While this post will help accountants and tax preparers the most, this technique is one that will save any BillQuick customer time and effort.
- You prepare your clients’ tax returns in a tax prep application.
- You record time spent on each return in BillQuick.
- Inside the tax prep software, you create an invoice by entering an amount to charge or by having the software compute the amount based on the number of forms or other criteria.
- When you print the return, the invoice prints along with all the forms, instructions and so on.
Challenge: How do you get the invoice amount into BillQuick with the least amount of time and effort?
Entering the invoice amount in BillQuick does two important things: Captures the revenue and establishes an invoice against which you will apply a payment. Most firms enter invoices generated by their tax prep software into BillQuick daily (or in the same cycle as recording payments and making deposits).
5 Fast and Easy Steps
- Print an Invoice List from your tax prep software.
- Open the Billing Review screen, select your View By choice, and click Refresh.
- With your Invoice List in hand, scan the list on the Billing Review screen for the desired engagement.
- Click the Net Bill field and enter the invoice amount. Mark the B checkbox. Repeat until your Invoice List is exhausted.
- Click the Process button and select Process Final.
Remember: Use an Engagement group to shorten your list of engagement bills.
You have an invoice record. Now what?
- Apply a payment to it.
- Run an engagement profitability report (filtered with the same 1040 Tax – 2010 group) to check the profit of each tax return and the all tax returns done.
- Run a Staff Billing Performance report to view actual bill rates or Employee Rate Realization for a actual vs. billed rate gap analysis.
- Synchronize data with QuickBooks.