- #EXPORT ACCOUNTEDGE BASIC TO QUICKBOOKS FOR TAX ACCOUNTANT MANUAL#
- #EXPORT ACCOUNTEDGE BASIC TO QUICKBOOKS FOR TAX ACCOUNTANT SOFTWARE#
#EXPORT ACCOUNTEDGE BASIC TO QUICKBOOKS FOR TAX ACCOUNTANT MANUAL#
The retailer makes a manual adjustment to the supplier invoice in OnSite when it is paid. When a retailer receives products, the supplier invoice affects the inventory/asset account by increasing it ($50 in this case), and the retailer owes the supplier for the cost of what they bought, which is also $50.Īlthough the supplier invoice originates in OnSite, it is imported into QuickBooks and ultimately is paid from QuickBooks. The supplier does not charge freight, so the payable expense account is not affected. For example, a retailer now needs to replace the item sold, so they buy it from their supplier, and have 30 days to pay for the purchase. If a retailer buys an item from their supplier, their purchases export is affected. Therefore, the AR balance increases by the sale ($110), is decreased to zero by the payment of $110, and the account the retailer uses to track their payments (Undeposited Funds, in this example) increases by $110. If the customer pay for their invoice, the payments file is affected so that: Assuming a customer didn't pay, the retailer now has an outstanding AR balance of $110, which is made up of the $100 revenue (income) and $10 tax collected, which is a liability that must be paid to the Tax Vendor from QuickBooks. The retailer's revenue increases by $100, their inventory level decreases by $50, which is offset by an increase in the cost of their goods sold by the same amount. Assuming a cost average of the product of $50, the GL accounts are affected like this: For example, an invoice taxed at 10% selling an item for a $100 sell price totals $110. The Invoice export (also called Sales) contains data about an invoice in OnSite. If you sell an item for $10 to a customer without them paying for it, your AR is $10 until they pay, when it returns to $0. If you purchase an item for $10 from a supplier, your AP is $10. AP represents the overall amount a retailer owes (or is owed by) their suppliers. AR represents the overall amount that a retailer is owed (or owes) their customers.
There are two additional numbers that are affected by these exports: accounts receivable and accounts payable. For a glossary of accounting terms go to About accounting. The type is used in QuickBooks for Mac, and should accurately reflect the kind of account being used in OnSite. The type assigned to each account is not used in OnSite though it is displayed in the GL Accounts setup window. The table shows which GL accounts are affected by each of these files, and their type. There are up to five regularly-exported files sent from OnSite to QuickBooks: invoices, payments, inventory adjustments, supplier invoices and transfers (for Multi-Stores).
#EXPORT ACCOUNTEDGE BASIC TO QUICKBOOKS FOR TAX ACCOUNTANT SOFTWARE#
As you become accustomed to the process and understand which amounts correspond between the two software packages, you can choose to export on a weekly basis, and, depending on the level of detail you want in QuickBooks, choose to do Summarized exports. This makes any discrepancies easier to spot, and reconciliation can be done quickly. We recommend that you export data from Lightspeed to QuickBooks daily, and with Detailed exports. You should do the initial setup of the GL accounts (your Chart of Accounts) with the aid of a Chartered Accountant before you do any accounting integration with OnSite. This topic outlines each export file, the GL accounts that are affected, and how they relate to other GL accounts. To do this, it's important to know how these numbers and accounts relate to each other. After you export your information from OnSite and import it to QuickBooks, confirm that the accounts are balanced.
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