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.
