Q & A with Will English Question from our client: I met with my accountant and he had a couple of general questions about the transfer of data from the POS to the accounting software.
1. There's a line item that is generated in the accounting software titled, "POS Inventory Adjustments." How is this number generated? Will’s reply: When you change the on-hand quantity (qty) or cost of an item, inventory value is changed (debited or credited) and the offsetting account is POS Inventory Adjustment. If this expense is negative, it most likely means that you have not been receiving properly.
2. There are still line items in the accounting software that were transferred as "Item Receipts" vs. others transferred as "Bills." Why is this distinction made between Bills and Item Receipts? Will’s reply: You get an item receipt if you mark the bill already paid or fail to put a number in the Invoice/Ref field on the receiving voucher.
Short recap: You do not mark an item as paid (since the client inputs the payments into QB). Always put a number in the Invoice/Ref field.
Q & A with Will English: Today’s topic is about recording deposits in QuickBooks Financial but all of the transactions are not present for one day. Below are the questions and statements from one of our retail clients and Will’s replies.
Question from client’s email: I have a weird issue. I'm recording deposits in QuickBooks Financial (QBF) and for one day I do not have all of the transactions present. If I look in Point of Sale (POS) I see all of the sales that we had but for some reason both cash and credit card are way short in QB. Should I resend the information for just that date? Thanks!
Will: Go into Sales History. Try to filter for the QB status as Error or Not Posted and see if there is anything there. Then, answer back.
Client: I looked at this month and sorted by QB Status and each one has completed in the field.
Will: Go into one that appears to be missing. Then, go to the I Want To (must be done on the server computer) and view financial detail. If the link is blue, click and open in QBF. If it is black, then someone has deleted the transaction.
Client: I fixed the issue by resending the ones that were missing. Thanks!
What is Intuit GoPayment? You may have heard the buzz about it but aren't sure exactly what its purpose is and how it works.
It is a mobile credit card processing service by Intuit in which the merchant takes credit card payments from their cell phone. The Intuit GoPayment mobile credit card app and card reader enables those who sell products or services to never miss a sale, no matter where the person does business. If you have company representatives away from the office/out in the field who need to take customer payments or if you do not have a Point of Sale system but need to take credit card payments, this is the solution for you. For example, my hairstylist accepts cash, check, and credit cards but does not have a POS system. If a customer pays with their credit card, she simply plugs the card swipe into her cell phone (it’s a small device and doesn’t take up much room) and within seconds the transaction is processed. She then asks if the client wants the receipt sent to them as a text message or email. I chose an email, and that same evening I had a receipt in my inbox ready for me. I have been able to witness firsthand the benefits of Intuit GoPayment for the retailer and the customer.
You simply swipe using your GoPayment mobile card reader. It fits right into the headphone jack on your phone or tablet. With GoPayment, the merchant gets paid on the spot by processing any major credit card. It's actually similar to using a credit card terminal just as you do in a retail store but the credit card information is not stored in the phone. When you take payments with the GoPayment device, the customer’s credit card never leaves their sight. That gives them peace of mind. When your company representative swipes the card in the encrypted card reader, they will get authorization in seconds so there's no need to write down payment information or call back to the office. As stated above, the client’s receive either an email or text message with the electronic receipt sent directly from the sales person’s phone. Intuit offers low rates with no cancellation fees. The GoPayment works on Blackberry®, Android®, iPhone® and other popular handsets. Statistics gathered by Decipher Research for Intuit: • Over 4 million businesses currently use Intuit solutions. • Over 220,000 merchants use the Intuit credit card processing services. • Intuit processes over 116 million transactions per year.
GoPayment Survey Estimates $100 Billion in Missed Sales for Small Businesses that Deny Plastic Releasing the Cash Flow Chokehold Small businesses also face a cash flow chokehold, waiting for an average of $5,140 per month in overdue payments. That’s a potential $1.7 trillion collective cash flow strain annually across all small businesses in the U.S. Accepting credit cards on the spot helps alleviate this cash flow strain. Small businesses that accept plastic make more sales and get paid quicker than those that don’t. The survey found that 83 percent of businesses that accept credit cards make more sales, with 52 percent making at least $1,000 more per month and 18 percent making at least $20,000 more per month. In addition, 74 percent of those surveyed said they get paid faster and reduce bad debt by accepting credit cards. Read this very informative article.
Several of our clients are enjoying the efficiency of GoPayment. The customers no longer have to worry if they don’t have their checkbook with them, or when the check is going to clear, or not having enough cash on hand. The merchant doesn’t have to deposit checks or make change. Watch the following short videos on how GoPayment works.
Q & A with Will English: How to transfer funds from one account to the other within QuickBooks. One of our customers who manages a church office sent the following email. Will was able to fully assist her with her questions and needs via email. Our goal is to empower small business owners and their staff with the financial information they need to be successful.
Email from customer: Hi Will, I was hoping I could get some expertise regarding the transfer of funds from one account to another. We have a deposit that was made into one of our accounts and needs to be moved to another account. If I transfer those funds in QuickBooks, will there be a problem when I reconcile the bank statement since the bank still shows the deposit being made in the first account? I am slowly learning QuickBooks and still timid on some of the maneuvers. Thanks for your help.
Will: I need to understand this transfer better. Is the transfer to an actual account?
Client: They are two separate accounts. A deposit went into one of the accounts and it should have gone into the other. I have asked the bank to transfer these funds but I don't know the correct way to transfer in QuickBooks without eliminating information I will need in both accounts when I reconcile them.
Will: Under the Banking menu is a process called Transfer Funds. Click on that and choose the account that you're transferring from. In the account that you're transferring to, put them in that account’s name/location and it will move the money from 1 account to the other to reflect what the bank has done.
Client: Thanks Will. Will it still appear in the original account for the purposes of reconciliation?
We hope you all had a nice Labor Day! Our office was closed on Monday 9/3 so when we came back on Tuesday of last week we hit the ground running for an extremely busy week. It’s always a treat to have a holiday off from work but we inevitably work a little more upon our return.
After celebrating his birthday over the Labor Day weekend with his family, Will went to LA County for an eventful day on Tuesday. He started the day off by teaching some of the fundamentals of QuickBooks Point of Sale (QBPOS) to one of our retail clients whose employees needed a refresher course. From there he spent the afternoon ensuring that the QuickBooks Enterprise and POS systems for one of our nursery clients were properly installed and configured; that the data exchange between stores was performing correctly, passwords and administrative rights were assigned as requested by management, all peripherals installed and working as they should be along with answering the staff’s questions. They have 3 nurseries with one of them being brand new. They are using the Intuit Gift Card services for all 3 stores now. These cards are designed to work with the QBPOS system. Learn more!
We had the opportunity to speak with several potential clients this week to discuss their business needs and goals, answer their questions, and provide QuickBooks software product demonstrations. The demonstrations are so effective because Will is not only speaking about the software but is demonstrating its features and functionality at the same time. Business owners and mangers get a better understanding of how the software functions by having a visual representation.
One of the greatest compliments is a referral. One of Will’s colleagues recently referred 2 new clients to us and said “Thank you so much! Will really knows his stuff and I wouldn’t recommend anyone else.”-Dawn
Will wrapped the week up by preparing for a POS V 2013 Upgrade installation and ACCTivate! software installation that’s occurring today and tomorrow. One of our retail clients who sells women’s designer swimwear online as well as in several boutiques has a vast amount of inventory. They have been using QuickBooks POS and just upgraded to the new POS version 2013 along with purchasing the ACCTivate! software, which works with QuickBooks POS. ACCTivate! is a QuickBooks® Inventory Control and Business Management Software. Learn more about ACCTivate! by visiting our Partnerships page.
We hope to hear from you! Drop us a line with your inquiries at info@englishmgmt.com, or call 858-467-0400 if you’re in San Diego or 877-467-0451 outside of San Diego County. Whether or not you are a QuickBooks customer, we would love to hear from you and speak to you about how we can help you manage your business more effectively.
Q & A with Will English: Will received the following email inquiry from a business owner who wants to integrate his website with his QuickBooks Point of Sale (QBPOS) for inventory control.
Hi. I came across your posts on QuickBooks POS e-commerce integration. I'm looking to integrate my website with QuickBooks POS for inventory control and have looked at eCC, T-Hub, IA Modules and PDG.
My question is, which would you say is best for running multiple web storefronts? We currently have a wholesale business and would like to expand to retail. I would like to integrate store QuickBooks POS, wholesale and retail websites for inventory control, and preferably in real time. Although I have a website now, I'll probably start from scratch once I pick out which QBPOS integration system to use.I would really appreciate your opinion.
Will’s reply: So there are many answers to this question, depending on your needs. eCC doesn't do as many carts at T-hub but has better support and technology. PDG uses only their cart so it won't work for multiple storefronts. IA modules is a hosted solution and I don't think they support more carts than that. If you want to look at hosted solutions, check out Modern Retail. By the way, I’m not sure what you are doing with your Wholesale business, but we rep a product called ACCTivate that handles ecommerce, EDI, etc, etc. I will be more than happy to discuss with you.
Client response: To simplify my question, what is the best program to use for multiple storefronts with QuickBooks POS integration? Our wholesale is actually more like a retail just with minimum purchase requirements so any shopping cart is sufficient. I just would like to have multiple storefronts to run retail as well.
Will: I would choose eCC and align with the storefronts it supports.
English Management Solutions, Inc. is a full service provider for QuickBooks Financial and QuickBooks Point of Sale software. Let us be your one-stop-shop for all of your QuickBooks needs. We also offer other services to enhance your QuickBooks experience: Software and Hardware procurement Training Data File Analysis Support Monthly bookkeeping service
Q & A with Will English: Will received the following email inquiry from a CPA:
Mr. English, I came across an older support article regarding a $100 per month employee benefit for retail staff using QuickBooks Point of Sale (QBPOS) that you responded to back in 2009. In your response you noted using the discount function to apply the charge to employee benefits in QB versus POS. Since the original charge was processed through POS, will entering the discount directly into QB be reflected in the POS system (so the cashier will know if the employee will have available credit) at the next financial exchange? This client is using the QB POS 2013 and Enterprise 12.0. Any assistance will be greatly appreciated.
Will’s answer: So if you are entering a General Journal Entry (GJE) to create the credit for the employee debit, employee benefit, and crediting Accounts Receivable (A/R) for the employee/customer, POS will update the balance for the customer account. In 2013, it is not as visible as it used to be, but if you click on the magnifying glass, it will show the available credit. Then the employee can charge using the account payment type.
The accountant thanked Will for his help. He went on to say that this procedure was exactly what they needed.
Q & A with Will English Our clients contact us with questions covering all aspects of their QuickBooks systems.
Question from client: My Point of Sale (POS) cash register is working fine. Awhile back I added a second computer and POS license, and have only been using it to check prices and receive inventory. We'd like to use it as a second register as well. So I've been looking up information about end of day, cash in drawer, etc. to see how it is done properly. I've seen that if you run end of day on both registers you can modify the report to show just workstation 1 or 2, however, when I get to that point, only one workstation shows up. Since I'm running off of the same database, which is only located on workstation 1, will I have to grab cash from both machines each night and manually separate out change for the next day? What's the proper way to do this since the two machines use the one database located on the main register?
Will’s answer: The drawer count report will include both drawers unless you filter it to only one drawer. The way you can get the filter to come up is to go the Report Center and click on Report Center. You will see at the lower left a Show Modify Report before running report. Check that box and then the modify window comes up before running reports. You can then filter for one drawer or the other.
A colleague of Will’s is using QuickBooks Pro 2013 and would like to add a coupon to the receipt.
Q: We have a client who would like to add a coupon to the receipt if they spend over a certain amount. It is probably something simple, but I cannot figure out how to get the coupon to print on the receipt. I am using Pro 2013. It could be a promotion on the amount spent or a particular item or group of items. Maybe you can't have the coupon printout on the receipt?
Will’s answer: Under the Discount setting in Company Preferences is a selection to choose the coupon and to include coupon with receipt exceeds X dollars. You can also exclude reward customers from getting coupons.
What is Intuit GoPayment? You may have heard the buzz about it but aren't sure exactly what its purpose is and how it works.