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  #1  
Old 06-08-2007, 10:58 PM
ltcartwright ltcartwright is offline
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Setting Up New Company QBE Solution 5.0

Hi, Can any one point me out to any information helping a new hot dog vending cart owner using Quickbooks Enterprise Solution 5.0?

I'm not sure how to begin tracking expenses, inventory, sales, etc....Nor am I sure which sets of accounts would be better. During the interview, I took a look at the sample Bakery Store accounts and the Restaurant accounts in another accounting program and wasn't sure whether QBES5.0 had something better.

Any help is appreciated.
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  #2  
Old 06-09-2007, 03:04 AM
Joe Williams Joe Williams is offline
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Quickbooks Enterprise Solution 5.0 is the same as Quickbooks PRO 5.0 with a larger list and allows 10 users insted of 5 users.
I would reccomend that you not use the inventory items, just the non-inventory items for tracking your sales and purchases.
If you setup an item for each type of hot dog you sell and have it use an income account named Daily Sales. At the end of the day you would enter a Sales Receipt and list each of the hot dog types sold and their quanity. This will give you the total amount os sales for the day and the amount you deposit into the bank.
Bt setting up non-inventory items for each of the items used in makeing the hot dogs and checking the box "This item is purchased and sold to a specifis customer", you can assign an expense account for the purchased items. Use the same expense account like "food materials" or seperate ones like "buns" , "hot dogs" or "condiments".
You can then get reports on the amount of sales and purchases and a profit and loss report to track your bussiness.
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  #3  
Old 06-09-2007, 08:31 AM
ltcartwright ltcartwright is offline
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Joe, thank you for your quick response. I'm quite new at this so if I ask a silly question, please forgive me.

From your response, this is what I gather:-
1. do not enter my items in as inventory
2. instead, create expense accounts for my inventory items, using "food materials" or for better accountability "buns", "hotdogs", etc...
3. then enter my items as non-inventory, checking "this item is purchased and sold...."

Is that right? I am going to go into the sample company and try this out, if I have another question, I'll email it to you.

Your reply was quick, I was thinking I'd get a response sometime next week. I appreciate your help so far.


EDITED:

Hi Joe, is there a way to move this thread to the Quickbooks Pro section?? If so, how do I do that? Also, I have a few questions...
1. I use different length buns, 6" and 12", so do I use a non-inventory item called "HOTDOGBUNS", then create subitems called "6inbuns", "12inbuns"? Do I check the box on the main item or the subitems or ALL??
2. The same with the hot dogs I use beef/pork/turkey/soy. The beef, pork and turkey come in two sizes the soy in one. Do I follow the same example as question 1??
3. Some of my toppings are homemade like the chili (3 types-grd beef/grd turkey/soy crumbles), cheese sauce, etc, how would I track these? What expense account would I use to set this up?
OR
Do you have a more simple way for me to track these toppings?

Last edited by ltcartwright; 06-09-2007 at 09:00 AM. Reason: Update questions....
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  #4  
Old 06-09-2007, 09:01 AM
ltcartwright ltcartwright is offline
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EDITED:

Hi Joe, is there a way to move this thread to the Quickbooks Pro section?? If so, how do I do that? Also, I have a few questions...
1. I use different length buns, 6" and 12", so do I use a non-inventory item called "HOTDOGBUNS", then create subitems called "6inbuns", "12inbuns"? Do I check the box on the main item or the subitems or ALL??
2. The same with the hot dogs I use beef/pork/turkey/soy. The beef, pork and turkey come in two sizes the soy in one. Do I follow the same example as question 1??
3. Some of my toppings are homemade like the chili (3 types-grd beef/grd turkey/soy crumbles), cheese sauce, etc, how would I track these? What expense account would I use to set this up?
OR
Do you have a more simple way for me to track these toppings?
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  #5  
Old 06-09-2007, 05:34 PM
Joe Williams Joe Williams is offline
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You do not need to get this moved ot a differant forum.
I would use single items for the buns and dogs, like Buns-6, Buns-12, dog-b, dog-[, dog-t, dog-s, chilli-b, chiil-p, dog-t1, dog-t2, dog-s1 and dog-s2.
They can all go to the same income account. Use the Purchase by Item Detail to see the quanity and amount of the purchases and the P&L to see the overall profit.
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  #6  
Old 06-09-2007, 08:25 PM
ltcartwright ltcartwright is offline
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Ok, thanks...

I'm assuming that the "Purchases by Item Detail" is a reporting feature?? And the income account can be generic, like "Sales" or something....???

And just to clarify the first part of the question, set-up the items as Non-inventory and use single item naming (buns-6, etc...) BUT check mark "This item is purchased and sold to a specific customer" for each of the single items that I create?

I'm I following you so far....?
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  #7  
Old 06-10-2007, 06:26 AM
Joe Williams Joe Williams is offline
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Yes. By using individual items for each of the purchases and sales, you can get more detailed reports on how you are doing and it helps in keeping the Chart of Accounts simpler.
By using the reports for purchase by items, you get a detailed report by item.
You can use the Sales Receipt and enter the sale of the differant hot dog items sold.
If you have some product that you have to dispose of at the end of the day, like 20 6" Beef Hotdogs, you can add that item with a quanity of 20 and an amount of 0.00 to show that you "sold" them at 0.00. The purchase cost is tracked and the sale of 0.00 is tracked so you can see how much you had in "disposed products" for the day or month.
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  #8  
Old 06-10-2007, 08:22 AM
ltcartwright ltcartwright is offline
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You have started me out wonderfully! Thank you very much. I'm on to set-up my company in QBES, if I have any more questions I'll post.

Again, thank you...
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  #9  
Old 06-10-2007, 02:06 PM
ltcartwright ltcartwright is offline
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I knew I would have another question to ask....I'm setting up the items as you suggested and I'm coming across these two things:

1. cost of the item
2. sales price of the item

The only thing is, if I'm selling hot dogs, there is never a time I'll sell just the hot dog or the bun itself (separately). I know what the cost price will be, ie - hot dogs cost $10.25 for 16 pack = $0.64 /hot dog, but how do I handle the sales price of it?? What if I sell the hot dog sandwich for $1.75, but later change it to $2.00 how can I track sales in this case?

I was considering leaving these fields blank, but wouldn't that affect the totals elsewhere?? I know this shouldn't be rocket science but I want to track stuff correctly (and learn in the process).
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  #10  
Old 06-11-2007, 05:23 AM
Joe Williams Joe Williams is offline
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I set up a test company in QuickBooks 2005. Send me your email addtess and I will send it to you.
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  #11  
Old 06-11-2007, 09:32 AM
suzannemead suzannemead is offline
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Have you considered creating a "group Item"?
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  #12  
Old 06-11-2007, 07:53 PM
ltcartwright ltcartwright is offline
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Hi Suzanne, if you would explain, then I can decide whether or not that's possible.

Thanks for helping out!
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  #13  
Old 06-11-2007, 08:58 PM
suzannemead suzannemead is offline
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Go to the Item List and create a new item. Make it a "Group" type of item. Below that you will see where you can choose items that you already have, such as the hotdog and the bun. Select each and the quantity of each. In this case "1" is the quantity. When you enter this group item on the sales receipt or invoice it will enter both items with their prices. An "assembly" type of item makes more sense but you have to use inventory parts in that. Group items don't have to be inventory. If you change your sales price you will have to go back and edit the contents of the group item individually.
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