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Bookkeeping

Megaphone Technology uses InvoiceNinja for A/R and Quickbooks Desktop for bookkeeping.

Transfer client/invoice data from Invoiceninja

  • Get clients from InvoiceNinja. IN settings » Import/Export » Export Clients to CSV. Open in LibreOffice Calc.
  • In Quickbooks, Lists menu » Add/Edit Multiple List Entries. List is "Customers". Paste new clients in the "Name" and "Company Name" columns.
  • From the QB home screen, select "Create Invoices". For now, it seems like manually retyping the invoices is the only option. We just need client name, date, invoice #, item ("IT Consulting" or "Maintenance Plan"), and amount.

Enter invoice payments into Quickbooks

  • Note the last recorded payment in Quickbooks. You can find that by clicking on "Receive Payments" from the home screen, and clicking "back" once.
  • Pull up a list of payments in InvoiceNinja (Payments tab, sort by date)
  • Start entering the payments. Make sure to get the dates correct.

Enter payments received as credits into Quickbooks

  • Note the last recorded payment in Quickbooks. You can find that by clicking on "Enter Payments" from the home screen, and clicking "back" once.
  • Pull up a list of payments in InvoiceNinja (Credits tab, sort by date, show Archived)
  • Start entering the payments. Make sure to get the dates correct.

Cross-check: Compare outstanding client credits/debits in Quickbooks/Invoiceninja

  • QB's list is easily available by pulling up the customer center.
  • You can see Invoiceninja balance from the clients screen.
  • This is also a good time to mark QB customers inactive that have been marked inactive in Invoiceninja. Double-click their name and check off "customer is inactive".

Record the deposits - checks

Using either the bank statements or the "Checks Deposited" Google doc, you'll now group your payments into deposits.

  • From the QB home screen, click "Record Deposits".
  • Check off the first group of checks that were deposited together (note that you can slide your mouse over them to check them off faster).
  • Confirm that the Payments Subtotal matches the bank statement, then Press OK.
  • Enter the deposit date, then press "Save and New" until you're done.
  • If your numbers are off, look at "Checks Deposited".

Record the deposits - credit card and ACH

  • From the QB home screen, click "Record Deposits".
  • Log into Stripe.com, go to Payments and export all payments.
  • Open the export in your spreadsheet software and create a column called "Net" that's Total - fee.
  • Check the bank statement for payments from Stripe.com. They'll batch multiple payments together, so find the payments on the Stripe export whose "net" adds up to the amount on the statement.
  • Check off the corresponding group of payments in Quickbooks.
  • On the next blank line, set the Account to "Bank Service Charges* and enter a negative amount that equals the service charge. Note that all Quickbooks fields allow you to do arithmetic, so you can put in the amount from the statement minus the total of payments.
  • Enter the deposit date from the bank statement, then press "Save and New" until you're done.

Record the deposits - Wire transfers

  • From the QB home screen, click "Record Deposits".
  • Locate wire transfers on the bank statements.
  • Check off the corresponding payment in Quickbooks.
  • On the next blank line, set the Account to "Bank Service Charges* and enter a negative amount that equals the service charge.
  • Enter the deposit date from the bank statement, then press "Save and New" until you're done.

Record accounts payable

Using the bank statements and/or the Amalgamated website, we can put all the payments into Quickbooks. Also a bit long/tedious.

  • From the home screen, click "Write Checks". Click on "Previous" to note the last transaction recorded in QB
  • Record payments on the bank statements.
    • Make sure payments are categorized correctly.
    • When setting up a new vendor, don't do Quick Add; enter a default category for the payment.
    • Make sure the date and check number is correct.
    • The check number for debit card transactions is "DB". The check number for direct transfers from the bank account is "EFT".
    • Put any memos from the check into the memo field in QB.

Reconcile the bank acccount

Bank reconciliation (aka "bank rec") is a cross-check to ensure that your ending balances in the bank account match that of Quickbooks. You do it once for each physical bank statement you have - though you can also just do it through any date if you know what the ending balance on that day was.

  • On the home screen, press the "Reconcile" button.
  • Enter the Statement Date and the Ending Balance, press "Continue".
  • Check off all the debits and credits that are on or before the statement ending date. If you're lucky, it'll match, and your difference will be $0.00. ** If not, go through the items one by one (or bifurcate!) and find the discrepancies and correct them.

How to handle unusual transactions in Quickbooks:

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