If you are using accounting and project management software like BillQuick for your small business, then hopefully at some point you’ve run some reports. The thing about running reports in your accounting software is that as you analyze them, eventually you want to dig into the details. Perhaps you want to see and confirm all of the invoices that make up your total revenue. For that matter, the total revenue number doesn’t really tell you that much--just how much your gross revenue is. Where did that number come from? Which clients? Which products and services?
As my friend Tina recently encountered, she had discounts going to a different line item on her profit and loss instead of where she wanted them to go. In fact, that is what inspired this post. I wanted to try and help her get from the number to the source.
Her original question was: Where can I find the "Default Discount Account" within BillQuick Online? I need to change the existing one to a different one.
Here was the answer to Tina’s issue: When creating a manual invoice, there is a box towards the bottom of the screen that says "Discount." Any figures entered into that box for the discount post to the "Default Discount Account." This is a hard coded account and cannot be changed per support. The work-around is to create an activity item "Discount" and enter the account number you want discounts to post to.
You can read the whole thing in our BillQuick Users Group.
Tina’s issue was ultimately not resolved by auditing reports and invoices in BillQuick Online, but it still made me think that this is something people should know how to do.
Since BillQuick uses Crystal Reports, you cannot simply click a number from a report to get its details. Now it becomes that much more important to know how to audit your revenue, and for that matter, your invoices in BillQuick Online.
The world is changing fast. There is less data entry to be done, which leaves more room for strategic analysis of the information we can get from reports. It’s also more necessary than ever before in order to keep up. Then the real bottom line is that as millennials are occupying more and more of the workforce, they--as well as the small business owners out there--are demanding this more than anyone has before.
Reports are the output of your accounting system, and they are just the starting point for a bigger conversation. What are you going to do with this information now that you have it? This is a question, perhaps, for my next post.