Reconcile Quickbooks Manual Adjustment To

To do this, its important to know how these numbers and accounts relate to each other.

This topic outlines each export file, the GL accounts that are affected, and how they relate to other GL accounts.

You should do the initial setup of the GL accounts (your Chart of Accounts) with the aid of a Chartered Accountant before you do any accounting integration with OnSite.

As you become accustomed to the process and understand which amounts correspond between the two software packages, you can choose to export on a weekly basis, and, depending on the level of detail you want in QuickBooks, choose to do Summarized exports.

The table shows which GL accounts are affected by each of these files, and their type.

The type is used in QuickBooks for Mac, and should accurately reflect the kind of account being used in OnSite.

AR represents the overall amount that a retailer is owed (or owes) their customers.

AP represents the overall amount a retailer owes (or is owed by) their suppliers.

If you purchase an item for 10 from a supplier, your AP is 10.

For example, an invoice taxed at 10 selling an item for a 100 sell price totals 110.

Assuming a cost average of the product of 50, the GL accounts are affected like this.

Assuming a customer didnt pay, the retailer now has an outstanding AR balance of 110, which is made up of the 100 revenue (income) and 10 tax collected, which is a liability that must be paid to the Tax Vendor from QuickBooks.

For example, a retailer now needs to replace the item sold, so they buy it from their supplier, and have 30 days to pay for the purchase.

The supplier does not charge freight, so the payable expense account is not affected.

Reconcile Quickbooks Manual Adjustment To

The retailer makes a manual adjustment to the supplier invoice in OnSite when it is paid.

If a product is, for example, lost or damaged and adjusted out of inventory, either by a manual adjustment in the product card, or by count inventory, the inventoryasset account is decreased by the value of the item but the cost of goods sold (COGS) account is increased.

A retailer should make a manual entry in QuickBooks to offset this COGS entry, as it is an inaccurate picture of what has happened.

Confirming that your accounts are balanced and accurately reflect the states of your inventory and sales is an essential part of a stores success.

Reconcile Quickbooks For Mac