Restoration Rewind - November 2018 by DeltaDG1

Restoration Rewind - November 2018

November, 2018

Tony and Sheila Ramirez are from Beaumont, Texas Tony and Sheila are long standing Chem-Dry franchisees that have been successful in the water damage space for many years. They have helped many Chem-Dry franchisees with getting into the water damage arena too. After coming to the Discovery Day and seeing the technology and support, Tony and Sheila opted to join the Delta brand. We are excited to have them. This makes three Delta operations in Texas. They will work together to help each other and to put Texas on the map.

ÂŠ Delta Development Group | www.trydelta.com | 303.933.4888 5535 W. 56th St., Unit 104, Arvada, CO 80002

Year End QuickBooks Clean-up! As you approach the year end, it is time to get any errors corrected. Call your accountant if you need help. Once taxes are filed, you will not be able to make changes to your QuickBooks. Now is the time to make sure everything is categorized correctly, coded correctly, on the right job, etc. Some areas to check: Run a Year to Date P&L. If this is too much information, do it by month. But you are looking for anything that just doesn’t look quite right. • Does something need to be moved to a job? • Moved to a different job? • From a job to overhead? • To the Balance Sheet? • Is everything properly job charged? Now is the time to make sure. •

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A really big adjustment for some, is payroll. You have accounts in Job Labor for payroll and an overhead expense account for payroll. Costs for anyone actually doing the work in the field to produce the work should have those costs in the Job Labor account. The expense account in overhead is for “office personnel, management, etc. People who are not in the field doing the actual work.

Run a balance sheet for today’s date. • Again, you are looking for information that just doesn’t look right. • I would caution you about making changes to the Balance Sheet unless you are well versed in QuickBooks, Accounting and you know what you are doing. This may be an area you need your CPA to help you. Some things to look for: ▪

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Have assets been correctly coded? Assets are on the Balance Sheet NOT on the P&L. For Example, if you bought a new air mover, this is not on the P&L, it is on the Balance Sheet. If you see it on the P&L, it will need to be moved. Equipment, Start Up costs, Tennant Finish – all are coded as such and not coded as expenses.

You need to address your start-up costs, tenant finish and equipment charges with your accountant and how he/she wants them coded.

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ÂŠ Delta Development Group | www.trydelta.com | 303.933.4888 5535 W. 56th St., Unit 104, Arvada, CO 80002