QuickBooks POS and QuickBooks Financial Reports
How come QuickBooks Financial Sales Summary reports do not match with my POS sales reports? First of all, yes, if you are running the sales summary report in QuickBooks, the report may not match your QuickBooks Point of Sale sales report. The reason is that the Gift Certificate purchases and redemptions ARE included. So in other words, QuickBooks is showing all the sales including those of the gift certificates sold and purchased while the POS is only showing the sales of items. Here is how this works:
- 1) In this example:
- A customer purchased a $1000 Gift Certificate.
- Another customer bought 50 candles at $10/candle = $500.00.
- Lastly, the person purchasing the candles used $200 of a gift certificate that was used for the purchase.
- So the POS has had 500 of Sales + 1000 in Gift Certificates Sold – $200 Gift Certificates Redeemed = $1300 of sales. The POS Item Summary report shows:
- 2) However, after the financial transfer, when you look at the Sales Sales detail report, you get:
- 3) So the amount of sales in your “Sales by Rep Summary” will show:
- 4) So, in effect:
- Gift certificates sold are added to your total sales report in QuickBooks even though it is tracked in your “Other Current Liability” account in QuickBooks. This is because the QuickBooks report shows all sales both “Realized” and “Not Realized”.
- Anything purchased with a gift certificate is subtracted from your total sales since that gift certificate was already or previously realized as “income” in that account.
- If the certificate is not used, you are getting quite a deal since you did not have to provide the customer merchandise.
- If the certificate is used, you are not showing the income realized twice from that sale since it is subtracted from the total sales using the report as it is currently set up.
- 5) If you want to verify the POS Sales Summary report against the “realized” QuickBooks Sales Report, then you:
- Select, “Customize Report”
- Select the “Filter Tab”
- Select “Account” in the Filter List.
- In the drop-down on the right, select, “All ordinary income accounts” and click, “OK”.
- 6)You will then get the following report which should match you POS sales summary report.
Please call Merchant Light if you have any questions about this procedure.