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How do I use Quickbooks to track clients who miss their monthly payments?
How do I use Quickbooks to track clients who miss their monthly payments?
I'm new to Quickbooks. I don't even know which key words to use to search for answers to my questions about the program. If you can point me to the appropriate sites, that would be great. Here's my problem.
I work for a law firm. A typical retainer agreement has the following figures:
$10,000 total balance
$1,000 down payment due today
$250 per month for the next 36 months.
Other info:
Send a reminder letter (ranging from mild to harsh) if payment is missed in 1-3 months.
Send a letter of final notice if payment is missed in 4-6 months.
Send a letter informing the client that we'll take them to small claims court if no payment is made after 6 months.
As you can see, I need to keep track of which clients have been missing their payments.
Can you help?
Thanks.
Answers:
Shay: In all honesty, I don't believe QuickBooks can help you with that. BUT, I did find a QuickBooks add-on that can help - one of the features it offers is RETAINER TRACKING. Make sure you check out the website:
BillQuick ? Time and Billing Done Right
BQE Software
www.bqe.com
Pricing: $395 for 2 users (Basic), $795 for 5 users (Pro)
Who it's for: BillQuick is targeted to companies who track time and reimbursable expenses, and who bill for those costs.
Simply stated, the BillQuick Time and Billing software is the most comprehensive time and billing system on the market today. From appointment scheduling integrated with Outlook, to project management, time tracking, job costing, web based time entry, RETAINER TRACKING, electronic and paper-based invoicing, flexible reporting and analysis, and complete, smartly-designed integration with QuickBooks, this product is simply the best choice for professionals.
2007-09-20 14:11:38
1. Train you on the correct process for recording and applying client retainers.
2. Document typical bookkeeping procedures for you, so that you can refer to the documentation when doing mundane bookkeeping tasks.
The reason I think this is that your situation is more complex than normal, and you are not familiar with accounting principles or terminology. Although QuickBooks is an excellent program, it's only as good as the user. If the user doesn't understand how to use it, then the user will end up with incorrect reports, which can be difficult and expensive to diagnose and correct.
It's better, and less expensive, to get the personal help you need right up front, than to struggle along for months, or even years, and end up with an embarassing mess.
Take care and best of luck to you in whichever way you decide to go.
2007-09-21 17:46:50