Howdy all, first time poster. New to quickbooks.
I've got a comic and game store and I use Retail Management Hero (RMH) point of sale system. It's new so it's not able to sync to Quickbooks yet.
Since I have all the data over there I just want to keep track of the banking part in QBOnline for now. I put my credit card deposits and my cash deposits as billable income? yes?
The invoices for my vendors should be COGS? Does that sound right.
Joes Garage Comics
RMH Generates my reports for sales and tracks my inventory and gross profit but not my overall income vs expenses and for my industry I need to stick with it.
I found the integration piece for RMH with QuickBooks at the following website located here. I would contact them to see if it is a service they already offer.
Also, you might look into the following app on QBO if that doesn't work: Hike - POS Software, Retail Management, Inventory and see if it will integrate with your RMH system already? It's worth a shot.
Also, Your invoices = Income and your Vendors = Expense and/or COGS. If neither of these things work, I would see if you can hire someone to take your reports and turn them into a Journal Entry that can be posted into QBO for you. If you need any help, I would love to help with that.
Welcome to the community. Exciting to hear about your store. I've got quite a collection of comics and am a (very) casual gamer, always happy to meet other passionate folks.
So, you want to run sales through RMH and accounting through QBO. Do you want to only track your sales and expenses? Or do you want to account for things like your assets, payroll, liabilities, etc for your business as a whole?
Regarding your first questions, it depends on what the credit card and cash deposits are for. If they are for paying expenses such as rent and utilities, you would enter them as expenses in QuickBooks. Other things like furniture and retail items that aren't used within 1 year are generally considered assets, and you can create specific asset accounts for those. If you are talking about cash deposits you make from sales, those can be entered into your checking or banking account in QuickBooks as income once you actually complete these actions in real-time.
Also, just want to clarify to make sure so I don't lead you astray - do you mean invoices you get from vendors you buy goods from? Or Invoices you send to vendors who buy comics and other cool goods from you?
For the prior, purchases from vendors are either entered as an expense if you already paid for the items or a bill if you plan to pay it in the future. For the later, you'd Invoice customers for items they purchase and will pay in the future or a sales receipt if they paid the transaction in full at the time of sale.
These are some of the basics. I don't want to get too lost in the weeds until I hear more about what you are planning to account for. We created this Getting Started with QuickBooks Online resource that might be very helpful. In particular, I'd recommend the article on connecting bank accounts.
Hope this helps, Joe.
I'd like to keep track of everything in QBO except for itemized sales and inventory cogs and Purchase orders, which RMH does. (ie track daily sales or my Z tape in QBO) But assets, (no payroll yet), etc,
I want to get my true P and L not just my cogs profit. I know my sales for the monh and the profit from those sales but of course it does not track the stuff I brought in that did not sell.
The deposits are from daily sales in store tracked by RMH.
Yes, my primary question is how to put in the Vendor invoices. (Oh I suppose now I have to put each invoice from each vendor in and match it to a payment.)
Thank you so much! It's been a huge help! I've taken most of the QBO seminars but had a hard time wrapping my head about how they apply to my business.
Really glad we could help! The best way to get a true P and L view of your business is to enter all income and expenses. The Online Banking feature can really come in handy by reducing the amount of data entry needed, but it sounds like you have some other good systems in place to track your sales. I encourage you to do what works best for you!
You're right on the money (sorry for the lame pun) about invoices from vendors. They are expenses to your business. If you already paid for the expense at the time of sale, you'd enter it as an expense in QuickBooks (just like a customer-facing Sales Receipt). If you plan to pay for the invoice in the future, enter it as a bill and process it accordingly.
I hope the Getting Started Series we created for this particular community will come in handy down the road. We plan to continue building it out in the coming months. I want to leave you with a couple additional videos about the "Money out" workflow in QuickBooks and how to best record/track your expenses.
Best of luck to you, Joe. Lean on us whenever you need a hand.