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Level 1

setting up the GL path for transactions between POS to QB desktop

I have a client who uses QB Point of Sale software for his computer tech service business.  I am his bookkeeper and we use Desktop Pro 2020.  I am questioning the setup for the POS so that it flows correctly to QB Pro G/L when we import the POS data.  Can you help me?

2 Comments
Moderator

setting up the GL path for transactions between POS to QB desktop

Thanks for visiting our forum today regarding your POS concern, @wyobookkeeper

 

To sync your client's POS data into QuickBooks, you will need to enable Financial Exchange. This method will help track and post transactions correction on both programs. Please note that the accounts affected by the exchange are pre-set, so you don't need to configure them.

 

Follow the steps below in QuickBooks Point of Sale:

 

  1. Tap the Edit menu, then choose Preferences.
  2. On the left pane, choose Integrated Applications then go to the Company Preferences tab.
  3. Select QuickBooks Point of Sale from the Applications list.
  4. Next, go to Properties.
  5. In Access Rights tab, pick the Allow this application to read and modify this company file option.
  6. Hit OK in the Properties window, and in the Preferences window.

Once done, set up the connection in POS:

 

  1. Go to the File menu then Preferences.
  2. Choose Company > Financial > Set Up QuickBooks Dekstop Conenction Now in Point of Sale.
  3. If you have previously connected to QuickBooks, you may see a screen that says: Continue to use this company file or Let me choose a new company file. Always select Let me choose a new company file.
  4. You will be prompted to start QuickBooks and log in as Admin. Click Next.

  5. QuickBooks Desktop Point of Sale is now ready to share data with your QuickBooks financial software. Hit Finish.

For more information about Financial Exchange, like the process, accounts affected and how it works, see this link here: Financial Exchange Overview

 

If you have any questions about this or need help with other topics in POS or QuickBooks, let me know in the comment below. I'll be right here to help you. Have a good one!

Level 1

setting up the GL path for transactions between POS to QB desktop

I do have more questions.  

For instance - in POS when receiving resale products in to inventory items; should those go to Cost of Goods?  This business pays for merchandise as it is ordered by debit card so there is no accounts payable.

- when an invoice is generated to a customer to accounts receivable; do the line items come out of Cost of goods sold? 

So, when a  download from POS to QB occurs for all new trasactions,  what G/L  accounts in desktop are affected by the dump?  On our first download to QB , all the items received went to A/P.  So I went in and changed the setting in POS to COG. So to correct the G/L (for 2019)do I debit   A/P and credit the bank cash account.  I'm trying to get the G/L right so I can begin reconciling 2020 bank statements.  The tax return for 2019 is already done so I suppose retained earnings will be affected somehow as well.  Then, when a customer is invoiced, how are the items affected?  For instance.  He purchases a mouse for 10.00 and sells it on an invoice for 17.00.  Is it just sales and inventory accounts that are affected?  Therefore the offset in the G/L is accumulative in COG and offset by Sales at the end of the year?  I just don't think we have our settings quite right on both sides.

 

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