Let's say you need to to create and send out an invoice with 3 phases as such: Phase 1: $5000 Phase 2: $3000 Phase 3: $1000 The workflow would be to: Create Estimate (Proposal) Accepted Estimate and converted to an Invoice Custom amounts for product/service items on Invoice Reports: You can run the "Estimates & Progress Invoicing Summary by Customer" report to see how much the balance is left from the original estimate.
Joe Woodard taught a breakout session at QBConnect called "Conquering task overload: The art of living with extreme productivity and intentionality." It was great to see Joe present since I have been a fan of his with his scaling new heights podcast and other resources he publishes. He started saying that it is a myth that the measurement of productivity is efficiency. Instead, the truth is the measurement of of productivity is outputs, effectiveness, and mental clarity. Results of "multi-tasking" include distraction, disrespect, inefficiency, diminished effectiveness and decreased mental clarity. Joe shared a that we can be victims of FUD (Fear, Uncertainty and Doubt). He made a point in which I greatly resonated with. That [...]
My first QBConnect was a smashing hit! Here is a quick video thanking the speakers I got to meet.
A common mistake in the bank feeds is to click the add button for income instead of matching a customer payment. This mistake could lead to overstating income on your P&L report. If you are using invoices or sales receipts you will want to match the receive payments by your customers. If you find that you are adding income in bank feeds by clicking the add button then there will be an open invoice associated with the customer. Creating an invoice means you need to have a receive the payment associated with it. Alternatively, you can use sales receipts to recognize customer payments on the spot. Below is a screen shot of the bank feeds [...]
The Audit Log will report all activity with a timestamp on the user who performed the transaction. An audit log report could show you when and who voided or deleted a transaction from the register. It also could let you see if a transaction changed from a reconciled status to un-reconciled status. Access the Audit Log by clicking on the gear icon which is located in the upper right corner then click Audit Log from the tools menu. You will see the following headers: Date Changed User Event Name Date Amount History A special trick that I like to use is the filter button to view all voided/deleted transactions. Click the filter button then check [...]
The Profit and Loss report by month is an insightful report that sheds insight on monthly income or losses. As as small business owner, this report can help you understand which month was your highest net income month. It also can report which month had the greatest expenses. Knowing your income by month will help you create budgets and have a greater clarity of how your business operates in a yearly cycle. You may wish to collapse the report details by clicking the arrows next to Income, Cost of Goods Sold, and Expenses.