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Janet01

Is there an easier way to fix this client's GL accts?

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I have a client that is an interior designer. She purchases furniture, paint, rugs, etc for her clients and then invoices them for it. In the past, she would write a check to the vendor (without entering a bill first) and record it under the Cost of Goods Sold in the account window. She would then enter the customer name in the Bill To field - but QB doesn't pull this line into invoices. She now has a bunch of transaction in the COGS acct that she cannot bill directly. She would manually invoice the customer by looking up the bill and using a generic "Service" type item that she would change the description and price on manually - there is no connection between the transactions.

 

I want to match the purchase transactions to the invoice transactions and make one "other" type item that I can use for the purchase and the invoice side of the transaction. I just ran reports and exported to Excel all the invoices with item types of Service and all the checks and credit card purchases.

 

Question 1: Is there some sort of magic way, (I know, I'm a dreamer) to try and match these transactions?

Question 2: Is there an add-on or third-party tool that would help me accomplish this feat without losing my mind?

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Question 1: Is there some sort of magic way, (I know, I'm a dreamer) to try and match these transactions?

Question 2: Is there an add-on or third-party tool that would help me accomplish this feat without losing my mind?

 

Answer to Question 1: Mind Melding

Answer to Question 2: Tequila

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Question 1: Is there some sort of magic way, (I know, I'm a dreamer) to try and match these transactions?

Question 2: Is there an add-on or third-party tool that would help me accomplish this feat without losing my mind?

 

Answer to Question 1: Mind Melding

Answer to Question 2: Tequila

 

LOL Dana! I don't have any answers for you Janet, but I feel for you! I'm sure you'll figure it out. I second Dana's suggestion of Tequila - or your spirit of choice, Jimmy, Jack, Jose, take your pick!

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Guest lori.f

Janet,

 

Do you have a lot of transactions to match up? Are you trying to match up the items or create the invoices in QB since your client manually created the invoices?

 

I have 2 suggestions.

 

First suggestion, you could pull up a quick report of the COGS account and sort by customer name. Then exported to excel and match up the invoice your customer has manually created.

 

Next suggestion, you could go to each check or bill, and edit the entry on the "Expense" tab and use the "Item" tab instead (I will email the instructions to you) this will show up on the unbilled cost by job report.

 

You've got a lot of work to do I feel for you - I hope this helps!

 

 

Lori

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Dana - I already am imbibing during the work for this client!! Thanks for the suggestion - it is helping. :drunk:

 

Lori - That is the method I am currently using - can you say Nightmare? I was hoping there was an easier solution.

 

Thanks ladies!

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Dana - I already am imbibing during the work for this client!! Thanks for the suggestion - it is helping. :drunk:

 

Lori - That is the method I am currently using - can you say Nightmare? I was hoping there was an easier solution.

 

Thanks ladies!

 

I do not have much expertise in Quickbooks, but the methodology behind all accounting software is pretty much the same. Purchases used to assemble or sell products to clients would be posted under a COG expense account. Sales made to clients would be posted under a Revenue account. They do not work off each other. If you want to know what revenues and what expenses are tied to a client or project, then you would go one step further using a Projects (This may be called something else in QB). Here is some information about projects.

 

Project records are used to keep track of costs and/or expenses incurred during a contract or job that your company performs for customers. Projects enable you to keep detailed information about the revenues and expenses associated with the work your company does. You can then review this information in a number of project reports to ensure that work is being done on time and on budget.

 

Why use projects?

 

Project information is extremely valuable when you want to determine if a specific business activity is profitable. It is also useful if you need to decide if a new venture is going to make money (you can compare the actual cost of a project to a budget estimate and spot potential cost overruns early). Projects are commonly set up to store details of expenses and revenues associated with an event, a customer, or a location.

 

If this is what you think you are looking for and you can't find out how to access it in Quickbooks, please advise me of your QB product number (QB2010). I know a few bookkeepers who are very good with QB and they would likely be willing to provide me with some info to pass on to you.

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