[GNC] Business Account Set Up Question & Customer Billing Question

[Rich Shepard]

On Wed, 22 Aug 2018, Khristine Ann Ramella wrote:

> Each member contributed 720 to start the business. The first person 720
> was put in checking immediately. I put it under Opening Balances and sent
> it to checking. So far so good. The second 720 came in a month later. When
> I go to make the deposit to the checking account how do categorize it?

Khristine,

   You should ask your accountant these types of questions. Until then, I
would make an incmoe account that would be the equivalent of the 'Member
draw' expense account. When I set up my business 26 years ago I had my
accountant check my CoA first thing. Now (and I'm on my third accountant and
have been for more than decade), when I want to learn how to handle a
situation I ask her.

> I also have a billing question. When I enter a credit card charge or
> checking account debit, I want to be able to assign a customer & their
> specific job  to the purchase. We buy & bill out a lot of supplies for
> each client-most with an upcharge so it isn't an even swap.

   Do you have all clients set up as Customers and the places you buy stuff
as Vendors on the Business menu? If so, use them!

   When you make a purchase you can create a vendor bill for the item and
amount as a 'New bill'. After posting it, pay it with the amount credited to
your credit card or checking account. When you create the vendor invoice
(regardless of it actually existing) you can charge that amount to a
specific customer/client and project.

> I would hate to have to go back to QB but this is a deal breaker-lots of
> parts for each customer and each customer has lots of jobs
> (installs/service calls)

   Your choice. Learn or go back to the proprietary stuff.

   By the way, have you read the business sections of the Guide? It's a very
good place to start.

Regards,

Rich