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CliffCoy
Level 2

How to import transactions

Hello all,

I'm trying to figure out how to import sales transactions into QBO from a .CSV file with a couple of twists.

We sell fuel.
The Fuel Farm Software handles the card transactions and merchant processing.
The Fuel Farm Software also issues "private" prepaid cards.
We sell and "refill" prepaid cards to our customers and, in return, give these customers a discount on fuel.


To record Credit Card Sales Transactions:
I have a "Fuel Farm Customer" and 
I record the sales receipt, the merchant deposit, and QBO decreases the fuel inventory. Easy Peasy.


For Gift Card transactions I'm kind of stumped.

I've set up the following:

    An Other Current Liabilities Account called "Prepaid Fuel Outstanding".
    A Non-Inventory Item called "Prepaid Fuel Credit" setting the Income Account to "Prepaid Fuel Outstanding".

For your consideration:

IF I invoice a customer Prepaid Fuel Credit and receive a payment
THEN the "Prepaid Fuel Outstanding" liabilities account Increases

IF I issue a customer a credit memo for Prepaid Fuel Credit (opening balance)
THEN the "Prepaid Fuel Outstanding" liabilities account Decreases

Where have I gone wrong?


Next,
I can download a record of sales transactions file to a .CSV file.

Since QBO doesn't import Sales Transactions (unless you're located in AK,DE,MT,NH, or OR.), I need to find a third party app that will import these transactions.

If the transactions are imported as "Invoices" will I need to manually apply the prepaid credit of prepaid customers?

If the transactions are imported as "Sales Receipts" how do I differentiate between the Deposit Bank Account and Other Current Liabilities Account?

Looking forward to the replies!
3 Comments 3
CharleneMae_F
QuickBooks Team

How to import transactions

I admire you for laying out the details of your concern, CliffCoy.

 

I'm here to help you record your Gift Card transactions accurately in QuickBooks Online.

 

Upon reading the details, you're on the right track in recording the transactions. The Gift Card is recorded as a sales receipt when issued and an invoice when redeemed. 

 

One possible cause the balance is off is due to the accounts and items used. Let's make sure we added the correct information.

 

First off, you'll need to create a liability account named "Gift Card." Here's how:

  1. Go to the Gear icon and then select Chart of Accounts.
  2.  Click New.
  3. Add the correct Account and Detail type.
  4. Enter Gift Card in the Name field.
  5. Click Save and Close.

 

Then, create a service item that should be linked to an income account. I'll show you how:

  1. Click the Gear icon, then select Products and Services.
  2. Select New and choose Service.
  3. Enter Gift Card in the Name field.
  4. In the Income account drop-down, select the income account.
  5. Click Save and close.

 

After that, let's create a Non-inventory item called "Advertising Expense" and then link it to the Advertising Expense account.

 

Once you're ready, you can now issue a gift card. Here's how:

  1. Go to the + New and then choose Sales receipt.
  2. On the first line, add the gift card service item, amount, and other details.
  3. On the second line, select the advertising expense item, then add the amount as negative.
  4. Save the zero-dollar transaction.

 

To redeem the transactions, you'll have to create invoices.

 

If the payment is more than the amount of the purchase, you can either give the customer cash or credit. To learn how, please see this article: Sell and Redeem Gift Cards or Certificates.

 

Additionally, I've added an article that'll guide you in notifying your customers about their upcoming invoice due dates. This helps avoid late payments: Send Invoice Reminders Automatically or Manually.

 

I'm only a post away if you need more help with the process. It's always my pleasure to help you out again.

CliffCoy
Level 2

How to import transactions

Good evening CharleneMae,

Thank you for replying so quickly!

I think I have it set up the way you specified:

 

Under Chart of Accounts:

                 NAME                                       TYPE

Advance Payment for Fuel         Other Current Liabilities

 

Under Items:

          ITEM NAME                             TYPE                            INCOME ACCOUNT

Prepaid Fuel Card Credit           Non-Inventory                Advance Payment for Fuel

 

 

I created a Customer Account—Prepaid Fuel:Compassion Flight

In creating the account, I issued a Credit Memo under the Prepaid Fuel Card Credit Item for $768.50 for their opening balance.

 

The Advance Payment for Fuel Register Decreased by $768.50

 

I invoiced Prepaid Fuel:Compassion Flight $6.95 for Fuel.

QBO Auto-applied $6.95 to pay for the invoice.

Prepaid Fuel:Compassion Flight Credit Balance on the account page decreased by $6.95

The Advance Payment for Fuel Register did not change.

 

I created a Customer Account—Prepaid Fuel:Rose Kaufman

I invoiced Prepaid Fuel:Rose Kaufman $1000.00 for Prepaid Fuel Card Credit.

I received a payment for $1000.00 from Prepaid Fuel:Rose Kaufman.

I deposited $1000 into the checking account.

 

The Advance Payment for Fuel Register Increased by $1000.00

 

I invoiced Prepaid Fuel:Rose Kaufman $48.55 for Fuel.

Prepaid Fuel:Rose Kaufman account shows an open balance of $48.55

The Advance Payment for Fuel Register did not change.

 

What the heck am I doing wrong?

 

 

 

KurtKyle_M
QuickBooks Team

How to import transactions

Thanks for getting back here in the thread, @CliffCoy.

 

First off, I appreciate you for taking the time on performing the steps provided by my colleague. I recommend reaching out to our QuickBooks Online Support team. This way, they can provide further assistance with your concern and help you determine the root cause of the issue. To contact, here's how:

 

  1. Sign in to your QuickBooks Online company.
  2. Select Help (?).
  3. Select either tab to get started:
  • Assistant: Get quick, personalized answers. Select a suggested option, or type a question or topic you need help with. If you decide you need further help, you can still Talk to a human.
  • Search: Search the QuickBooks Online knowledge base directly, or select Contact Us and choose a way to connect with us:
  • Start a chat with a support expert.
  • Get a callback from the next available expert.

 

 I'd also want to share that here in QBO we have this feature called SmartLook Session. This feature allows you to share your screen with our supporting agents to further assist you in solving your QuickBooks concerns. To use this feature, here's how:

 

  1. In QuickBooks Online, select Gear icon and then SmartLook.
  2. Copy the number that appears.
  3. Share this code with the agent during the call.

 

I've also got you these articles about importing and exporting data in QuickBooks Online:

 

 

@CliffCoy, It's my  to have you here in the Community. If there's anything else that you'd like me to assist you with, let me know by leaving a comment down below. Rest assured, I'll be here as soon as possible to help you resolve your concern. Keep safe and see you around!

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