Comment by PopAlongKid
Comment by PopAlongKid 10 months ago
>muti-dimension transaction classification
Could you explain what this means? I've been using Quickbooks for both myself and clients for many years and never heard this term. Quickbooks does support classes (multiple columns on your P&L and Balance Sheet within the same company file), is that what you mean?
I'm also pretty sure that QB Enterprise supports multiple currencies, purchase orders, and some of the other stuff you mention, but I haven't worked with that version of QB recently. It also has inventory support that is more sophisticated than the basic support in QB Premier.
"muti-dimension transaction classification (for FP&A)" - The data for internal management/operational financial reporting and budgeting/forecasting/modeling (ie. FP&A) may be quite different than those used for GAAP financial reporting and taxes. The multiple dimensions allows for added "tagging" which can be used to enrich a transaction with more information. An example would be using a dimension of "department" to classify a transaction as belonging to a certain team. Yes, QB has one dimension called "class" but more enterprise systems allow for 10+ or even unlimited. As I mentioned, you only get to needing this once the company is quite large or has more complex financial data needs.
I don't know exactly what QB Enterprise has but one of the complaints I hear often that that consolidation with multiple entities and multiple currencies is difficult or not possible without additional tools using QB