Accounting: Difference between revisions

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* Download Historical Transactions
* Download Historical Transactions
* Match the individual Payments
* Match the individual Payments
** For a transaction, select "Save & Sync"
** For a transaction, select "Review & Sync" Button
** Clear the Customer Entry (it might not match the customer in QBO)
** Clear the Customer Entry (it might not match the customer in QBO)
** Type the actual customer name
** Type the actual customer name
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Any other transactions, you can select them all and select the "Synch with QuickBooks"
Any other transactions, you can select them all and select the "Synch with QuickBooks"


All transactions for the day should be reconcilled.
All transactions for the day should be reconciled.


NOTES:
NOTES:
If the QBO invoice date is AFTER the payment (i.e. you don't post the day the invoice happens), the PayTracker will create ANOTHER transaction (Sales Receipt) and QuickBooks will be messed up.
If the QBO invoice date is AFTER the payment (i.e. you don't post the day the invoice happens), the PayTracker will create ANOTHER transaction (Sales Receipt) and QuickBooks will be messed up.
Same thing happens if you don't clear the customer field and put the quickbooks customer instead.
Same thing happens if you don't clear the customer field and put the quickbooks customer instead.
== Invoice Reconciliation ==
QuickBooks is the financial management software we use to keep track of the company financials.
There should be a QB invoice every time someone pays us.
For Rentals, When a CurrentRMS Invoice is posted, it creates a matching QB invoice with the Invoice number and Customer.
All the line items are coded as "Equipment Rental" in QB - we don't keep track of the individual rented items (in QB).
If expendables we sold as part of the rental, we need to go in the QB transaction and change the line item from "Equipment Rental" to the correct expendable.
We primarily process payments via Square.  The square transactions are also exported to QB.  Unfortunately, the square transactions are anonymous in that they are come up as "Square Customer".
For stand-alone expendables sales, this is fine.  The square line items match with QB and the stock levels are adjusted.
For rentals paid via square, we need to perform a reconciliation since the transaction will be in QB twice:  Once from Current and Once from Square.
=== Rental Reconciliation Process ===
* Identify Matching CurrentRMS & Square Invoice Transaction
* Receive Payment on the CurrentRMS invoice.
* Delete the Square Invoice
* Find the "Unasigned" Square Payment transaction (associated with Square Invoice deleted) and click on it.
* Select the Deposit Link (upper left hand corner)
* Select the CurrentRMS payment and de-select the square payment. Totals for deposit should not change. Save the deposit. 
* Select the Unasigned Square Payment, select it.  Under More, select delete.
== Purchase Order Payment ==

Latest revision as of 14:36, 15 January 2022


Accounting keeps track of the money coming in & out of the business and makes sure the invoices are paid and things are recorded in QuickBooks Online. QBO is how we keep track of the moneys and what the accountant uses at the end of the year to do the taxes.

How we get money

JML's operations typically gets money from two sources:

  • Stripe, which is what all the online rental invoices go through
  • Square, which are all the expendables sales that are swiped through the square terminal.

Note that Square should NOT be used for payment of rental invoices. We should always use stripes. Stripe allows us to charge the client card if there is L&D. Square does not.

After a couple of days, Stripe & Square transfer the money (minus their cut) into our INCOME bank account.

In QuickBooks, we have 2 holding account (Square and Stripe) which represent the payments that have not been transferred to our bank account yet. These are clearing accounts.

Daily Sales Reconciliation

When a CurrentRMS invoice is posted, it gets recorded in QuickBooks as an Invoice that still needs to be paid. Because we don't post the invoice until we are paid, we just need to let QBO know that the money has been received to keep the books accurate. We use an online program called PayTracker [1] which allows us to record the transactions in quickbooks.

Paytracker does the following:

  • Match the Invoice (generated by CurrentRMS) and the Payment we received and marks the invoice as paid in QBO
  • Records the deposit to the Clearing account (Square or Stripe)
  • Records the transfer from Square/Stripe to our bank account (as a transfer from the Clearing account to the INCOME account)
  • Records the transaction fee in the clearing accounts.

At the end of the day, we need to load into Paytracker and perform the following:

  • Download Historical Transactions
  • Match the individual Payments
    • For a transaction, select "Review & Sync" Button
    • Clear the Customer Entry (it might not match the customer in QBO)
    • Type the actual customer name
    • Select "Save & Sync"

Any other transactions, you can select them all and select the "Synch with QuickBooks"

All transactions for the day should be reconciled.

NOTES: If the QBO invoice date is AFTER the payment (i.e. you don't post the day the invoice happens), the PayTracker will create ANOTHER transaction (Sales Receipt) and QuickBooks will be messed up. Same thing happens if you don't clear the customer field and put the quickbooks customer instead.

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