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Selecting Data Points and tags

Data Points:

Select data points to connect to any account in your SCOA. 

TAGS:

Options

• Revenue

• Variable Costs

• Fixed Cost

Leave Blank for non-operational and owner-discretionary costs such as:

• Interest Income

• Grant Income

• Interest Expenses 

• Depreciation

• Amortization

• Meals and Entertainment

• Income Taxes (Not payroll)

What are fixed and what are variable costs?

Only some costs are 100% fixed or 100% Variable. 

Usually, with the franchisor's knowledge, we can get the correct information without involving franchisees.

Here is how I would go about it. If revenue doubled, I would ask myself would this QuickBooks Online line item go up, and if so, by what percentage? If the percentage is over 50%, I would label it variable. If it is less than 50% or doesn't change, then I would call it a fixed cost. 

Most are very obvious, and some are super easy. Labor, COGS, Royalties, and Credit card processing are usually all variable. Rent, leases, software subscriptions, and office overhead are usually fixed.

Even though it is not perfect, it will be more accurate than you think since the big expenses are mostly one or the other.

There is a possibility that QuickBooks was doing maintenance on their system during our attempt to connect, which may have caused this issue. If that is the case, no action is needed, and our system will reconnect on the next attempt.

The next most common cause of this issue is that the admin user of QuickBooks, who initially established the connection with QuickBooks, was replaced with a different user. This is usually done if someone is connected to another application to QuickBooks, such as a payroll or POS system. The best practice is having only one user connect QuickBooks to third-party applications.

Please check your connection to keep your data accurate.