“Setting Up Your Business For Success!”
Setting up your Bookkeeping System for your embroidery or decorating apparel business is very important right from the beginning. Learning how to get it set up properly is a must if you want to track your profitability. If you have been operating your business using spreadsheets or placing pieces of paper in boxes or files to get to it later, that part of your life and business is over. This is a brand new beginning, an exciting beginning.
This course is divided into 7 Modules. At the very end of Module 7, you will be able to start creating all of your quotes and invoices quickly and easily because you will have all your pricing input into “QuickBooks”. There will be no more guesswork!
When you click on each gold link, it will take you to the correct module lower on the page.
Module 1 – Organizing Your Information
Module 2 – Setting Up Chart Of Accounts – Products & Price Lists
Module 3 – Creating Product Codes-Adding Product Codes to Import Lists
Module 4 – Importing Your Lists
Module 5 – Order Processing & Invoicing
Module 6 – Bank Deposits & Accounts Payable
Module 7 – Paying with Credit Cards & Bank Reconciliation
To watch the videos in full-screen mode, click on the “Enter Full Screen” icon on the right bottom corner of the video.
In this first lesson, I am going to talk about the decisions that need to be made and the organization that needs to be done before you can actually set up your Bookkeeping System and Pricing. Once you have the organization done and all your information gathered together, adding it to “QuickBooks” will be the easy part. I am going to be showing you step by step how to go about each piece of this puzzle!
Link to Written Documentation: QuickBooks-Module 1-Organizing Your Information
Video: Organizing Your Information
In this video, I talk about organizing the basic information that you will be importing into “QuickBooks”: your Customer List and your Vendor List. I also talk about your Expense Spread Sheet Workbook and show you how to fill it in for the past year. This will give you your Break-even point that you will need to start creating your Pricing Structure.
Link to Customer List for Importing: Customer-Import-Spreadsheet
Link to Vendor List for Importing: Vendor-Import-Spreadsheet
Link to Notesheets: OrganizingYourInformation-Notesheets
Video: Working With The Year-End Accounting Bookkeeping Workbook
In this video, I show you how to use the Year-End Accounting Bookkeeping Workbook. If there are services listed on the sheet that you do not offer, just ignore them. If you have services that you offer, but they are not listed, you can change the name of the column to the service that will work for you.
Link to Form: Production-tracking-timing-form
Link to Workbook: Year-End-Accounting-Bookkeeping -Workbook
Action Steps
- Download all of your forms & Complete them
- Complete the Year-End Accounting Workbook
- Go into the “How To Price Embroidery” program and complete the Cost Analysis
- Create your Price Lists for Embroidery
- Purchase QuickBooks if you do not already have it
In this lesson, I show you how to Organize your Products, Set up the Basics in your QuickBooks, and set up your Chart of Accounts.
Link to Written Documentation: QuickBooks-Module 2 – Setting up Your System, Products & Services
Video: Organizing Your Products
In this video, I explain about Creating your Product Sheets, Organizing your Products, and adding them to the products import sheet.
Link to Module 2 Note Sheets Module-2-OrganizingProducts-Notesheets
Link to Product List for Importing your Products: Products-Import-list
Link to Items List for Importing Pricing: Items-Import-list
Link to Sample Items Import List: Items-Import-Spreadsheet
Video: Creating a Product Sheet
In this video, I show you how to fill in your Product Sheet. This is for a single product only. You will need to edit it to work for a single product type with multiple products styles and distributor sources.
Link to Product Sheet: Product Sheet
Link to Sample Product Sheet: 436MP Polo with Pocket & Spot Shield
Video: Part 2 – Planning Your Service Items For Sales
During this video, I show you how to plan out the services that you are going to sell in your embroidery business. I have included the Inventory Sheet for you to use to add your inventory.
Video: Part 3 & 4 Basic Accounting & Setting Up The Basic
In this video,I talk about basic accounting and then I show you how to set up the basics in your QuickBooks account.
Link to Spread Sheet With Accounts: Chart-of-accounts
Video: Excel Spreadsheet of Chart of Accounts
In this video,I talk about the Excel Spreadsheet that I created with your Chart of Accounts. On this sheet I show you what type of account each one is and what category it will go into. This will make it easier when you are setting up your Chart of Accounts. You will select the ones for the services that you offer in your business.
Link to Spread Sheet With Accounts: Chart-of-accounts
Video: Setting Up Your Chart of Accounts
In this video, I show you the Chart of Accounts. This is the same video that I had uploaded in the older addition but I added a snippet at the very beginning showing you how to access the Chart of Accounts in this newer version of QuickBooks. The changed how you access your Chart of Accounts, however, going through it, adding and deleting accounts are exactly the same process.
Action Steps:
- Download all of your forms & Complete them
- Items list for Importing
- Product list for Importing
- Product Sheet
- Chart of Accounts
- Install “QuickBooks” & Set Up Basic Information
- Set up your Chart of Accounts
- Create Your Product Sheets – Add to Import Sheet
In the module I am showing you how to create your product codes for your Embroidery Price Lists. I also show you how to add them to your Import sheets.QuickBooks-Module 3 Add Pricing Codes & Adding To Import Sheets for QuickBooks
Video: How To Create Product Codes
In this video I go through the process of how I created my product codes for my Embroidery Price Lists. You can go through the same process and create codes for all of your different services that you offer, such as Screen Printing, DTG, Heatpres or any other price list that you have. Uploading them into QuickBooks saves you a lot of time when you are creating your Work Orders and Invoices.
Video: How To Add The Product Codes To The Import Sheets
In this video I how you how to add the product codes to the Import Sheets. I have also given you samples and the Import sheets to use, in Module 2, if you are using QuickBooks online. If you are using the desktop version, your Import sheet may be a little different. Go to your Import section and download that Import sheets. Below is a sample of my Embroidery Price List with codes added on the Import Sheet.
Action Steps
- Figure out what different price levels you are offering
- Figure you Quantity Price Breaks
- Create Your Coding System
- Print out your Price Lists
- Add your Products & Price Lists with codes to your Import Sheets
In this lesson, we are going to be adding your classes and adding the right Income Account to your Items Import List. Then, we will import your customers, vendors, items, and price lists. Your chart of accounts must be complete before you can import any type of information into it!
Link to Written Documentation: QuickBooks-Module 4-ImportingProduct-CustomerInformation
Video: Importing Your Information Into QuickBooks & Adding Classes
In this video, I go through the process of Importing your Product lists, Customer lists, and Vendor lists. I also show you how to add Classes.
Module-4-ImportingLists-Notesheets
Video: Importing Your Lists
In this video, I go into the details of showing you how to import each type of list. When you are importing your Lists, make sure that you do it in small pieces. DO NOT try to do it all at once. It will not be successful. Also, when importing your Customer Lists, make sure that your dates and amounts are correct on the list that you exported from your current setup, whether it is “QuickBooks” or a spreadsheet.
I found from experience that I needed to create separate spreadsheets for my customers that owed me money and for those that do not. It was easier that way. Also, make sure that all of the information is correct before importing. It may take you a few hours to check thoroughly and make your corrections before importing, but take it from someone with experience, you will be glad that you did!
Action Steps
- Create a Sample to Import
- Import all of your Import Sheets
- Make a list of Classes
- Set up your Classes
During this lesson, we are going to talk about the entire Order Processing starting with taking an order from the customer all the way through to Invoicing and Shipping the finished order.
Video: Order Processing
During this video, we are talking about the entire Order Processing starting with taking an order from the customer all the way through to Invoicing and Shipping the finished order. I also have a Check List for your Order Processing
Video: Process of Creating a Sales Receipt for a Deposit
During this video, we are talking about creating a Sales Receipt for a Customer Deposit. I also show you how to create an Estimate and converting it to an Invoice.
Action Steps:
1. Create your Liability Account for Customer Deposits
2. Create your Work Order
3. Start adding all of your Orders into QuickBooks
Video: Showing the Process inside of QuickBooks
During this video, I go into QuickBooks and show you the entire process of creating the Sales Receipt, the Estimate and converting it to an Invoice.
During this session I am going to talk about creating bank deposits and then I am going to talk about the process of paying your bills. Both of these processes are simple in QuickBooks, but it takes a little understanding to make it all work.
Video: Connecting QuickBooks To The Bank
In this video, I talk about whether or not you should connect your bank account to the bank. I usually advise that you add your transactions manually until you have a good understanding before you actually link to the bank. You can also connect your credit accounts as well.
Video: Making Bank Deposits
In this video, I talk about making your bank deposits. Your Sales Receipts and payments go into Undeposited Funds until you actually make your bank deposits.
Action Steps
• Once per week add all of your expense receipts and bills.
• Go to Pay Bills and check for your outstanding bills.
• Pay all of the outstanding bills for that week.
• Run your Estimates Report to see all of your Outstanding Work Orders.
• Plan Next Weeks Schedule!
Video: Accounts Payable
In this video, I talk about creating your bills and paying your bills.
In this module I talk about paying for your invoices with credit cards and how to pay the credit card after these transactions. We will also show you how to Reconcile your Accounts.
Video: Paying Your Bills With Credit Cards
In this video, I talk about paying your bills with credit cards and then paying your credit cards.
Action Steps:
- Reconcile each of your Bank Accounts
- Reconcile each of your Credit Card Accounts
Video: Reconciling Your Bank Account
In this video, we go through the process of showing you how to reconcile your bank account. This same process works for all of your bank accounts and credit card accounts.
These are the recordings for the Workshop that we had between Module 5 & 6.
Video: “QuickBooks” Workshop Program Recap
In this video, I do a recap of the steps of installing and setting up the QuickBooks Program to use in the decorating apparel business.
Video: Workshop Q & A Session 1
In this video, this was the first session of the Q & A. This is an unedited video. I did not want to wait any longer to get it up.
Video: Workshop Q & A Session 2
In this video, this was the first session of the Q & A. This is an unedited video. I did not want to wait any longer to get it up.