How to financials

Categorizing Checking

• Log into quickbooks at [1]
• In the upper right hand corner, there are 4 accounts: Savings, Checking, PayPal, and PEX. Select Checking
• select Recognized, and sort by date.
• Step through the records:

For Regular Transaction

• Find the Appropriate vendor (Home Depot, Amazon, AirGas, etc)
• Find the appropriate category - STandard accounting expense (
• Find the appropriate department - Usually the budget to charge the expense against. (Area, G&A for Board/administrative, or votes)
• Memo: If the transaction has caveats, an RT ticket, or a wiki vote, add a link.

When Done, press Add.

Resolving Difficult Transactions

For a Lot of categorization, the correct course of action is unclear. If you copy the "Description" field from the transaction, click the "In Quickbooks tab", you can probably find where that type of transaction has occurred before.

For Transfers

• Pex, Paypal, Savings

• Select the "Transfer" radio button
• Select the Appropriate Account to transfer From/To
  • Paypal
  • Pex
• Press the "Transfer" button

Categorizing Pex

PEX cards are given to area hosts to spend from allocated budgets.

Importing Pex Transaction

• Log in to https://admin.pexcard.com
• Go to Reports >> Export to QuickBooks™
• Verify that the month you want to import has not already been imported. Reimporting transaction data makes a quick mess in quickbooks.
• Export a single entire completed month only.

• Log into quickbooks at [2]
• In the upper right hand corner, there are 4 accounts: Savings, Checking, PayPal, and PEX. Select Pex
• There will be an Update Box with a Dropdown Arrow next to it. Click the Arrow.
• Select File Upload
• Upload the QBO file you downloaded from the pex site.

Categorizing PayPal

Paypal Income is handled a little differently from the other accounts. We do not import individual transactions. Instead, we create journal entries from reports

Get Report from paypal

• Log in to https://business.paypal.com/webapps/merchantreportingweb/page/fsr.form
• Select the completed month you want to export, and press "View Report"
• Once the report is generated, Press "Download" next to the pdf combo box.
• Rename the Downloaded file from MonthlyFinancialSummery.pdf to paypal-YYYY-MM.pdf where YYYY is the 4 digit year, and MM is the 2-digit month

Create Journal Entry in Quickbooks

• Log in to quickbooks
• Click the + at the top of the screen >> Journal Entry
• Set the Journal Date to the last day of the month you are creating the entry for.

PayPal Statment line	Debit	Credit	Description	Department
Payments recieved	0.00	Member Dues	paypal member dues	G&A
Refunds Sent	Member Dues	0.00	paypal member dues - refunds	G&A
Fees	Bank Charges		paypal member dues - paypal fees	G&A
Dispute Activity	Member Dues	Member Dues	paypal member dues - dispute activity	G&A
remaining balance	PayPal		paypal member dues	G&A

• The paypal statement lists Debit's as negative. Take the absolute value.
• Ignore Transfers & withdrawals and Purchase activity for now, those are handled differently.
• Dispute activity may show up as a debit or a credit. Pay attention and make sure it matches in quickbooks.
• Dispute activity is usually $0.00, you can skip it if it is

Resolving

Find the receipt in RT for each transaction, or in the area host spreadsheet

General Area

• General Area Spreadsheet

WoodShop

• RT:triano

Kitchen

• RT:ad9581

Tool Cage

• RT:sevin
• RT:sevin

Hot Metals

• RT:amishhammer

Electronics

• RT:aces74

Cold Metals

• RT:dba

CNC

• RT:ekobrucki

Category

• Bank Charges
  • Paypal fees, chase fees.
• Disposal fees
  • Trash pickup.
• Freight & Delivery
• Insurance
• Legal & Professional Fees
  • Lawyers, accountants, etc.
• Meals and Entertainment
  • Food for events, party supplies.
• Office Expenses
  • Things that would be used to maintain an office building. Examples: cleaning supplies, toner, paper, toilet paper.
  • Also, software licenses.
• Promotional
  • Banners, stickers, t-shirts, mugs, hats, buttons. Kitschy crap with our logo on it.
• Regs, licenses, and fees
  • Government fees and business licenses.
• Rent or lease
• Repair and Maintenance - The costs incurred to bring an asset back to an earlier condition or to keep the asset operating at its present condition (as opposed to improving the asset). Fixing non-consumable things in the machine. These things are less frequently replaced.
  • Example: cleaning fluid, belts.
• Supplies - Things consumed by the process of using or running the machine. Will not improve or maintain condition.
  • These are going to be things that are directly worn down in its normal use. Example: grinding wheels, bandsaw blades, end mills, and lathe tooling.
• Tools - Tools or permanent improvement to tools or area.
  • These include things like shelving.
• Utilities
  • Electricity
  • Gas
  • Internet

How we are categorizing specific things

• Software licenses
  • Going to categorize these as office expenses. The "Regs, licenses, and fees" account will be used for government dealings.
• Online ACH Payment 4970812665 To Cleaners (_######8663)
  • Flying Broomstick / Office Expense / G&A
• Checks
  • Office expenses.
• Bank detail Chase ACH Payments Monthly Fee
  • Chase Bank / Bank Charges / G&A
• SMALL BUSINESS ICPAYMENT
  • Chase Bank / Laser Cutter Loan / G&A