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

QuickBooks

 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

ActivityPOSQBDT
Add/track inventoryX
Order and receive merchandiseX
Make sales and collect sales taxX
Run sales and merchandise reportsX
Add customers or vendors*XX
Enter vendor billing info (invoices)**XX
Track cost of goods and expensesX
Pay bills and sales taxesX
Invoice customersX
Process payrollX
Run financial reportsX
Banking activitiesX

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 DesktopQuickBooks Desktop Point of Sale data affecting the Accounts
Inventory Asset AccountVouchers, Return vouchers, Sales receipt, Returns, Adjustments, and other transactions
Cost of Goods SoldSales and Returns
Bank accounts, undeposited funds and cash in drawer AccountsSales, Returns, and Pay outs
Accounts PayableVouchers and Return vouchers
Accounts ReceivableSales and Returns
Unbilled Purchases AccountVouchers
Document Offset accountAdjustments
Sales Tax Payable accountSales and Returns
Gift certificate accountsSale and Redemption of Gift Certificate
Vendor discounts accountVouchers
Sales related income accountsSales and Returns
Purchasing expense accountVouchers
Shipping and handling accountSales
Paid out expense accountPay outs

Default accounts mappings

QuickBooks Point of SaleQuickBooks AccountAccount Type
Cash in DrawerCash in DrawerBank
CheckUndeposited FundsOther Current Asset
Credit CardUndeposited FundsOther Current Asset
Debit CardUndeposited FundsOther Current Asset
Gift CertificatesGift Certificates OutstandingOther Current Liability
Gift CardGift Cards OutstandingOther Current Liability
Accounts ReceivableAccount ReceivableAccounts Receivable
Sales TaxSales Tax PayableOther Current Liability
Customer Order Deposit TakenCustomer DepositsOther Current Liability
Purchase ClearingUnbilled PurchasesOther Current Liability
Voucher AdjustmentPurchase DiscountsCost of Goods Sold
Freight InFreight & Shipping CostsExpense
Voucher FeeFreight & Shipping CostsExpense
Accounts PayableAccounts PayableAccounts Payable
Document OffsetPOS Inventory AdjustmentsCost of Goods Sold
ShippingShipping and Delivery IncomeIncome
Pay out ExpenseCash Drawer PayoutsExpense
TipsEmployee Tips PayableOther Current Liability
POS Balancing AdjustmentsBalancing AdjustmentsOther 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 TypeIncome AccountCOGS AccountAsset Account
InventoryMerchandise SalesCost of Goods SoldInventory Asset
Non-inventoryMerchandise SalesPurchases- Resale ItemsPurchases- Resale Items
ServiceService SalesSubcontracted servicesSubcontracted services
AssemblyMerchandise SalesCost of Goods SoldInventory Asset
Special OrderMerchandise SalesCost of Goods SoldInventory Asset
GroupNot applicable. Group items will map to their component items.

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