The Open Tab : Your Space for Questions, Updates, and Clarity [05.12.26]

WEBVTT
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welcome to another QB Power Hour.
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This this week is the open tab, which is all about Intuit updates and yammerings back and forth between, Sharrin and myself.
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My name is Dan DeLong, owner of Danwidth and School of Bookkeeping, worked at Intuit for nearly 18 years, doing the co-hosting today.
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And Sharrin, back from her whirlwind tour of where have you been?
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You're muted.
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Sometimes I feel me being muted might be better for the wellbeing- of the universe.
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But I just got back from Marietta at a small business conference where I was the opening keynote.
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I'm gonna say that- 500 times'cause I am really proud of it.
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I will post that video soon.
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As you should be.
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Or if you're in my community, I've actually...
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They did a whole professional thing.
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They're posting it.
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And then I was at GrowCon- GrowCon is amazing.
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If anybody has not been, you need to go.
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I'm just telling you.
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I had...
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I spoke there too, but aside from that, there...
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it is a really good conference.
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It's different than the rest, so I Sharrin approved.
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And now I'm back getting community stuff ready, because tomorrow I leave for Mexico for six days, and then I go ba- straight to San Diego for Firm Growth Forum, where I'm on a panel.
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So-
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Wow
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just a little bit of a break, a little bit.
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Do you even know what time it is?
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It you've gotta have time zone fatigue.
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And I was home last week for about three days, and my husband got up and just left the house, and I was sitting in my office and I text him, I go,"Hey, where'd you go?" And he goes,"Oh my God, I completely forgot you were even home.
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I'm so used to you not being here." Wow.
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So I think I'm gonna get him a surrogate wife or something while I'm out.
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I feel bad.
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Just to do sports stuff with.
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Nothing else.
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Yeah, you gotta dress up with- Anyhow dress up in
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a- He just made...
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He heard that- a different wife he goes,"What?" Oh, and we're in the middle of hockey playoffs.
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So I have a lot going on in life right now.
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Yes, as my, It's insane as my Philadelphia Flyers got swept
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Yeah, that was sad.
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I can't talk.
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We're two...
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What are we, 2-2 in the Ducks and- Yeah yeah, we're trying to decide, are we gonna go out on a catamaran on Thursday or are we gonna actually watch the game?
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So- it's a hard, it's a hard one.
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I don't know.
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All right.
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All right.
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Back to work, guys.
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Back to work.
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For those of
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you that are
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just- Go Ducks!
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You Donna offer this right now with this Duck crap.
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What is this?
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We ain't d- we ain't doing this, Donna.
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Some Southern Californians-
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Ugh
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put- throwing in their, local cheer.
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For those of you join- joining us for the first time some updates on our webinar series.
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We have switched to a individual registration so that you can add them to your calendar, you can plan out farther.
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We do have on the qbpowerhour.com website those registrations up until, I think, mid-June somewhere.
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So you can go in and see what topics we're planning instead of the, two-week shuffle as we had been doing on the recurring series before that.
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So
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much
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work.
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But we have...
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Yeah.
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But we have- Not for me.
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Yeah.
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Clearly.
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Some- Ugh at some point we are gonna get Sharrin involved in creating some of these slides.
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I have c- in July.
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I'm in July.
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I've got a couple- That's right in July and August I will host,
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exactly.
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So we have our, our recurring themes of the open tab and take it to the limit and beyond bookkeeping, niche nuances, is the grass greener?
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So we're trying to categorize or consolidate some of these topics into like-minded.
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We are also kicking around some ideas of, each- QB Power Hour having a s- a segment or a section inside like we have been doing with Intuit News for each one.
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We've been thinking of some of those ideas as well inside of each each webinar.
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So stay tuned for that.
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And I've lost my mouse.
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There it is.
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Okay.
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So the agenda today, we are...
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Oh, I didn't update the agenda slide.
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Dan.
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That's what I'm looking at.
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Womp.
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Dan honestly, the fact that we even try to have an agenda here is great.
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Yeah.
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I love it.
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So we- I love your, effort.
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So it's a hidden agenda today.
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All right.
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No, it's it's actually correct with the exception of the topic for the Intuit News.
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We talked about that last, time.
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So it'll be a surprise what we're gonna be talking about in the Intuit News segment.
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But we are gonna be focusing on a couple major areas, for the most part.
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And it will be around the enhanced inventory receiving because I have been on a soapbox about this new feature and function.
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I was talking about it a little bit on the un- unofficial QuickBooks Accountants podcast with Alicia Katz Pollock.
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I've written a blog.
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And so I wanna make sure that people have everything that they need, especially for the accountants in the room that might might be surprised if a client inadvertently- No.
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Oh turns it on and, wondering that if if it's broken or not broken, then, and it's...
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or if it's working as designed, or if it's designed poorly.
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So we wanna talk through that as far as the enhanced inventory receiving with the item receipts.
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And then we'll we'll talk about some of the desktop migration enhancements.
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Intuit has started to socialize that moving to QuickBooks Online is an upgrade which is a, That's a that's a stretch, I think.
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Especially if you're using- Oh QuickBooks.
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If you're using QuickBooks Desktop and using the functions and features of QuickBooks Desktop you might find that some of these things are,
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It used to be- Yeah I don't know.
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I d- I used to only know Desktop.
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I was d- I was Desktop, and going to Online, I'm like,"What is this crap?" And then you use Online for so long, I go to Desktop and I'm like,"I forgot how to use Desktop." But Desktop does so much more.
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But don't get used to it, folks.
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It's going away.
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You all can stomp your feet and sand all you want, it's going away.
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So everybody's mad at me- It is for saying that, but watch.
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It's- Watch It's not if, but
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when I've been saying it for five years.
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And they never will.
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It's not if but when- All right, go ahead but we don't know.
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It's- we don't know- Yeah specifics, right?
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But,
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They're waiting to see how much we freak out.
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Honestly, I'm a cloud girl but...
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And then we'll talk about some of the, the, Facebook groups common posts that we've seen over the, in the, over the last month or so.
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So Sharrin, our first poll question.
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Today- Yes launch.
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I'm launching
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it.
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That look of surprise as you go,"Oh."
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I need the presenta- where'd it go?
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I need the thing on the other side that tells me what the next slide is.
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Oh, yeah.
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Or I could just have it open.
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It's not like I don't have access to all of this.
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There we go.
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Full immersion.
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I don't like to come prepared because I feel like that's your thing,
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that's right.
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It's the Odd Couple in us, right?
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And I'm, I'm-
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Yeah
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I'm the Felix and you're the Oscar
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I'll take it right now.
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All
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right.
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Which is not fair, right?
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I should be the Oscar because you can see by my hat,
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No,
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dude
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I am legit the Felix in every aspect of my life except for when I travel.
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We've seen pictures of my hotel room.
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And this webinar series.
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Other than that, I'm the Felix, so- There we go I'm excited to not be.
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All right.
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Yes, this is what we were going to talk about.
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The ProAdvisor recertification, which is probably why we are a little bit dipping on the on the atten- on the live attendance today.
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The, because I did get some notification that our session is com- is conflicting with a QuickBooks recertification webinar at the same time.
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For those of you that are watching, for watching the re- the replay afterwards welcome.
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And we hope you passed your certification.
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But that is the recertification is, expiring June 30th.
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If you don't take the certific- the recertification, this is an annual thing then you end up having to take the entire exam, which is instead of two modules of 10-ish questions you have to take eight, nine, 10.
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I don't even remember how many sections of the- regular certification exam there are.
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There are also in the ProAdvisor training, there's other foundational training that's in there.
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QuickBooks level two which was the advanced certification.
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And client advisory services foundation training, Intuit bookkeeping certification, and Intuit enterprise suite certification.
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None of those are required.
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As, a matter of fact, I don't think any of them are required.
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It used to be a requirement.
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Oh, Dan, it's lip service now.
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This whole certification thing, I was g- not going to say anything.
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I was waiting for you to ask so I could go on.
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Oh, no, you- But, no.
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I was,
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just not getting it.
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I, it, the whole certification thing to me is just yeah, we're just feeding the masses some bread crumbs to keep them happy.
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I don't think the certification means crap because I think the whole partner channel's going to go away.
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I think the whole accounting piece that they do for us is going to go away.
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I think it's going to go away before they get rid of desktop, personally, in my opinion.
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Yeah.
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Should we take bets?
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The, it- at Intuit Connect they were going to s- they, they were talking about in May, so here we are in May talking about the, again they, always love this word of reimagining things.
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Yeah.
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They were going to talk about what the reimagined QuickBooks ProAdvisor- The reimagined is
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Quick-
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ProAdvisor cert- They want
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to be like...
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Yeah, sorry
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whatever the PreAdvi- There you go ProAdvisor is they're going to start socializing that pretty soon.
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I know- Yeah Insightful Accountant had Jocelyn on or Jacqueline, sorry on there talking about that.
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I did not attend that, so I don't know the specifics about anything that anybody said there.
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I
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don't attend anything they do anymore because it's just na, na, na.
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Ted leaving tells us everything.
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Ted, who has been face of Intuit, that man wasn't like...
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That man jumped ship.
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He saw what was in the wor- He saw, And this is my opinion.
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This is not- Yeah I do not know Ted and I aren't friends.
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He saw the writing on the wall.
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He saw the next year and said I'm out.
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I'm not going to these conferences and letting these accountants like Sharrin walk up to me and verbally abuse me.
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I'm not doing it.
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I'm not being the face of this anymore," and he jumped ship.
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So be prepared.
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That's all.
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That's all I have to say.
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Do you, think he left on his own?
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He saw it-
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Absolutely and then left?
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Or, was
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he- Absolutely.
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I- I think I, absolutely...
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They probably said,"This is what it i-," in my opinion.
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Yeah.
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I don't care.
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This is my opinion.
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The, views expressed by Sharrin- I think he saw that he's been- are not
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necessarily
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he has been very committed to this, right?
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He has been very- him and Jess McCracken are very committed to this partner channel.
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It's their life, and I guarantee you Ted w- was let in on whatever their new thing is, and Ted was like nope, I can't be a part of that.""I'm going to go do something else with someone better.
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Sorry, bye." see?
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Do- Donna agrees See?
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And if
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Donna
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agrees, then-
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If Do- Donna worked at Intuit for a while until she was on this show,
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and then...
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Okay.
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So close that chapter- Sorry, Donna of what, what burned Sharrin's s'mores.
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Sharrin's s'mores are burnt.
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That's right.
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So enhanced inventory receiving.
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I wanna talk a little bit about this topic.
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We had mentioned this a little bit before on the last open tab, where we were talking about item receipts being available inside of QuickBooks Online now, right?
00:12:53.926 --> 00:13:07.785
So the situation or the, circumstance where this bubbles up to the surface is that the reality of managing your inventory is gonna be...
00:13:08.485 --> 00:13:21.706
Could, potentially have two options, and one of those options is you've received the merchandise separate from the time that you've received the bill or paid for said merchandise, right?
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In QuickBooks Desktop, they used this terminology of an item receipt which evolved into this option of enhanced inventory receiving, which was a feature or function that you could specify.
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Because in reality, QuickBooks Desktop, an item receipt was a bill that you couldn't pay, right?
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So it affected- Yeah, yep the exact same accounts fundamentally, right?
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An item receipt affected accounts pay- the accounts payable balance for the vendor, but when you went to pay bills, you couldn't actually pay said item receipt because it wasn't a bill to pay.
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You had to put a check mark on the bill received inside of Desktop, and that turned it into a bill.
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The problem with that is that it turned it into a bill on the date of the item receipt, which is now not the same thing in reality, right?
00:14:22.346 --> 00:14:30.145
You always wanna try to match the QuickBooks reality to what actually happened in reality.
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And in reality, when you've received merchandise in January, you wanna receive the merchandise in January.
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When you receive the bill in, February, you wanna receive the, bill in February, right?
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So that's now two different events, and the check mark of bill received did not allow for that.
00:14:51.426 --> 00:15:14.166
So what ended up happening is that they added inside of QuickBooks Desktop this option called Enhanced Inventory Receiving, which then, separated those two- Transactions on item receipt and receiving a bill against said item receipt into two separate events.
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So that way you could keep your...
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It was like the Mc- the McDLT of of QuickBooks.
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It allowed you to keep the hot side hot and the cold side cold.
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So if you have any idea of what I'm referencing, that shows your age.
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But it allowed you to keep those two events separate.
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and and then, But the way or the mechanism that it allowed for that to happen is that all of your inventory receiving had to occur on item receipts, regardless of whether you've got the bill at the same time that you've received the items, right?
00:15:55.125 --> 00:16:03.936
So that is, And then the the account that it ended up using is this account called Inventory Offset.
00:16:03.936 --> 00:16:25.105
So instead of going through accounts payable, like a bill and item receipt were doing, the item receipt would post against inventory offset, and then the bill would offset to inventory offset, and that was the clearing account essentially that tho- those two events would flow through.
00:16:25.135 --> 00:16:44.316
And that allowed you to in the bill put in any changes or things that actually were billed differently, or if there were additional charges or things that they were charging for to receive against those item rece-- or to offset against those item receipts, right?
00:16:46.375 --> 00:16:56.265
So in QuickBooks Online, they have given you that choice into, QuickBooks Online, right?
00:16:56.265 --> 00:17:12.865
So when you go to Settings, Sales, Products and Services, you have this choice of selecting what transaction equates or what transaction will be your in-inventory receiving method, right?
00:17:12.865 --> 00:17:16.605
Bills and expenses or item receipts.
00:17:17.776 --> 00:17:19.185
You have, that choice, right?
00:17:19.576 --> 00:17:31.185
The challenge is, that when you select that option to be item receipts, it permanently changes that setting, and that desktop was the exact same way.
00:17:31.215 --> 00:17:35.925
When you en- when you enabled enhanced inventory receiving it...
00:17:36.846 --> 00:17:44.836
All of your receiving had to occur through item receipts, even if you wanted to have a single transaction.
00:17:45.486 --> 00:17:58.986
But you have to now use item receipts because, and this is where I think accountants and bookkeepers are, going to get surprised I think is the the politest way to say this.
00:17:59.155 --> 00:18:00.086
So when you...
00:18:00.736 --> 00:18:22.840
And I'll show it in a, demonstration in a short- shortly That when you have this set to item receipts being the source of truth for receiving inventory, when you enter a bill and put items on it, it will not affect the right accounts because it's expecting the item receipt to do that for you.
00:18:24.800 --> 00:18:32.381
So we have an item receipt blog on schoolbookkeeping.com where we just talk about this whole process.
00:18:32.381 --> 00:18:42.131
I do put the podcast when I talked about it with Alicia Cass Pollock on that blog, so you can listen to the blog there, or you can listen to the podcast there on the blog.
00:18:42.990 --> 00:18:46.510
And of course read all about it if you want to.
00:18:47.961 --> 00:18:50.520
And now, so let's do a little demonstration.
00:18:50.570 --> 00:18:50.790
Okay.
00:18:51.730 --> 00:18:55.040
So here in QuickBooks Online, this is the sales rep-
00:18:56.381 --> 00:18:56.941
Demo time.
00:18:56.941 --> 00:18:58.131
Thanks for the song.
00:18:58.711 --> 00:18:59.320
Everybody wake
00:18:59.320 --> 00:19:01.101
up, it's demo time.
00:19:01.141 --> 00:19:02.351
Oh my God, let's record that.
00:19:03.691 --> 00:19:04.151
That's right.
00:19:04.151 --> 00:19:05.211
Let's have a little jingle.
00:19:05.750 --> 00:19:16.480
I got sidetracked because Vegas just blocked Cassidy from being able to interview with Edmonton as their head h- hockey coach- Oh and I am in a whole different world here right now.
00:19:16.480 --> 00:19:18.510
I just want everybody to know, hockey first.
00:19:18.510 --> 00:19:18.631
All right.
00:19:18.631 --> 00:19:19.111
Go ahead, Dan.
00:19:19.111 --> 00:19:20.040
Let's demo this.
00:19:20.921 --> 00:19:21.191
All right.
00:19:21.191 --> 00:19:30.371
So in sales in your preferences or account and settings, you go into sales, and then under products and services you'll have this inventory receiving method.
00:19:31.161 --> 00:19:33.790
Your, it does have that new flag in front of it.
00:19:34.401 --> 00:19:36.840
You can see in my case, it's grayed out.
00:19:36.990 --> 00:19:38.080
I can't change it.
00:19:38.111 --> 00:19:48.941
It even tells me right below that,"This setting can't be changed," because I went past that point of no return of turning on item receipts as my inventory receiving method.
00:19:49.651 --> 00:19:56.941
So normally you would just go into your item receipts, which...
00:19:56.941 --> 00:19:57.840
Now, where are they?
00:19:58.030 --> 00:19:59.681
Now I couldn't find them.
00:20:01.411 --> 00:20:04.250
I d- I've fumbled around with this before.
00:20:05.931 --> 00:20:09.961
And where are they hiding?
00:20:10.711 --> 00:20:12.270
Dan, I wanna- I missed- restart on this demo.
00:20:12.750 --> 00:20:13.111
Yeah.
00:20:13.871 --> 00:20:16.191
I already don't like whatever product we're looking at right now.
00:20:16.191 --> 00:20:16.461
I hate
00:20:16.461 --> 00:20:16.490
it.
00:20:16.490 --> 00:20:18.550
It should be in here in the, under the
00:20:18.550 --> 00:20:19.161
vendors
00:20:19.161 --> 00:20:19.820
section.
00:20:19.820 --> 00:20:22.510
Mimbusa! Honestly, it was probably there last night, and you woke up and it's gone.
00:20:22.560 --> 00:20:22.711
Oh, yeah.
00:20:22.711 --> 00:20:23.461
I am telling you that.
00:20:23.461 --> 00:20:25.871
How many times have I messaged you, I'm like,"Dan, where'd it go?
00:20:25.871 --> 00:20:27.080
Where'd it go?" I know.
00:20:27.080 --> 00:20:28.810
Even Claude don't know.
00:20:31.611 --> 00:20:32.441
Wherever it is- Is it in Google?
00:20:33.510 --> 00:20:33.931
You end up...
00:20:34.770 --> 00:20:35.641
Somebody help me out.
00:20:36.461 --> 00:20:43.671
But what I really wanted to demo here is I'm gonna, I'm gonna receive some inventory items with a bill.
00:20:44.141 --> 00:20:45.590
Now that setting is turned on.
00:20:45.590 --> 00:20:52.310
All right, so I've got some really expensive Beach Mint gum here,$5 for a 10 count.
00:20:53.330 --> 00:20:59.211
3 Musketeers king size for six bucks, which somehow- Oh my gosh has a description of
00:20:59.211 --> 00:21:01.250
like- That is how much they are now.
00:21:01.461 --> 00:21:07.611
Does anybody here remember when candy bars were 39 cents at Walmart, and the king size were, like, 89?
00:21:08.000 --> 00:21:12.661
I went to 7-Eleven the other day,$4.59 for a king size PayDay.
00:21:13.790 --> 00:21:15.131
$4.59 for nuts and sugar.
00:21:15.770 --> 00:21:16.401
Insanity.
00:21:16.780 --> 00:21:17.641
Insanity.
00:21:18.030 --> 00:21:19.040
All right, finish.
00:21:19.121 --> 00:21:21.760
I just had to make sure that I was- not alone in this.
00:21:22.191 --> 00:21:22.901
And they're small.
00:21:22.901 --> 00:21:23.881
No, nobody cares.
00:21:24.260 --> 00:21:24.760
And they're
00:21:24.760 --> 00:21:24.881
small.
00:21:24.881 --> 00:21:26.530
Yeah, the king size are not king anymore.
00:21:26.530 --> 00:21:28.431
They're like normal.
00:21:28.540 --> 00:21:30.641
It's m- I just stock up on Halloween.
00:21:30.641 --> 00:21:36.020
They're barely- I'm like, I'm going trick-or-treating and saving candy for the year because I can't afford candy bars anymore.
00:21:36.050 --> 00:21:37.000
This is just crap.
00:21:37.961 --> 00:21:39.510
They're barely prince size.
00:21:39.941 --> 00:21:41.631
And I can't drive to get candy bars.
00:21:41.631 --> 00:21:43.861
I walk around my neighborhood and steal candy from my neighbors.
00:21:43.861 --> 00:21:43.901
Yeah.
00:21:43.901 --> 00:21:45.371
That's what I'm doing this year from now on.
00:21:45.951 --> 00:21:47.010
A nickel, Charity.
00:21:47.040 --> 00:21:47.310
All right.
00:21:47.310 --> 00:21:49.971
Goddamn don't, age yourself here.
00:21:51.070 --> 00:21:51.490
Thank you.
00:21:51.711 --> 00:22:00.401
Charity she, mentioned if you put the s- term in the search bar Yes item receipts up, up at the top, that will that will bring up the actual way to get to it.
00:22:00.401 --> 00:22:08.431
And then of course you could bookmark it or, what have you if regardless of where they might move the option later.
00:22:08.431 --> 00:22:08.671
Yeah.
00:22:08.701 --> 00:22:11.401
Which I should've realized that before.
00:22:11.730 --> 00:22:12.391
When we started.
00:22:12.391 --> 00:22:12.601
You know what?
00:22:12.601 --> 00:22:17.510
I love it because when you do demos like this and it moves, and Dan you're the, expert.
00:22:17.510 --> 00:22:26.911
When everybody, anybody- Yeah asks anything about QuickBooks, I'm like,"Go to Dan." I love, and I'm sure everybody else loves seeing this, that you as the expert are even like,"What the..." It makes you feel better.
00:22:27.090 --> 00:22:27.211
Weird.
00:22:27.290 --> 00:22:30.691
And then it also- sees how Dan fixed it, so I think it's a good thing.
00:22:31.070 --> 00:22:31.961
I hope it was planned.
00:22:31.961 --> 00:22:34.181
If not, pretend it was'cause that was brilliant.
00:22:34.181 --> 00:22:34.601
Keep going.
00:22:34.601 --> 00:22:35.040
There we go.
00:22:35.790 --> 00:22:51.980
So we have some inventory items in here that as I selected my vendor named Vendor it, prompted with,"Do you want to refill pre-fill from the last one?" Which I said yes instead of no, so it just brought over a whole bunch of inventory items.
00:22:51.980 --> 00:23:01.800
I'm gonna save it, and then we're gonna take a look at the, transaction journal under the hood, which under more and clicking transaction journal.
00:23:03.040 --> 00:23:03.540
Waiting.
00:23:06.810 --> 00:23:07.800
A little bit more waiting.
00:23:08.161 --> 00:23:24.580
Okay, so you see that the inventory items themselves are offsetting instead of accounts pay- or inventory asset we are looking at every inventory item that's on there is inventory offset.
00:23:25.520 --> 00:23:33.691
So even though I went straight to a bill and I said- I, here's I'm, receiving this bill with these, this merchandise.
00:23:34.300 --> 00:23:36.770
It is posting to inventory asset.
00:23:37.240 --> 00:23:48.046
It is not posting to- The inventory asset account that you have specified on the items, which one would expect to see, right?
00:23:48.046 --> 00:23:48.986
So we have seen,
00:23:50.236 --> 00:23:55.556
So Dan, I am- Yeah paying half attention in my normal way- because I have seven screens open.
00:23:56.086 --> 00:23:56.215
That's
00:23:56.215 --> 00:23:57.306
25%- It's not supposed to do that more
00:23:57.306 --> 00:23:58.026
than usual.
00:23:58.596 --> 00:23:59.076
I know.
00:23:59.435 --> 00:24:01.105
It's not supposed to do that, right?
00:24:02.506 --> 00:24:02.855
It's
00:24:02.855 --> 00:24:03.165
under
00:24:03.165 --> 00:24:03.526
normal.
00:24:03.526 --> 00:24:04.205
That's, it's extra steps.
00:24:04.205 --> 00:24:08.675
Under nor- So now I'm gonna have to go into my balance sheet and I'm gonna have to make a journal entry-
00:24:09.026 --> 00:24:09.195
No
00:24:09.195 --> 00:24:10.246
to adjust out...
00:24:10.276 --> 00:24:10.586
No?
00:24:10.586 --> 00:24:11.736
Okay, you're gonna keep showing me.
00:24:11.736 --> 00:24:12.246
No, you- Okay you
00:24:12.246 --> 00:24:13.105
don't have to, right?
00:24:13.256 --> 00:24:18.965
You just need to make sure that these transactions that are, that you're following the proper workflow
00:24:19.385 --> 00:24:19.935
of- Okay.
00:24:20.086 --> 00:24:27.665
So what I'm say- Of- What I'm thinking here is somehow the dis- the actual item set up or whatever was actually set up in the, the- No Like a product.
00:24:27.756 --> 00:24:36.526
Okay, I haven't used inventory in QuickBooks in 10 years, so I swear to God, I have, I know QuickBooks.
00:24:36.526 --> 00:24:37.205
I do not...
00:24:37.246 --> 00:24:39.246
Inventory, I have not used in so long,
00:24:40.596 --> 00:24:44.605
but as Jan is asking in the, question, how do you fix this inventory
00:24:44.605 --> 00:24:44.776
option?
00:24:44.776 --> 00:24:45.746
Yeah, that's what I'm asking, Jan.
00:24:45.746 --> 00:24:48.846
That's what I was trying to ask without asking it, so thanks, Jan.
00:24:48.945 --> 00:24:51.346
I'm gonna go ahead and click answer live.
00:24:51.516 --> 00:24:51.776
Absolutely.
00:24:51.806 --> 00:24:51.935
There
00:24:51.935 --> 00:24:52.895
you go.
00:24:52.895 --> 00:24:53.165
Yeah.
00:24:53.266 --> 00:25:22.385
Now, we now what we could normally do is is just use this to copy what would be great and maybe Tool has an option or while they're, while we're waiting for Intuit to actually have the option to copy to item receipt would be the perfect option because you have the same thing, just not in the in, a, in an item
00:25:22.385 --> 00:25:22.566
receipt.
00:25:22.566 --> 00:25:26.115
Dan, if you don't update your Speechify or click out of that- I'm gonna go crazy.
00:25:26.256 --> 00:25:26.596
Thank you.
00:25:26.596 --> 00:25:26.796
Sorry.
00:25:27.635 --> 00:25:29.415
Oh my God, make it go away.
00:25:29.536 --> 00:25:31.736
My OCD can't take it.
00:25:31.776 --> 00:25:32.605
Okay, thank you.
00:25:32.645 --> 00:25:32.786
Sorry.
00:25:35.476 --> 00:25:36.016
All right.
00:25:36.425 --> 00:25:36.986
All right.
00:25:37.046 --> 00:25:37.465
Keep going.
00:25:37.726 --> 00:25:38.665
I'm interested in this.
00:25:38.665 --> 00:25:43.925
So- You see me, I'm not even caring if people are looking in, I'm paying attention, because I'm really, interested.
00:25:43.925 --> 00:25:48.996
So let's create a new, item receipt.
00:25:49.036 --> 00:25:50.915
Let's go back here, new item receipt.
00:25:51.286 --> 00:25:52.385
You're gonna show us how to do it right.
00:25:52.635 --> 00:25:53.296
Vendor.
00:25:54.415 --> 00:25:55.715
Not the Canadian vendor, eh?
00:25:56.096 --> 00:25:59.016
We don't have- maple syrup set up, just because- And now the challenge is- I love Canadians.
00:25:59.016 --> 00:26:00.895
I've been accused of not liking Canada.
00:26:00.925 --> 00:26:01.776
I love Canada.
00:26:02.855 --> 00:26:13.576
And, what we're finding here is that as soon as I put this on an, item receipt, I don't get the prompt like I do for every other transaction type that says,"Hey, would you like to use the last item number?" But
00:26:13.576 --> 00:26:19.625
Dan, this feature is now 7.95 more a month on your subscription, just so you know- That's right because we created an upgrade for you.
00:26:20.246 --> 00:26:27.776
So I'm gonna select what I think were the c- the most- That was a snort Common ones.
00:26:28.486 --> 00:26:28.695
I think
00:26:28.695 --> 00:26:28.846
I'm
00:26:28.846 --> 00:26:29.445
hilarious
00:26:30.355 --> 00:26:32.715
I'm just choosing some items here.
00:26:33.425 --> 00:26:34.536
Water Malone?
00:26:36.145 --> 00:26:37.076
Watermelone.
00:26:37.685 --> 00:26:37.806
What-
00:26:38.586 --> 00:26:39.605
This is Canadian.
00:26:41.756 --> 00:26:45.276
Oh, I got to put in- Hey I got to wait, speechify.
00:26:45.276 --> 00:26:46.276
So let's put in...
00:26:48.445 --> 00:26:51.885
And I'm just gonna go down the list here and just choose-
00:26:51.976 --> 00:26:58.915
Honestly, Dan, this is just really wo- seeing all these candy bars is just really pissing me off- that I paid$4.59 for a PayDay,'cause I did, I'm not gonna lie.
00:26:58.955 --> 00:26:59.756
I did pay for it.
00:26:59.756 --> 00:26:59.816
Yeah.
00:26:59.816 --> 00:27:02.855
I really wanted that damn candy bar.
00:27:03.455 --> 00:27:07.006
So now when I save this so now I can look at the transaction journal.
00:27:08.355 --> 00:27:18.066
As we had seen, every inventory item in a bill was pointing to inventory offset, so is every item receipt, but it's, So
00:27:18.066 --> 00:27:20.066
it's du- doubled now then is what we're seeing?
00:27:20.066 --> 00:27:21.046
I just- Is it's doubled?
00:27:21.596 --> 00:27:23.316
It's doubled, it's doubled.
00:27:23.316 --> 00:27:23.375
Okay.
00:27:23.935 --> 00:27:27.445
It's it's doubled, but it's, the debits versus the credits, right?
00:27:27.445 --> 00:27:27.806
So-
00:27:28.076 --> 00:27:28.355
Okay
00:27:28.355 --> 00:27:31.786
this, the bill, so let's just customize this and add.
00:27:32.596 --> 00:27:34.965
Oh, no, I see the debit/credit, but what about the other one trans?
00:27:34.965 --> 00:27:35.066
Yeah.
00:27:35.066 --> 00:27:37.546
So I know you just entered the other- Yes transaction.
00:27:37.546 --> 00:27:38.205
You're gonna remove one.
00:27:38.205 --> 00:27:39.205
So what you're showing us here...
00:27:39.236 --> 00:27:39.756
Oh, okay.
00:27:40.415 --> 00:27:41.875
Derp, I see this.
00:27:42.046 --> 00:27:44.576
So the other one came, it's an inventory offset, right?
00:27:44.615 --> 00:27:48.236
Oh, it's, now you just came and you credit out the inventory offset and moved it back to a debit.
00:27:48.766 --> 00:27:53.596
So essentially it's ju- almost a journal entry, but it, this is double entry, right?
00:27:53.786 --> 00:27:55.375
We, why did we have to do this twice?
00:27:55.375 --> 00:28:04.635
So I feel like you just had to do one thing, one thing two times, which is, honestly, why would I not just use Xero, which is every t- thing I have to do in there you have to do twice.
00:28:06.736 --> 00:28:11.405
This is allowing you to separate your, the receiving of the item-
00:28:12.316 --> 00:28:12.465
Okay
00:28:12.465 --> 00:28:13.306
different from the
00:28:13.306 --> 00:28:13.715
receipt of the bill.
00:28:13.715 --> 00:28:15.715
It's just so different than what I'm used to, right?
00:28:15.715 --> 00:28:15.875
Yeah.
00:28:16.226 --> 00:28:20.556
I just remember before I'd have a, PO or a sales order.
00:28:20.625 --> 00:28:20.685
Yeah.
00:28:20.776 --> 00:28:22.546
And then you'd receive against a sales order.
00:28:22.655 --> 00:28:26.026
When you received it, then you'd push it to a bill and you reconcile against your bill.
00:28:26.026 --> 00:28:27.155
It was really that simple.
00:28:27.155 --> 00:28:31.546
It seems like they took a very simple process and pushed it into whatever the hell they're doing here.
00:28:31.576 --> 00:28:33.155
Well- Am I wrong?
00:28:34.276 --> 00:28:36.715
If you're doing this on the same day, it is not-
00:28:36.715 --> 00:28:39.056
Jan does not want me to talk anymore, by the way.
00:28:39.726 --> 00:28:40.375
Go ahead.
00:28:40.596 --> 00:28:41.435
I'll be quiet.
00:28:42.155 --> 00:28:58.326
So the, reason for having it is that you want to be able to separate the two events the way that you, the way that the reality of, receiving in a different time period as getting the bill.
00:28:58.726 --> 00:29:01.076
Now, here we are in this demo.
00:29:01.076 --> 00:29:02.445
We're doing it all on the same day.
00:29:03.395 --> 00:29:07.096
To your point, why would I, why am I doing this today?
00:29:07.516 --> 00:29:11.516
Since you wouldn't be doing this today because you didn't receive the bill today.
00:29:11.976 --> 00:29:20.066
You would be receiving the bill or entering the bill when the bill came, whenever that came, which could be a month from now, it could be two months from now.
00:29:20.066 --> 00:29:21.465
It could be next week.
00:29:21.846 --> 00:29:38.526
Or you might have had to pre-pay for your inventory, in which case you would put in the items that you ordered on a credit card transaction or an expense- And that is gonna go to inventory offset when you've actually received it, the shipping, however long that's gonna take.
00:29:39.016 --> 00:29:45.445
That's when you want your inventory to your quantities to actually take place.
00:29:45.445 --> 00:29:50.655
Now let's change the date of the of the item receipt to last month.
00:29:51.965 --> 00:29:55.945
So we'll do this on April 12th.
00:29:56.056 --> 00:29:59.665
So we have that, and we will do this...
00:30:00.855 --> 00:30:01.746
Let's take a look.
00:30:01.786 --> 00:30:07.195
Oh, Intuit Intelligence didn't mean to ask you anything.
00:30:08.435 --> 00:30:15.665
So it's April 12th for the item receipt, and we have today, May 12th, for the bill.
00:30:15.695 --> 00:30:25.536
Now, I know we don't pro- we probably don't have the exact same items on there, but let's take a look at this Laffy Taffy assorted jars item, right?
00:30:26.165 --> 00:30:28.355
Go into our products and services.
00:30:31.365 --> 00:30:31.905
Let's see.
00:30:31.905 --> 00:30:36.226
While you're not talking for two seconds- Yeah I just realized I'm responding to Charity in here.
00:30:36.476 --> 00:30:39.776
The last time I used QuickBooks Inventory was on desktop.
00:30:39.855 --> 00:30:39.885
Ah.
00:30:40.246 --> 00:30:45.655
So in fact, QuickBooks Online did not even have an inventory module, so I always used desktop.
00:30:45.685 --> 00:30:48.455
And then when I started having clients with inventory, we used to plug in.
00:30:48.455 --> 00:30:50.596
So that is why I'm like, what are we doing here?
00:30:51.175 --> 00:30:53.476
In desktop, it was It was easy.
00:30:53.976 --> 00:30:54.715
It was the right way.
00:30:54.715 --> 00:30:56.905
So this just seems, again, like a lot of steps.
00:30:57.395 --> 00:30:58.965
It's an extra step, yes.
00:30:59.865 --> 00:31:00.965
Oh, that was...
00:31:01.476 --> 00:31:02.445
Dang that speech if I...
00:31:02.756 --> 00:31:03.665
I, gotta just to see.
00:31:04.596 --> 00:31:04.806
I know.
00:31:04.806 --> 00:31:06.586
I'm in the wrong Chrome browser.
00:31:07.766 --> 00:31:09.855
So let's go into here.
00:31:10.046 --> 00:31:10.976
Oh, no.
00:31:13.355 --> 00:31:13.945
Stopped.
00:31:16.665 --> 00:31:19.365
I can't get away.
00:31:24.046 --> 00:31:24.846
That went...
00:31:24.976 --> 00:31:26.135
Ah, my goodness.
00:31:26.746 --> 00:31:27.746
I can't scroll.
00:31:28.375 --> 00:31:28.665
All right.
00:31:32.395 --> 00:31:36.836
I can't get these this guy out of the way.
00:31:37.675 --> 00:31:38.155
I hate that.
00:31:38.155 --> 00:31:39.256
My Grammarly does that, too.
00:31:39.256 --> 00:31:42.766
N- T- Ch- turn off for this session.
00:31:43.395 --> 00:31:44.465
Cli- click on that down.
00:31:44.875 --> 00:31:45.596
Click, where it went.
00:31:46.276 --> 00:31:47.346
I have to do this with my Grammarly.
00:31:47.635 --> 00:31:48.806
Yes for this session.
00:31:49.425 --> 00:31:50.405
Yes for this session.
00:31:50.405 --> 00:31:50.796
Go up.
00:31:50.895 --> 00:31:51.125
There we
00:31:51.125 --> 00:31:51.185
go.
00:31:51.185 --> 00:31:51.965
Now it'll go away.
00:31:52.586 --> 00:31:52.895
Thank
00:31:52.895 --> 00:31:52.955
you.
00:31:52.955 --> 00:31:54.425
And then click that up.
00:31:54.425 --> 00:31:56.286
Click that X out, or I'm gonna go crazy.
00:31:56.395 --> 00:31:56.955
Thank you.
00:31:57.635 --> 00:31:58.486
Get rid of it.
00:31:58.536 --> 00:31:58.655
All
00:31:58.885 --> 00:31:59.145
right.
00:32:01.226 --> 00:32:18.566
So you see the this particular item the, actual quantity is being impacted on the item receipt not, the bill, right?
00:32:18.566 --> 00:32:30.915
So the all accounting as far as the, receiving of the, item is being impacted on the, date of the item receipt when you have that preference set to item receipts.
00:32:31.486 --> 00:32:52.181
So- The, where this gets people into a quandary is that if somebody has turned this on and they go right in to enter a bill, then- they're gonna have things posting to the wrong asset account- which will be inventory asset- inventory offset- not inventory asset.
00:32:52.631 --> 00:32:54.651
So the quantities are not gonna be right.
00:32:55.580 --> 00:33:04.310
And subsequently, if the qua- the cost of the item has changed, then the cost of goods sold entries are gonna be wrong because-
00:33:04.310 --> 00:33:05.020
Question
00:33:05.201 --> 00:33:06.351
it hasn't been received yet.
00:33:06.980 --> 00:33:07.421
Yes?
00:33:08.101 --> 00:33:15.570
So if something's posted at inventory offset, is that account, is that amount still available in my inventory or no?
00:33:16.320 --> 00:33:17.861
Is it, taking down my...
00:33:17.861 --> 00:33:24.480
So I had 100, I post 10 to inventory offset, is now 90 available, or is it still holding 100 until I move it out of the inventory asset?
00:33:26.260 --> 00:33:27.951
It is not in your inventory.
00:33:27.951 --> 00:33:41.050
The quantity and is in, is not in your inventory, even from the bills perspective until you have recorded an item receipt if you are using- Okay this option, right?
00:33:41.050 --> 00:33:44.421
So this- I don't think I'm dumb, but this just seems like a lot.
00:33:44.800 --> 00:33:45.461
I'm just...
00:33:45.500 --> 00:33:46.020
I'm having...
00:33:46.020 --> 00:33:49.240
I'm just glad I don't deal with inventory, so in QuickBooks Online.
00:33:49.490 --> 00:33:53.990
When, you, when you- what's a good solution to not use QuickBooks?
00:33:55.250 --> 00:33:55.881
It's, Sync it?
00:33:55.881 --> 00:33:56.441
Is that what they do?
00:33:57.921 --> 00:33:58.421
If you are...
00:33:59.040 --> 00:34:04.790
You're gonna be doing a lot of extra work if you're using an inventory management solution as, well, right?
00:34:05.270 --> 00:34:16.210
This is, The purpose of this is when you need to separate those two events into two events, and that's the use case for turning it on to item receipts.
00:34:16.721 --> 00:34:27.481
You can still use item receipts without it turning on turning on this option, and then you're back to bills, right?
00:34:28.030 --> 00:34:31.411
But your item receipts are not gonna impact the quantity on hand.
00:34:31.840 --> 00:34:37.690
So it ends up getting like this six of one, or Which option is, better?
00:34:38.311 --> 00:34:39.681
It depends, right?
00:34:39.681 --> 00:34:42.121
It depends on if you need that, right?
00:34:42.751 --> 00:34:54.010
So if you do need to separate those two events into two separate transactions, this works great for that.
00:34:54.510 --> 00:35:21.635
Now, just keeping in mind that if somebody enters a check, expense, or a bill and puts inventory items on it, that needs to have an item r- an equal and opposite item receipt, which means it, if it's Is because it's gonna be posting to this mysterious account called inventory assets- As far as what you have on hand, and it's gonna be the wrong way.
00:35:22.025 --> 00:35:25.795
It's gonna be the debit versus the credit, or the credit versus the debit.
00:35:25.795 --> 00:35:38.576
So it'll show that you have less on hand as far as the value of your inventory, because you've got this negative amount sitting in inventory offsets- which the item receipt- Can I ask
00:35:38.576 --> 00:35:39.045
you, I have a co- Yeah.
00:35:39.085 --> 00:35:39.545
Oh, sorry.
00:35:40.295 --> 00:35:40.376
No,
00:35:40.376 --> 00:35:40.815
go ahead.
00:35:40.815 --> 00:35:45.275
I have a couple questions that that, that are coming in that I can't answer, obviously.
00:35:45.376 --> 00:35:45.635
Yeah.
00:35:46.155 --> 00:35:51.065
From Jan,"I have a client that we set the inventory receiving to bills and expenses, not item receipt.
00:35:51.065 --> 00:35:54.996
Where does it post then?" It's just posting to whatever your service is set up as, right?
00:35:55.115 --> 00:35:55.206
Yes.
00:35:55.576 --> 00:35:56.556
So that's what I assume.
00:35:56.556 --> 00:35:57.135
And it- So if you have a product
00:35:57.135 --> 00:35:57.255
set
00:35:57.255 --> 00:35:57.326
up
00:35:57.326 --> 00:35:57.556
and it's
00:35:57.556 --> 00:35:57.835
gonna
00:35:57.835 --> 00:36:01.815
be, and it's gonna be posting based off of that bill or expense.
00:36:01.815 --> 00:36:01.976
Yep.
00:36:02.405 --> 00:36:13.766
So that- Okay that's gonna be the transactional source of truth for receiving, and, the, posting of those items to wherever they're, the items are, posting to.
00:36:14.675 --> 00:36:16.646
See, I never used item receipts for this reason.
00:36:16.646 --> 00:36:17.576
It just seemed like a lot.
00:36:17.576 --> 00:36:20.615
And then this, I think I happen to know the answer, but I'm gonna let you answer.
00:36:20.865 --> 00:36:25.425
When you go to enter the bill, does it remind you have item receipts, and can you pick yours?
00:36:25.806 --> 00:36:30.795
Yes, and that was, So let me go back and enter in a bill.
00:36:33.166 --> 00:36:33.905
Not a pay bill.
00:36:35.715 --> 00:36:37.686
I put in its vendor again.
00:36:38.706 --> 00:36:39.755
We have the drawer.
00:36:39.755 --> 00:36:40.556
Yeah, it should pop up.
00:36:40.556 --> 00:36:40.775
Yep.
00:36:40.826 --> 00:36:40.876
Oh,
00:36:41.565 --> 00:36:41.846
apparently
00:36:41.846 --> 00:36:42.956
that session- Just like expenses.
00:36:42.956 --> 00:36:43.715
Hey, you have a...
00:36:43.905 --> 00:36:44.206
Yeah, awesome.
00:36:44.686 --> 00:36:46.965
Yeah, they show up here, and then you can add them.
00:36:47.735 --> 00:36:47.795
Yeah.
00:36:47.795 --> 00:36:48.436
Add the items
00:36:48.436 --> 00:36:48.726
you can enter.
00:36:48.726 --> 00:36:52.396
So this I do I do think, I do want to commend again, I'm as, I...
00:36:52.476 --> 00:36:54.976
There is some things that Intuit does I like.
00:36:55.005 --> 00:36:58.405
I do like their auto-fill feature, and I do like this whole piece.
00:36:58.405 --> 00:36:59.235
This has made...
00:36:59.456 --> 00:37:04.315
I actually stopped using third-party bills because of this for a while,'cause I'm like, why would I?
00:37:05.385 --> 00:37:09.045
Another, can you go back and tie an item receipt to the bill?
00:37:09.076 --> 00:37:09.115
Yeah.
00:37:09.115 --> 00:37:09.846
You should be able to.
00:37:09.846 --> 00:37:13.195
If you connect it to a bill, you should be able to click into anything and it should tie it.
00:37:13.226 --> 00:37:15.295
Everything ties back via link, correct?
00:37:16.036 --> 00:37:19.596
Yeah what I would suggest doing is if you do have an item receipt-
00:37:19.626 --> 00:37:20.416
That was from Barb.
00:37:20.996 --> 00:37:21.226
Yeah.
00:37:21.275 --> 00:37:32.525
If you do have an item receipt already, and you, somebody entered in a bill erroneously, just deleting the bill and then re-entering a bill, and then it will then-
00:37:32.525 --> 00:37:32.786
Retie
00:37:32.786 --> 00:37:32.996
into
00:37:32.996 --> 00:37:33.606
the expense
00:37:33.606 --> 00:37:34.505
give you this option.
00:37:34.505 --> 00:37:34.565
Yeah.
00:37:35.346 --> 00:37:40.766
But I don't think you can go after the fact and, retie it to the from an
00:37:40.766 --> 00:37:41.505
existing transaction.
00:37:41.505 --> 00:37:41.835
It'll remind you.
00:37:41.835 --> 00:37:42.445
It's already here.
00:37:42.896 --> 00:37:50.226
Yeah, It'll, or it's already connected to something else, like when you try to re-undo a deposit and they're like,"No, it's connected." One last one.
00:37:50.456 --> 00:37:56.036
Charity wants to know when this feature began, as she has a client using QuickBooks Inventory, this feature.
00:37:56.561 --> 00:38:21.331
This feature when we last talked about it on the open tab, I think was the, our first one in, March, and I think that was part of the inventory enhancements when we were talking about sales orders and item receipts and those types of things moving average costs, the MAC options for weighted average as opposed to FIFO.
00:38:21.981 --> 00:38:36.440
So if you're not seeing this option in an existing client it's, typical for these types of things to start with new customers or new clients new to QuickBooks and to work them way...
00:38:36.501 --> 00:38:46.431
mer- work their way into existing subscriptions with whatever has been deemed as the most complicated data being last, right?
00:38:47.670 --> 00:38:58.240
If your client already has a, s- a significant inventory usage inside of QuickBooks Online chances are they may not even see this.
00:38:58.240 --> 00:39:06.971
And if they don't, then they may not see it for a while, while your other ones that might never need it they have this option all the way.
00:39:07.570 --> 00:39:12.510
But it's because that's typically the way that new features are, rolled out.
00:39:12.550 --> 00:39:25.021
New, new cl- new clients get it first, and then increasingly more complicated data sets because for, to their credit they don't wanna explode your
00:39:25.021 --> 00:39:25.360
data.
00:39:25.360 --> 00:39:25.550
Yeah.
00:39:25.581 --> 00:39:25.811
You...
00:39:26.541 --> 00:39:27.291
They try not to.
00:39:27.291 --> 00:39:30.271
They roll it out to us, and usually they throw it in beta and let us opt in, right?
00:39:30.271 --> 00:39:31.641
Which is, Yeah also a good thing.
00:39:31.951 --> 00:39:40.940
You know what I wish, a feature I wish Intuit would put in, is if you are an accountant, that you can turn off allowing your clients to opt in to thing.
00:39:41.190 --> 00:39:42.771
You're like,"Hey, they've already gone through it.
00:39:42.771 --> 00:39:44.431
Do not let them click in advance.
00:39:44.431 --> 00:39:46.190
Do not let them turn these things on.
00:39:46.190 --> 00:39:47.300
Do not let them use this.
00:39:47.300 --> 00:39:51.411
Stop it." I feel, back in the day, I felt like we had some of that control.
00:39:51.920 --> 00:39:53.670
I say we, I don't have clients anymore.
00:39:53.670 --> 00:39:55.690
I have one that I'm a CFO for.
00:39:55.690 --> 00:39:58.820
But but don't you feel like that...
00:39:59.391 --> 00:40:05.951
I feel like we used to be able to do it back in the day, and now in days, and clients, of course, with all the AI out there, they're like,"Oh, I can do all this now.
00:40:05.951 --> 00:40:10.360
I can just look your job up." So they're in there playing around or, QuickBooks calls them up.
00:40:10.360 --> 00:40:12.771
I'd wanna be able to be like,"No." Yeah.
00:40:13.101 --> 00:40:13.760
"Out of bounds.
00:40:13.760 --> 00:40:14.260
Get out of here.
00:40:14.260 --> 00:40:14.721
Mine." Yes.
00:40:14.791 --> 00:40:16.340
I just think that would be a good feature.
00:40:17.271 --> 00:40:17.371
Yeah.
00:40:17.820 --> 00:40:25.181
I would I would, think about maybe putting in a Zap or something like that when settings are changed, right?
00:40:25.371 --> 00:40:26.820
To automatically send- Ooh.
00:40:27.010 --> 00:40:30.300
Send them an email- I bet that's one that Make or some of those Zap- Or send you an alert.
00:40:30.300 --> 00:40:30.360
I'm
00:40:30.360 --> 00:40:30.990
gonna look into that.
00:40:31.490 --> 00:40:31.721
Yeah.
00:40:31.721 --> 00:40:41.971
Or maybe it up- automatically updates your client's engagement letter to if you mess with the settings, it'll cost you.
00:40:41.971 --> 00:40:42.061
Yeah.
00:40:42.860 --> 00:40:43.650
I bet you can...
00:40:43.650 --> 00:40:46.201
I don't think Zap will do that, but I bet you can write it in Make.
00:40:46.820 --> 00:40:48.101
Yeah, something like that.
00:40:48.360 --> 00:40:49.521
Now we do have some- I'm gonna
00:40:49.521 --> 00:40:49.581
try
00:40:50.291 --> 00:40:53.440
it Inventory resources- And sell it over at School of Bookkeeping.
00:40:53.440 --> 00:41:00.451
We have an Inventory Fundamentals course where we talk about what you can track in QuickBooks Online, what can you track in QuickBooks Desktop.
00:41:00.451 --> 00:41:07.641
And we have a workshop comparison of qui- advanced inventory with QuickBooks Desktop Enterprise versus Katana.
00:41:08.440 --> 00:41:16.751
And then we also have an E-commerce Fundamentals course as well, where we talk about some of the inventory concerns for those types of industries.
00:41:16.751 --> 00:41:24.420
So next polling question: Of your clients with inventory, what percentage use QBO for inventory management?
00:41:24.860 --> 00:41:45.860
Because, there, there is a finite area of workflows that QuickBooks Online will, manage, and it really falls under the category of a reseller of hard goods, meaning I buy stuff and I sell that same stuff.
00:41:45.891 --> 00:41:49.811
I don't do anything to that stuff between the time that I buy it and I sell it.
00:41:50.710 --> 00:41:58.780
And I don't need to know where it is, how much is on hand, how much might be promised for other clients.
00:41:58.820 --> 00:42:01.201
I don't build it into other things.
00:42:01.951 --> 00:42:11.951
So the reseller of goods is, the sweet spot for, QuickBooks Online for as far as inventory management is concerned.
00:42:11.951 --> 00:42:20.951
When you have more specific needs, like I buy in one quantity and I sell in others, or I need to know...
00:42:20.951 --> 00:42:41.331
I have some traceability I'm in pharmaceuticals or food or electronics where I want to trace when I bought something and who I sold it to in case there's a problem with said product, that's not where QuickBooks Online's inventory management spot shines.
00:42:41.400 --> 00:42:43.101
I guess that's the nicest way to put it.
00:42:44.380 --> 00:42:46.460
So that was a lot
00:42:47.630 --> 00:42:48.610
That was a lot.
00:42:49.300 --> 00:42:50.010
For one topic.
00:42:51.251 --> 00:42:53.190
Oh, are we're onto the next one?
00:42:53.280 --> 00:42:53.681
Anyhow.
00:42:53.931 --> 00:42:57.010
Yeah, it was a lot, but I feel like I think it's important.
00:42:57.041 --> 00:42:57.530
I don't know.
00:42:57.791 --> 00:42:58.621
I learned something there.
00:42:58.621 --> 00:42:58.871
Yeah.
00:42:58.871 --> 00:43:00.110
Like I said, I don't ever use...
00:43:00.210 --> 00:43:04.201
I just, I remember the last time I used inventory was desktop.
00:43:04.451 --> 00:43:04.650
Yeah.
00:43:04.721 --> 00:43:04.920
Well-
00:43:05.311 --> 00:43:07.130
So of course it doesn't work that way.
00:43:07.130 --> 00:43:08.701
Of course desktop was easier.
00:43:09.320 --> 00:43:25.940
But, now that we've talked about it, at least for the 101 participants that are, here I don't want to see anybody posting in our Facebook group about"QuickBooks is broken because a bill, I posted a bill, and it's going to this inventory offset account," right?
00:43:25.990 --> 00:43:42.315
So now we know that it's working as designed, it's just not working the way that you would expect it to, and that's because this feature, this this setting is turned on, and that's something that is a setting- That cannot be undone, right?
00:43:42.315 --> 00:44:04.565
So once you cross over that threshold and change to item receipts as your source of truth for inventory receiving, all of your inventory receiving has to be done through an item receipt, which is this is one of those things that customers can change it, but should they, right?
00:44:04.565 --> 00:44:11.626
So you just wanna understand the ramifications of, turning it on and what that means, right?
00:44:11.626 --> 00:44:14.826
So inventory offset is not a broken account.
00:44:15.096 --> 00:44:21.686
It's just a used account when this feature is turned on for inventory item receipts.
00:44:21.686 --> 00:44:21.945
There we go.
00:44:23.025 --> 00:44:49.826
So let's talk a little bit about desktop migration changes because as Intuit is e- exceedingly pushing, putting the pressure on desktop customers to move to QuickBooks Online, they are also s- putting a lot of effort into the desktop migration process when you move from QuickBooks Desktop to QuickBooks Online inside the product, right?
00:44:49.826 --> 00:44:58.016
This is not talking about migration through SaaSand or some other service.
00:44:58.016 --> 00:44:59.876
This is just inside of QuickBooks.
00:45:00.206 --> 00:45:01.496
You're in the company file.
00:45:01.856 --> 00:45:07.425
You and you're using the option to export to QuickBooks Online, right?
00:45:07.425 --> 00:45:10.146
So now more data is an option, right?
00:45:10.146 --> 00:45:21.945
So it used to be when I worked there, it was like 150,000 targets, which is basically the definition of what a target is, it's a transaction split, right?
00:45:21.945 --> 00:45:27.246
So you have a check with a five different line items on it.
00:45:27.516 --> 00:45:28.945
It's got five targets, right?
00:45:28.945 --> 00:45:32.436
So that's the splits of the check are the targets.
00:45:32.806 --> 00:45:35.525
So 4 million is a lot of data, right?
00:45:35.686 --> 00:45:45.936
If you've got a lot of transactions with a lot of line items on them 4 million is, a significant amount of, data.
00:45:45.965 --> 00:45:55.115
So- removing the obstacle of I can't move to QuickBooks Online because I've got too much data to move.
00:45:55.606 --> 00:45:58.505
Now there's 4 million targets to work with.
00:45:59.195 --> 00:46:02.456
Does it work every time with four 3.7 million?
00:46:03.376 --> 00:46:07.005
That's gonna take a long time to actually process, so we don't know, right?
00:46:07.005 --> 00:46:07.835
We don't...
00:46:08.186 --> 00:46:16.846
The most that I've done is like 2.5 million, and it took a day or day and a half to actually process, but it did work, right?
00:46:18.016 --> 00:46:32.956
But now something that we have talked about before in the past where, you can Move payroll a little bit more succinctly, and you can move attachments now with with the Desktop migration process.
00:46:33.465 --> 00:46:39.335
There's now a new wizard, a migration wizard that comes in and checks a couple things.
00:46:39.335 --> 00:46:49.016
Some of the things that we've seen in the past where have been a, huge challenge after or post-conversion.
00:46:50.706 --> 00:46:53.045
Unbilled charges is a huge,
00:46:54.275 --> 00:46:55.385
Yeah potential problem.
00:46:55.385 --> 00:46:56.686
That one doesn't come over, right?
00:46:58.385 --> 00:47:01.286
The challenge, and we'll talk, we'll get it, get into it a little deeper.
00:47:02.275 --> 00:47:18.425
When you have a time or expense that's a, that's associated with a project or a job inside of Desktop, and you haven't billed for it or and you aren't those come back up to the surface.
00:47:19.266 --> 00:47:21.726
So this can come in a lot of ways.
00:47:22.465 --> 00:47:30.606
But also inactive customers, inactive vendors, and inactive accounts gives you the opportunity to make them inactive.
00:47:31.465 --> 00:47:39.846
Inactive meaning that they haven't been used in the last 10 years according, or two years, according to the file checkup that it does.
00:47:40.715 --> 00:47:50.226
And then it also gives you some better indication of what you should be doing to maintain your file post-conversion or pre-conversion, right?
00:47:50.226 --> 00:47:56.306
So verifying your company data because GIGO, garbage in, garbage out.
00:47:56.306 --> 00:48:07.356
If you've got data that's damaged the chance of that moving over is diminished by by the fact that it's got some damage to the data, right?
00:48:08.425 --> 00:48:10.646
Never know what, what's, gonna occur.
00:48:11.516 --> 00:48:19.436
You also do have a little bit more flexibility with what you actually bring over'cause now there is an option.
00:48:19.695 --> 00:48:31.115
You can always bring over just lists and balances before but now when you choose that option of lists and balances, you can choose the specific lists that you wanna bring over, right?
00:48:31.115 --> 00:48:45.585
So this gives you a good opportunity to basically create a, shell company for, your customers, or if you have just a chart of accounts that you wanna use from Desktop, you can use that as a starter company.
00:48:46.726 --> 00:49:00.076
You also do have the, chart of accounts templates as an option or feature just in QuickBooks Online Accountant or Intuit Accountant Suite, excuse me- As well.
00:49:00.076 --> 00:49:01.356
All right.
00:49:01.356 --> 00:49:03.115
So unbilled purchases or expenses.
00:49:03.115 --> 00:49:10.936
These are expenses that are marked billable, but they were never billed inside- of QuickBooks, right?
00:49:10.936 --> 00:49:14.045
So it's a commonly missed workflow, right?
00:49:14.045 --> 00:49:22.851
They're check marked by default in Desktop, so as soon as you put an expense on a Transaction and mark it to a customer.
00:49:23.460 --> 00:49:34.550
I-in Desktop, it puts a check mark that it's billable and that puts it in this on-deck circle of waiting to be billed back to the customer, right?
00:49:34.550 --> 00:49:49.201
So your contractors who do just a, lot of time and materials and expenses and with markup that works great for them because then they can put that back onto an invoice, bill it back to the customer.
00:49:49.610 --> 00:49:52.731
That closes the whole loop of that workflow.
00:49:53.440 --> 00:50:00.311
But a lot of people my experience talking to, to, to people didn't even realize that was an option, right?
00:50:00.311 --> 00:50:12.900
As soon as you bring up an invoice and that window pops up and says,"Hey, you've got time and expenses or time costs to add," they just X out of that or move, forward and then just create their invoice.
00:50:13.610 --> 00:50:18.911
Maybe they wanna create it from the estimate instead of the, time and materials, right?
00:50:18.911 --> 00:50:20.130
So they wanna skip out of that.
00:50:20.581 --> 00:50:27.490
So they leave a lot of these unbilled expenses just sitting there because they can, right?
00:50:28.650 --> 00:50:31.911
So they're not intended to be used by the company.
00:50:32.951 --> 00:50:49.431
And so what happens is that all of those unbilled purchases, they come over and it's now a-an issue because on the Sales Overview tab, there is this section for unbilled income.
00:50:49.601 --> 00:51:00.190
And this is a real screenshot from a real customer because they have nine point nine million dollars in unbilled income.
00:51:00.190 --> 00:51:05.340
But when we look at it, it's got transactions dating ten years ago.
00:51:05.371 --> 00:51:12.291
Because they were the two point five million Target customer that, that was moved over, right?
00:51:13.110 --> 00:51:17.541
So this ends up being a, challenge or it's a nuisance, right?
00:51:17.751 --> 00:51:26.771
You can only tell a customer just ignore that." Because they may actually, now that they know that they can do that, they might wanna use that.
00:51:27.751 --> 00:51:45.280
But if they've got this h- large number of nine point nine million dollars sitting in unbilled income, they really can't make much decisions off of that because it's filled with legacy or historical data that doesn't make any sense, right?
00:51:47.561 --> 00:52:06.956
So what this does actually in this option during the migration, it will list,"Hey, you've got-"$9.9 million in unbilled charges, and it will do that as part of the migration wizard to mark them not billable, right?
00:52:06.956 --> 00:52:18.706
So that$9.9 million of unbilled charges will go away because that's what you really need to do, is correct it in Desktop before it comes over into, QuickBooks Online.
00:52:18.755 --> 00:52:23.635
So in one fell swoop, you can mark all of those unbilled charges.
00:52:23.786 --> 00:52:25.826
There will be a...
00:52:26.195 --> 00:52:28.365
Did I have a screenshot with it?
00:52:28.365 --> 00:52:29.206
No, I did not.
00:52:29.266 --> 00:52:29.585
Sorry.
00:52:30.715 --> 00:52:42.516
There is a screenshot of or the, the-- in the screen itself, it will list all four of these things, unbilled charges and customers and vendors and accounts, and you can expand on them.
00:52:42.545 --> 00:52:44.516
You can see the individual ones.
00:52:44.516 --> 00:52:52.726
You can check off the ones that you want or you can skip the whole section of that at that point in time.
00:52:52.766 --> 00:52:56.445
So it does give you some insight into do it.
00:52:56.445 --> 00:53:02.565
It's not like an all or nothing type of thing which is, actually they've actually tho-thought this through, right?
00:53:02.565 --> 00:53:03.565
So to be able to do that.
00:53:05.646 --> 00:53:23.775
Now the biggest"Oh, yeah, but," to all of this is that if they're using Payroll in QuickBooks Desktop and they are using job costing on said payroll that's gonna pose a different challenge, right?
00:53:23.775 --> 00:53:29.945
So that customer this is all based off of the use case of that customer with two point five million targets.
00:53:30.445 --> 00:53:41.755
They have$9.9 million in unbilled charges, and they were using QuickBooks Payroll and putting their job costing on those paychecks.
00:53:42.635 --> 00:53:48.746
Paychecks, by default, don't come over as paychecks during the conversion.
00:53:48.786 --> 00:53:57.425
It only brings over the current year's payroll data as, year to date so that you can move forward from the date of conversion moving forward.
00:53:57.916 --> 00:54:00.965
Historical paychecks, they come over as regular checks.
00:54:02.356 --> 00:54:33.615
That ends up causing a challenge now with the unbilled revenue because in order to maintain the job costing of the expenses versus the the costs and the income of those jobs, to maintain the stability of those reports, it brings over the checks the paychecks as checks split out by account, by, by expense account.
00:54:33.965 --> 00:54:40.385
And those that are posted to a job or a project, they get marked as billable.
00:54:41.056 --> 00:54:51.965
So as you can see here on the, screenshot, those job costed expenses get marked as billable at that point inside of QuickBooks.
00:54:52.496 --> 00:54:53.106
Online.
00:54:53.166 --> 00:55:10.385
So even though you've cleaned up the unbilled expenses or the actual unbilled expenses, the conversion ends up causing more challenges because the way that paychecks get treated as regular checks, and if they're using job costing, right?
00:55:10.615 --> 00:55:22.175
Now, this can be corrected with tools, and we talked about this your options with handling unbilled purchases on a Workshop Wednesday that we did, right?
00:55:22.175 --> 00:55:31.496
So you have this option of using Desktop or Saasant to clear the billable flag in the, in Desktop, and then use...
00:55:31.626 --> 00:55:34.065
Or you can use the Manage.
00:55:34.065 --> 00:55:44.545
Now, for this particular issue of paychecks you can, you should be able to use the QuickBooks, the QBO tools to be able to manage that.
00:55:44.545 --> 00:55:53.356
There's a Manage Billable Expenses tool, hidden tool inside of QuickBooks where you can mark those as unbillable at that point.
00:55:53.706 --> 00:55:56.556
Or you can use Saasant or Saasant.
00:55:56.896 --> 00:55:59.556
I'm not quite sure of the emphasis.
00:55:59.675 --> 00:56:02.096
I say Saas-ant, but, saas-ant.
00:56:02.096 --> 00:56:03.226
I also say niche.
00:56:03.686 --> 00:56:04.056
Yes.
00:56:05.396 --> 00:56:07.885
You can see those in those options.
00:56:07.885 --> 00:56:09.065
There's a replay there.
00:56:09.106 --> 00:56:19.976
And on our next QB Power Hour, we're gonna be talking about making bulk edits in QuickBooks, where you can use some of these tools inside of, QuickBooks.
00:56:19.976 --> 00:56:21.155
We'll talk about Right Tool.
00:56:21.155 --> 00:56:33.706
We'll talk about Sasa- Saasant Spreadsheet Sync what's a- what's available in the product with- and what's available outside of that as a, an accountant toolbox.
00:56:35.425 --> 00:56:40.436
And then here's the last thing I want to talk about with the inactivating unused list elements.
00:56:41.416 --> 00:56:55.286
It does give you this screen where it's, it looks at customers that are older than, that haven't been used in the last two years or c- vendors that haven't been used or accounts that haven't been used in the last two years.
00:56:55.286 --> 00:56:58.876
You might want to make them inactive and it does that in bulk.
00:56:59.815 --> 00:57:00.876
And it can be skipped.
00:57:01.965 --> 00:57:09.766
And more importantly, it force, it creates a backup when you do any of these things before sending it over to QuickBooks, right?
00:57:09.766 --> 00:57:17.266
So it'll be in the condition the raw condition of the, company file at that point in time.
00:57:18.175 --> 00:57:24.036
So before you even move it over, you can restore that backup automatically, right?
00:57:24.695 --> 00:57:27.005
So any thoughts on that Sharrin?
00:57:27.146 --> 00:57:31.490
I'm- I know we're gonna- we're coming up on the, top of our hour here.
00:57:31.951 --> 00:57:36.521
No, I inactivate like a mother effer, but I, am I, use a lot.
00:57:36.521 --> 00:57:42.581
So I When I open up my chart of accounts, I don't like seeing anything active.
00:57:42.630 --> 00:57:46.731
I'm, like, I'm a little bit OCD, so my P&Ls are always gorgeous.
00:57:46.731 --> 00:57:50.820
So I- Man I bulk inactivate so much.
00:57:50.820 --> 00:57:55.831
And no- nothing drives me nuts more than the accounts that they're like,"You can't get ac- inactivate this.
00:57:55.831 --> 00:57:57.740
This is required." I'm like,"I don't use it.
00:57:57.940 --> 00:58:00.880
Stop leaving inventory in my balance sheet.
00:58:00.880 --> 00:58:03.530
We're not an inventory company." ah, stop me...
00:58:03.530 --> 00:58:03.590
Ugh.
00:58:03.661 --> 00:58:06.871
So there, there are some few things that drive me nuts, but anyhow.
00:58:07.481 --> 00:58:08.440
I like this stuff.
00:58:08.481 --> 00:58:09.471
I know this stuff.
00:58:10.161 --> 00:58:11.920
Yeah, this is
00:58:11.920 --> 00:58:13.501
a welcome- Is there another poll question?
00:58:13.501 --> 00:58:14.920
There was, but- There is did we not get
00:58:15.710 --> 00:58:15.940
there?
00:58:15.940 --> 00:58:16.121
There is.
00:58:16.121 --> 00:58:16.201
There
00:58:16.231 --> 00:58:16.340
it is.
00:58:16.460 --> 00:58:16.681
Yeah.
00:58:16.681 --> 00:58:17.490
Somebody asked.
00:58:17.490 --> 00:58:18.291
I'll launch it real quick.
00:58:18.291 --> 00:58:18.550
Yeah.
00:58:18.791 --> 00:58:23.070
Yeah, you can go ahead and launch the, last poll question, which is- I'll launch it Our usual one.
00:58:24.510 --> 00:58:28.760
Just wanted to talk a little bit about the the Facebook group that we have.
00:58:28.791 --> 00:58:29.221
Oops.
00:58:29.490 --> 00:58:30.621
I'm trying to get to the right one.
00:58:31.701 --> 00:58:36.621
We're threatening 18,000 members in the QB power users group.
00:58:38.420 --> 00:58:42.320
We typically have about 20 posts or questions a day in there.
00:58:42.351 --> 00:58:45.440
And I was just looking at the engagement reports.
00:58:45.931 --> 00:58:55.170
We are about 18 or 8,000 active in a month which is, really cool, so I appreciate all of the people helping people.
00:58:55.960 --> 00:59:02.690
I have- it- it's really cool to see people being able to respond to each other.
00:59:03.501 --> 00:59:11.161
There is an Intuit presence there, but it's not designed as a way to circumvent their normal options, right?
00:59:11.161 --> 00:59:24.690
Because they can't track, and there's we're limited to the Facebook analytics, which is just whatever Mark Zuckerberg makes available for us to do.
00:59:25.351 --> 00:59:25.670
We're not- Which
00:59:25.670 --> 00:59:29.601
depends on who's in presidency at the time, on which way he's gonna lean on that.
00:59:29.971 --> 00:59:32.240
Ooh, should have muted myself.
00:59:32.240 --> 00:59:33.001
Finger, yeah.
00:59:34.320 --> 00:59:44.320
But we appreciate the people who give back as much as they take when it comes to asking questions and providing help to each other.
00:59:45.190 --> 01:00:00.960
Some of the more common ones that we more popular ones is we're talking about non-Intuit or QuickBooks products or Q- QuickBooks Payroll versus Gusto or ADP, have a, what's the word I'm looking for, Sharrin?
01:00:01.800 --> 01:00:01.931
I
01:00:01.931 --> 01:00:02.320
don't know.
01:00:03.570 --> 01:00:04.320
Objective.
01:00:04.360 --> 01:00:04.490
There.
01:00:04.490 --> 01:00:04.710
There you go.
01:00:04.710 --> 01:00:19.021
We have an objective conversation, not slanted one way or the other, because if you go into the forum the, community, the QuickBooks community everyone in all the moderators in there will be slanted one way or the other, right?
01:00:19.585 --> 01:00:22.615
I'm slanted one way- but it's not, it's-
01:00:22.856 --> 01:00:23.065
You're
01:00:23.065 --> 01:00:24.746
more tilted I'm on the pessimist side.
01:00:25.715 --> 01:00:27.315
My glass is just a glass.
01:00:27.405 --> 01:00:30.755
The liquid in it's gonna get drank or thrown out one way or the other, I
01:00:31.516 --> 01:00:40.795
used to have a shirt that said, It looked like a glass was half full beverage, and the writing was,"Optimists are half full of
01:00:41.815 --> 01:00:42.985
it." I'm a realist.
01:00:43.016 --> 01:00:43.925
It's glass.
01:00:44.255 --> 01:00:44.666
That's right.
01:00:44.815 --> 01:00:45.346
It's a glass.
01:00:47.436 --> 01:00:47.626
Yeah.
01:00:47.626 --> 01:00:50.976
So these are some of the more, more popular posts that we've, we have in there.
01:00:50.976 --> 01:00:51.436
You can...
01:00:51.646 --> 01:00:54.465
Welcome to join the Facebook group if you aren't already.
01:00:55.025 --> 01:01:03.925
And and hopefully the search works you're limited to how the search works based in Facebook.
01:01:04.545 --> 01:01:10.626
But you won't have to wait too long to, find a, an engaging post to, to comment on.
01:01:11.436 --> 01:01:13.916
So we did ask the last poll question.
01:01:13.916 --> 01:01:13.985
Good.
01:01:15.126 --> 01:01:21.626
And next time on the, QuickBooks Power Hour, we're, are gonna be talking about making bulk edits in QuickBooks.
01:01:22.235 --> 01:01:35.655
Do need to register individually, so go ahead and do that now before you forget, because that is the way that I would operate, is I would either do it on the last day or the first day, nowhere in between.
01:01:36.606 --> 01:01:38.675
Sharrin, any final thoughts for today?
01:01:40.286 --> 01:01:40.876
Good job, Dan.
01:01:41.465 --> 01:01:44.215
Thank- No, I said a lot.
01:01:44.615 --> 01:01:45.925
I said a lot- Yeah already.
01:01:47.215 --> 01:01:47.806
All righty.
01:01:48.096 --> 01:01:49.175
Thanks you all for joining us
01:01:49.206 --> 01:01:49.326
today.
01:01:49.326 --> 01:01:51.376
I hope I get to see everybody at Firm Growth Forum.
01:01:51.376 --> 01:01:51.985
How about that?
01:01:51.985 --> 01:01:54.206
Wait, I have a...
01:01:54.206 --> 01:01:55.065
I will be doing the...
01:01:55.065 --> 01:01:56.766
I'll be at Firm Growth, right?
01:01:57.315 --> 01:01:58.815
No, it's the week after.
01:01:58.846 --> 01:02:00.076
I was trying to think when I'm on here.
01:02:00.106 --> 01:02:00.826
So next week's...
01:02:00.916 --> 01:02:04.306
I'll hopefully see everybody at San Diego for Firm Growth Forum.
01:02:05.045 --> 01:02:05.505
There we go.
01:02:05.505 --> 01:02:05.856
There we go.
01:02:05.856 --> 01:02:08.976
Sandy's gonna be there, and I saw that James is as well.
01:02:10.155 --> 01:02:10.496
All right.
01:02:10.635 --> 01:02:14.655
We'll see you in a couple weeks on the QB Power Hour, and hope everybody has a great week, everyone.