No payment will be taken in OrderTime. All payment will be received in accounting after the order has shipped and been invoiced. This term is frequently used in many of your transactions.
There are different Account types that are used for tracking of financial activity of your business. There are six different account categories: Assets, Liabilites. Equity, Income, Cost of Goods Sold, and Expense.
Use for products that you track, buy, sell, use in production and assemble. An assembly will contain a 'bill of materials' which list of components that may be parts, non-inventory, services, other charges and assemblies that comprise the finished good. You will use a work order to build assemblies out of components.
Assets include something that you have purchased in the past that will be used in the future to provide econmic benefit to your business. Quickbooks offers the following catergories: Bank, Accounts Receivable, Other Current Asset, Fixed Asset, Other Assets.
A type of Asset Account used to track your cash in and out of the business.
Bill of Material BOM
Bill of Materials- List components that are required to make a finished product.
Blanket Purchase Orders
In your business you want your vendors to deliver items at specified times during the year or 'blanket orders'. The system has the ability to multiple ship dates on a single order.
Cost of Goods Sold Account
This is used to track how much you paid for goods and materials that were held in inventory and then they were sold.
A dependency relationship between documents when one document relies on the another document. (For example the fulfillment of a sales order may not occur until a purchase order is received).
The Discount profile allows you to promote general discounts that can be applied to specific orders. This differs from the Price Levels discounts, as it is applied to the entire order, and can in fact be combined with price level reductions.
Drop shipping a sales order is when a vendor ships the product to your customer on your behalf. The vendor will then notify you by sending you an invoice as to which products have been shipped.
An Entity is a sub-set of Record Type. There are three clasifications Entities Major Entity that describes a person, object or place. Which includes among other, customers, leads, items and locations. You access these Major Entities through the FULL LIST Drop-Down. Child Entity that describes a one to many relationship between parent and child relationships. For example contacts, addresses and attachments on the Customer screen. Profile List are helper entities used in Major entities or Transactions.
An Entity Ref provides for the relationship between two record types. For example a sales order has Entity Refs for customer, status and terms among others
This account holds the owners residual interest in the business after the liabilites are paid.
Used to record when an asest is used or there is an outflow of cash. Expneses are the costs incurred to generate revenues, such as operating expenses of Rents and Wages. You can also have non operating expenses such as interest paid over a period of time for Loan.
Freight on Board (FOB)
Freight On Board (FOB) profile allows you to establish a set of custom rules indicating at what point in the shipping process that you have fulfilled your obligations as a seller.
Full Payment on Order
Orders cannot be filled nor can linked transactions be created until full payment has been taken. This term is frequently used in many of your transactions.
Full Payment on Shipping
Orders can be filled and quantities allocated but cannot be shipped until full payment is taken. This term is frequently used in many of your transactions.
This is the account for the money that is earned from the sales of your products and/or services.
This item group and type is used for 'fixed contract' service in which you do not wish to list specifically all the labor and parts you use. You will use a work order to complete a job.
Item group and type use to sell a group of items together. A kit is different than an assembly in that the Kit itself is not an item whereas the assembly is an item. When you ship a kit, you are actually shipping the individual items within the kit where as when you ship an assembly, you DO NOT ship the individual components but rather the assembly. That being said All Orders allows you to create a configured assembly which you can use to give your customers options at order time.
Used a primary unit of measure in OrderTime: Inches, Feet, Yards. Very handy for lumber and other building materials.
These are the debts that have not yet been paid. Quickbooks offers the following caterfories for Liability Acccounts: Accounts Payable, Credit Cards, Other Current Liability, Long-Term Liability.
When creating Transactions for your business you may want to link the transactions associated with one another. This will make the transactions rely on one another. A transaction that relies on another is called a "Target" and that document is relies on is called the "Source". In this example the Sales Order is the Target and the Purchase Order will be the Source. The completion of a Sales Orders is dependent on the receiving of items that have been ordered to your vendor.
Lotted or serialized items
Lot or Serial # allows tracking of 'items within items'. YOU DO NOT NEED TO HAVE AN ITEM FOR EACH SERIAL OR LOT # rather when you receive, use, produce or ship lots or serialized item you will be presented with a screen in which you specify the lots or serial #s belong to that item. For example product XYZ has 5 serial numbers. On the item list you will only have one item called XYZ having a quantity of 5. You can then use the Item info screen or a report to view the lots or serial numbers that make up the total quantity.
Manual Payment Entry
There are no rules for how much of the order has to be paid for but the ability to collect payments will be enabled for orders with this term. This term is frequently used in many of your transactions.
used for products that you do buy, sell or use in production but do not track
Identified as a Group and types, use for miscellaneous things you charge your customers or pay your vendors.
Another type of Expense Account.
Other Income Account
Another type of Income Account.
Use for products that you track, buy, sell or use in production but do not assemble
Used as a unit of measure in OrderTime: Useful in identifying kits that contain large numbers of varying components.
Each Record Type has one or more Properties aka Fields. Properties will generally be things such as numbers or text but may also be another record type. All Entities have an Id.
A Proxy is an placeholder record (commonly an item or customer) that is used for Accounting Integration transactions in place of the primary record. For example when you do not sync inventory with your accounting system, the proxy will be used when posting transctions instead of the actual item.
A Record Type defines the nature of a record. Commonly a record type represents a table of records of the same type. Customers and Sales Orders are examples of Record Types. Record Types are divided into Entities and Transactions. A Customer is an Entity while a Sales order is a Transaction. Generally we use Entities to create Transactions and other Entities. For example Terms is a Profile List entity that is used in Customer and Sales Order.
Use for the services you perform for other companies as well as a component in an assembly representing the labor applied to finished goods.
Shipping complete means that an entire order must be shipped at the same time and on the same ship doc in other words the order does not allow back orders.
An abbreviation of 'stock keeping unit'. A series of numbers and/or letters that uniquely identify a product that you buy or sell.
Span of Time
Used a primary unit of measure used in OrderTime: Minutes, Hours, Days, Weeks, Months. Useful for service-related Items.
A style is a grouping of items that have virtually the same characteristics but differ by their attributes. For example a shirt can come in different sizes and colors.
A sub item is an item that will be a part of another exisiting item used as an organizing structure. Creating an item as a sub item of another is a way that you can organize a group of similar items.
A Transaction describes something that is happening with one or more Items. For example, items that are being bought, sold or used in production. A Transaction can be either posting or non posting. When you post a transaction, your inventory gets affected. All transactions have TranType, DocNo and Date properties.
Used a primary unit of measure in OrderTime: For identifying standalone components and finished products.
Abbreviation for 'unit of measure'.
Work orders are internal documents that specifies the finished goods that need to be produced as well as the components required to produce them.