I use QB POS and I'm about to do a financial exchange for the first time to QB Financial. I sell products in-store and online. My online sales are integrated to QB POS with a 3rd part application. I wanted to be able to track my sales in QB financial into two income accounts: Web and In-store. How can I set this up?
I would like to have two separate income accounts; online sales and in-store sales. But, l I sell the same items in-store and online. When I set up my item list, how would I know what income account to use for each item?
You can open the inventory item information in QuickBooks Point of Sale (POS) to know what specific income account is used for each item. Here's how:
In POS, go to the Inventory menu at the top to get to the Item List.
Select the item to open its information.
You can see the Income account used for this item in the QuickBooks Options section.
In addition, we don't recommend using two income accounts for each item because this might mess up your books. You can consider creating an item for each income account to better track your sales. You can also consult your accountant for further guidance on this matter.
I'm also adding this article that tackles the process of sharing information between QuickBooks Desktop (QBDT) and POS called Financial Exchange: Financial Exchange Overview.
Please leave a comment below if you have any additional questions or concerns. I'll be more than happy to assist. Have a wonderful day!