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I user Modernbill, but what account software should I use?

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  #1  
Old 02-12-2005, 03:57 PM
Zach Zach is offline
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I user Modernbill, but what account software should I use?


I use modernbill, but what account software should I use for the back end, and for tax season.

What do people think about microsoft money small biz , does it allow you tokeep track of account and personal expenses?

Do you log each customer into this program from modernbill and each update the accounting software everytime they are invoied and make a payment etc?



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  #2  
Old 02-12-2005, 07:51 PM
Tina J Tina J is offline
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First, talk to an accountant. Do NOT try to sort this out until you've received some solid advice from a certified accountant.

We use ModernBill for billing/invoicing/orders and then we use QuickBooks to record the total 'hosting income'.

--Tina

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  #3  
Old 02-12-2005, 07:52 PM
datacenterdirectory datacenterdirectory is offline
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Go for QuickBooks, its quick, easy and accountants love it at the end of the year!

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Old 02-13-2005, 05:06 AM
joshuayip joshuayip is offline
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Can we use quickbook wihtout any accounting knowledge at all?
Are you referring to the online version or the desktop?

Can you actually sync anything from Modern Bill to Quickbook?

Joshua

  #5  
Old 02-13-2005, 08:27 AM
cbtrussell cbtrussell is offline
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Quote:
Originally posted by joshuayip
Can we use quickbook wihtout any accounting knowledge at all?
Are you referring to the online version or the desktop?

Can you actually sync anything from Modern Bill to Quickbook?

Joshua
1 - Sure, by why would you want to? It cost you far more in the long run if you don't invest a few hours with an accountant now. You'd be a FOOL not to.

2 - Either version will work fine.

3 - Supposedly someone is working on a solution to get data from MB > QB. But it's not that big a deal, just pull a report from MB once a month and make a journal entry in QB to record the gross hosting receivables.

Brandon

  #6  
Old 02-13-2005, 11:02 AM
Tina J Tina J is offline
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Quote:
Originally posted by cbtrussell
1 - Sure, by why would you want to? It cost you far more in the long run if you don't invest a few hours with an accountant now. You'd be a FOOL not to.

2 - Either version will work fine.

3 - Supposedly someone is working on a solution to get data from MB > QB. But it's not that big a deal, just pull a report from MB once a month and make a journal entry in QB to record the gross hosting receivables.

Brandon

Very, very good advice.

--Tina

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  #7  
Old 02-13-2005, 01:19 PM
sirtwist sirtwist is offline
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Hmmm... we have a "Hosting Revenue" customer in QB that we create invoices for whenever we receive payments. We do one abstract invoice for each day that we've received hosting payments for. We keep track of the type of items that were sold, etc., but we let ModernBill handle the receivables for hosting and only record the revenue when it comes in.

Does that sound similar to what you're doing, but you just do it on a monthly basis?

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  #8  
Old 03-04-2005, 12:06 AM
pmcdonnell pmcdonnell is offline
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Quote:
Originally posted by cbtrussell
3 - Supposedly someone is working on a solution to get data from MB > QB. But it's not that big a deal, just pull a report from MB once a month and make a journal entry in QB to record the gross hosting receivables.

Brandon
When you make a journal entry in QB what do you post it to? How do you reconcile your bank account with all the small payments that get deposited from your merchant account/paypal, etc?

I get the idea of the gross receivables, but I just don't know how to post it properly in QB. If I just drop in the full amount how do I split the deposit to show what is checks/cc/paypal...

Thanks for any help.

Regards,
Phil

  #9  
Old 03-04-2005, 12:22 AM
Josh Stein Josh Stein is offline
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Quote:
Originally posted by talkwebhosts
Go for QuickBooks, its quick, easy and accountants love it at the end of the year!
Thats the route we went. Things seem to be working just fine.

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