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Mr G
Level 2

Which QB Feature to Use for Investments/Fund Billing/Tracking?

Hi,

 

Our company is thinking of using QB Enterprise 2018 for billing/reporting needs, and I've been tinkering with QB features/processes. It seems "class" and "sub-gl's" might be the only way to segregate revenue, but I wanted to confirm with the pros!

 

Gist: We have about 150 customers, each contract has about 3 to 5 fund accounts which we bill for maintaining/servicing. We would like to keep track & invoice individual funds for one customer under one invoice, report revenues for each of the customer's fund account or GL income account as a whole sector.

 

Class: Create individual customer and fund #, select class on line item level when invoicing, run report on class level, massage report as needed?

 

Sub-GL: Create a sub-GL for each fund account #. I like the ease of GL reporting segregation, but given the amount of customers + contract #'s + fund #'s per contract, I'm afraid our GL reports will be cumbersome?

 

Customer Type: I found this option in customer profile, but only issue is some of the customer's have two type of contracts with us, investment and retail sector, so we need to separate those revenue departments accordingly....

 

Also, any feature to "split" an invoice into two revenue departments? I.e. invoice of $5,000 is saved, then QB moves $2,500 to investment department and $2,500 to retail department. I tried splitting the revenue income during "item" creation, but no field to add percentage/second income account, did I miss something?

 

Lastly, can QB handle/maintain contracts? Only options I found were estimate, sales order and projects, which kind of works for our needs.

 

Any other options/features for us to try?

 

Thanks guys!

 

 

5 Comments
Jen_D
Moderator

Which QB Feature to Use for Investments/Fund Billing/Tracking?

Thanks for your interest with our products, @Mr G,

 

To answer your question about classes, this is a good feature to help categorize customer transactions or even your book balances. There are several reports available in QuickBooks Enterprise where you can run to review segments in the program you want to keep an eye on.

 

For sub-GL or sub-accounts, its main purpose is to account real time entries by depositing the funds to specific accounts used by the business. Don't worry about the reporting, our program is equipped with various reports you can use to track accounts and funds.

 

Regarding the Customer Type, you can only assign one type at a time. If you want, you can assign custom fields to add additional category for tracking customers. You can check this post, to get an overview on how custom fields work.

 

For invoice payments deposited to different accounts, you can assign them when you create the payment. Set them as partial payments to deposit them separately by editing the amount paid. These are the fields you will change every time there are split payments:

 

For your last questions, QuickBooks uses those entries you've mentioned for quotes and contracts. Therefore, that is something you can use for your business.

 

Take a look at these links to learn more about the features available for QuickBooks Enterprise:

 

Let me know if there are other things I can help you. I'll be right here to help you any time. Have a lovely day!

Mr G
Level 2

Which QB Feature to Use for Investments/Fund Billing/Tracking?

Thanks, Jen!

 

Quick question, can you split a line item on a AR invoice when it's being entered, so it hits two different GL's? Same as creating an item for invoicing, and QB let's you hit multiple GL's when an invoice is created/item is used.

 

Also, will QB be ok with so many entries hitting the Sub-GL's on a monthly basis? I would estimate possibly 800-1,200 entries  for invoices.

 

Thanks again!

JessT
QuickBooks Team

Which QB Feature to Use for Investments/Fund Billing/Tracking?

Thanks for coming back, Mr G.

 

We're unable to split a line item to have them reported to different ledgers like a particular item should hit A/R 1 and A/R 2. However, you can create sub-items, so you can assign a different account for each of them, but not particularly to GLs.

 

On the other hand, your approximate number of sub-GL's is fine. You can use them in as many transactions as you want. The only thing that you'll have to keep in mind is that your number of accounts in the Chart of Accounts shouldn't exceed 10,000. Check out more info about the limits.

 

I can see that Jen has already provided you a reference for the features. You can also utilize the Help menu to look for more references for QuickBooks Enterprise. Simply press F1 to launch to the Help window, and you can search for the topic you like. Aside from that, we're also available 24/7 in the Community, so please feel free to reach out anytime if you have questions.

Fiat Lux - ASIA
Level 15

Which QB Feature to Use for Investments/Fund Billing/Tracking?


@Mr G wrote:

Hi,

 

Our company is thinking of using QB Enterprise 2018 for billing/reporting needs, and I've been tinkering with QB features/processes.

 


@Mr G 

Just to clarify, how do you get QBES 2018? Do you have an active subscription? 

Mr G
Level 2

Which QB Feature to Use for Investments/Fund Billing/Tracking?

@Fiat Lux - ASIA 

 

Hi!

 

We currently use 2018 for 10 external customer accounts, so I was looking into options if we used it for our internal customers.

 

Thanks!

 

 

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