Happy New Year! Allow me to jump on the bandwagon and make a New Year’s Resolution-I promise to post more often to this blog. I even have a list of topics that should carry me through mid-February! That’s usually when most resolutions seem to fall by the wayside………..My part in the FFA process is completed so my time is less restricted during this month. Usually the Board meetings start around now and I am frantically trying to get information from the franchises. I had that fun in November and December. Most franchises followed the schedule that was set up, some not so much. I believe we will be doing the Board meetings starting before the end of 2016 again, so keep this in mind. When the memo goes out informing the franchise of the Board meeting date, the required workbooks/worksheets are attached. I heartily recommend filling out the worksheets when they arrive-BEFORE life in the franchise takes over. One of the reasons behind doing the meetings early this year was to avoid the crush of work that is expected with the cold weather-oh wait, it was 65 on Christmas Day. Okay, so Mother Nature didn’t exactly get her memo this year. But have you been outside today?????
All that being said, there are a few things that EVERY franchise has to do in the very near future. The first and most important is to update your QuickBooks chart of accounts and item list. A bulletin was issued in October, Bulletin 4821-F, outlining the steps of how to accomplish this task. The Prerequisite to this 2015 update is to have completed the 2013 update which was required back in 2013, early 2014. There are a number of franchises that have yet to complete this earlier update. That information was outlined in Bulletin 4455-F back in December 2013. Once these two updates have been completed, Fred and Larry asked each franchise to add 2 new Accounts Receivable accounts: an Allowance for Doubtful Accounts, and a WIP Accounts Receivable account. Your FBC will be checking for all of these changes at their next meeting with each franchise.
As always, if you have any questions about any of this information, you know how to reach me!!!