When you create or change allocation formulas ManagePLUS Gold automatically creates transactions to distribute the allocated amounts to cost centers and profit centers. But besides using those allocation transactions for getting reports in ManagePLUS Gold, you may also send them to QuickBooks and use them there for any purpose you wish. This lesson shows how to send allocation transactions to QuickBooks, see their effect on a QuickBooks Profit and Loss by Class report, and delete them from QuickBooks.
To send allocation transactions to QuickBooks:
A pop-up dialog will explain what’s about to happen and ask if you want to continue:
When finished, ManagePLUS Gold will display a message telling whether sending was successful.
That’s all there is to it!
ManagePLUS Gold creates allocation transactions as General Journal entries, dated the last day of the active accounting period. So you may find them in any QuickBooks report which includes Journal entries for that date. But it’s probably more useful to see their effect on the Profit and Loss by Class report.
The steps for creating a Profit and Loss by Class report in QuickBooks may vary from the following, depending on which version of QuickBooks you use.
The report will be displayed with the modified settings.
The Equipment_Combine line shows the amount allocated from the Equipment:Combine (cost center) class to the Crops:Corn (profit center) class.
QuickBooks will open a second report window showing transaction details. In this case there’s one transaction—one of the allocation transactions sent by ManagePLUS Gold:
The steps below refer back to them.
Deleting ManagePLUS Gold’s allocation transactions from QuickBooks is not required: leaving them there won’t negatively affect any of your financial or tax reports. However, you might want to delete them in some cases; for instance, maybe you are sending the QuickBooks file to your tax preparer and don’t want him or her to be concerned with the allocation details.
To delete allocation transactions from QuickBooks:
A pop-up dialog will ask you to confirm that you want to delete allocation transactions for the active accounting period:
When finished, ManagePLUS Gold will display a message if any transactions were deleted.
Note: ManagePLUS Gold deletes allocation transactions only within the dates of the active accounting period. To delete transactions outside of that date range—for a period covering several years, for instance—you must select an accounting period in ManagePLUS which spans the entire date range, then delete transactions as described above.
Compare the following report illustrations with the earlier ones:
Sending/deleting allocation transactions to/from QuickBooks, in How-To Procedures