Bit of advice regarding accounting software


P

Phil Latio

I have expanded my business recently and now use freelance programmers on
certain jobs and I would like to keep track of payments to them (all made
directly or indirectly through PayPal). It would great if I could attach
these payments to various projects and see how profitable individual
projects actually are.

What I would also like to do is offer customers estimates/quotations after
contacting freelancers with specific project details and they come back to
me and say what they could do the project for.

Therefore I wonder if someone can suggest a competitively priced accounting
software application based on my needs? Grateful for any advice on this.

Cheers

Phil
 
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P

PeterSaxton

I have expanded my business recently and now use freelance programmers on
certain jobs and I would like to keep track of payments to them (all made
directly or indirectly through PayPal). It would great if I could attach
these payments to various projects and see how profitable individual
projects actually are.

What I would also like to do is offer customers estimates/quotations after
contacting freelancers with specific project details and they come back to
me and say what they could do the project for.

Therefore I wonder if someone can suggest a competitively priced accounting
software application based on my needs? Grateful for any advice on this.

Cheers

Phil
I'd recommend QuickBooks.

http://quickbooks.intuit.co.uk/
 
P

Phil Latio

I'd recommend QuickBooks.
I used Quickbooks back in the late 90s and after some initial wrestling with
it, I found it suitable for my needs as they were then (I ran a shop). The
thing is it's gone from £99 to £400 for what appears to be same product
apart some new fangled wizards. I appreciate there are different versions of
Quickbooks now but it seems a bit of a rip off now, especially when I read
the reviews of latest version (2008) which has been slated. I only wish I
still had the box because that would have probably suited me fine.

One product I have looked at over the weekend is MYOB BusinessBasics which
although doesn't have all the bells and whistles of more expensive
applications, it is 99% suitable for my needs. The only thing I don't like
is that you can't enter transactions (such as stuff you have bought or
training courses I have attended) before the "Coversion Month" which for
start-ups seems a bit inconvenient.

Thanks for your advice.

Cheers

Phil
 
T

Troy Steadman

I used Quickbooks back in the late 90s and after some initial wrestling with
it, I found it suitable for my needs as they were then (I ran a shop). The
thing is it's gone from £99 to £400 for what appears to be same product
apart some new fangled wizards. I appreciate there are different versions of
Quickbooks now but it seems a bit of a rip off now, especially when I read
the reviews of latest version (2008) which has been slated. I only wish I
still had the box because that would have probably suited me fine.

One product I have looked at over the weekend is MYOB BusinessBasics which
although doesn't have all the bells and whistles of more expensive
applications, it is 99% suitable for my needs. The only thing I don't like
is that you can't enter transactions (such as stuff you have bought or
training courses I have attended) before the "Coversion Month" which for
start-ups seems a bit inconvenient.

Thanks for your advice.

Cheers

Phil
If you are posting pre-trading items into a period then post it in at
the first minute of day one, or failing that, any other date.
 
P

Phil Latio

If you are posting pre-trading items into a period then post it in at
the first minute of day one, or failing that, any other date.
Thanks for the tip. The more I get into MYOB BusinessBasics, the more I like
it.

My only problem now is getting my head around how I represent payments to
freelancers who work in Asia. I actually pay an Escrow to the website then
release it when I am satisfied the work is done. This system works
surprisingly well but they get paid in US $dollars via PayPal via my credit
card.

Anyhow thanks once again.

Cheers

Phil
 
T

Troy Steadman

Thanks for the tip. The more I get into MYOB BusinessBasics, the more I like
it.

My only problem now is getting my head around how I represent payments to
freelancers who work in Asia. I actually pay an Escrow to the website then
release it when I am satisfied the work is done. This system works
surprisingly well but they get paid in US $dollars via PayPal via my credit
card.

Anyhow thanks once again.

Cheers

Phil
The easiest way is to set the Escrow account up as a bank account, and
also your VISA as a bank account, and (of course) account for all the
transactions in MYOB in sterling.

For each multi-currency account have a "tracker" list in Excel
recording every transaction.Column 1 in (say) US dollars will
reconcile to or agree to what the US companies' statements say is your
balance; Column 2 agrees to what MYOB says is your balance. Have a
Column 3 record the exchange rate you used, Coumnl 4 saying why. Other
columns can record Fees & Charges & whatever else comes your way.

At the year end a one off calculation between the balances of these
two columns will give you a profit or loss on currency movements. That
is allowable for tax as a loss or taxable as a profit, so post that as
an overhead to the P&L.

The dollar balance and the sterling balance will for one day only be
equivalent.
 
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T

Troy Steadman

The easiest way is to set the Escrow account up as a bank account, and
also your VISA as a bank account, and (of course) account for all the
transactions in MYOB in sterling.

For each multi-currency account have a "tracker" list in Excel
recording every transaction.Column 1 in (say) US dollars will
reconcile to or agree to what the US companies' statements say is your
balance; Column 2 agrees to what MYOB says is your balance. Have a
Column 3 record the exchange rate you used, Coumnl 4 saying why. Other
columns can record Fees & Charges & whatever else comes your way.

At the year end a one off calculation between the balances of these
two columns will give you a profit or loss on currency movements. That
is allowable for tax as a loss or taxable as a profit, so post that as
an overhead to the P&L.

The dollar balance and the sterling balance will for one day only be
equivalent
I forgot to say:

The point of the additional columns in Excel is that those totals can
be posted as a single year end journal slotting everything into the
correct place.

Keep a copy of that journal and it will do for each succeeding year -
no more headscratching!
 
P

Phil Latio

Troy Steadman said:
The easiest way is to set the Escrow account up as a bank account, and
also your VISA as a bank account, and (of course) account for all the
transactions in MYOB in sterling.

For each multi-currency account have a "tracker" list in Excel
recording every transaction.Column 1 in (say) US dollars will
reconcile to or agree to what the US companies' statements say is your
balance; Column 2 agrees to what MYOB says is your balance. Have a
Column 3 record the exchange rate you used, Coumnl 4 saying why. Other
columns can record Fees & Charges & whatever else comes your way.

At the year end a one off calculation between the balances of these
two columns will give you a profit or loss on currency movements. That
is allowable for tax as a loss or taxable as a profit, so post that as
an overhead to the P&L.

The dollar balance and the sterling balance will for one day only be
equivalent.
Thanks once again for some useful tips.

Cheers

Phil
 
P

PeterSaxton

Thanks once again for some useful tips.

Cheers

Phil-
If you are going to use a credit card as a bank account it's best to
use another credit card for personal stuff.

I'm not sure you'll be able to keep track of projects in your version
of MYOB.

The other problem you will get is when you have to make a payment to a
supplier in advance of receiving the invoice. MYOB doesn't allow that.
 
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P

Phil Latio

If you are going to use a credit card as a bank account it's best to
use another credit card for personal stuff.

I'm not sure you'll be able to keep track of projects in your version
of MYOB.

The other problem you will get is when you have to make a payment to a
supplier in advance of receiving the invoice. MYOB doesn't allow that.
Thanks once again for the help. I've managed to get an oldish version of
Sage Accounts (not the instant version but full blown) and I am now going to
use that.

The next step for me is to find a local Enterprise Centre that runs a 1 or 2
day general bookkeeping course. Just a need a quick refresher. I've seen
professional Sage courses but £200+ per day is currently a bit out of my
price range.

Cheers

Phil
 

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