im using reckon 2013 selling merchandise and advertising spaces , could someone tell me what item t

Simone Apps
Simone Apps Member Posts: 5
edited September 2019 in Reckon Accounts (Desktop)
i'm using reckon 2013 and have just added a new company that will sell merchandise and advertising spaces , could someone tell me what item to choose for these?

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited September 2019
    Hi Simone

    If you need to track the merchandise quantities, set up each individual item as an "Inventory Part", if not, then as "Non-inventory Parts"

    Depending on how you "sell" advertising, I would set that up as "Service" Item(s)

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Simone Apps
    Simone Apps Member Posts: 5
    edited September 2019
    Thankyou so much for your help , while i've got you could you please advise on what to use in the chart of accounts that were pre selected when i created the company account , for instance would i use stock on hand for my merchandise (if it were in stock ) and if you have any further advice on this subject ?

  • Simone Apps
    Simone Apps Member Posts: 5
    edited August 2018
    To give a quick background , i will be selling merchandise and banner style advertising , i have not used reckon for this sort of business before , for the last 20yrs i have been using reckon for selling landscape supplies and earthmoving .
  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited August 2018

    Yes, you could use that account if you've already pre-selected a business CoA setup. 

    NB: I always choose "Other/None" at setup & add relevant Accounts as I go.  Because the program was originally US-based, many of the default Accounts created - & there are often a LOT! - are not applicable to Australia.  You can go through the list & "Delete" the unnecessary Accounts - this reduces the list length dramatically & simplifies your system.  You can also re-name any Account to whatever title you prefer.

    If you're going to track Stock/Inventory ....
     

    • If you want to get a prompt when that item reaches a certain level, you need to ensure you enter the "Reorder Point" (eg minimum quantity) when you FIRST set up the Item.  Whilst you can edit Inventory quantities/values down the track, the re-order prompt is only able to be set at initial setup.  Afterwards, that field is greyed-out!
    • In order for your Stock/Inventory quantities to be accurate, make sure you use the same Item - setup for both Purchase AND Sale use – on transactions where you buy the Item “In” (Bills, Cheques, Credit Card purchases) & sell the Item “Out” (Sales Receipts/ Tax Invoices, Adjustment Notes)
    • I find it best to group Inventory Items by Supplier & use the Supplier’s Item “Code” as the Item Name.  This allows you to easily view all the Items you purchase from that particular Supplier & minimises confusion as to which Item to use from your list  
    Write a comment

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited September 2019

    “Service” Items are best for non-physical sales eg labour/time (hours), professional fees or in your case, Advertising Space.  Whilst you can still use quantities, these are not tracked - with a running balance - in the system.  You can still utilise a specific service Item that you may buy in & invoice out as above.

    “Other Charges” are more one-off or miscellaneous things eg delivery charges, late fees etc    

    NB: “Inventory” & “Service” Item types CANNOT be changed to a different type at a later stage!


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Simone Apps
    Simone Apps Member Posts: 5
    edited August 2018
    well thanks again , look like i may go back in and add my own relavent accounts , when you say a business CoA set up , i'm lost can you explain please ?
  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited August 2018
    CoA = "Chart of Accounts" (eg your Accounts list)
    When creating a new Company File .... It asks you to "Select an Industry from the List" for the purpose of creating a more industry-specific list (chart) of default Accounts.  Right at the bottom of this list is "Other/None" which only creates about half a dozen of these default accounts instead.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Simone Apps
    Simone Apps Member Posts: 5
    edited August 2018
    Thank you for your time and help today .