QB Winery Solutions

Seminars

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Winery Costing and Taxation Demystified

Live Seminar in San Diego, June 6 & 7th

Seminar for Winery Owners, Managers, and Accounting Professionals

Accounting for wineries can be complex. These seminars are designed to bring clarity to wineries producing up to 15,000 cases annually. Hosted by specialists with many years of experience in the wine industry, the seminars are presented in an easy-to-understand, jargon-free format. Participants receive handouts and useful information that can be put to immediate use.

Day 1 – Using QuickBooks and Calculating True Cost

Recommended for winery owners and staff, and accounting professionals new to the wine Industry.

Topics covered include:
• How to Best Use QuickBooks in the Wine Industry
• Calculating the True Cost of Wine

Day 2 – Winery and Vineyard Taxation Details

Recommended for accounting professionals and hands-on winery owners and staff.

Topics covered include:
• Winery and Vineyard Taxation Strategies
• The Differences between the Book Costs and Tax Cost of Wine

Each day includes:

  • Handouts
  • Information you can put into use immediately
  • Lunch, beverages, and snacks
  • BYOB mixer at the end of each day

Avoid the Costly Mistake that Can Crush Your Winery’s Profits

Space at both seminars is limited – Register here or call 707-634-7757.

Register before May 15th for a 15% early-bird discount.

Registration is $225 per person for each day’s seminar and for both seminars is $430.

Seven CPE Credits are available to accounting professionals for each day’s seminar.

Each day starts at 8:00 am and runs to 5:00 pm at Best Western Escondido, 1700 Seven Oaks Road. Participants receive supporting materials are invited to attend a social hour and wine tasting at the close of each day’s session.

Instructors

Jeanette Tan

  • Advanced Certified QuickBooks ProAdvisor
  • Consulting CFO
  • Faculty Sonoma State Wine Business Institute

For more information about Jeanette click here.

Tyler Willis, CPA

  • Senior Manager
  • Adjunct Lecturer Cal Poly San Luis Obispo
  • Senior Tax Manager with PWC fro 5 year

For more information about Tyler click here.

Upcoming Events:

  • Paso Robles
  • Sonoma
  • Napa/Sacramento
  • Oregon/Washington

For updates on our upcoming events, please fill out this form:

Want a live seminar in your area? Fill out this form:

Office Hours 03-29-19

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Here is the recording for Office Hours. The topics that came up were:

  1. How to bookmark pages and posts to find them again
  2. Items names and how to merge them – making sure they are set up correctly.
  3. Invoicing wine to yourself and how to receive the payment (using AR clearing and JE to transfer to owner loan account or check)
  4. QB Online
  5. Qbox and cloud sharing
  6. Sales Channels (classes): wine by the glass, samples in tasting room
  7. WBG excel sheet
  8. Samples / Sample JE
  9. Food Sales in Tasting Room/ Food Costing
  10. Key Reports for Month Use, Yearly Processes:

Silver Club members, please log in to view the recording

Reset Inventory Accounts in the New Year

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There is no hard close to the QuickBooks file at the end of the year because that is how QuickBooks works. However, resetting the inventory accounts is a step that needs to be done at the beginning of the year.  This step does not affect any of the accounting, but it makes the sub-accounts of the bulk wine and case goods zero which makes it much easier to match the costing book to the balance sheet.

Remember that finishing the costing book and confirming that it matches the balance sheet is a necessary process, even though it is often frustrating. If you reset the inventory accounts it is much easier to match the cost pools and the transfers between the bulk wine and the case goods.

I find that it is fun to do this journal entry. I don’t know why maybe it’s because it means that a new year has started, or maybe it’s just a nerd accounting thing.

Cheers!

In this video (must be a Silver Club member to view) I will walk you through the steps. If you would like assistance, come to Office Hours or use this link to set up a coaching session.

Journal Entry to Transfer Winemaking Cost to Balance Sheet

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On my recommended Chart of Accounts, the wine making costs are in the “Other Expense” section of the chart of accounts. These costs are really inventory costs, not expenses, but I put them there for two key reasons:

  1. You can monitor the costs of the winemaking department with the Budget reports much easier than if they were recorded directly to the balance sheet.
  2. Other reports are much easier to run with “expenses” rather than “balance sheet” costs.

Before the end of the year, you will need to create a journal entry to transfer these amounts to the balance sheet. Some people will do this at the end of the month or at the end of the quarter, but the end of the year is fine because you can still use the Profit & Loss report.

I discuss this procedure in the Using QuickBooks in the Wine Industry course, but I don’t actually show how to do it.  So here is the step-by-step video of how to enter that journal entry.

Cheers!

In this video (must be a Silver Club member to view) I will walk you through the steps. If you would like assistance, come to Office Hours or use this link to set up a coaching session.

Office Hours 02-26-19

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Here is the recording for office hours. The topics that came up were:

  1. JE for Transferring Inventory for the new year
  2. How to Memorize a JE
  3. Separating out Packing & Shipping cost for retail
  4. Closing Processes for the year-end <include link to year-end checklist
  5. Resetting Inventory Accounts
  6. The cost to Aquire an asset
  7. Fixed Assets/ deprecations
  8. Shipping through another winery and how to account for the cost
  9. Sales tax
  10. Square
  11. Discounts
  12. Direct and Indirect Costs

Silver Club members, please log in to view the recording.

Office Hours 01-29-19

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Here is the recording for the January Office Hours. The topics discussed were:

  1. Items for Hourly consulting and contract payments
  2. CPA referral
  3. Inventory adjustment
  4. Creating new inventory and duplicating an item
  5. Using cases in everything – intuit will track 3 decimal pts
  6. Backing up- talking about condensing a file – damage file
  7. Revel (POS) tracks in multiple location – QB’s only one location

These are the links to places we discussed:

Intuitive Accountant

(re) Introducing The Wine DTC Vendor Matrix

Silver Club members, please log in to view the recording.

2019 Silicon Valley Bank State of the Wine Industry Report

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Last Wednesday Rob McMillan from Silicon Valley Bank hosted a webcast to discuss the annual wine industry report that he and his team put together. The report is a good read, really. I recommend that you at least read the Executive Summary.

Rob has valuable insights for the wine industry, however many of his comments are aimed at the larger wineries because the small wineries do not bank at Silicon Valley Bank. Right at this moment I have to climb down off the ledge due to a few comments made by the panel during the webcast that, if taken out of context, the team at a small winery might take the wrong way. I will make some comments, but first I I am going to digest the report.

They will be doing a follow-up webcast on January 23rd. Check out Rob’s blog for information on how to join that webcast Rob’s Blog

Have a look for yourself:

2019 SVB Webcast Replay

2019 SVB Annual Wine Industry Report

 

Cheers!

Jeanette

Entering Balances into a New QuickBooks File

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Starting a new QuickBooks file is pretty straightforward if your business is new. Unfortunately, most people have an existing company and then decide to move to QuickBooks. It is also pretty straightforward to create a Journal Entry to enter the beginning balances of each of the accounts. But, again, most people have transactions and other data like uncleared checks, open invoices, and unpaid bills that also need to be entered. I have seen lots of creative ways (and messy) ways to enter these.

Turns out, the steps are not that difficult. At least it’s not something that an evening with some good music (and a glass of wine) can’t fix. The key is…do not follow Intuit’s instructions, because they actually make a bigger mess.

In this video (must be a Silver Club member to view) will walk you through the steps. If you would like assistance, come to Office Hours or use this link to set up a coaching session https://QBWinerySolutions.as.me/Coaching  

DOWNLOADS

Proc – Entering balances in a new QB file

 

Office Hours 12-18-18

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Here is the recording for office hours. The topics that came up were:

  1. Year-end Quickbooks
  2. Costing Class Quick Rundown
  3. Juice Flow & Blending Math
  4. Custom Cash
  5. Journal Entry & AR List
  6. Write-off a customer + Credit Memo
  7. Expense vs Cost of Wine
  8. G&A Costs + GAAP
  9. Bottling

These are the links to places we discussed:
Juice Flow & Blending Math
Quickies
Bottle Runs

Silver Club members, please log in to view the recording

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Blog/Quickies

CLICK HERE to view Quickies Blog items.