« March 2014 | Main | May 2014 »

5 posts from April 2014

Inventory Reorder Report by Vendor in QuickBooks

Tucked away inside the manufacturing and wholesale editions of QuickBooks (both the Premier and Enterprise editions), you'll find the Inventory Reorder Report by Vendor.

Here is a sample screen shot of how it looks:

This report is built to take advantage of the "Preferred Vendor" field that appears when you are creating inventory items. If you have filled in that field, this report can be a great addition to your toolkit.

Accessing it is a breeze - click Reports >Manufacturing and Wholesale Reports > Inventory Reorder Report by Vendor.


OTHER HELPFUL INFORMATION FOR YOU...

________________________________________________________________

_________________________________________________________________________________________________________


Time to Trash Your Multi-Colored Pack of Highlighters?

Ok, be honest...

When it comes to tracking your accounts receivable, you've probably got a well refined color coding system using your highlighters week in and week out on tens or even hundreds of pages of your aging reports, right?

It's very likely this system is actually costing your business a lot of money...

DIALING FOR DOLLARS

Open invoices are the foundation for future inbound cash for your business. It is essential to have a really solid and efficient system in place for tracking them.

QuickBooks is great at providing the core reports you need to see the big picture with your receivables.

Unfortunately, QuickBooks is not so great (some have said even worse things!) when it comes to the day-to-day follow-up that is crucial for an effective accounts receivable management system.

ANYTIME COLLECT TO THE RESCUE

What if you could have a system that automatically pulls data out of QuickBooks, and then gives you a completely modern set of tools to automate your accounts receivable collections process?

You can!

I was so impressed with the Anytime Collect accounts receivable management software for QuickBooks that I recently signed on as a referral partner with them.

TOOLS YOU NEED FOR EFFECTIVE RECEIVABLES MANAGEMENT

Anytime Collect comes pre-loaded with the following (this is just a short list of all the ways it can help you trash your pack of highlighters):

  • Action Center - a tool that tells you who to call, when to call, what invoices are involved, etc. According to Paystream Advisors, this allows up to a 300% increase in the amount of time you spend on actual collections compared to businesses using a manual system. Just imagine how that translates into better cash flow!

  • Communication Center - allows you to manage every piece of communication (phone, e-mail, fax, carrier pigeon - ok, just kidding about that) in one place.

  • Dashboard/Intelligence Center - a live snapshot of just what is happening within each piece of your accounts receivable management processes and procedures.

  • Full integration with QuickBooks - no double-data entry needed.


LEARN MORE ABOUT ANYTIME COLLECT

If you're looking to slash the amount of cash your business has tied up in accounts receivable or find ways to get more collections work done in less time, Anytime Collect needs to be on your radar...

______________________________________________________________________

_________________________________________________________________________________________________________


QuickBooks Enterprise 2014: Now Includes Gross Margin % By Item

If your business uses the inventory features of QuickBooks, you'll be interested in a new feature added to QuickBooks Enterprise 2014 - the ability to see a gross margin percentage on the item screen in addition to the markup percentage.

My video below shows you how this works in QuickBooks Enterprise 2014:

 

I'm hoping that we see even more functionality relating to the gross margin feature (being able to see it in quotes and sales orders, seeing it in reports and more) in QuickBooks Enterprise 2015.

RELATED INFORMATION

________________________________________________________________

_________________________________________________________________________________________________________


Advanced Inventory for QuickBooks: 12 Critical Things You Must Know

Trying to figure out if the QuickBooks Advanced Inventory module is the right fit for your business?

I've seen many businesses make the wrong assumptions about what the Advanced Inventory module for QuickBooks can and can't do.

Don't be one of them....as you know what happens when you assume.

Download my free guide: "Advanced Inventory for QuickBooks: 12 Critical Things You Must Know" today so you get the details you need to make an informed decision.

PURCHASE QUICKBOOKS ADVANCED INVENTORY:

OTHER QUICKBOOKS INVENTORY RESOURCES FOR YOU:

ALTERNATIVES TO QUICKBOOKS ADVANCED INVENTORY:

________________________________________________________________

_________________________________________________________________________________________________________


14,500 is the Magic Number - Watch for These Limits in Your QuickBooks File

Surprise birthday parties can be a blast.

Surprise gifts can be terrific.

Surprises in your accounting software - not so much fun.

Danger ButtonTHE 14,500  CUSTOMER AND INVENTORY LIMITS IN QUICKBOOKS PRO AND PREMIER

There is one surprise that many QuickBooks users find really irritating...

That surprise being the maximum number of items (inventory, non-inventory, etc.) and names (customer, vendor)

In QuickBooks Pro and QuickBooks Premier versions, you can't have more than 14,500 items or 14,500 names.

NO EARLY WARNING SYSTEM FOR YOU

I'm guessing that you didn't ask if there were limits like these when you purchased QuickBooks, right? Don't feel bad - tens of thousands of other users didn't either.

Sadly, there is no early warning system within QuickBooks to let you know that you are approaching these thresholds. No alerts. No flashing lights. It's up to you to know how close you are getting (see below).

The day you reach the limit is the day that QuickBooks says "no more". From there, you cannot add any more names to the list that has hit capacity.

Talk about a scramble!

WHAT TO DO?

So, here are some options for you to consider:

  • Use the condense function built into QuickBooks (under File > Utilities). This option may free up some list space for you, depending on the data within your file. Always be sure to make one or more backup copies of your QuickBooks database BEFORE undertaking this step and be sure to understand the implications of what the condense function is going to do to your data.

  • Turn to an outside service to have your file "supercondensed". I have worked with the pros at QuickBooksUsers.com for a number of years. They offer an overnight turnaround on this service, but be aware that there are fees involved to use it. Their service gets the job done.

  • Start a brand new QuickBooks company file.  While this is certainly an option, the timing is usually wrong. Ideally, you want to start a new company file at the beginning of a new fiscal year, but luck has it that you don't normally bump into these limits on such a timetable. If you start a new company file mid-year, your accountant then has to combine two sets of records, and there are a number of other considerations and transitional issues involved with this option as well.

  • Upgrade to the Enterprise version of QuickBooks. Enterprise has a much higher threshold for number of items and names, and your existing database can be upgraded into QuickBooks Enterprise very easily. Here's the rub with this option - it isn't cheap to purchase Enterprise (though I can certainly get you discounts if you opt to purchase it!)

As you can see by the above, there are pros and cons with each of the options listed. Best bet is to be informed and plan your strategy well before you run into this problem.

HOW DO I KNOW HOW MANY NAMES I HAVE IN MY QUICKBOOKS FILE?

This is quite easy to figure out - just tap the F2 key on your keyboard (or CTRL + 1 as an alternate) and you'll be presented with a product information box. Look in the List Information portion of the screen as shown below:

Here you will quickly find just where you stand in your journey to fill up these lists!

RELATED INFORMATION

________________________________________________________________

_________________________________________________________________________________________________________