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 |
* 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. |
