Quickbooks
Introduction
The QuickBooks integration provides a way to sync your sales and inventory transactions to your QuickBooks Online account. It makes one sales invoice per branch per day. Invoices will have associated payments based on your payment methods. For inventory, a bill or a journal entry is created depening on the inventory transaction type. This guide helps you to setup and run the integration with QuickBooks.
Setup in QuickBooks
The integration requires a number of entities to be created in your QuickBooks account. Each of these entities is described next.
Accounts
There are several accounts that you need to setup in order to run the integration. The accounts are divided into three categories: items, payments and inventory accounts. The method to create accounts is described here.
Item Accounts
Each sales invoices has 7 items described in Items section. Each of these items should be mapped to an account in QuickBooks.
Payment Accounts
You should create one account for each payment method defined in foodics. The payment accounts type should be either Other current asset or Bank. This account is used as the deposit account for the payment.
Inventory Accounts
Syncing inventory requires four accounts:
Inventory: Stores the cost of all inventory items.
Cost of goods sold: Stores the cost of consumed inventory items.
Inventory adjustment: Stores the cost of lost inventory items.
Pending transfers: Stores the cost of inventory items that are pending receiving.
These accounts are used for bills and journal entries as described in Inventory Entries section.
Items
The integration sends an invoice with the following items:
Taxable Sales: sum of taxable products' prices.
Non Taxable Sales: sum of non taxable products' prices.
Taxable Discounts: sum of discount amounts.
Delivery Price: sum of delivery prices.
Service Charge: sum of service charges.
Tips: sum of tips.
Rounding: sum of rounding amounts.
Each of these items should be defined as a non-stock Prodcut/Service in Quickbooks. The items must have the following two settings:
I sell this product/service to my customers.selected. Ignore this option if it doesn't exsit.Income accountset to one of your accounts.
You can create new Product/Service by clicking the Gear in the upper right corner and then clicking Products and Services.
Taxes
The integration requires that you create a tax code that has one sales tax rate and one purchasing rate. To add a tax code, go to Taxes on left menu, then click Add Tax button and select Custom tax option. Fill the details in the page and select the two checkboxes at the bottom: This tax is collected on sales and This tax is collected on purchases. Enter appropriate rates for the two fields. The integration will use the sales tax rate in invoices and the purchasing tax rate in bills.
Departments
Departments is how QuickBooks separates entries by branch. You should create a department for each of your branches and warehouses. Later you can generate reports by department. You need to enable location tracking then you can add departments. The process is described here.
Pyament Methods
Payment methods are used to record payments in invoices. Each payment method in foodics should be mapped to a payment method in QuickBooks. You can create new payment method by clicking the Gear in the upper right corner and then All Lists then Payment methods.
Default Customer
QuickBooks requires a customer with invoices. The integration needs one default customer that will be added to all generated invoices. You can create customers by following the instructions here.
Vendors
Vendors are contacts used for bills in QuickBooks. You should create one vendor for each supplier in foodics. These vendors are used when mapping purchasing transactions to bills. The process of creating vendors is described here.
Default Vendor
An extra default vendor is needed for other in transactions. This default vendor will be used in bills generated from others in inventory transactions
Setup in Foodics Account
After you complete the setup in your QuickBooks Account, go to foodics dashboard and login with your account. Then navigate to Settings -> Addons -> QuickBooks and click Enable or Manage and authorize with your QuickBooks account if needed. Then navigate to the settings sections: General, Items, Departments, Payment Methods, Accounts and Vendors. Each section displays a subset of the required mappings. When you click on a textfield to map a given item, the dashboard lists the relative items from your QuickBooks account. Select the appropriate item for each displayed textfield then click Save Settings.
Running The Integration
At your preferred time and after branches complete operations of the day, login to foodics dashbord and navigate to Settings -> Addons -> QuickBooks and click Manage. Then select Sales Sync or Inventory Sync and choose the date you want to send to QuickBooks. Then for each branch or warehouse, click Upload to QuickBooks button. An invoice, bills or a journal entries will be created in QuickBooks. Alternatively, you can click the button in the Sync All row to create the relevant entities for all branches and warehouses.
Inventory Entries
The integration creates a bill for each purchasing transaction made in foodics. The bill will contain the vendor that is mapped to the supplier in foodics. Others In transactions are grouped and mapped to one bill in QuickBooks with the default vendor.
Other transactions are mapped as journal entries. They differ in which account to credit and debit. The details are listed below:
Stocktaking:
If variance is positive:
Credit: Stock adjustment account.
Debit: Inventory account.
if variance is negative:
Credit: Inventory account.
Debit: Stock adjustment account.
Consumption:
Credit: Inventory account.
Debit: Cost of goods sold account.
Transfer Out:
Credit: Inventory account.
Debit: Pending transfer account.
Transfer In:
Credit: Pending transfer account
Department: sender branch.
Amount: all sent cost.
Debit: Inventory account
Department: receiver branch.
Amount: received cost.
Debit: Inventory adjustment account
Department: receiver branch.
Amount: variance (lost) cost.
Others out, waste, expiry and damage:
Credit: Inventory account.
Debit: Inventory adjustment account.
Return:
Credit: Cost of goods sold account.
Debit: Inventory account.
Notes
QuickBooks
Plusplan is required for the integration.Ensure all cashiers end day before uploading to QuickBooks.
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