The video below covers how rug cost and inventory level changes are made and stored as well as how they impact posting journals. Please see the video for a run through:
Balancing Batches with Over and Short
Sometimes when taking payment from a customer we accidentally undercharge or over charge. If the amount is large enough, then an additional charge or refund may be required. But if the amount is small enough to absorb, that’s when you use Over and Short payments. Please see the video for a run through:
Account Mapping and Posting Journals
In order to generate your posting journals from you daily activities you need to follow the steps below. See video for a full tutorial. PUSHING POSTING JOURNALS TO QBO Ensure your chart of accounts is set up in QuickBooks Online. Ensure your QuickBooks Account is connected to RugSimple. See Connecting QBO to RugSimple article on how to do this. Map your accounts in RugSimple to…
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…