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DAY 3 - JANUARY 30th Online question we covered in class: One problem I have not been able to address is jumping to the employee side. I have the employee working (2) two shops and it creates two payroll checks. Want to know how to make it so his hours come up together at both locations? -Some great info this morning on what automatically feeds to the P&L & B.S. Went over things that are automated after showing it in the more traditional Financial Flow Calculator. Really great to show on the map and work through process and then also show in adilas. -Revenue (Deposits, Invoices, A/R) - COGS (Invoices/Expenses) = Gross profit; Gross profit - Expenses (Expense/Receipts - whether from PO's, REI's, splits or reg E/R's) = Net profit. -Equity - your value in stock, your retained earnings... -Notes payable = owed money, assets = land, building & equipment -Liability - taxes, gift cards/certificates, inventory - things we owe people for, bills - expenses, stock/units, payables, loans (User-Maintained Balance Sheet Items) -Equity - account for retained earnings -Splits - Payments of Account -User-Maintained Balance Sheet Item: Option 1: Item Assigned Value - one time only deal, this is how much was paid in, basically logging special one-time items Option 2: Difference - good for a loan or paying off a liability, because it is continually depleting down to 0, so it is showing the "difference" as you make payments and working on paying it off Option 3: Running Balance - the most flexible, takes the top total still but allows for all sorts of subs and allows for things to flow up and down, up & down (money in & out), and it will keep the running total of that Balance Sheet Item -When setting up payroll - it is really helpful to have all your W-4's right there, so you can get all of their allowances and everything put in correctly. ***IDEA: Someone has a user that they have assigned to 2 different departments... but they want that to be able to roll together when they run payroll, so that they can just write them one check. That may be happening with increasing frequency, especially with the MMJ industry. |