Quickbooks

[cycloneuk]

I have been using Quickbooks Pro for around 18 months and enabled the stock control feature that cannot be turned off.

This was fine since i could import all my website orders and it would keep the stock in synch, but since i have started selling on ebay and amazon Quickbooks thinks i have 15k more stock than i actually do which also affects my P L reports which shows 15k more profit than i have made.

I am using a full inventory management system which syncs stock between our website, ebay and amazon so don't require the stock control with quickbooks.

How easy would it be to switch to something like KashFlow? without the stock control.

[David Griffiths]

One option to explore in Quickbooks would be to create a new company, without the stock control option turned on, and then use the export and import features to transfer across your chart of accounts supplier names and other things. You'd still have the old company available for reference on old transactions and a clean installation for the new one.

Having said that, there are no major issues moving between different accounting systems. It's usually possible to import much of your static data, and then you choose a cut off date and away you go

[cycloneuk]

I was interested in Xero since it integrates nicely with HSBC and looks pretty good online accounting software but it seems complicated to move from Quickbooks since when i generate a trial balance it shows cogs accounts and stock assets which i persume i don't need if i'm not tracking stock but all my figures are based around that.

[DuaneJackson]

Hi Cycloneuk,

Could you email support at kashflow.com with details of the inventory management system you use? We're on the look out for a few decent ones to integrate with.

Duane

[cycloneuk]

Hi Cycloneuk,

Could you email support at kashflow.com with details of the inventory management system you use? We're on the look out for a few decent ones to integrate with.

Duane

Hi Duane,

We use linnworks, pretty decent software.

Paul

[David Griffiths]

I was interested in Xero since it integrates nicely with HSBC and looks pretty good online accounting software but it seems complicated to move from Quickbooks since when i generate a trial balance it shows cogs accounts and stock assets which i persume i don't need if i'm not tracking stock but all my figures are based around that.

It's not that complicated. The Cogs account is replaced by, or renamed, purchases, and you will still need a stock asset account because the value of stock is adjusted from time to time -certainly at year end, and sometimes more frequently if you want your management accounts to reflect the true profit. That's really the only change if you're not actively tracking stock - everything else is pretty much the same

[cycloneuk]

Will my cogs balance be correct if my quickbooks inventory is not in synch?

[David Griffiths]

Probably not. It will depend why your stock values aren't in sync, but normally you'd adjust stock to the correct value by making a transfer to cogs. That's correct if the difference in stock is just that items haven't been transferred as sold. There are other possibilities which would require different postings to reflect them.

[cycloneuk]

Probably not. It will depend why your stock values aren't in sync, but normally you'd adjust stock to the correct value by making a transfer to cogs. That's correct if the difference in stock is just that items haven't been transferred as sold. There are other possibilities which would require different postings to reflect them.

Sales from my website get imported and the stock is adjusted automatically but since i started selling on ebay/amazon i can't import those sales to reduce the stock so the quantities are way off atm.