QuickBooks Journal Entries
Sales Order/Invoice/Credit Memo
Fishbowl integrates with QuickBooks, QuickBooks Online, and Xero.
- For QuickBooks integration instructions, see QuickBooks integration.
- For QuickBooks Online integration instructions, see QuickBooks Online integration.
- For Xero integration instructions, see Xero integration.
Follow the steps below to export data to the accounting system.
- Open the Accounting module, located in the accounting group, and click the Export button located in the module toolbar.
- Standard Export - Exports anything that has been fulfilled or completed since the last successful export.
- Repost - Re-exports all entries in the given date range. Use with caution as this may create duplicates if the entries have already been posted.
- Mark as posted - All transactions that are ready to be exported will be marked as posted and will not be exported.
- A progress box will be displayed showing a list of items that are being exported.
- Depending on the numbers or items being exported, and the speed of the computer, the export may take several minutes. Do not stop the export once it has been started. If you experience issues during an export, please contact Fishbowl Support.
- When the export is complete, the status column will show all areas as Done. Click OK to close the Export dialog.
- To see the QuickBooks import options, see QuickBooks import.
- To see the QuickBooks Online import options, see QuickBooks Online import.
- To see the Xero import options, see Xero import.
The General tab provides the following functions:
The Configure tab allows Fishbowl to integrate with an accounting system.
- QuickBooks Connection - This button will open the QuickBooks integration wizard. Press the Test Connection button to verify that Fishbowl can connect to the listed QuickBooks file.
- QB Online Connection - This button will open the QuickBooks Online integration wizard.
- Connect to Xero - This button will open the Xero integration wizard.
Some aspects of the Accounting Integration module can be customized by opening the module, clicking the Tools menu, and then selecting Module Options.
- Attach order item notes to Accounting Export
- If this option is checked, any notes on Fishbowl order items will be exported to the accounting system.
- Export part tracking to Accounting
- With this option checked, Fishbowl part tracking information, such as serial numbers, will be exported to the accounting system.
- Create a bill in Accounting after reconciling a receipt
- With this option checked, a bill will be sent to the accounting system after an order is reconciled, even if the order has not yet been received.
- Add the drop ship items to the oldest open invoice
- With this option checked, drop ship items will be added to the oldest open invoice, instead of a creating a new invoice each time.
- Send payment when order is fulfilled
- With this option selected, payments will only be exported after the sales order is fulfilled. Warning: This will prohibit the export of any payments taken on sales orders until they are completely fulfilled and may result in a discrepancy between your financial institution records and your accounting system until orders are properly fulfilled. Please verify this option with your accountant and contact the Fishbowl Support team for additional information if needed.
- Prefix with the product number
- With this option checked, the Fishbowl product number is added to the beginning of the invoice item description in the accounting system.
- Append product UOM when different from the default
- With this option checked, the UOM will be displayed in the item description of the accounting system if the UOM on the sales order is different than the product's default UOM.
The Costing tab displays the costing method being used in the current database. Although the costing method may be viewed, it may not be changed. The costing method is set when a new database is created. It may be possible to change the costing method of an existing database by contacting Fishbowl Support. Individual part costs can be viewed on the Costing tab of the Inventory module. Below is an explanation of the costing methods available in Fishbowl.
|Standard cost||Costs are pre-determined for estimating the cost of an order or product. The difference between standard costs and actual costs are recorded as variances and will be reflected in a Cost Variance account. The specified Standard Cost of a part will be used to debit the Cost of Goods Sold account.|
|LIFO cost||Last In, First Out. This method assumes the last inventory purchased will be the first sold. When these goods are sold, the value of the newest inventory will be used to debit the Cost of Goods sold account.|
|FIFO cost||First In, First Out. This method assumes the first inventory purchased will be the first sold. When these goods are sold, the value of the oldest inventory will be used to debit the Cost of Goods sold account.|
|Average cost|| The average cost is a simple calculation of total cost divided by inventory quantity. See the table below for an example.
When inventory is purchased, the actual cost of the inventory is added to the total cost, which can result in the average cost changing. When inventory is sold, the current average cost is used, so the total quantity will change, but the average cost will not change as a result of selling an item. LIFO and FIFO use costing layers to store the cost history, so the cost can change each time an item is sold. With average cost, the item's original cost is included in the average and then when the inventory is sold, only the average cost is used and recorded in the cost of goods sold account. If the inventory quantity ever reaches zero, Fishbowl will temporarily store the last average cost, but when new inventory comes in, the calculation starts over using only the cost and quantity of the new inventory. The average cost can also be manually changed.
Below is an example of average costing.
|Quantity||Unit cost||Total cost||Total quantity||Average cost|
|+10 initial inventory||$10||$10 x 10=$100||10||$100 ÷ 10=$10|
|+1 on a purchase order||$21||$100 + $21=$121||10 + 1=11||$121 ÷ 11=$11|
|-1 on a sales order||$11 (average cost)||$121 - $11=$110||11 - 1=10||$110 ÷ 10=$11|
|-10 on a sales order||$11 (average cost)||$121 - $121=$0||11 - 11=0||Average will reset|
|+1 on a purchase order||$18||$18||0 + 1=1||$18 ÷ 1=$18|