt

FOB

 

SalesReceipt

IsToBeEmailed

 

SalesReceipt

IsToBePrinted

 

SalesReceipt

Memo

 

SalesReceipt

Other

 

SalesReceipt

PaymentMethodRef

 

SalesReceipt

RefNumber

 

SalesReceipt

SalesRepRef

 

SalesReceipt

ShipDate

 

SalesReceipt

ShipMethodRef

 

SalesReceipt

TemplateRef

 

SalesReceipt

TxnDate

 

SalesReceipt

 

Amount

SalesReceipt

 

ClassRef

SalesReceipt

 

Desc

SalesReceipt

 

ItemRef

SalesReceipt

 

Other1

SalesReceipt

 

Other2

SalesReceipt

 

PriceLevelRef

SalesReceipt

 

Quantity

SalesReceipt

 

Rate

SalesReceipt

 

SalesTaxCodeRef

SalesReceipt

 

ServiceDate

SalesReceipt

 

UnitOfMeasure

VendorCredit

APAccountRef

 

VendorCredit

ExchangeRate

 

VendorCredit

Memo

 

VendorCredit

RefNumber

 

VendorCredit

TxnDate

 

VendorCredit

VendorRef

 

VendorCredit

 

AccountRef

VendorCredit

 

Amount

VendorCredit

 

BillableStatus

VendorCredit

 

ClassRef

VendorCredit

 

Cost

VendorCredit

 

CustomerRef

VendorCredit

 

Desc

VendorCredit

 

ItemRef

VendorCredit

 

Memo

VendorCredit

 

Quantity

VendorCredit

 

UnitOfMeasure

If you would like more information about this product, you know where to find us!

 

Posted in Current Tips and Tricks | Tagged |

Which Item Type Should You Use?

When creating your item list one of the most confusing things can be which item type to choose.  Here is a breakdown of each type that will help you decide.  If after reading this you still need help, feel free to give us a call!

Use this type

For

Service

Services you charge for or purchase. Examples include   specialized labor, consulting hours, and professional fees.

 

Inventory part

Goods you purchase, track as inventory, and resell.

Inventory assembly
  (Premier and Enterprise
  editions only)

Assembled goods you build or purchase, track as   inventory, and resell. Note: QuickBooks cannot track the costs   associated with the manufacturing process itself. In other words, the cost of   a built assembly item depends only on the cost of its components.

 

Non-inventory part

Goods you buy but don’t track (such as office   supplies), or materials you buy for a specific job that you charge back to   your customer.

 

Fixed asset

An asset you do not expect to convert to cash during   one year of normal operations. A fixed asset is usually something that is   necessary for the operation of your business—such as a truck, cash register,   or computer.

 

Other charge

Miscellaneous labor, material, or part charges such as   delivery charges, setup fees, and service charges, bounced checks, late fees,   opening balance, reimbursable expenses, retainers, surcharges, gift   certificates, prepayments, retainers, sales tax, and shipping and handling   fees.

 

Subtotal

Totals all items above it on a form, up to the last   subtotal. Useful for applying a percentage discount or surcharge to many   items.

 

Group

A way of associating individual items that often appear   together on invoices, purchase orders, and so on, so that all items in the   group can be added to the form at one time.

 

Discount

Subtracts a percentage or fixed amount from a total or   subtotal. Do not use this item type for an early payment discount.

 

Payment

Records a partial payment you received at the time of   the sale. It reduces the amount owed on an invoice.

 

sales tax item

Calculates a single sales tax item at a specific rate   that you pay to a single tax agency.

 

Sales tax group

Calculates and individually tracks two or more sales   tax items that apply to the same sale. The customer sees only the total sales   tax.

 

 

Posted in Current Tips and Tricks, Inventory | Tagged , |

How to handle RMA’s for Customers in QuickBooks

This is one of those things that QuickBooks does not have a template for out of the box.  Luckily, there is a workaround that you can use to handle RMA’s with ease.  Here are the steps:

-The first thing you want to do is to copy a customer Credit Memo template and rename it to RMA. 
-Edit the template so you can remove the pricing fields and any other unnecessary information.

-Once you have done that, when a customer calls and says they need an RMA, create the credit memo as you normally would making sure to choose the RMA template.
-Upon completing the RMA form, set it to Pending status as you don’t want QB to increase your inventory when the good haven’t in fact been returned yet.
-Send the RMA to the customer.

-Once the goods do come back, find that RMA form in QuickBooks and switch the template to a regular Credit Memo.
-Take the Credit Memo out of pending status.
-Adjust any items/quantities/prices that need to be adjusted and save and utilize the credit as you normally would.

-Once you save and close the credit memo, QB will put the inventory items back into stock and do all the proper accounting in the background for your AR, Inventory Asset, etc.

Posted in Current Tips and Tricks | Tagged , |

How to handle subcontractors in QuickBooks

There are lots of companies out there that hire subcontractors to service their client’s needs.  Since you need to charge your client and pay your subcontractor all for the same service, there is a specific way to handle this in QuickBooks.

First you want to setup your service items in your item list to handle work being done by a subcontractor:

-Set up a service item for each type of work the person performs.
-Select the “this service is performed by a subcontractor” checkbox.
-Enter a description for sales transactions as you want the work described on sales forms.

 Note: If you modify the item description on a purchase transaction (such as a check or a bill) and want the item description to carry over from the purchase transaction to an invoice, you should leave the sales description for this item blank. If there is a sales description in this item, it will always appear on the invoice when using time/costs to bring over reimbursable expenses.

 -If this work is hourly, enter the vendor’s rate in the Cost field and the rate you charge in the Sales Price field. (If the vendor charges a flat fee that varies, leave both fields at 0.00.)

 

Now that you have setup your items, it’s all about recording the data.  If you will be tracking your subcontractors time, enter their time into a QB timesheet just like you would for an employee.  At this point, enter in the Customer:Job but uncheck the “Billable” checkbox.

 

Once it’s time to pay the subcontractor, enter in a bill and you will see that QB will tell you that there is outstanding billable time.  Select Yes.

                       

Enter in the date range for the time you want to pull into the bill and click ok.

 

QB will now pull those service items, hours, cost (if entered in the item list) & Customer:Job onto the items tab of the bill. Now, you want to check off the billable column on any line items that you will bill back to the customer.

 

If the vendor or subcontractor works at an hourly rate, QuickBooks calculates the amount for each type of work on the bill, check, or credit card charge. On a purchases by item report, the quantity for each service item tells you the number of hours worked. (To create this report, from the QuickBooks Reports menu, choose Purchases, and then choose Purchases by Item Summary or Purchases by Item Detail. You can give this report columns for each separate job, or filter for one job.)

 

Now, when creating the customer invoice, you start the invoice as normal by choosing the customer job.  You will get a popup letting you know there is outstanding billable time/costs and it will ask you if you want to apply it to this invoice.

 Once you choose ok, you can select on the next screen whatever time/items you want to pull through to this invoice and click ok.

  Your invoice is now created for the subcontractors services.

 

 

Posted in Current Tips and Tricks, Reporting | Tagged |

Resolved Question: IN 2013 QUICKBOOKS SHOULD I ENTER INDEPENDENT CONTRACTORS AS VENDORS?

Posted in Q and A |

Resolved Question: IN 2013 QUICKBOOKS SHOULD I ENTER INDEPENDENT CONTRACTORS AS VENDORS?

Posted in Q and A |

Open Question: Quickbooks accountants copy help?

Posted in Q and A |
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