Yes that would be.
Balance Sheet Accounting
Does anyone use Excel for offline Balance Sheet work? I am a new user to Outright and have a little bit of an accounting background. It isn't a huge deal that Outright doesn't have balance sheet accounts, but it would be great to have them. In light of how much effort it would take on their part to code for balance sheet, does anyone have an Excel spreadsheet that they use in conjunction with Outright?
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Outright, please make transaction date editable. There would be no need for the category 'Adjustment for Paypal Payments' if we could correct the date in Outright to match the date in Paypal for all those 'delayed transaction' at the start-end of the month to Outright.
@tenarjah - dates of imported transactions are not editable so as to preserve the integrity of the data and allow for cross-referencing / reconciling between Outright and the source of the data.
There's no plan to change that in the near term, but please post a request in the Feature Requests section so our Product Managers will see it. Other folks who would like to see this same change in functionality can vote for your request. The more votes your request receives the more likely the change will get made!
'dates of imported transactions are not editable so as to preserve the integrity of the data and allow for cross-referencing / reconciling between Outright and the source of the data". This can be achieved by recording the date on the + (expansion) just like item id and Account: and make the visible date editable.
Yes, I found it easy to export Outright into Excel. Here is how I did it: I get the data I'm interested in, such as for example ALL 2011 INCOME, or ALL 2011 PAYPAL FEES, etc., which will give you a number of pages of results. I select everything on the first page, then paste it into a new excel doc. then go to the second page in Outright and cut and paste that, on and on until you have exported all the results you want. In my case, my goal was to generate Excel income and expense ledgers for my accountant to use to prepare my taxes with. Using Outright saved me days of work compared to downloading the tab-delineated Paypal files. In fact, I was able to do all my books in one day this year, thats a first. I'm so glad they started this service. I expect to use more of the Outright features and services next year.
I wish it Outright could sync with Key Bank (www.key.com) and would also show me my account balances after all of the transactions.
@Andrew: Outright does sync with Key Bank! If you've been unable to link your account, please submit a support ticket here.
Anyone know of an easy way to set up a balance sheet in conjunction with outright?
Does Outright sync with CS Bank?
@A Fashionista's Closet Outright does not currently link with CS Bank, if you would please submit a ticket request, we can put in a request with our banking partner.
I do not recommend the implementation of a balance sheet capability in Outright. One of the unique strengths of Outright is its simplicity. Outright is all about cash in and cash out, and it should stay that way. As a CPA I frequently get QuickBooks files from my clients that are almost always a mess. Such messes take a significant amount of time to unravel, so I can get to the true accounting picture that I need. This unnecessarily costs my clients money. With Outright, I can quickly output the cash receipts and disbursements to Excel and produce a good balance sheet with minimal collaboration with the client. I work with some very successful businesses, and most of them pay very little attention to their balance sheets, until they sit down with me. In my professional opinion, the addition of a balance sheet capability in Outright will only complicate the life of its intended business market, cost them money unnecessarily in accounting fees, and very likely produce inaccurate information that will mislead them. Be careful what you ask for; you might just get it.
Michael, thanks for your point of view! You are right that Outright (now GoDaddy Online Bookkeeping) indeed strives to keep things simple so our users can save as much as 5 hours per month on bookkeeping and get back to doing what you do best - running your business. Thanks for weighing in!
I can certainly understand how QuickBooks created a mess. It is much too complicated for most of our businesses. That being said, the addition of a Balance Sheet would not create a book keeping problem, since it can be integrated into the program. Come on people this isn't the Obama Care website. It can be done!
We have created and have always improved GDOB with a core group of customers in mind - the 21 million (and counting!) sole-proprietors and very small business owners out there who need simple expense and income management all in one place.
@Jennifer - I get what your overall goal is and I prefer that approach too, but it shouldn't be at the cost of what the baseline requirements from most accountants is. There's never been a tax year that my small business hasn't had to produce a balance sheet and nice simple P&L for my CPA. Simple is good, but overlooking the basic requirements doesn't help me. I run a web development company with half a dozen employees. Am I too big for GDOB because I need a balance sheet?
What about everyone else here (users of Outright/GDOB)... don't you have to produce a balance sheet for your accountant at tax time? Or, are most of the GDOB users just filing 1040 EZ forms?
A response to DotCom Information Services. One of the problems I frequently see with systems like QuickBooks is that the system has to be so tightly integrated in order to produce a good balance sheet that it is challenging to ensure that the balance sheet accounts are accurate, the internal subledgers reconcile to the balance sheet, and that the income statement accounts don't get misstated with transactions that should be debited/credited to the balance sheet. The introduction of such errors in the system can take a long time to be correctly resolved--especially after such errors accumulate over the course of a year. That's why I am happy that GDOB has no balance sheet capability. The average business person does not have the expertise or the time to manage a good balance sheet, and many bookkeepers (that think they are accountants) don't have adequate expertise either--I know, because I used to be one of them, before completing 5 years of college education and earning my CPA credential. I hasten to add that there are some outstanding bookkeepers in the business. If I were your accountant, and you brought me your GDOB transactions, I would ask you for the various balance sheet items I would need (which you would have available, because I would have suggested procedures for compiling them), and I would produce your balance sheet. Your life would be easier, and your accounting fees would very likely be lower. So you are probably not too big for GDOB. I like the simplicity of GDOB.
I'm not accounting savvy, which is one of the reasons I love GDOB. I just try and give them what they ask for. :-)
I have a new tax guy this year, so we'll see...
For me as a small business owner, to keep using Godaddy Bookkeeping, i neeeeeed a Balance Sheet. My CPA Accountant asked me for a P&L sheet and BS sheet. if i am not able to provide her with a BS then i will turn to another accounting software like Quikbooks that i don't like because its too complex even though i do have computer background,
Godaddy Bookkeeping will stay simple even if you add a button to show a Balance Sheet and who doesn't need it, they don't have to click that button, so simple.
ADD Balance Sheet PLEASE.
Anyone know of an easy way to set up a balance sheet in conjunction with outright?
A good accountant can use Go Daddy Bookkeeping data along with information provided by the client to compile a balance sheet. Examples of the items needed to compile a balance sheet include: The reconciled cash balance of the business checking account, a listing of the business's fixed assets (available from last year's business tax return plus any new fixed assets acquired during the current year), information about money owed by customers to the business (if compiling the balance sheet on the accrual basis) as well as amounts owed by the business to vendors (again if compiling the balance sheet on the accrual basis). Inventory information would be necessary for businesses that sell products. If there is debt, the accountant needs details about the debt for inclusion in the balance sheet. There may be payroll liabilities and sales tax liabilities to include in the balance sheet. These are the basics; there may be other items that may be needed for the balance sheet as well. Again a good accountant will know what to ask for. The bottom line is that the use of Go Daddy Bookkeeping does not mean that a balance sheet cannot be had. My position is that Go Daddy Bookkeeping' s strength lies in its simplicity. It is essentially cash in and cash out. Add an integrated balance sheet to it, and it will quickly become as complex as bookkeeping systems such as Quick Books. My extensive experience with Quick Books and other integrated accounting packages is that the average business person simply does not have the accounting knowledge needed to use these systems well. There are exceptions, but most of the time, when I get a Quick Books file from a client; it requires more work to clean it up than the work required to compile the balance sheet from basic bookkeeping data. I like Go Daddy Bookkeeping.
Yes, we need a BALANCE SHEET...My accoutant wants to charge me to re-enter all of my transactions into his system so that he can have a balance sheet. $1200 worth.
Hi there, I'm reposting this from another thread on balance sheets:
Thank you for letting us know what features you need for your business bookkeeping. Though we did consider it in the past, we've now stated that we don't plan to add balance sheet accounting to the app. Our app was designed for one thing, which is to help very small sellers - sole-proprietors and single member LLCs - with their income, expenses and Schedule Cs. We don't want to add complexity to our app that will alienate those business owners. We always consider customers who grow to big for us - either because they need payroll, or complex inventory management, or for another reason - a success story. Our app is for those 27 million little guys out there who just want to track income and expenses, deal with quarterly and annual taxes, and get on with life. Thanks again for letting us know what you are looking for and for being our customer!