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Options for sending item description during financial exchange

SOLVEDby QuickBooksUpdated 1 year ago

QuickBooks Desktop Point of Sale allows you to choose whether to send summarized or detailed item information to QuickBooks Desktop on receipts and vouchers. By default, these documents are sent to QuickBooks Desktop in the summarized format. This streamlines Financial Exchange and presents data in a concise format in QuickBooks Desktop. In most cases, sending summarized data is the most efficient way to transfer data. However, you may wish to send detailed documents to your financial software if you need to do any of the following:

    • Print reports or statements in QuickBooks Desktop showing item descriptions for sales and receiving documents (i.e. the specific items sold or received).
  • See individual sales documents in QuickBooks Desktop instead of consolidated documents.
  • Run reports or do customer mailings with customer information from receipts.

Important: Detailed document posting DOES NOT mean that inventory information (items, quantities, costs, etc.) are sent to QuickBooks Desktop

To set item description preference for Financial Exchange:

  1. From the File menu, select Preferences and click Company.
  2. On the left pane, choose Financial then select from one of the three options for sending receipts and vouchers:

    Detailed item descriptions

    • Receipts are never consolidated and include item detail and the customer name (if the Use With QuickBooks flag is selected in the customer record).
    • Receipts and documents created from vouchers list individual items, including serial numbers, if recorded.
    • Journal entries for Cost of Goods Sold (COGS) list the Point of Sale receipt numbers.
    • If tracking customers by company name and including customer's PO # on POS sales receipts, the PO # is included on receipts and invoices created in QuickBooks Desktop.

    Detailed item information applies only to sales receipts and to documents created from vouchers. If you select to send detailed data to QuickBooks Desktop, documents such as adjustment memos will still be sent in a consolidated format. Likewise, General Journal transactions for vouchers will not show individual items.

    Detailed item descriptions for customer charge account transactions only

    • Receipts for sales that are charged to a customer's account are sent with item descriptions and customer information so you can send itemized statements.
    • All other receipts and vouchers are sent in summarized format with no item detail.

    Note: Point of sale creates an inactive, non-inventory item in QuickBooks Desktop for each item sold or received after running a financial exchange. These items are created only once and are tracked in Point of Sale. These are made inactive so they do not show in the default QuickBooks Desktop list view as they are meant to be used solely for detailed Financial exchange.

    Summarized item totals: (Default)

    • Certain documents are consolidated by day. For example, all receipts paid by cash, credit card, debit card, and gift card/certificate for a particular day are consolidated and sent to QuickBooks Desktop as a single receipt for the total amount of sales.
    • Sales documents do not list individual items. Instead, items are consolidated by tax code. For example, if you have a tax code called Tax the total amount of all items sold on a document that belong to that tax code are listed under an item called "POS Tax Sales."
    • Documents created from vouchers (bills, credits, or item receipts) do not list individual items.
    • Customer information is not included on consolidated receipts (It is included if the sale was paid by account charge).
  • Click Save.

NOTE: The change will take effect when you run the next Financial Exchange.

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