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Quickbooks Online Set up

Overview

EverywhereRetail integrates to Quickbooks Online (QBO) for exporting Daily Report accounting data to QBO Journals and everywhereRetail Bill/Invoice entry to QBO Bills. The accounting package must be operational with your company’s chart of accounts. A CPA or trained bookkeeper can help in setting up the accounting package with your company’s chart of accounts (known as General Ledger/Journal Account names/numbers).

There are three steps to setup:

  1. If you are new to Quickbooks Online (QBO), Sign up for an account. Then login to QBO and setup journal names/accounts for your business. An accountant's help may be necessary if you are not familiar with what is needed for producing an accurate Balance Sheet & Income statement for the business within QBO. FYI: Establish CLASSES in QBO for segmenting store journal entries for multi-store set-ups.
  2. Once QBO login credentials are in place, open everywhereRetail and access Administration -> Accounting -> Quickbooks Online -> QBO Setup. Click the Connect to QuickBooks button to establish a Link. Upon the initial QBO Connection, everywhereRetail will make available the current QBO Journal Names/Accounts for use within everywhereRetail.
  3. Match the QBO Journal names/accounts to the everywhereRetail posting types that will be made. The matches are made on the four tabs/forms of Administration -> Accounting -> Quickbooks Online -> QBO Setup

Once the three steps are completed, the systems are ready to work together to improve journal posting accuracy and save the shop time from having to manually post to journals or re-entering Bills.

Use everywhereRetail to generate Sales, take payments, issue purchase orders and receive the purchase orders. Sales and Payment transactions automatically generate Revenue, Sales Tax, Monies collected, adjust inventory and costs of sales which create the entries for the QBO Journal. Receiving purchase Orders will prompt for invoice/bill entry for the items received and make those entries available to QBO for Bill paying.

Setup

On this form create the link from everywhereRetail to your Quickbooks Online account by clicking Connect to Quickbooks button and entering the account's username & password.

Once the link is successfully established a message Connected to Quickbooks will appear. On the initial link everywhereRetail will automatically pull in the existing QBO account names & vendor details, so they may be available to be matched/linked to the ER accounting data that will be generated.

When changes are made to the accounting systems accounts or vendors they will become visible in everywhereRetail once an new Account sync is preformed.

This form contains five tabs of data where QBO Account names must be matched to the values ER will be producing. It is imperative to work with a CPA to insure the QBO account names are properly matched to the ER data, otherwise QBO Income Statements and Balance Sheets will be incorrect.

Journal Accounts

Each field on this form is required to be assigned an QBO journal name/account.

Insure these Journal names/Accounts exists within Quickbooks Online.

  1. Start Quickbooks and open the company file.
  2. Create an Out of Balance account in Quickbooks.
    1. Go to Company->Chart of Accounts->Account->New
    2. Select Expense account
    3. Name it Out of Balance
    4. Click Save and Close
  3. Create a Partial Payments account in Quickbooks.
    1. Go to Company->Chart of Accounts->Account->New
    2. Select Other Account Types - Other Current Liability account
    3. Name it Partial Payments
    4. Click Save and Close
  4. Create a Shipping and Freight account in Quickbooks.
    1. Go to Company->Chart of Accounts->Account->New
    2. Select Expense Account.
    3. Name it Shipping and Freight
    4. Click Save and Close
  5. Insure QBO is set to support your Sales Tax/Vat requirements. You may have to create a Sales Tax Vendor in Quickbooks
    1. Go to Vendor Center
    2. Click New Vendor
    3. Name it Tax Agency
    4. On the Additional Info tab set the Type to Tax Agency
    5. Click Ok

Tip: Upon the initial connection to QBO, the process syncs the current QBO Journal Account Names to ER. When are are any Journal Names edits in QBO after the initial sync the systems must be REFRESHED. To Refresh simply click the Refresh Quickbooks Online data button and the new journal accounts/names will be synced between the systems.

Bills Section

Utilized on Bill/Invoice entry

Shipping Freight ... Non-Merchandise amount will go into this Accounting Account

Discount ... The Discount amount to the Bill will be pushed to this Accounting Account

Daily Report Journal

These Account Names are used the ER Daily Report and must be 100% completed

ER supports two tax rates. Enter a Account name to hold the tax rates. The same account of different account names may be used for both.

Sales Tax 1 ...

Sales Tax 2 ...

ER supports multiple tender types. Enter a Account name for each to hold the amounts received. The same account name or different account names may be used for all. The accounts used depends on the tracking detail required within the accounting software.

Cash ...

Check ...

Credit Card ...

Debit Card ...

Electronic Check ...

Web Payment ...

Gift Certificate ...

Other Payment 1 ...

Other Payment 2 ...

The DR will provide the journal postings for the sale of inventory and it's cost of goods as the cost was entered in the Inventory module for each style.

Inventory ...

Cost of Sales ...

Determined by the Accounting Method chosen, Cash (AR) or Accrual (Deposit Liability) in Administration -> Setup-> System Setup, The appropriate Accounting Account Name must be selected for this posting.

Deposit or Account Receivable ...

If a Daily Report is ran in ER and it does not Balance, the system will calculate how much the report is off-balance. This "out-of-balance" amount will be copied into this distribution Accounting allowing the the Postings to take place within the Accounting software.

Force Balance ...

In the event the store must write a customer a check for a Refund, the posting for that transaction type would be posted to this accounting Account name selected within this field.

Store Check Refund ...

Tab Category Account

The accounting system Revenue Account and Purchase Account must be assigned to each everywhereRetail Inventory Category/Departments to allow for revenue tracking by category in the accounting journal and Purchase tracking.

Select a ER category and assign the accounting Revenue & Purchase Account names. The accounting accounts used may be the same for each ER Category when the Shop does not require a category breakdown of revenue in the accounting Balance/Income documents.

Tab Vendor Sync

everywhereRetail & the accounting system both allow for a list of vendors to be created. The accounting software allows for vendor payment terms to be created for each vendor which is important for computing discounts and due dates for Bill entry.

The vendors of both applications are required to be linked/matched/sync. Vendors are used in ER for assignment to inventory and Purchase Orders. Vendors are also in QBO to handle purchase/discount terms and to be assigned to Bills for payment. ER & QBO vendors must be in sync.

There exists two fields on this form. ER Vendor and QB Vendor. A User could select a existing vendor for both, or a vendor for ER Vendor or a vendor for QB Vendor. A message will appear in the Action column based upon the two field values entered. The Action message that appears indicates what will happen. The User clicks the Check appearing next to the message to execute the action or SAVE to save all.

To select a vendor in either column the User needs to begin typing the vendor name. The vendor list will filter down the more letters typed to a matching vendor.

Action message

  • ER Vendor will be created in QB: The ER Vendor will be added to QB and linked back to ER. ER vendor is selected and no QBO vendor is selected.
  • QB and ER vendors will be linked: The ER Vendor will be linked to the QB vendor. When a ER vendor is selected under the ER Vendor column that exists in QBO an alert message will appear stating that.
  • QB Vendor will be added to ER: A QBO vendor is selected under QB Vendor and no ER vendor is selected

Store Classes (Multi-Store)

Store Classes allow for the separation of Journal & Bill entries when an everywhereRetail account has multiple stores. The store classes are created within the QBO accounting software.

Once the Store Classes are established in the accounting system, they will be assigned to each everywhereRetail store on this tab.

When Journal Entries are created, they are the total of transactions for a specific store. The Accounting Store Class for the store will be assigned to the Journal Entries when exported to the accounting system.

Accounting Account Name Listing (QBO COA Listing)

This tab is a great reference as it shows the current list of account names that everywhereRetail is aware of. When the list is incomplete or not accurate, the User should preform a new Account Sync allowing ER to be refreshed with the most up to date data from the accounting system. Click the circle arrow icon to force a Refresh between the systems.