Here is the recording for Office Hours from August 25, 2020.
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Office Hours 2-25-20
Here is the recording for Office Hours today. You can find the following wine accounting & QuickBooks topics in this month’s recording:
- Picking Bins – What Account should they be sold under? How is it invoiced and how’s it taken out of assets? (1 minute mark)
- VinoShipper – an option for small wineries looking to ship out of state (11 minute mark)
- Costing & Grapes – Growing your own grapes? What’s your yield of Farming VS Winery? (14 minute mark)
- Changing to cash basis for the tax return. (23 minute mark)
- Ready to sell wine? How to track bottle sales & sales by the glass (29 minute mark)
- Managing gratuities (33 minute mark)
- Traveling to events to sell your wine? Changing the tax rate using Square (35 minute mark)
- Preferred Class Lists – Keep them simple (43 minute mark)
Need help with creating classes and job flags? Watch “Using QB in the Wine Industry” for more information.
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Cash Basis vs Accrual
In honor of tax season, I am unlocking a lesson in the How To Calculate the True Cost of Your Wine so that everyone can hear this information.
This lesson explains the difference between Book Cost and Tax Cost and how the recent tax changes have affected this issue.
The critical points are:
- You must use True cost/Accrual in your QuickBooks file so that you have accurate numbers to manage the business.
- The tax preparer can convert from True cost/Accrual to Tax cost/Cash basis in their work-papers (but you cannot convert in the other direction)
For the non-accountants, in this context these terms mean the same thing:
Book cost = True cost = Accrual
Tax cost = Cash basis
We have an on-demand lesson for the tax preparers on how to convert from Accrual cost to Cash basis costing GO HERE .
We also offer live seminars with CPE on this very topic, led by Tyler Willis, CPA . For the schedule GO HERE.
Office Hours 09-24-19
Here is the recording for Office Hours. The topics that came up were:
- I am moving my accounting from spreadsheets to QuickBooks – Which QuickBooks type and version should I use? – at the 1 min. mark
- How to get a “jump start” on your costing book – at the 8 min mark
- Tips for recording bottling cost – At the 11 min mark
- Counting inventory to keep your cost accurate – including corks and foils! – at the 12 min mark
- How to record bottling expenses using the chart of accounts – at the 17 minute mark
- True up Bottle Pieces and where to put the inventory adjustment – at the 23 minute mark
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Office Hours 08-27-19
Here is the recording for Office Hours. The topics that came up were:
- Creating an invoice for a client that includes reimbursable expenses. (How to enter a bill or check with the reimbursable expense and tag a client so you can add to their invoice.)
- Moving custom crush bulk wine to COGS; – at the 11.50 min. mark.
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Costing Book Activities
I updated the Costing Course (How to Calculate the True Cost of Your Wine) and I added several activities so you can practice some of the techniques I discuss.
I also added a new module with a 4th costing book example. This module explains the different choices you can make when laying out the costing book. Depending on your winemaking processes and your business needs, you may choose to have a few or a lot of bulk lots. If you have just a few bulk lots in your costing book, it will be easier to maintain the costing book.
Module 7 – Steffie Farm and Vineyard
Have fun!
Office Hours 11-27-18
Here is the recording for Office Hours. The topics that came up were:
1. The Push-in versus Summary method
2. Entering grapes
3. Selling grapes
These are the links to places we discussed
Grapes, Grapes, Grapes course
Creating inventory items
Bottle Runs
Baystate Transaction Pro
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