Painting The Numbers – Quickbooks Training

TR303 Ltd, based in Sittingbourne, are the exclusive UK stockists for Fusion Mineral furniture paint.  Developed and manufactured in Canada, the paint is environmentally friendly and best in class for finish and durability.

Since launching 2 years ago website sales to retailers and consumers have grown strongly each year. A decision was taken introduce Quickbooks software to replace the very manual method of calculating the Vat returns.  Greg, the director, had set up Quickbooks and contacted me to help him put the necessary processes in place to meet the deadline and ensure he was submitting the first VAT return correctly.

This was complex for a number of reasons: there were a large amount of bank account transactions, two additional charge cards with transactions to explain, foreign currency invoices and the need to reclaim import Vat.

I worked with Greg over a number of weeks to achieve this by:

> Creating sales and cost codes that explained TR303’s business

> Designing a method to enter sales and explain the sales receipts received into the bank account

> Explaining treatment of bank transfers and checking the bank balance in Quickbooks matched the actual bank balance

> Encouraging TR303 to enter invoices owed as bills within Quickbooks and to change their payment processes making it simpler to explain supplier payments within the bank

> Working through the currency conversions for foreign invoices and explain them via the bank account

> Devising a new method to enter the import VAT reclaims within Quickbooks

Greg asked me back again when his 2^nd Vat return was due to review the more complex aspects of his Vat returns.  Returning I could see how much Greg had taken on board and how well he was doing with Quickbooks. I also suggested a much simpler method for the foreign currency payments which he has adopted.