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QuickBooks – Data, activities, and accounts affected during the exchange

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 Transfer of data occurs during the financial exchange form QuickBooks Point of sale to QuickBooks Desktop and vice versa.

Note that to get rid of inconsistency and to save time for data review, it is recommended to add or edit items, customers, and vendors in POS only after you have begun sharing data with QuickBooks Desktop

Transfer of data from Point of Sale to QuickBooks Desktop

  • Information of new customers and updated customer (except for account limits and balances.
  • Information of New vendors and updated vendor.
  • Sales information like receipt
  • Receiving information (vouchers)
  • Inventory cost or quantity adjustments (as a summary adjustment Journal Entry)
  • Payment terms of new vendor

Read Also: Rsolve QuickBooks POS Financial Exchange Error and its Solutions

Transfer of data from QuickBooks Desktop to Point of Sale

  • New customers
  • Updated customer account limits and his/her account balances
  • New vendors
  • New vendor payment terms

Activities occured between QuickBooks Desktop and QuickBooks Desktop Point of Sale

Financial Exchange allows you to get the most from the specialized features of each program by splitting key business activities between them as shown below.

Note: This is not an all-inclusive list of the features in either program

Activity POS QBDT
Add/track inventory X
Order and receive merchandise X
Make sales and collect sales tax X
Run sales and merchandise reports X
Add customers or vendors* X X
Enter vendor billing info (invoices)** X X
Track cost of goods and expenses X
Pay bills and sales taxes X
Invoice customers X
Process payroll X
Run financial reports X
Banking activities X
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It is recommended to perform this in Point of Sale.
** Preference option: controls how receiving information is share.

Accounts affected when Financial Exchange is going on

Accounts affected in QuickBooks Desktop QuickBooks Desktop Point of Sale data affecting the Accounts
Inventory Asset Account Vouchers, Return vouchers, Sales receipt, Returns, Adjustments, and other transactions
Cost of Goods Sold Sales and Returns
Bank accounts, undeposited funds and cash in drawer Accounts Sales, Returns, and Pay outs
Accounts Payable Vouchers and Return vouchers
Accounts Receivable Sales and Returns
Unbilled Purchases Account Vouchers
Document Offset account Adjustments
Sales Tax Payable account Sales and Returns
Gift certificate accounts Sale and Redemption of Gift Certificate
Vendor discounts account Vouchers
Sales related income accounts Sales and Returns
Purchasing expense account Vouchers
Shipping and handling account Sales
Paid out expense account Pay outs

Default accounts mappings

QuickBooks Point of Sale QuickBooks Account Account Type
Cash in Drawer Cash in Drawer Bank
Check Undeposited Funds Other Current Asset
Credit Card Undeposited Funds Other Current Asset
Debit Card Undeposited Funds Other Current Asset
Gift Certificates Gift Certificates Outstanding Other Current Liability
Gift Card Gift Cards Outstanding Other Current Liability
Accounts Receivable Account Receivable Accounts Receivable
Sales Tax Sales Tax Payable Other Current Liability
Customer Order Deposit Taken Customer Deposits Other Current Liability
Purchase Clearing Unbilled Purchases Other Current Liability
Voucher Adjustment Purchase Discounts Cost of Goods Sold
Freight In Freight & Shipping Costs Expense
Voucher Fee Freight & Shipping Costs Expense
Accounts Payable Accounts Payable Accounts Payable
Document Offset POS Inventory Adjustments Cost of Goods Sold
Shipping Shipping and Delivery Income Income
Pay out Expense Cash Drawer Payouts Expense
Tips Employee Tips Payable Other Current Liability
POS Balancing Adjustments Balancing Adjustments Other Expense

Default item account mappings

Item accounts specify where Point of Sale transfers item sales (Income), cost (COGS), and inventory value (Asset) amounts when the various item types items are sold. These are default accounts, assigned to new items as they are added to inventory. Optionally, you can apply changes to all existing items, create sub-accounts by department, or assign accounts on an item-by-item basis on the item record in Point of Sale inventory.

POS Item Type Income Account COGS Account Asset Account
Inventory Merchandise Sales Cost of Goods Sold Inventory Asset
Non-inventory Merchandise Sales Purchases- Resale Items Purchases- Resale Items
Service Service Sales Subcontracted services Subcontracted services
Assembly Merchandise Sales Cost of Goods Sold Inventory Asset
Special Order Merchandise Sales Cost of Goods Sold Inventory Asset
Group Not applicable. Group items will map to their component items.
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