Quickbooks replacement tech part 2: expense allocation
darwin.Cloud automatically allocates incoming payments across all your offices.
The limitations of Quickbooks:
When classifying the streaming bank charges in Quickbooks, there are limitations that keep you from having accurate financials:
- Only one expense account is allowed
- You can’t assign multiple classes (known as offices in AccountTECH)
This is a significant problem. There are many bank charges ( made by debit card or online payment) that need to be expensed proportionately across multiple different offices. With Quickbooks, you can’t setup automation to do this.
darwin.Cloud has new enhancements that offer everything a CFO needs to get any expense automatically classified to multiple different offices.
A new feature of darwin.cloud: Using Billing groups in Bank stream Rules
There are lots of expenses that you pay online or pay by credit card. Sometimes an expense is for the benefit of all ( or most ) of your offices - so every office should be charged their “fair share” of the expense. In darwin.Cloud, you can now setup Rules to make this cost allocation automatic. This means that when a charge streams in from your bank account, it can automatically be divided across your offices.
A Billing group is a pre-defined group of offices with a percentage next to each office to define “how much” of an incoming expense should be charged to each office.
Rules can now be set up to spread an expense across all the offices in a Billing group. What this means is when a new charge comes in from your bank or credit card for some vendor, darwin.Cloud will post the expense to the correct supplier and expense account - and then proportionally divide the expense across all the offices in your billing group - automatically.
watch this short video to learn how to use this new tool.
Ready to evolve?
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