QuickBooks Online, Plooto and Tipalti short-comings and work arounds-You’re Welcome.

Recently we have been forced to move our clients from QuickBooks Desktop to QuickBooks Online as the support for the desktop product  is ending in May 2027. It is really ending Dec 2026 as that is when it makes the most sense for both payroll and year end cut off. QBO is not a better product than QB Desktop Enterprise and how it works is slightly different. It was designed to generate more revenue for Intuit as every company file can now be monetized. The online storage and back up aspect is good, however all they had to do was put the same Enterprise Desktop version in the cloud and everyone would be happy. Work Around 1-Download the QuickBooks Online Desktop app to make an easier transition to the new platform and reduce the learning curve dramatically. Intuit keep updating this feature because they know it fills the void.

You will pay more for Payroll features and you will not be able to pay suppliers from QuickBooks directly if you live outside the U.S . It’s funny how Intuit can manage to design a feature that allows payroll to be deposited to employees accounts, yet cannot seem to do the same with vendors outside the US. This brings me to my next issue. I have explored 3rd party A/P apps to help fill the void here in Canada and quickly came across no-go’s from two of the top programs, Plooto and Tiplati. Below are the downfalls that should make you run,

Plooto-Cannot import credit notes from Vendors, which means you will need to do twice the work before paying a net cheque. Totally missed the boat. 

Tipalti-You need to set up a new bank account and pre-fund that account before payment. Translation more work, and more headaches with reconciliations.

Both services extend the time needed to pay your vendors to between 3-5days. Banks can turn around a file in 18hrs if need be.

Our Work Around 2-Create a account on your chart of accounts called Payment Clearing (Bank account type). When you run your batch payments, select this account as the source account. This will show all payments coming out of a non-bank account and it will post to your bank as one amount. This is important as QuickBooks Online matches entries individually and cannot handle batch entries like payments for multiple vendors. To reconcile and solve this, do one journal entry crediting your bank and debiting the payments clearing account to restore its balance to zero. The one journal entry will work to “match” the bank entry in QuickBooks Online. Problem solved and no need to change your Payments process.

We hope you found this useful and continue to watch our space for more practical reviews.

 

 

Rating: 5 out of 5.

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A tale of two incompetents-The Oscars

I’ve told this to many of my clients and potential clients, but I’ve never had a “public” example to refer to. Just because you work for a big 4 Accounting firm or large Fortune 500 company does not mean you are competent. Throughout my career in private accounting where I’ve worked at some large companies, there was never a shortage of ill-qualified managers or so-called experts. Instead when I pulled back the covers on their ascent to these roles, more often than not there were social or organizational connections that helped them attain these posts.

I also found that Managers that were appointed based on their connections instead of their merit, tended to propagate the pattern. They would hire subordinates that posed no threat to their dominance in the company or more specifically their department. It would make these Managers seem all-knowing and indispensable by their own doing.

We need to get back to hiring the best people period. Forget about equal opportunity or quotas Mr. Trudeau, these just create tensions among those that are much more qualified and have more experience.

As for the two Accountants who didn’t do the one job they were hired for, please resign from your position and go back to your cubicles where you belong, not the corner office. You embarrass the rest of us.

Rick Barbosa

 

 

 

 

RickLeave a comment