QB Winery Solutions

Office Hours 7-28-20

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Here is the recording for Office Hours from July 28, 2020. You can find the following wine accounting & QuickBooks topics in this month’s recording:

1:00 – Sales receipt procedure and Journal Entries for the movement of the “Bottling Costs Transferred In.”
10:00 – The importance of doing monthly Journal Entries.
16:00 – Finished Goods Inventory.
21:00 – FTE calculation and your PPP forgiveness application.
27:00 – Virtual tastings and wine clubs.
40:00 – 2-Step customer jobs.

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Office Hours 6-30-20

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Here is the recording for Office Hours from June 30, 2020. You can find the following wine accounting & QuickBooks topics in this month’s recording:

1:00 – Processing transactions and payments divided between Square and Venmo in QuickBooks.
16:00 – Searching credits by customer in QuickBooks.
23:00 – Reporting via Weebly, Sqaure and QuickBooks, manual vs. automated reports and mapping via Transaction Pro.

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PPP Loan with Jeanette and Tyler, Part 4

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If you have received your PPP Loan funds and are now freaking out because you are faced with even more questions than you had during the application phase, then check out the latest conversation that Tyler Willis, CPA and I recorded on Monday, April 18th, the same day that the SBA began accepting applications for the second round of the PPP Program.

  • How do I maximize the forgivable portion?
  • The tasting room is still closed, should I pay my crew anyway?
  • What documents do I need to provide to my bank?

 

 

 USCC PPP Program for Independent Contractors

 

 USCC PPP Program for Independent Contractors

 

Office Hours 4-16-20

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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. One-step, Two-step Bottling (3 minute mark)
  2. Online bill pay – QuickBooks Online Vs QuickBooks Desktop (9 minute mark)
  3. QBox Plus – securing a file to specific people & sharing files (10 minute mark)
  4. Bill.com for bill pay (12 minute mark)
  5. Will the PPP be increased? (15 minute mark)
  6. Grapes bills – How do they come out of your checking account (21 minute mark)

 

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Office Hours 4-14-20

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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. Virtual tastings – How to turn your events to an online environment (3 minute mark)
  2. PPP & the black box (12 minute mark)
  3. Websites that allow you to submit your PPP application (16 minute mark)
  4. Verification phase of the PPP & medical payments (23 minute mark)
  5. Paypal as a payment processor in addition to Square (30 minute mark)
  6. Costing book & Bottle Runs (32 minute mark)
  7. Cash Flow projections, discounted wines & club runs (38 minute mark)

 

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SIP Week 4 – What next for Your Winery Business?

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The shock of closing the tasting rooms, sheltering in place, and learning how to home-school your children should have subsided a bit. You have settled into a routine of baking, playing board games, and coordinating your mask with your outfit.

But you have a winery business to run. If you still don’t have the heart to tackle updating that cash flow projection ( which is still a top priority task), here are 2 suggestions for what to do while waiting for news about your PPP and EIDL applications.

Preparing your business for a post-pandemic world by Harvard Business Review

This has a nice, one page grid to help you organize your thoughts.

HBR planning grid

 

Where to start when you don’t know where to start by Predictable Success

8 minute video by Les McKeown, founder of Predicable Success (gotta love his Irish brogue … is he really filming in his bathroom?). Don’t panic when he first shows you his chart, because he whittles it down to one task for you to focus on. This is an area that the small wineries have an advantage and a strength compared to larger wineries … if they don’t get bogged down in whitewater.

PPP for Independent Contractors and Non-Employee Businesses

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Updated 4/29/20

So far, the focus of the discussion about the Paycheck Protection Program loan has been on the typical business that has employees who receive paychecks. There is another group of people who are eligible to apply for a loan. These include

  • Sole Proprietors who do not issue paychecks
  • Independent Contractors
  • Self-Employed Individuals

Many of you have not been following the discussion because you don’t think of yourselves as a business. The SBA and Treasury Department have always always included you in the regulations, however the details have been even more confusing than for the typical business. THAT SHOULD NOT STOP YOU FROM APPLYING (sorry for shouting, but you might miss out on some grant money if you don’t jump on it now).

In this video I review my recommendation for what records you should gather and how to complete the PPP application. And as with the other folks, you must line up a bank ASAP

Update 4/29/20

The SBA finally came out with specific guidelines on how these folks calculate their annual payroll. The key document is the 2019 Schedule C, line 31 which shows the net profit. (Yes, we agree, this is not a fair reflection on your real net profit, but this is what they wrote in the guidelines). If you have not filed your 2019 tax return, then fill out a blank Schedule C with the numbers that you will use on your return.

You will also need your 1099s and your bank statement that shows activity on February 15, 2020.

This report by the US Chamber of Commerce summarizes the guidelines

Tyler Willis, CPA and I discuss some details in the our PPP Loan Part 4 conversation

 USCC PPP Program for Independent Contractors

 

  PPP worksheet for non payroll applicants

  Paycheck Protection Program Application

 

Office Hours 4-9-20

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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. How to track giving a client a case of wine (2 minute mark)
  2. Final review of Sync with Commerce Review & Square (5 minute mark)
  3. Using Square for a data dump and getting net sales (13 minute mark)
  4. Transaction Pro Importer – push in the data into QuickBooks (15 minute mark)
  5. Quick review of the PPP (24 minute mark)

 

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The Crush

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