TaraByte’s ACCOUNTING Checklist for Fishbowl Inventory “GO LIVE”

August 07, 2020 by in category Fishbowl Inventory, QuickBooks with
Home > Blog > TaraByte’s ACCOUNTING Checklist for Fishbowl Inventory “GO LIVE”

Going live with Fishbowl Inventory takes weeks of preparations. Therefore double checking you have the proper setup is very important. Jeanne, our Fishbowl and QuickBooks Expert, whipped up a checklist to help you. 

TaraByte Solution's

"Go Live" Accounting Checklist for Fishbowl Inventory 

 
Review the default account mappings refer to TaraByte’s default account mapping guide.
 
Export out the Part Product and Vendor Pricing .csv and review the individual account mappings.
 
In Setup Settings Payment Methods, review the payment method mappings.
 
Review all Part Costs. 
 
⬜ If Applicable, zero out QuickBooks existing inventory by either debiting Inventory Adjustment and
      crediting Inventory Asset, or you can zero out individual quantities in QB to the inventory adjustment                account. 
 
Importing Inventory into Fishbowl will create a debit to inventory and a credit to Inventory Adjustment.
 
In a perfect world the debits and credits to Inventory Adjustment will offset each other exactly (happened            only once, the difference was pennies). 
 
At this moment, Management should make a decision as to whether the difference (and there will be a                difference) is reasonable and acceptable.
 
      ⚠️No Transactions should be done in Fishbowl until the above is accomplished.
 
Save several copies of the Valuation reports from Fishbowl for the future and backup the Fishbowl File.

⬜ Establish the GO Live Date as a cutoff for Inventory Bills dating all inventory bills as of the date received,        not the vendor’s bill date. 

⬜ Set up a daily Fishbowl Backup in the scheduler to run every night at 11:00 PM.

⬜ Set up a daily Valuation Report, saved in .csv format to run every night at 10:00 PM.

     (I prefer 10 pm or 11 pm to midnight because the dates on the report and backup file will be the same as the       transaction date)

You can download a PDF version of the check list here 

 

Untitled design (1)

Jeanne Tarazevits
CPA, QuickBooks Maven, Fishbowl Guru

As a Top 100 QuickBooks ProAdvisor and Fishbowl Inventory Super Hero, Jeanne helps businesses change the way they do business by getting their inventory management, accounting and manufacturing systems all working together seamlessly. In providing these services Jeanne draws upon her knowledge as a CPA, her previous experience as an Auditor with Ernst & Young and long-time CFO of a publicly-traded medical device manufacturer, and the expertise gained in the 10+ years she has been working with Fishbowl Inventory.

More Posts