Before You Begin
· If you charge Sales Tax Your QuickBooks instance should have at least 1 Tax Code defined in MicroBiz before beginning.
· If you sell gift cards, take order deposits or issue store credits you need at least 1 customer liability account defined in QuickBooks before you begin the setup.
From Store Operations >> Integrations >> QuickBooks >> Connection Settings click Connection Settings.
Click the Connect to QuickBooks button the connection wizard will launch - click the Connect to QuickBooks button again.
3. You will be asked to log into QuickBooks Sign in and Authorize the Connection
4. MicroBiz will obtain your chart of accounts and tax rates to use in configuring how your sales are posted to QuickBooks
5. The connection between QuickBooks and MicroBiz Cloud POS is complete. Click Next to begin configuring your posting setup.
6. You can choose to sync inventory and cost of goods as well as sales and payments data or you can omit the cogs and inventory updates if you wish.
7. Select the QuickBooks GL account where you want your MicroBiz activity to post. If you need to you can change these setting later.
For great advice speak to your accountant. In general sales are posted to a revenue or income account. Payments are assigned to ‘deposited funds’ or a checking account. A linked bank account is not advisable for credit card deposits as the amounts returned form the register are the gross amounts and some credit card companies remit amounts net of credit card charges. Customer Liabilities like order deposits, Gift Cards and store credits should be posted to a current liability account and drawer/over short is typically posted to a miscellaneous expense account.
8. Match your MicroBiz Sales Tax to your QuickBooks Tax Agency. If you have additional stores in different tax jurisdictions you can set these up at the end of the process.
That’s it – you can check out the FAQ or watch the video or fine tune your settings. You’re ready to post your next register closeout direct to QuickBooks.
You can fine tune your settings in the Connection settings tabs.
Optional Settings You May Wish to Review
- If you have multiple stores with different tax jurisdictions you may want to add additional tax mappings in Sales Tax Mappings
- If you use QuickBooks Locations you can assign each of your stores to a QuickBooks location.
- If you wish you can assign separate accounts to credit cards and cash, check deposits.
- Order Deposits, Gift Cards and Store Credits can each be assigned a different current liability account
- Sales accounts by Main Category and Store
- Inventory accounts can be assigned by store
- Paid In/Out, Drawer Over/Short and rounding errors can all be assigned separate expense accounts