Track client billings and earnings


B

blcoopdaddy

I'm part of a professional services firm, and the firm takes a %age of
everything I bill to clients. I bought Accounting Professional '08 for
personal use (not the firm's) to track both my client billings and my
earnings. How can I set this up?
 
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C

CPA Hound

The only thing that comes to my mind is to use the customer and vendor
invoice bill system and the aging reports will show you days based on your
company->Preferences->Customers [pro version] due date or invoice date radio
buttons.
 
B

blcoopdaddy

Sorry CPA Hound, I'm not sure I follow. I'm neither an accountant nor fluent
with the program yet, and don't understand what aging reports have to do with
it. I want to show total client revenues generated by me for each pay
period, on the one hand, and total amount paid by the firm to me (i.e. x% of
total client revenues generated). I suppose I could record the firm as a
vendor and calculate and subtract the applicable percentage each pay period;
is there a way to set up the program to do that calculation automatically for
me?

Thanks.

CPA Hound said:
The only thing that comes to my mind is to use the customer and vendor
invoice bill system and the aging reports will show you days based on your
company->Preferences->Customers [pro version] due date or invoice date radio
buttons.

blcoopdaddy said:
I'm part of a professional services firm, and the firm takes a %age of
everything I bill to clients. I bought Accounting Professional '08 for
personal use (not the firm's) to track both my client billings and my
earnings. How can I set this up?
 
C

CPA Hound

Ok...so maybe if you treated the the revenue you generate as an invoice to
the company and then use the discount percentage to reflect the discount ...
when they give you the payment record that as a payment against the customer
invoice. This way you would have a profit and loss - especially if there
were expenses involved and you would also have reports and the Office
Accounting system would show what you have not received yet and when you
received what you did receive?

Any closer?

blcoopdaddy said:
Sorry CPA Hound, I'm not sure I follow. I'm neither an accountant nor fluent
with the program yet, and don't understand what aging reports have to do with
it. I want to show total client revenues generated by me for each pay
period, on the one hand, and total amount paid by the firm to me (i.e. x% of
total client revenues generated). I suppose I could record the firm as a
vendor and calculate and subtract the applicable percentage each pay period;
is there a way to set up the program to do that calculation automatically for
me?

Thanks.

CPA Hound said:
The only thing that comes to my mind is to use the customer and vendor
invoice bill system and the aging reports will show you days based on your
company->Preferences->Customers [pro version] due date or invoice date radio
buttons.

blcoopdaddy said:
I'm part of a professional services firm, and the firm takes a %age of
everything I bill to clients. I bought Accounting Professional '08 for
personal use (not the firm's) to track both my client billings and my
earnings. How can I set this up?
 
B

blcoopdaddy

Yes and no. I see that treating the firm as a customer allows me to apply a
standard "discount", which is great. However, I need to track each of my
client's billing rates, time entries, projects and tasks (as accounts in
Outlook BCM) etc. I assumed I would have to invoice each of these clients as
customers -- how can I do this and also invoice the firm, without double
entering everything?


CPA Hound said:
Ok...so maybe if you treated the the revenue you generate as an invoice to
the company and then use the discount percentage to reflect the discount ...
when they give you the payment record that as a payment against the customer
invoice. This way you would have a profit and loss - especially if there
were expenses involved and you would also have reports and the Office
Accounting system would show what you have not received yet and when you
received what you did receive?

Any closer?

blcoopdaddy said:
Sorry CPA Hound, I'm not sure I follow. I'm neither an accountant nor fluent
with the program yet, and don't understand what aging reports have to do with
it. I want to show total client revenues generated by me for each pay
period, on the one hand, and total amount paid by the firm to me (i.e. x% of
total client revenues generated). I suppose I could record the firm as a
vendor and calculate and subtract the applicable percentage each pay period;
is there a way to set up the program to do that calculation automatically for
me?

Thanks.

CPA Hound said:
The only thing that comes to my mind is to use the customer and vendor
invoice bill system and the aging reports will show you days based on your
company->Preferences->Customers [pro version] due date or invoice date radio
buttons.

:

I'm part of a professional services firm, and the firm takes a %age of
everything I bill to clients. I bought Accounting Professional '08 for
personal use (not the firm's) to track both my client billings and my
earnings. How can I set this up?
 
C

CPA Hound

You could set yourself up as an employee and create jobs. The employee time
entries could be at various rates that are editiable again at the invoice
level. How you organize the jobs vs per client or not would be best decided
by you - probably trial and error to see what works best. Any entry you make
- employee entries, invoices etc can be voided so you would not need to worry
about mistakes. Keep trails in mind though - for instance if you received
payment against an invoice and want to kill that transaction/invoice then you
would need to void the payment and then void the invoice. I definitely think
jobs would be the way to go because you can do partial billings and can track
the job activity to figure out what happened in the event of any confusion.
Basically, that is one of the main reasons for Acccounting - a trail to
figure out what happened and also to tell you the result of what happened.
Open Office Accounting help and read about how jobs work. They are a very
valuable vehicle to encapsulate ongoing and/or long lifed activities.

blcoopdaddy said:
Yes and no. I see that treating the firm as a customer allows me to apply a
standard "discount", which is great. However, I need to track each of my
client's billing rates, time entries, projects and tasks (as accounts in
Outlook BCM) etc. I assumed I would have to invoice each of these clients as
customers -- how can I do this and also invoice the firm, without double
entering everything?


CPA Hound said:
Ok...so maybe if you treated the the revenue you generate as an invoice to
the company and then use the discount percentage to reflect the discount ...
when they give you the payment record that as a payment against the customer
invoice. This way you would have a profit and loss - especially if there
were expenses involved and you would also have reports and the Office
Accounting system would show what you have not received yet and when you
received what you did receive?

Any closer?

blcoopdaddy said:
Sorry CPA Hound, I'm not sure I follow. I'm neither an accountant nor fluent
with the program yet, and don't understand what aging reports have to do with
it. I want to show total client revenues generated by me for each pay
period, on the one hand, and total amount paid by the firm to me (i.e. x% of
total client revenues generated). I suppose I could record the firm as a
vendor and calculate and subtract the applicable percentage each pay period;
is there a way to set up the program to do that calculation automatically for
me?

Thanks.

:

The only thing that comes to my mind is to use the customer and vendor
invoice bill system and the aging reports will show you days based on your
company->Preferences->Customers [pro version] due date or invoice date radio
buttons.

:

I'm part of a professional services firm, and the firm takes a %age of
everything I bill to clients. I bought Accounting Professional '08 for
personal use (not the firm's) to track both my client billings and my
earnings. How can I set this up?
 
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B

blcoopdaddy

I see, so I could set up each client as a job, and keep my firm as the
customer. That makes sense. The big challenge I see is that it doesn't fit
with my setup in Outlook Business Contact Manager, which provides the data I
use to populate Accounting. There I have my clients as "accounts", each new
client project as a "project" and action items for each project as a "task",
so I can track projects and integrate with my calendar (from time to time I
also find it convenient to launch billing entries from BCM instead of
Accounting). When I run the data integration, BCM accounts automatically
show up as customers in Accounting; if I set up clients as jobs in
Accounting, the integration doesn't work. If I set up clients as "projects"
in BCM (I'm guessing that this data integration would translate BCM projects
to "jobs" in Accounting), I lose a level of detail in BCM that helps me stay
on top of things. . . Is there any way to set up the data integration so
that BCM accounts show up as jobs instead of customers in Accounting?

This is a pretty big deal for me, since the data integration feature is the
main reason I chose Accounting over Quickbooks. . .

Thanks for sharing your advice, CPA Hound.

CPA Hound said:
You could set yourself up as an employee and create jobs. The employee time
entries could be at various rates that are editiable again at the invoice
level. How you organize the jobs vs per client or not would be best decided
by you - probably trial and error to see what works best. Any entry you make
- employee entries, invoices etc can be voided so you would not need to worry
about mistakes. Keep trails in mind though - for instance if you received
payment against an invoice and want to kill that transaction/invoice then you
would need to void the payment and then void the invoice. I definitely think
jobs would be the way to go because you can do partial billings and can track
the job activity to figure out what happened in the event of any confusion.
Basically, that is one of the main reasons for Acccounting - a trail to
figure out what happened and also to tell you the result of what happened.
Open Office Accounting help and read about how jobs work. They are a very
valuable vehicle to encapsulate ongoing and/or long lifed activities.

blcoopdaddy said:
Yes and no. I see that treating the firm as a customer allows me to apply a
standard "discount", which is great. However, I need to track each of my
client's billing rates, time entries, projects and tasks (as accounts in
Outlook BCM) etc. I assumed I would have to invoice each of these clients as
customers -- how can I do this and also invoice the firm, without double
entering everything?


CPA Hound said:
Ok...so maybe if you treated the the revenue you generate as an invoice to
the company and then use the discount percentage to reflect the discount ...
when they give you the payment record that as a payment against the customer
invoice. This way you would have a profit and loss - especially if there
were expenses involved and you would also have reports and the Office
Accounting system would show what you have not received yet and when you
received what you did receive?

Any closer?

:

Sorry CPA Hound, I'm not sure I follow. I'm neither an accountant nor fluent
with the program yet, and don't understand what aging reports have to do with
it. I want to show total client revenues generated by me for each pay
period, on the one hand, and total amount paid by the firm to me (i.e. x% of
total client revenues generated). I suppose I could record the firm as a
vendor and calculate and subtract the applicable percentage each pay period;
is there a way to set up the program to do that calculation automatically for
me?

Thanks.

:

The only thing that comes to my mind is to use the customer and vendor
invoice bill system and the aging reports will show you days based on your
company->Preferences->Customers [pro version] due date or invoice date radio
buttons.

:

I'm part of a professional services firm, and the firm takes a %age of
everything I bill to clients. I bought Accounting Professional '08 for
personal use (not the firm's) to track both my client billings and my
earnings. How can I set this up?
 
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T

Teresa

Our company is running internet auction business and we will give out some
customer discounts such as trade credit when customer sell or buy. Can
Accounting Professional 08 keep track of customer discounts? How can it
works? Thanks.
 

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