QuickBooks has a great solution for retailers who want to use QuickBooks. QuickBooks Point of Sale.
This is a desktop software designed to work closely with the QuickBooks accounting system we already know very well.
QuickBooks Point of Sale (QBPOS) will take responsibility for managing inventory and creating sales. QuickBooks Financial (The accounting software we are already familiar with), receives transactions regarding inventory and sales from QBPOS. QB Financial continues with the other functions it does so well. Payroll, bill paying, managing the checking account, and so forth.
If QBPOS handles inventory management, and thus inventory purchases, and QB Financial handles bill paying, including inventory purchases, how do these systems work together to perform these functions?
This is an area many new users of QBPOS struggle with.
First, QBPOS Preferences must be set correctly to track vendor purchases and send them as bills to QB Financial. In QBPOS, navigate to File->Preferences->Company->Receiving.
There, check the box labeled “Enter vendor billing information in Point of Sale.”
In QBPOS, merchandise is received using a transactions called a Receiving Voucher. See the above screenshot.
Selecting the large blue button labeled “Billing Info”, allows you to fill in the information in the box as shown by the second arrow.
If we click on that button and fill in the information, the receiving voucher will then look like this:
This allows the receiving voucher in QBPOS to be sent to QB Financial as a bill, ready to be paid. Without this information, QBPOS will hang on to this transaction, awaiting the final data to be entered. It will not appear in QB Financial in accounts payable.
Now that we have completed the vendor information for the receiving voucher, let’s see how this appears in QB Financial. For the import to happen, a Financial Exchange must take place. That usually occurs at the end of each day in QBPOS.
Above is the bill in QB Financial. You can see how QuickBooks puts information in the memo so you can track back where the bill came from in QBPOS.
Hector Garcia, CPA
Certified Advanced QuickBooks ProAdvisor
12401 Orange Drive #136
Davie, FL 33330