Bookkeeping tips for QuickBooks™ Point of Sales

Often times I receive calls from bookkeepers who are wondering why their QuickBooks™ financial accounts are all “messed up” because it is linking to QuickBooks™ Point of Sale. First thing I do is say, can I log onto your computer and see how you currently track your financials? Then, I go through the process of pointing out where they are working harder than they should. So I thought I would write this blog hoping to help a majority of QuickBooks™ Point of Sale users out there who are just getting started. There are many misconceptions on how to perform QuickBooks™ accounting when using a retail program such as QuickBooks™ Point Of Sale. Here are a few:

  1. 1) The bookkeeper needs to enter ALL the bills.
  2. 2) The bookkeeper needs to keep inventory.
  3. 3) The bookkeeper needs to enter all the purchase orders.
  4. 4) The bookkeeper needs to enter all the invoices.
  5. 5) The bookkeeper needs to enter all the deposits.
Anyway, there are many more. The truth is, the bookkeeper in the above scenario is making their job much harder than they need to. Here are the facts:
  1. 1) if entries are correctly made on the Point Of Sale, the bookkeeper only needs to pay the bills using the “Pay Bills” screen. They do not need to enter any bills manually except those for overhead expenses (like utilities, rent, etc.).
  2. 2) The bookkeeper does not keep inventory at all. That is the whole purpose of the Point Of Sale. During financial transfers, the Point of Sale enters the Inventory into the Inventory account (if the Point of Sale is set up properly) automatically upon receipt of the merchandise.
  3. 3) All purchase orders are created in the Point Of Sale.
  4. 4) The Point of Sale automatically creates invoices for all Point of Sale receipts that are “On Account”. The only thing the bookkeeper may need to do is to email/snail mail them out.
  5. 5) All transaction media is either recorded into the QuickBooks™ Financial cash account linked to in the Point of Sale (normally cash and checks) or into the QuickBooks™ Financial “Undeposited Funds” account. The bookkeeper only needs to “record deposits” into the deposit account of choice.

If you need help with setting up your Point of Sales and training on how to use it correctly (saves hundreds of hours of unnecessary work), please contact Merchant Light. We sell, install, train and support both QuickBooks™ Point of Sale and QuickBooks™ Financial.

 

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