Setting up quickbooks... questions

[Kottwitz-Graphics]

Hey, guys. I just recently had my laptop die, and I just got a new one, and in the process, I lost my antique version of Quickbooks. I got a new copy, (version Pro 2017), and instead of just clunking through it (like I did on the last one), I would like to set it up a little differently.

I would like to track the different types of signs that I do, such as MDO, PVC, Window Lettering, Dimensional, Etc., So at the end of the year, I can look back and see how much I did in each category...

So my question is, when I go to enter an Item, my choices at revenue seem pretty limited. I see Service, which according to the software is to use for a service that you charge for, such as specialized labor, consulting hours, or professional fees. Non-Inventory Part, for Items that are bought, but not tracked, Fixed Asset, which I can't see a product that you make and sell as a long term profit center, Other Charge, but that says its for service charges, delivery fees, set up charges....

I know I'm missing something here, but I can't seem to nail it down...

 

[ddarlak]

you can do this when you setup an invoice. you set up an item, it then becomes trackable

 

[CanuckSigns]

Are you looking to track your inventory with it or just see how many PVC signs you sold last year?

If it's the latter, set up a bunch of non-inventory entries such as "pvc sign" "mdo sign" etc, when you invoice a job, select the correct group, you can than run reports atthe end of the year to see your sales in each category.

 

[equippaint]

Theres a few ways to do it. You can go under lists and add items there or when you make an invoice click add new under category then type in your description. I put most things under service. It doesnt matter if its non inv part or service. I only use lists for things that we have set pricing on.
Fixed asset isnt an income account, if you bought a new printer youd put the charrge for it on there. It goes on the balance sheet not as an expense on the p&l.
If you do many of the same type of items and have a set price for them then add the item under lists. Then theres a box for account, select either service or non inv part, whatever account you have the other signs setup under. The nice thing with lists is when you do an invoice for say a 12x12 no tresspassing sign, the price and description is saved.
Now, when you run the p&l report, at the top you will see your breakdown of sales by type.
You can do the same for materials if you want to track your purchase expense, without maintaing an inventory. So youd make gl accounts like say sign boards make 100, then break it down 101 alum, 102 coro etc.Then 200 vinyl, 201 cast, 202 cal, 203 lam etc. Then you can drill down your costs in conjunction with revenue and track it over a year to really see where you make and where you lose

 

[rossmosh]

Services = Design/Install/Whatever. Everything else you should probably go with Non-Inventory item.

From there you have to figure out your structure (categories & sub categories). You could do something like:

MDO
- Printed Cast Vinyl
- Printed Calendared Vinyl
- Cut Cast Vinyl
- Cut Calendared Vinyl

OR

Printed Cast Vinyl
- MDO
- ACM
- PVC
- Vehicle Graphic

It's really a matter of preference in the end. You could even get more specific so you can monitor what vinyl you're using. This will help you track things so you know if it makes sense to stock certain materials or potentially stock up on them to get better pricing.

 

[paul luszcz]

Services = Design/Install/Whatever. Everything else you should probably go with Non-Inventory item.

From there you have to figure out your structure (categories & sub categories). You could do something like:

MDO
- Printed Cast Vinyl
- Printed Calendared Vinyl
- Cut Cast Vinyl
- Cut Calendared Vinyl

OR

Printed Cast Vinyl
- MDO
- ACM
- PVC
- Vehicle Graphic

It's really a matter of preference in the end. You could even get more specific so you can monitor what vinyl you're using. This will help you track things so you know if it makes sense to stock certain materials or potentially stock up on them to get better pricing.

There is a big difference between Inventory Part and Non-Inventory Part. Assuming you don't build items to place in inventory and sell later, you want to use Non-Inventory Part for the items you mention.

For common items you sell often, you add the Item and incorporate as much detail as you want, including a detailed description and selling price. I've attached a screenshot of one of our Items.

When you write and Estimate or Invoice, enter the item in the appropriate field and it will populate your info.

The Sales by Item Report will give you a total of each Item you've sold in the time period you select.

 

[earplug]

A Fixed Asset is not something connected to something you sell - it is something you Purchase for the business.

Fixed assets, also known as tangible assets or property, plant, and equipment (PP&E), is a term used in accounting for assets and property that cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, which are described as liquid assets.