Jump to content

Quickbooks and Plans


Recommended Posts

For those of you who use either Quickbooks Desktop or Online for your finance/invoicing software, how do you handle clients with multiple plans? With desktop, we used "jobs" for each plan under a single client. It is possible with Online, but getting the job onto the invoice is proving very difficult. I was thinking maybe someone has a better way to track this. Thanks.

ERPA, QPA, QKA

Link to comment
Share on other sites

Prior to the sale of our shop, we used QB Desktop.  Never used the job function - we used Items, which worked well with memorizing/automating quarterly billings where the quarterly admin fee was fixed and the only thing to tweak was add-on charges (distributions, QDRO's, etc.) or revenue sharing (100% offset credit - which we'd do in the last quarterly billing of the year).

If you're looking at the chart of accounts, the main category is Fee Income - then under that:
    Quarterly Admin Fees (subcategories under that by type of plan - i.e. 401k, 403b, etc.)
    Amendment Fees (subcategories under that by type of plan - i.e. 401k, 403b, etc.)
    Design & Installation Fees (subcategories under that by type of plan - i.e. 401k, 403b, etc.)
    Quarterly Document Maintenance Fees (subcategories under that by type of plan - i.e. 401k, 403b, etc.)

That's a general idea - we can take it offline to PM if you want to delve into minutiae.
 

Link to comment
Share on other sites

Thanks for the response. I am worried how easy it would be to track all revenue from Cash Balance Plans that way. Or revenue from a specific Plan like the Acme Cash Balance Plan. You would need special reports that collected all of the sub-fees that encompassed anything to do with CB plans.

Using jobs as a the plan identifier means that it is very easy to see how much revenue I make for all CB plans or a specific one. Unless I am missing something?

ERPA, QPA, QKA

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...