What it Does
When you post a closed register batch to QuickBooks from MicroBiz Cloud POS:
- Your QuickBooks Sales Tax is updated – so you can manage all payments to your Tax Agency through QuickBooks.
- Sales and cost of goods and inventory are updated in QuickBooks so your store activity is visible immediately in your P&L reports.
- Payments taken at the register: cash, checks, credit cards are reflected in whatever accounts you designate – for cash and checks you may want to post to un-deposited funds while credit cards you may wish to post direct to your checking account.
- Order deposits, store credits issued and Gift Cards sold all reflect in your customer liabilities and your customer liabilities are automatically reduced when orders are delivered, gift cards are redeemed and store credits used as payments. This activity shows immediately in your Balance Sheet report.
How to Post Sales to QuickBooks
Your register must be closed. Quick close will not work you will have to finish closing in Manage Register Batches before the ‘Post’ button will appear to the right of the batch.
1. Go to Sales >> Manage Register Batches and Click the green Post button to the right of your batch. – your register closeout is posted to QuickBooks.
Before You Begin
· If you charge Sales Tax Your QuickBooks instance should have at least 1 Tax Code defined in MicroBiz before beginning. **Note**: The QuickBooks tax rate must match the tax rate in MicroBiz for it to be setup properly and for you to be able to post register batches.
· 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.
Integrations >> QuickBooks >> Connection Settings
1. Click Connect MicroBiz to QuickBooks
2. The connection wizard will pop up – click on the QuickBooks button and follow the instructions
3. You will be asked to log into QuickBooks.
4. QuickBooks will ask you to authorize your MicroBiz instance to connect to QuickBooks. Click the Authorize button.
6. Success! the connection to QuickBooks is established. Now it's time to enter a few settings.
7. You can choose to sync inventory and cost of goods as well as sales and payments data or you can omit the Cost of Goods Sold and inventory updates if you wish.
8. Select the QuickBooks GL account where you want your MicroBiz activity to post. If you need to you can change these settings 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.
9. 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.
10. That's it! You can check out the FAQ, watch the video or fine tune your settings. You're ready to post your next register closeout directly to QuickBooks!