QB Winery Solutions

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 11-26-19

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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. Part 1: I purchased a barrel from my client. I also owe the same client a credit from a previous production contract -How do I record this transaction? – at the .41 min. mark
  2. Part 2: How do I convert my client’s bill into a credit- at the 1.25 min mark
  3. How do I create a statement? at the 7.55 mark
  4. I lost a barrel of wine. How do I track the cost of wine that was lost? – at the 15.42 min mark
  5. Grape Bills – How do I record the grapes that were over my contract amount?  I did not have to pay for them – at the 16.34 minute mark
  6. I did not order enough glass or corks – How do I account for the wine I did not bottle? – at the 17.49 minute mark
  7. How do I record use ONE bill to record my grape bill, but pay the bill per my installment agreement? – at the 19.50 minute mark
  8. I have 4 users who need to access our QB file – 2 users only have access to MacOS – Should I use QBO? – at the 27.02 minute mark

Silver Club members, please log in to view the recording

QuickBooks Online (QBO) – Pros and Cons

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I am not a huge fan of QuickBooks Online, however for some situations, it is a good choice. Here is my list of the Pros and Cons to QBO for a winery:

Pros

  • Great bank feed integration
  • Good integration with Square (there is still an extra step, but it’s easy)
  • Up to 5 people can use it simultaneously
  • PC and Mac users can both access
  • VineSpring has a new integration, but I have not tested it

Cons

  • No Custom Summary report (only in the Accountant version)
  • Cannot do the 2-step bottling method
  • No Inventory value adjustment, only quantity (workaround is to do a JE check)
  • Hard to have multiple windows open
  • Bank reconciliation is clunky
  • The bank reconciliation report does not update after you make changes (for example, if you delete a duplicate transaction, it will still show up on the report)
  • No sales by rep report
  • Chart of Accounts and Item list will only show up alphabetically (workaround is to use numbers and a dash)
  • Payroll is funky and it cannot do job costing, so my usual procedure which is super simple in Desktop does not work. This is not a problem for a super small winery, but once you have staff it becomes a big problem.

I find that the best use for QBO is the small, startup winery where the owner is doing the bookkeeping, because you want to take advantage of as many automatic integrations as possible. You will need some method of processing credit card charges, and Square integrates nicely. However, Square is a short term solution, and as soon as you can justify a true winery program that will handle a Wine Club, you want to get that going so that you can start to capture details about your customers.

Entering Balances into a New QuickBooks File

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Starting a new QuickBooks file is pretty straightforward if your business is new. Unfortunately, most people have an existing company and then decide to move to QuickBooks. It is also pretty straightforward to create a Journal Entry to enter the beginning balances of each of the accounts. But, again, most people have transactions and other data like uncleared checks, open invoices, and unpaid bills that also need to be entered. I have seen lots of creative (and messy) ways to enter these.

Turns out, the steps are not that difficult. At least it’s not something that an evening with some good music (and a glass of wine) can’t fix. The key is…do not follow Intuit’s instructions, because they actually make a bigger mess.

In this video (must be a Silver Club member to view) will walk you through the steps. If you would like assistance, come to Office Hours or use this link to set up a coaching session https://qbws.as.me/JT-Consult 

DOWNLOADS

Proc – Entering balances in a new QB file

 

The Crush

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