Journal Entries for New Owned Inventory with QBO

This post is to help with understanding the posting journals involved when your RugSimple app is used in conjunction with QuickBooks Online (QBO). This is assuming you are using QBO to manage purchase orders for rug purchases. For this process you will also need an “Inventory Suspense” account. Scenario: You are purchasing a number of rugs from a supplier who requires payment in full prior…

Connecting to QuickBooks Online

In order to pass data from RugSimple to your QuickBooks Online accounting system, you first need to activate your developer account with QuickBooks. This will provide you with the necessary pass keys that will allow the two systems to talk. QUICKBOOKS SETUP Go to: https://developer.intuit.com/app/developer/homepage Sign up for a developer account. Choose an sign up address of an employee with a long term commitment to…