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!
