First Steps
The EverywhereRetail Accounting Integration is a series of integrated program functions that allow ER to export portions of its data to outside accounting programs (Currently only Quickbooks Online).
The data that can be exported/created from within ER are:
- Invoice details (Account Payable/Bills) When purchase orders are received via Purchase Order Receive function, the user will be able to enter the invoice details which are immediately sent to the accounting software to create an BILL entry. Also Ad-Hoc Bill entries may be created for Quickbooks Online via Administration -> Accounting -> Quickbooks Online -> QBO Bill/Invoice Entry
- Daily Report details (which import into the accounting system's General Ledger/Journal). The totals from the daily report, such as receipts, taxes, etc. are sent to the accounting software to create general journal entries so the receipts, taxes, etc. will show up on profit and loss & balance sheets. The journal postings are inserted by date occurring in everywhereRetail and are pushed when the shop initiates the export via Administration -> Accounting -> Quickbooks Online -> QBO Daily Report Export.
ER does not require that both accounting integration these functions be used. For example a user may only wish to utilize the Invoice/Bill export functions for Accounts Payable, but not the Daily Report Journal export functions. While this is not a problem, the System accounting set-up must be 100% completed regardless.
How Daily Report postings are calculated
The accounting method must be selected in Administration -> Setup -> System Setup. The Shop may choose to 1) realize Revenue & Sales taxes when the Sale is created (ACCRUAL) or 2) when the SALES & Sales Taxes are paid 100% by the Customer (Cash Basis).
All Journal postings distribution will be a DEBIT or CREDIT. Journal entries sent to the accounting system from everywhereRetail will be per DATE per Store (for multi-store implementations). Here are example distributions based upon the Accounting Method set.
Posting Definitions
| Account type | Distribution |
|---|---|
| Positive tender types | Debit (asset account) |
| Negative tender types (refunds) | Credit (asset account) |
| Partial payments in (tick paid -ACCRUAL) | Debit (liability) |
| Partial payments released (tick paid -ACCRUAL) | Credit (liability) |
| Revenue realized | Credit (equity) |
| A/R (At sale time - CASH) | Debit (equity) |
| Taxes realized | Credit (liability) |
| Inventory | Credit (asset) |
| Cost of Sales | Debit (equity) |
Assets (debit) = liabilities(credit)+equity(credit)+revenue(credit) - expenses(debit)
Example Journal Postings for Ticket Zero Method (Accounting ACCRUAL basis)
Partial payment on new sale of 2000. Customer pays 1000 partial payment (deposit)
| Debit | Credit | ||
|---|---|---|---|
| Tender Mastercard | 1000 | Undeposited funds | |
| Partial payments | 1000 | Other current liability account |
Final payment on sale (3.5% Sales Tax rate in effect). Assumes cost of sale of 500
| Debit | Credit | ||
|---|---|---|---|
| Tender: Mastercard | 1070 | Undeposited funds | |
| Partial payments/AR | 1000 | Other current liability account | |
| Bridal revenue (category of inventory item sold) | 2000 | Revenue(Sales) | |
| Retail taxes | 70 | Liability | |
| Cost | 500 | Cost of Goods Sold | |
| Inventory | 500 | Inventory Asset |
Example Journal Postings for At Sale method - (CASH)
What transaction affect A/R change for the day:
- Increase a customer balance: sales, adj, sale fee, refunds, tax
- Decrease payments, neg adjustments, cancellations
2000 Sale with 1000 payment
| Debit | Credit | ||
|---|---|---|---|
| Tender/type: Mastercard | 1000 | Undeposited funds/Asset | |
| Partial Payment/AR | 1070 = (2000+70-1000) | Other current liability account | |
| Bridal Category revenue | 2000 | Revenue | |
| Retail taxes | 70 | Sales Tax Payable | |
| Cost | 500 | Cost of Goods Sold | |
| Inventory | 500 | Inventory Asset |
Payment on Account (AR Payment) of 500
| Debit | Credit | ||
|---|---|---|---|
| Tender/Type Cash | 500 | Undeposited funds/Asset | |
| Partial Payment/AR | 500 | Other current liability account |
Example Journal Postings for General Postings on Ticket Edits
Cancel sale of sales of 2000 + 70 tax accounted
| Debit | Credit | ||
|---|---|---|---|
| Partial Payment/AR | 2070 | ||
| Bridal revenue | 2000 | Revenue for category | |
| Retail taxes | 70 | Sales Tax Payable |
Negative Adjustment to revenue realized sale example 200 decrease 5% tax
| Debit | Credit | ||
|---|---|---|---|
| Revenue Sales | 200 | ||
| Retail Taxes 1 | 10 | ||
| Partial payments/AR | 210 |
Money Refund, example 100 refunded cash
| Debit | Credit | ||
|---|---|---|---|
| Tender/type: Cash | 100 | ||
| Partial Payments/AR | 100 |