QB Winery Solutions

Office Hours 03-29-19

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

  1. How to bookmark pages and posts to find them again
  2. Items names and how to merge them – making sure they are set up correctly – at the 5:40 min. mark
  3. Invoicing wine to yourself and how to receive the payment (using AR clearing and JE to transfer to owner loan account or check) – at the 9:42 min. mark
  4. QB Online – at the 12:46 min. mark
  5. Qbox and cloud sharing – at the 12:08 min. mark
  6. Sales Channels (classes) –
  7. Food Sales in Tasting Room/ Food Costing – at the 38:13 min. mark
  8. Key Reports for Month Use, Yearly Processes – at the 42:05 min. mark:

Silver Club members, please log in to view the recording

Reset Inventory Accounts in the New Year

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There is no hard close to the QuickBooks file at the end of the year because that is how QuickBooks works. However, resetting the inventory accounts is a step that needs to be done at the beginning of the year.  This step does not affect any of the accounting, but it makes the sub-accounts of the bulk wine and case goods zero which makes it much easier to match the costing book to the balance sheet.

Remember that finishing the costing book and confirming that it matches the balance sheet is a necessary process, even though it is often frustrating. If you reset the inventory accounts it is much easier to match the cost pools and the transfers between the bulk wine and the case goods.

I find that it is fun to do this journal entry. I don’t know why maybe it’s because it means that a new year has started, or maybe it’s just a nerd accounting thing.

Cheers!

In this video (must be a Silver Club member to view) I 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.

Office Hours 01-29-19

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Here is the recording for the January Office Hours. The topics discussed were:

  1. Items for Hourly consulting and contract payments
  2. CPA referral
  3. Inventory adjustment
  4. Creating new inventory and duplicating an item
  5. Using cases in everything – intuit will track 3 decimal pts
  6. Backing up- talking about condensing a file – damage file
  7. Revel (POS) tracks in multiple location – QB’s only one location

These are the links to places we discussed:

Intuitive Accountant

(re) Introducing The Wine DTC Vendor Matrix

Silver Club members, please log in to view the recording.

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

 

Selling Used Wine Barrels

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This time of the year many of you are selling wine barrels to make room for new barrels. So what is the best way to handle this?

First, make an Other Charge type item and point it to a Misc Income account:

On your invoice, fill in the number of barrels and the cost per barrel. For the description, enter enough detail so that the barrels can be identified on the depreciation schedule. For example, “3-year-old barrels” or “2016 barrels”:

Here’s where things get tricky: if the barrels are sold to a winery they are not taxable because they are “ingredients” and are part of the thing they are selling. Or if they are sold to a woodworker who is fashioning it into something awesome so that the barrels are eventually sold (albeit in a different form), they are not taxable. In both these cases, your buyer has a resale number which you should collect for your records. (You are collecting these forms from all of your distributor and wholesale customers, right?)

However, if the barrels are sold to an individual to be used as a planter or something for themselves then it is taxable and needs to be counted as taxable sales on your sales tax return. It’s fine to sell the barrel as “tax included”. Just remember to not include the sale in your “sale to reseller” amount on your sales tax return.

Another detail is that the barrels need to be removed from the depreciation schedule. So be sure to let your CFO (or whoever calculates your costing) before the year-end is closed so that the right amount of depreciation is included in the costing. And, of course, let your tax preparer know so that the depreciation on the tax return is correct.

Coming Soon: How to pull the list of new fixed assets so you (or your tax preparer or CFO) can update the depreciation schedule.

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

Bundles and Packs

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Do you offer bundles such as a vertical of your award winning wine, or packs like Summer Picnic Pack or Holiday Gift Trio?

Or do you run your wine club straight out of QuickBooks (and not through your POS or eCommerce program)?

If so, this webinar is for you. There are 2 tools in QuickBooks that will save you time. These are Assemblies and Groups, but when is the best time to use each one and how do you use them?

This video (must be a Silver Club member to view) will walk you through the steps.

Bundles and Packs Worksheet

 

Bundles and Packs

 

 

Entering Square Sales into QB Desktop

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Square is one of the most common credit card processing services that is used by startup wineries. I actually recommend the program because the fees are reasonable and the reports are very useful.

This procedure shows how to enter the sales detail into QuickBooks Desktop. I recommend the Sales Summary procedure, but there is one variation on the usual procedure, and I show you all the steps. I also show you how to pull the reports that you need.

This procedure is only for QB Desktop (either PC or MAC), because Square has an automatic sync for QB Online. This means that the each sale in Square is automatically “pushed” into QB Online. The sync is similar to the Push-In method, but there are some time-savings steps included in the sync. I cover these steps in another procedure.

This video walks you through the steps. First, download the procedure so you can follow along. There are 2 versions of the procedure: one with screen shots so you can see the steps, the other is without the screen shots so you can use it for a checklist.

This video (must be a Silver Club member to view) will walk you through the steps.

Entering Square Sales into QB PC with Screen Shots

 

Entering Square Sales into QB PC

 

The Crush

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