Customised Editions

[hartford]

Has anyone tried these new products - Contractors, Consultants, Not for Profit etc.
Are they anything more than standard Quickbooks plus a special chart of accounts and reports or should I be less cynical.

[Oleg]

You are about right. Those verticals have some Industry-specific customizatons what sometimes are helpful, sometimes are not. You always can get a trial CD and see that by yourself. If you deside that's something you like you can buy it. If not - do not spend money on that

[hartford]

Thanks Oleg. But has anyone tried these products in the UK??

[VicMoreland]

I had a look at the details of these on the Inyuit website when I saw this post. I do accounting and payrolls for charities and anything that could help the clients help themselves is of interest. The only difference I could see from the standard edition with its built in charts of accounts was the price!

If you can use quickbooks, you can do all that is claimed for these editions with the standard software. If you're not used to accounts then I don't see these being of much help. I may be wrong but I suspect that these are just standard editions with the unwanted charts af accounts removed, and with all the americanese and "features" of the current edition - UK Vat etc - still present.

I like quickbooks, but customised editions looks like a con to me.

Vic

[john o'brien]

just tried out the non profit version since that's our field of work.
seems like it's more a cosmetic job rather than delaing with the main accounting challenge for charities in the UK.
The main thing missing so far has been complete fund accounting, the Statement of Financial Activities for charities should show fund balances b/fwd and c/fwd, but in this version it stops at net income.
The balance sheet treats net income as normal retained earnings and doesn't allocate them to the fund.
You need to do journals at the end of the period to do this - you can see the sample company where they have done this to get the balance sheet sorted.
Not only will this be beyond most lay people, but you could do this in the ordinary version anyway! Tracking funds by using classes isn't new either.
let me know if I'm wrong anyone
still, it looks good.

[VicMoreland]

Absolutely right John.

I journal the funds brought forward to an "other" income account. That way it shows below the "net income" almost like a pukka SOFA

Vic