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Thread: I will be freed from the shackles of QuickBooks!

  1. #1

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    Default I will be freed from the shackles of QuickBooks!

    DF & I had a meeting with a new accountant today. He suggested we use a system called BankLink, which basically does all the bookwork for you from your bank statements. I'm a bit excited, will mean a lot less work for me as we won't have to use accounting software at all, apart from BankLink, and no data has to be input as it uses your imported bank statement to go through and assign all the income and outgoing money to different categories. All I'll have to do is assign the codes for it, and it memorises particular transactions so it will automatically do it next time it sees that specific supplier on a statement.

    So...if you have a fairly large business with lots of incoming/outgoing money and you spend ages doing bookwork, I'd highly suggest talking to your accountant about this system as it appears it's going to save me a whole lot of time! Now I'll have to find something else to do while DD is asleep instead of mucking around with Quickbooks!


  2. #2

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    Woo hoo! As for what to do I find Bellybelly to be a fantastic distraction from all the things I should probably be doing.

  3. #3

    Join Date
    Jun 2009
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    Victoria
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    Interesting, how do you keep track of outstanding invoices if it only allocates income once it’s paid?? I'm currently using MYOB and it does take up lots of my time, recently started doing automatic reconciliation with my net-banking so that save a bit for me. Will have to ask our accountant, Thanks.

  4. #4

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    DF's business is predominantly web-based (web hosting/internet services), so we use a billing system called WHMCS which automatically bills customers and marks invoices paid when they have been paid. It's a pretty neat system, so from there we can see what customers owe money, but from the accountant's perspective he said he doesn't care what money is owed to us, only the money that physically hits our account is of concern to him.
    DF is also a tow truck driver, so he's kind of like a sub-contractor for that, so we'll probably have to keep invoicing his 'employer' through Quickbooks, but from the accountants perspective what matters is the amount of money that comes in, and the money that goes out.

    He did show us the BankLink system using one of his files which was from a farmer, so it must work for people that use only quickbooks/MYOB as an accounting system. Hopefully your accountant will be able to give you some answers, I guess what helps us is that we have the other online system which virtually runs itself.


    Heather- I think I'm already on BB & FB enough might give me a chance to get some sewing done though!

  5. #5

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    Quote Originally Posted by ss_storm View Post
    Heather- I think I'm already on BB & FB enough might give me a chance to get some sewing done though!
    not possible. I bet you couldn't make a top for Isaac as nice as the one GMIL made for Isaac /sarcasm. Will post a pic on FB...

    ETA- Will have to do it tomorrow, apparently MIL took it back into her room :/

  6. #6

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    Sounds great, will look into it! DH's a tradie so I have to be on top of outstanding accounts otherwise some customers take their sweet time paying, such a pain.

  7. #7

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    I use Banklink (I do the accounts for my parents auto accessories shop) but I only do the coding part and send the file to head office to reconcille the sales (from a POS computer system) with the Banklink file and they do the financial accounts and send me the BAS numbers to be put on the form. Its very easy. Are you sending the file to your accountant for the final stuff or can you get the BAS numbers yourself?

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