QB Winery Solutions

PPP Application and EIDL with Jeanette & Tyler, part 3

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Tyler (Tyler Willis CPA) and I had our third discussion about the Paycheck Protection Program (PPP).  Listen in to find out why the application phase is the Wild West, and then the next phase, after submitting the application, is a Black Box. Last week there wasn’t enough time to handle all the phone calls and requests for information about the program. And this week we have had to hurry up and wait because the SBA and the banks were overwhelmed with applications.

We discuss:

  • What we learned about the PPP application process (It’s the Wild West)
  • What to expect in Phase 2 (It’s a Black Box)
  • What we know about the PPP for non-payroll businesses (For step-by step details Go Here)
  • Why you also want to apply for the EIDL (For details about filling this out see Part 2)

** Check out this post where I curate articles to keep you updated during the Black Box Phase UPDATES

 

  Treasury.gov 4/7/20 FAQs

  EIDL by US Chamber of Commerce

 

How to calculate Full-Time Equivalent Employees

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To complete the Paycheck Protection Program (PPP) application and to verify that you have retained enough employees, you need to calculate the “full-time equivalent employee.” Here is a quickie video to show you:

 

Here are the steps:

  1. Find the report with the hours for the date range
  2. Count the number of paydays in that date range
  3. Assuming your paydays are every other week, multiply the paydays by 60. Reminder: A full time-employee is 30 or more hours per week. For twice a month paydays, use 65 hours.
  4. Anyone who is salaried or works over the number of hours in Step #3 counts a a full-time employee.
  5. For everyone else, divide the actual hours by the number of hours in Step #3, then add these up. This is the full-time equivalent of all of your part-time crew.
  6. Add Steps #4 and #5 for your total full-time equivalent employees.

Paycheck Protection Program, part 2

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Tyler (Tyler Willis, CPA) and I met again to discuss the evolving Paycheck Protection Program (PPP) and other programs available during this unprecedented period. Here’s what we cover:

  • Why apply for both the PPP and EIDL
  • How to get the applications started
  • Locating a bank that handles SBA loans

Please navigate to these points in the video if you would like to jump straight to these topics:

1:30 PPP – Paycheck Protection Program

18:00 PPP application

28:00 EIDA – Economic Injury Disaster Loan Emergency Advance

31:00 EIDA application (We forgot to mention, on page 3 it asks for your industry. Your answer should match your NAICS from your tax return. A winery would be a “manufacturer”)

37:00 Other programs and options

SBA Website

 Paycheck Protection Program by USCC, April 1 version

 Paycheck Protection Program Application

Office Hours 4-2-20

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Here is the recording for Office Hours today. You can find the following wine accounting & QuickBooks topics in this month’s recording:

  1. Commerce Sync – How well does it sync? (6 minute mark)
  2. Shogo.io – Tracking transactions (11 minute mark)
  3. Square – Individual sales reports, transactions & batching (15 minute mark)
  4. Square & Quickbooks mapping – VineSpring (32 minute mark)
  5. Manually entering into Square – Less expensive than VineSpring (39 minute mark)

 

Silver Club members, please log in to view the recording

Quickbooks Undeposited Funds – Keep on Default or Choose?

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Missing the Undeposited Funds window choice when trying to make a deposit or receive payment in Quickbooks? Or do you want to pick a different account to make a deposit? Customize it how you wish. You can choose whether to make the Undeposited Funds the default for the Receive Payment window or for Sales Receipts. The choice is in Preferences -> Payments

Here is a quickie to show you what this looks like (Silver Club members please log in to view)

Paycheck Protection Program, part 1

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I called Tyler (Tyler Willis, CPA) a few days after the Paycheck Protection Program (PPP) was announced. We touched on some of the very basic questions around the program. This is Part 1. Look for Part 2 in a few days. How can it help the winery industry?

The Paycheck Protection Plan is another program from the CARES Act (Coronavirus Aid, Relief and Economic Security Act) that was passed by Congress on Friday, March 27. The purpose of this program is to prevent widespread layoffs during the Covid-19 crisis. A key feature of this program is that you could get as much as 2 months of your payroll and a few other expenses paid through this program. This is a huge benefit for you.

This information is still evolving, so stay tuned for updates. (This recording was not planned…as you can see by my messy office …it’s still tax season…)

Go here for Part 2

Here are some additional resources:

SBA Disaster Programs – This is your main list of all the SBA programs available (there are other agencies with programs)

SBA Disaster Loan Assistance Online Application – This is the page I showed in the video. It is not the PPP program.

 Payroll Protection Program by SBE

 Payroll Protection Program by USCC

 

Office Hours 3-31-20

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Here is the recording for Office Hours today. You can find the following wine accounting & QuickBooks topics in this month’s recording:

  1. Commerce Sync – Researching automated transactions. Is it effective? (1 minute mark)
  2. How to track merchandise (12 minute mark)
  3. PPP – Paycheck Protection Plan (21 minute mark)
  4. Square POS – Tracking where sales occur (24 minute mark)
  5. Selling Gift Cards (31 minute mark)
  6. Label redesigns & the costs associated with it (35 minute mark)

 

Silver Club members, please log in to view the recording

Office Hours 3-26-20

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Here is the recording for Office Hours today. You can find the following wine accounting & QuickBooks topics in this month’s recording:

  1. Review of Quickbooks Desktop vs Online (1 minute mark)
  2. Entering Transaction Manually (3 minute mark)
  3. The Push-in Method and Square (4 minute mark)
  4. Commerce Sync (9 minute mark)
  5. When do you run in to ‘Tax Included’? (12 minute mark)
  6. Vino Shipper, State Taxes & reimbursements (15 minute mark)
  7. Wholesale Sales to Shops – Charging Sales to a Company Card (22 minute mark)
  8. QuickBooks and the concept of price level list (39 minute mark)
  9. The Summary Method vs the Push-in Method (43 minute mark)

 

Silver Club members, please log in to view the recording

Cash Flow Forecast Quickie

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Do you know what your cash flow forecast looks like for the next 12 months? This is always important information in the wine industry, but it is even more critical now. If you are going to apply for a loan, you need to know how much to borrow, and the Cash Flow Forecast will show you your greatest need and when that will happen. Since it is spring time, many wineries ran a club run, so you have those funds available for the immediate future. But what about your upcoming bottle runs? And what about the lack of revenue from the tasting room? And how much do your distributors owe you? Will they continue to pay those invoices on time?

If you have a budget, you can convert that to a cash flow forecast. Go to this lesson in the Using QuickBooks in the Wine Industry course GO HERE but if you do not have a budget, here is a lesson on how to convert your historical data to a forecast in 3 steps. You just need basic excel skills for this and some common sense. Would be nice to also have a crystal ball, but those all seem to be in short supply right now.

These steps also assume that you have set up your file using our 5 Fundamentals. If not, then use this a guideline to find the numbers that you need to fill in the worksheet.

  1. Layout the revenue by class
  2. Layout the expenses by month
  3. Layout the cash flow forecast

Even in the best of times this number is ugly. Look for the next post on things you can do to make this number not so bad.

FREE Membership During Slowdown

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Recently, we seem to have settled into a new ‘normal’ in dealing with the COVID-19 situation. My team and I empathize with your frustrations regarding being quarantined (even us hermits are getting cabin fever!) while managing the uncertainty surrounding what the future holds (3 weeks? 8 weeks?).

Even if you are not in one of the five states that have mandated closure of wine tasting rooms, small family wineries everywhere have watched their sales come to a halt. Sadly, this comes at a time when many of us have had to put our social lives on pause as well. 

What are you planning to do with all of this extra time?

  1.       Untangle that pallet of wine?
  2.       Catch up on your filing?
  3.       Take an eCourse that has been lingering on your ‘to-do’ list?

If option #3 is your FIRST choice, I have an offer for you:

We have created a new FREE limited time only club membership: The Copper Club. Copper Club members have access to everything on our website that was previously only available to Silver Club members:

  •         Our foundation course: How to use QuickBooks in the Wine Industry
  •         For the excel nerds: How to Calculate the True Cost of your Wine
  •         Our new course: The Costing Book Checklist
  •         Plus all mini-courses and ‘quickies’

Copper Club members may also post questions in the Forum. Our experts answer these questions. These are not crowd-sourced, so you don’t have to guess if the answer is correct!

If you’ve ever considered joining, this may be a great time to check out just a few of the benefits our Silver Club members enjoy year round.

Is your wine glass half full or half empty? We hope a limited time free membership makes it half full. Please share this post with your wine industry friends.

The Crush

Your first step to running a profitable winery and crushing your business goals.