The customer can pay the invoice in either POS or QuickBooks. Both will keep track of the balance due and will be updated after the next financial exchange.
You can enter inventory items and scan them, there’s just no on-hand quantity or average cost so it doesn’t keep track of your inventory valuation or cost of goods sold.
It works really well for small stores that can easily see what they still have in stock, like mall kiosks.
To allow for the Labor Day holiday, you might need to send payroll a day earlier than usual. Doing so will help you to comply with the Fair Labor Standards Act and ensure timely payroll tax payments.
If your normal paycheck date is on 9/3/12, you should:
- Change your paycheck date for your direct deposit employees to Friday, 8/31/12.
- Send your payroll by 5 p.m. Pacific Time on Wednesday, 8/29/12.
If your paycheck date is immediately before or after Labor Day, consult the table that follows to find out when to send your payroll and when your account will be debited.
*Accounts are typically debited before regular banking hours, so you should make sure you have funds in your account to cover the payroll on the day before the actual debit occurs.
I understand setting up the three funding agencies as “customers.” Do I also set up the property owners as “customers” since we are receiving money from them that will be used to pay invoices?
I already set up a double-sided chart of accounts to track all of our categories, but it looks like I need to scrap that and set up “items” instead. Or no, I leave my chart of accounts because when I’m setting up the items, I map them to the chart of accounts (both income and expense), right?
When I set up the item, I insert the budget amount for the line item in both the “purchase” and “sales” sections, correct?
You’ll need to setup two-sided items for each grant phase you want to track, and use these items on both your sales and purchase transactions.
You don’t need a detailed chart of accounts since you’ll be getting the detail you need from the job costing reports. I recommend using something along the lines of the Unified Chart of Accounts for nonprofit organizations.
On the estimates, the purchase column is for your expense budget and the sales column is for your revenue budget.