Quickbooks Account Assignments
QuickBooks GL Account Setup in RMS Store Operations
Note: This requires you to use the Tender Opening and Tender Closing functions and is the simplest method to configure a store with a single register. If you need to address other store configurations please contact me as this may be different.
Use the following template to get your Quickbooks accounts correctly mapped with RMS. If an entry is blank or missing, it is NOT required and should be left blank. If you have not done so already, follow the article about how to configure Quickbooks and RMS to communicate first.
You will be using the Tender Opening/Tender Closing Amounts, and not the Tender Received Account.
(1) Set debit accounts for both Tender Dropped and Tender Paid out and leave their credit accounts blank;
2) Set a Credit account for Tender Opening Amounts: Cash;
3) Set Debit accounts for each Tender Type Closing account; and
4) Leave Tender Received blank
| Description | Debit Type | Credit Type | Additional Details |
| Inventory & COGS | COGS | Inventory | This is the total cost of items sold. Enter account numbers in both debit & credit column |
| Commission | Sales Expense | Other Current Liabilities | This is the commission payable to sales reps. Use only if you want to track sales commissions as part of your compensation scheme. |
| Customer Deposit: Made | Other Current Liabilities | This is the total deposits made from work orders on customer accounts. Same acct # as below. | |
| Customer Deposit: Redeemed | Other Current Liabilities | This is the total deposits redeemed when work orders are completed. Same acct # as above | |
| Layaway: Closed | Other Current Liabilities | This is the layaway amount closed when the customer received the goods. Store Operations will automatically credit the Sales and Tax accounts below to balance the posting. | |
| Layaway: Paid | Other Current Liabilities | This is amount paid by customers on new or existing layaway items. Store Operations automatically debits the Payment Received accounts below to balance the posting. | |
| Sales: Total | Sales | This is the total sales amount excluding tax. If this account is selected for posting then the Sales: Total + Tax account must not be selected to avoid redundant posting. Set this account up if you want to track this total for all departments and track taxes seperately | |
| Shipping Charge: Total | Other Income | This is the amount collected for shipping charges. It should be expensed out through the GL. | |
| Store Account: Paid On | Accounts* Receivable | This reflects charges made to customer accounts. The offset is to Sales and Tax | |
| Store Account: Paid To | Accounts* Receivable | This reflects payments from customers to reduce their customer balance. The offset will be to tender received. | |
| Surcharges: Cash Back | Other Income | This is the amount collected for fees charged to customers when receiving cash back on debit | |
| Surcharges: Debit | Other Income | This is the amount collected for fees charged to customers when using their debit card for purchases. | |
| Tax Collected: Total | Taxes Payable | This is the total collected for sales taxes for all departments. Do not use Tax Collected by Dept | |
| Tender Rounding Error | Cash | This is the rounding error that can occur when accepting multiple currencies. | |
| Tender Closing Amounts: XXXX | Cash or Other Assets | Cash or Other Assets | This is the total amount available when closing the cash drawers for each given tender type. Note that a Tender Closing Amounts entry is created for each tender type in Store Operations. Therefore, each time a new tender type is added, this account must be updated with the new tender type. |
| Tender Opening Amounts: XXXX | Cash or Other Assets | Cash or Other Assets | This is the total amount available when opening the cash drawers for a given tender type. Note that a Tender Opening Amounts entry is |
| Tender Over/Short: XXXX | Cash or Other Assets | This is the amount by which the tender type is over or short at the end of the batch. It reflects the errors, if any, made | |
| Tender Over: XXXX | Cash or Other Assets | This is the amount by which the tender type is over at the end of the batch. It reflects the | |
| Tender Received: XXXX | 1499 Undeposited Funds | This is the total amount received for each given tender type. This is calculated by taking the Closing Amount - Opening amount - Tender Dropped - Tender Paid. Note that a Tender Received entry is created for each tender type in Store Operations. | |
| Tender Short: XXXX | Cash or Other Assets |
* Do NOT use the default Quickboos A/R or A/P or Sales Tax Accounts in this account assignment, instead you should create threen new accounts: RMS A/R, RMS A/P, & RMS Sales Tax. Remember to reimport Quickbooks Accounts after making any changes to your Chart of Accounts.
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