QB Winery Solutions

Cash Basis vs Accrual

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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 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

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Office Hours 10-29-19

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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 watched the Grapes, Grapes Grapes course, but I am a VERY Small winery – Do I have to use the clearing account to record my grapes? – at the .51 min. mark
  2. Part 2: Why should I use Purchase Orders during harvest? – at the 3.11 min mark
  3. How do I find if the cost inventory is set up in the file? (We show how to find the report and how to use it) at the 22.18 mark
  4. What are the 5 Fundamentals of a winery QuickBooks File – at the 36.53 min mark
  5. Is there a more simple way to do the costing book? – at the 43.38 minute mark

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Office Hours 07-30-19

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Here is the recording for Office Hours. The topics that came up were:

  1. After 10 years of business, how do you fix your QB file? at the 1:01 min. mark
  2. Converting QB Desktop to QB Online; things to consider – at the 18.40 min. mark.
  3. File Hosting in QB (alternatives to QB online) – at the 22:30 min. mark.
  4. Bottle Runs – recording case goods into inventory (hint: not when you sell them) – at the 32:00 min. mark
  5. How to record and track the purchase of grapes – at the 36:33 min. mark.
  6. How to record custom crush contract expense – at the 45:07 min. mark.

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Office Hours 11-27-18

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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

Silver Club members, please log in to view the recording

The Crush

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