#QBOChat 8/15/13 Transcript

Iconis Group ‏@IconisGroup 15 Aug
Welcome everyone to our weekly #qbochat. Please introduce yourselves to the group.

Cathy Iconis ‏@CathyIconis 15 Aug
I’ll try not to be a downer the entire night. #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
@CathyIconis It’s not too shabby. The bangs still need a bit more work, but it’s a good start. #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
e you were sick too 🙁 rough day! #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
Brent here, from Utah, owner of Keeping Books & Computing Consulting #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
Hi everyone, Cathy Iconis CEO of some QuickBooks Consulting firm. I forget the name. #qbochat

Iconis Group ‏@IconisGroup 15 Aug
@KeepingBooksCC It’s good to see you Brent! #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
.@KeepingBooksCC is one of our best regulars! How’s it going this week? #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@CathyIconis Uh oh! #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@IconisGroup Thank you and ditto #qbochat

Iconis Group ‏@IconisGroup 15 Aug
@CathyIconis Cathy! Thanks for joining us! #qbochat

taxgrl ‏@taxgrl 15 Aug
Hey guys, Jessi from Jersey here, lover of tax and tech #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
good, LOVE the new computer, no waiting for anything! #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
@KeepingBooksCC So lucky, the time difference is in your favor! #qbochat

Iconis Group ‏@IconisGroup 15 Aug
@taxgrl Welcome Jessi! #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
.@rabshaka21 is also one of our faithful followers. How’s it going lady? #qbochat

Iconis Group ‏@IconisGroup 15 Aug
We’ll start our questions at 7:10. Keep up the introductions! #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
Welcome @taxgrl! So, was today a tax or tech day? #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@rabshaka21 Yeah, didn’t i see your tweet time as like 10:50 pm a few minutes ago? Where is that, Iceland? #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
@CathyIconis busy, but good. I’m ready for an accounting par-tay! 🙂 #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@keepingbookscc, is there any topic you’d like to see in a future #qbochat?

Rebecca Wells ‏@rabshaka21 15 Aug
@KeepingBooksCC Did it really show up as 10:50?! what on earth?! #qbochat

davidleary ‏@davidleary 15 Aug
Hello #qbochat ‘ers.

taxgrl ‏@taxgrl 15 Aug
@CathyIconis I swore off both for the day and made myself go outside 🙂 yesterday was a switch-to-QBO-from-desktop day tho! #qbochat

Iconis Group ‏@IconisGroup 15 Aug
The first question is right around the corner, when answering start with A1, A2, etc. #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@CathyIconis Yes! Time keeping and job costing #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@taxgrl How did that go? #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
@davidleary! woot woot! you made it!
#qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@davidleary Welcome!! #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@keepingbookscc -done! #qbochat

Iconis Group ‏@IconisGroup 15 Aug
RT @KeepingBooksCC @CathyIconis Yes! Time keeping and job costing #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@rabshaka21 Yes, here is the time stamp when you invited me to join the party: 10:50 PM – 15 Aug 13 #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
@KeepingBooksCC loco! I’m actually just over in Atlanta
#qbochat

davidleary ‏@davidleary 15 Aug
Can I plug something before we start? #qbochat?

taxgrl ‏@taxgrl 15 Aug
@CathyIconis love it so far esp more bank feeds than desktop..pain to import into free ProAdvisor version tho since 60 days passed #qbochat

Iconis Group ‏@IconisGroup 15 Aug
Q1: What is your favorite part of #QuickBooksOnline’s Budget feature? #QBOchat

Cathy Iconis ‏@CathyIconis 15 Aug
@davidleary Sure, what’s up? #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
@davidleary NO! 😉 #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@taxgrl Will banks give you more than 60/90 days to export to a .qbo file? #qbochat

davidleary ‏@davidleary 15 Aug
In case any developers are on #qbochat, don’t forget the IPP Friday Morning Hangout tomorrow: https://plus.google.com/u/0/events/chvu7is9jcn0643ege6k6vqtl0k …

Brent Blackburn ‏@KeepingBooksCC 15 Aug
BTW, here are three tweets of the pics of my new computer for those who asked #qbochat pic.twitter.com/mGwzVfBf1a

Rebecca Wells ‏@rabshaka21 15 Aug
@davidleary Sorry, I was distracted, I want to hear. #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
two #qbochat pic.twitter.com/08eXDeMkBv

Brent Blackburn ‏@KeepingBooksCC 15 Aug
three #qbochat pic.twitter.com/Cu7fzj0Icy

Cathy Iconis ‏@CathyIconis 15 Aug
A1. My favorite thing about #QuickBooks budgets are that you can have more than one! #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
RT @davidleary In case any developers are on #qbochat, don’t forget the IPP Friday Morning Hangout tomorrow: https://plus.google.com/u/0/events/chvu7is9jcn0643ege6k6vqtl0k …

taxgrl ‏@taxgrl 15 Aug
@CathyIconis I dont think so, but QBO won’t let you import a qbb file after 60 days #qbochat

davidleary ‏@davidleary 15 Aug
@KeepingBooksCC #qbochat is that for @QuickBooks or gaming?

Brent Blackburn ‏@KeepingBooksCC 15 Aug
A1 Never have used it (embarrassed shrug) #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@davidleary Completely for business #qbochat

taxgrl ‏@taxgrl 15 Aug
@davidleary I am mad at IPP pricing policy today 🙁 #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
A1 I like multiple budget as well, I like seeing different situations #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@KeepingBooksCC Why not? No need to use it for your clients? #qbochat

Iconis Group ‏@IconisGroup 15 Aug
Budgets can be made by class, location or customers! #QBOchat

taxgrl ‏@taxgrl 15 Aug
I second that! RT @KeepingBooksCC A1 Never have used it (embarrassed shrug) #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
What’s IPP? RT @taxgrl @davidleary I am mad at IPP pricing policy today 🙁 #qbochat

Iconis Group ‏@IconisGroup 15 Aug
Budgeting for success: keep it simple, be flexible http://ow.ly/nXCr1 #QBOchat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@CathyIconis Yeah, for the ones on QBO, no need for budgets so far 🙂 #qbochat

taxgrl ‏@taxgrl 15 Aug
@rabshaka21 Intuit Partner Platform, for developers to integrate w/ QB #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
That’s impressive RT @KeepingBooksCC two #qbochat pic.twitter.com/CFOTGMkM8y

davidleary ‏@davidleary 15 Aug
@rabshaka21 @taxgrl IPP is Intuit Partner Platform #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
Oh wow! RT @taxgrl @rabshaka21 Intuit Partner Platform, for developers to integrate w/ QB #qbochat

Iconis Group ‏@IconisGroup 15 Aug
This was a nice outline of the process of budgeting: http://ow.ly/nXy5V #QBOchat

Cathy Iconis ‏@CathyIconis 15 Aug
RT @IconisGroup This was a nice outline of the process of budgeting: http://ow.ly/nXy5V #QBOchat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@rabshaka21 Thanks, easiest build I have ever done, with no graphics card and thus cooling and connections were much easier #qbochat

Iconis Group ‏@IconisGroup 15 Aug
QuickBooks Online lets you enter annual or quarterly amounts and then calculates a monthly average from them. #qbochat

taxgrl ‏@taxgrl 15 Aug
RT @IconisGroup This was a nice outline of the process of budgeting: http://ow.ly/nXy5V #QBOchat

Cathy Iconis ‏@CathyIconis 15 Aug
RT @IconisGroup QuickBooks Online lets you enter annual or quarterly amounts and then calculates a monthly average from them. #qbochat

Iconis Group ‏@IconisGroup 15 Aug
Q2: What is your normal process for calculating a budget? #QBOchat

Cathy Iconis ‏@CathyIconis 15 Aug
Have you guys considered building budgets as a service for clients? #qbochat

Iconis Group ‏@IconisGroup 15 Aug
RT @CathyIconis Have you guys considered building budgets as a service for clients? #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
I have a complicated process from days as Forensic Acct. RT @IconisGroup Q2: What is your normal process for calculating a budget? #QBOchat

Iconis Group ‏@IconisGroup 15 Aug
You can copy a previous budget, use last year’s numbers or create a budget from scratch in QuickBooks Online. #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
Is Twubs moving slow for anyone else tonight? Is it just me? #qbochat

Iconis Group ‏@IconisGroup 15 Aug
The Help section for budgets in #QBO is loaded with hints for maximizing budgeting in #QBOchat http://ow.ly/nXsAV

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@rabshaka21 VERY slow #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
@CathyIconis What’s your process? Can it be tweeted or is this copywritten info? 😉 #qbochat

Jody Jordan, CPA ‏@accountingpeace 15 Aug
@IconisGroup Driving my teen around this evening. Hope to catch y’all next week. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
You sure it isn’t just that we are quiet? #qbochat

Iconis Group ‏@IconisGroup 15 Aug
You can use budgets to make business segments more accountable for their decisions. #QBOchat

Cathy Iconis ‏@CathyIconis 15 Aug
A2. First I split up variable and fixed expenses. #qbochat

Iconis Group ‏@IconisGroup 15 Aug
@accountingpeace Sounds great! Be safe! #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
A2. For variable expenses, I project out based on what it varies on (revenue or something else). #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
When I hit send the wheel turns like it is thinking for the longest time. RT @CathyIconis You sure it isn’t just that we are quiet? #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
A2. For fixed expenses, I either straight-line it across the year or put it in the months of the actual expense. #qbochat

Iconis Group ‏@IconisGroup 15 Aug
RT @CathyIconis A2. For variable expenses, I project out based on what it varies on (revenue or something else). #qbochat

Iconis Group ‏@IconisGroup 15 Aug
RT @accountingpeace @IconisGroup Driving my teen around this evening. Hope to catch y’all next week. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
A2. I also review at least the last 12 months of activity before coming up with budgets. #qbochat

Iconis Group ‏@IconisGroup 15 Aug
RT @CathyIconis A2. For fixed expenses, I either straight-line it across the year or put it in the months of the actual expense. #qbochat

Iconis Group ‏@IconisGroup 15 Aug
Reason to keep the books well! RT @CathyIconis A2. I also review at least the last 12 months of activity. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@rabshaka21 Oh, that?! Yes, it is doing it for me too. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
Does anyone else have a methodology for creating budgets? #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
I’m honored to be in the company of such bright techy folks @taxgrl @keepingbookscc #qbochat

taxgrl ‏@taxgrl 15 Aug
@rabshaka21 aww shucks 😉 #qbochat

Iconis Group ‏@IconisGroup 15 Aug
We can get so caught up in accurately recording historic data in #QBO, we forget we can use that data to make good decisions now. #QBOchat

Iconis Group ‏@IconisGroup 15 Aug
Q3: How do you use QBO or other tools to assist you in creating budgets? #QBOChat

Cathy Iconis ‏@CathyIconis 15 Aug
Very true!RT @IconisGroup Reason to keep the books well! RT @CathyIconis A2. I also review at least the last 12 months of activity. #qbochat

Iconis Group ‏@IconisGroup 15 Aug
#QBO you can create a conservative and an agressive budget for the same fiscal year #QBOchat

Cathy Iconis ‏@CathyIconis 15 Aug
A3. I’m completely on excel and then I just enter the budget into QuickBooks Online #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
A3 The budget section of #QBO is already so nifty, I don’t think I would need much else. @IconisGroup #qbochat

Iconis Group ‏@IconisGroup 15 Aug
When using QuickBooks Online’s budget reports, you can add $ or % remaining to help compare actuals to budget. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@rabshaka21 The reports could work a bit better. A little limiting on time frame. #qbochat

taxgrl ‏@taxgrl 15 Aug
A3: its really easy to use last year’s numbers or budget and adjust from there #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
The budgeting feature could be so helpful to business owners to plan and make goes, it is such a huge selling point #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
RT @IconisGroup When using QuickBooks Online’s budget reports, you can add $ or % remaining to help compare actuals to budget. #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
@CathyIconis You want each budget to stretch out farther than 12 months? #qbochat

Iconis Group ‏@IconisGroup 15 Aug
You can enter an amount on a budget line, then copy across for quicky entry. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@rabshaka21 That would be nice or even cross periods. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@taxgrl What makes you adjust last year’s numbers? #qbochat

Iconis Group ‏@IconisGroup 15 Aug
Q4: Have you used budgets to do your job costing in QuickBooks Online? #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
We do this a lot! RT @IconisGroup Q4: Have you used budgets to do your job costing in QuickBooks Online? #qbochat

taxgrl ‏@taxgrl 15 Aug
@CathyIconis sometimes when there’s weird, one-off items that I know not to include in budget (mold remediation for example) #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
@CathyIconis It is so fun to do job costing and help our client’s see if their guesses at the begining of the job turn out
#qbochat

Iconis Group ‏@IconisGroup 15 Aug
You can setup subcustomers and apply all costs to those to track actual costs by “job”. #qbochat

Iconis Group ‏@IconisGroup 15 Aug
Set up reports only users and allow others to check on budgets and goals without compromising the company file #QBOchat

Cathy Iconis ‏@CathyIconis 15 Aug
@taxgrl You hope they don’t have to re-do that. #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@rabshaka21 I hope they are more than guesses! #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
I actually used to calculate losses for insurance companies due to business interruption – usually hurricanes/floods #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
Good idea for sales staff! RT @IconisGroup Set up reports only users and allow others to check on budgets and goals #QBOchat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
An excavation client of mine spent $9K on a software program to improve his guesses 🙂 #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@KeepingBooksCC We actually helped one client get a pricing spreadsheet together that would create a job budget too. #qbochat

Iconis Group ‏@IconisGroup 15 Aug
You can have an unlimited amount of budgets in your QuickBooks Online account. #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
Sounds like mining? RT @KeepingBooksCC An excavation client of mine spent $9K on a software program to improve his guesses 🙂 #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
My husband is watching Godzilla in the other room with the kids. #helpme #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
I love this! RT @IconisGroup You can have an unlimited amount of budgets in your QuickBooks Online account. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
You can have unlimited report only users 2 RT @IconisGroup You can have an unlimited amount of budgets in your QBO account. #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
LOL!! RT @CathyIconis My husband is watching Godzilla in the other room with the kids. #helpme #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@davidleary Do you do many budgets? Or are you more on the developer side? #qbochat

Iconis Group ‏@IconisGroup 15 Aug
Q5: How could #QBO improve their budgeting capabilities? #QBOChat

Rebecca Wells ‏@rabshaka21 15 Aug
A5 They need to plug it more! RT @IconisGroup Q5: How could #QBO improve their budgeting capabilities? #QBOChat

Rebecca Wells ‏@rabshaka21 15 Aug
@QBOnline needs to talk about it more #qbochat

davidleary ‏@davidleary 15 Aug
@CathyIconis Its been a while.. (10+ years) pre QBO days #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
Budgeting is so important and it goes hand in hand with the financial data they are working and paying to track. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
They need to plug a lot more about their product! RT @rabshaka21 @QBOnline needs to talk about it more #qbochat

Iconis Group ‏@IconisGroup 15 Aug
Budgeting should extend 12 – 24 months http://ow.ly/nXKjf #QBOChat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@rabshaka21 It is doing all the dirt work on a construction project #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
A5 This is a feature that could make many small businesses so much more competitive, and with so little additional effort. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
You guys know they’ll be releasing a new version soon. They showed us at Scaling New Heights. #qbochat

Iconis Group ‏@IconisGroup 15 Aug
Grading and stuff? RT @KeepingBooksCC @rabshaka21 It is doing all the dirt work on a construction project #qbochat

Iconis Group ‏@IconisGroup 15 Aug
#QBO supports budgeting for 1 year at a time as well as different budgets for each year #QBOchat

Cathy Iconis ‏@CathyIconis 15 Aug
@rabshaka21 So many people think budgets are an unattainable task. #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@IconisGroup Yes, and digging the holes and trenches, they also install undergound utilities #qbochat

Iconis Group ‏@IconisGroup 15 Aug
RT @CathyIconis They need to plug a lot more about their product! RT @rabshaka21 @QBOnline needs to talk about it more #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
A5. Would love to see budget/forecasting go to balance sheet and cash flow stmts #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
@CathyIconis A new version of what? I lost the thread somewhere #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
That’s surprising to me. Especially with #QBO RT @CathyIconis @rabshaka21 So many people think budgets are an unattainable task. #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@KeepingBooksCC A new version of QBO – new look and feel. #qbochat

Rebecca Wells ‏@rabshaka21 15 Aug
Even if someone want to do a lazy budget an just plug in 5% across the line, it’s really SO EASY and useful #qbochat

Iconis Group ‏@IconisGroup 15 Aug
How does QuickBooks Online budget feature compare to the desktop version? #qbochat

Brent Blackburn ‏@KeepingBooksCC 15 Aug
Hmmm, I thought that was one of the things we were getting away from, new versions, just more gradual changes #qbochat

Cathy Iconis ‏@CathyIconis 15 Aug
@KeepingBooksCC They basically rebuilt the platform so they can do a lot more with it. And enhanced the Ui #qbochat

Iconis Group ‏@IconisGroup 15 Aug
RT @KeepingBooksCC Hmmm, I thought that was one of the things we were getting away from, new versions, just more gradual changes #qbochat

davidleary ‏@davidleary 15 Aug
@KeepingBooksCC #qbochat We are, but first we are getting all our products to look, feel, smell the same.

Iconis Group ‏@IconisGroup 15 Aug
RT @CathyIconis A5. Would love to see budget/forecasting go to balance sheet and cash flow stmts #qbochat

Iconis Group ‏@IconisGroup 15 Aug
RT @davidleary @KeepingBooksCC #qbochat We are, but first we are getting all our products to look, feel, smell the same.

Cathy Iconis ‏@CathyIconis 15 Aug
@davidleary “we”? #qbochat

Iconis Group ‏@IconisGroup 15 Aug
That’s it for our weekly #qbochat! Thanks everyone for joining us!

Iconis Group ‏@IconisGroup 15 Aug
Until then, make sure to join our LinkedIn Group: http://ow.ly/njWRE #qbochat

QBOchat Admin

#QBOchat began in July 2013 with the simple idea to host a weekly Twitter conversation around QuickBooks Online (QBO). We have since grown into a very strong community comprised of a diverse group of users. Our weekly tweet chat is held each Thursday at 3:00PM Eastern. The discussions cover a wide range of topics including QBO’s latest features and updates, business operation tips and apps that integrate with QBO, to name just a few.

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