Quickbooks solution - custom columns that calculate?
May 19, 2010 6:45 AM Subscribe
Simple way to track invoices overdue (or, days of sale) in Quickbooks Pro?
posted by keasby to Computers & Internet
Dearest beloved hivemind,
I am working with our accountant to come up with a simple-to-implement solution for tracking days of sale. We use Quickbooks Pro 2010. The Owner wants to be able to easily evaluate customers' quickness to pay, in order to inform team leaders (at this fashion PR agency) where to best devote their limited time and resources.
I have read a few manuals on Quickbooks, but need a little more practical help. I cannot log on to the quickbooks myself as the accountant is very possessive, and rightly so (there have been issues with erroneous entries in the past).
Basically, we'd like to be able to assess average "days of sale" - ie. time elapsed from invoice due date until date paid. I understand the Aging column calculates days from invoice. However this clock seems to disappear once the invoice is paid. What I'd like to do is calculate an ongoing average, by customer account.
Is it possible to create ("program"?) a custom column in Quickbooks that can calculate Paid Date (or current date, if not paid) minus invoice date, minus terms (ie. -30 if net30)? My hunch from research thus far is no...I hope I'm wrong.
If my hunch no is correct, does anyone have advice as to how I might set up the simplest possible form in Excel, from which export data can be processed? I was thinking I could dump payment histories then calculate based off of that, but right now it seems to be all manual.
The end goal is to have something semi-automated that the accountant can easily produce to share with the owner on a regular basis going forward. My role is a temporary consultant/friend of the Owner who is very interested in making a smart, efficient and readily deployable tool for this group to use going forward.