Sure it "still works". But how much time do you spend using it each accounting period? How long does it take to allocate expenses to cost center and profit center Classes? And how much time do you spend on updating and tweaking it whenever you add a new account to the Chart of Accounts? Or when you change a Class name or rearrange the Class list?
ManagePLUS Gold lets you...
❖throw away your cost allocation spreadsheet
❖end the frustration of clunky and tedious manual procedures for calculating, preparing, and entering allocations in QuickBooks
❖do all of the allocations for an entire accounting period in minutes
❖stop making manual Journal Entries to do allocations
❖Hours whenever you prepare allocations. Once you have an allocation plan set up, preparing allocations for any accounting period period is almost completely automated. You will literally spend minutes, not hours.
❖Hours whenever you need to change how income and expenses get allocated. When you add or delete accounts or Classes or want to modify the percentages or management quantities on which allocations are based, changes are drag-and-drop easy. They're also more "bullet proof" than spreadsheet adjustments can ever be: ManagePLUS Gold prevents many kinds of errors by showing prospective allocation amounts immediately while you are adding/editing allocation setups.
❖The time and tedium of making manual Journal Entries to accomplish allocations. In ManagePLUS Gold, a single mouse click sends allocation Journal Entries for the entire accounting period to QuickBooks.
❖Hours you might spend correcting mistakes. ManagePLUS Gold lets you see exactly how dollar amounts will be allocated before you send allocation transactions to QuickBooks.
But what if you see a problem or want to make an adjustment after you've had ManagePLUS Goldl sent allocation transactions to QuickBooks? For instance, maybe you failed to allocate a portion of expenses to a newly-added Class. What to do? Just change the allocation setup in ManagePLUS Gold, then click the Send Transactions button again. That's all there is to it. The entries you sent earlier are erased and replaced with new ones, automatically. And the allocation entries in other accounting periods remain intact and undisturbed.
❖Hours, by making complex allocation plans simple to implement. How complex? See the Law Firm Case Study below.
One of our customers needed to allocate a law firm's overhead expenses among profit center Classes representing each of the firm's partners, based on each partner's portion of the firm's total fee income for the month. But further, they also wanted to allocate each partner's expense totals among subclasses of every partner Class—representing the partner's practice areas (Torts, Real Estate, Workman's Compensation, etc.).
The firm's bookkeeper had been using a large, complicated Excel spreadsheet to accomplish this job monthly. But it required a major effort:
❖In the spreadsheet, manually enter the month's totals for each expense account to be allocated, plus fee income amounts for each partner Class and subclass (more than a dozen partners, at three office locations).
❖In QuickBooks, manually create Journal Entries to accomplish the allocations by copying or re-typing the more than fifty allocation amounts calculated by the spreadsheet.
This time consuming procedure, with it's significant potential for typing and other errors, was boiled down to a three main allocation setups in ManagePLUS Gold which now take the bookkeeper only minutes, not hours:
❖Click a button to refresh (retrieve) income and expense amounts for the month from QuickBooks.
❖Manually enter the month's fee income for each partner subclass, on the Classes tab in ManagePLUS Gold.
❖Click the Send button to send the month's allocation Journal Entries to QuickBooks.