From Fishbowl Inventory

Accounting
The Inventory Accounting Process The Sales Order Accounting Process The Purchase Order Accounting Process Manufacture Accounting Process Costing Methods Index

Contents 1 Fishbowl Accounting Processes 1.1 Inventory Adjustments Accounting Process 1.2 The Sales Order Accounting Process 1.3 Purchase Order Accounting Process 1.4 Manufacturing Accounting Process 1.5 Costing Methods 1.5.1 See Also

Fishbowl Accounting Processes

If you are integrating Fishbowl with QuickBooks, it is necessary to know what accounts are being affected in QuickBooks each time you export from Fishbowl.  Invoices, Bills, Credit Memos, and Inventory Adjustments will be created in QuickBooks depending on the function completed in Fishbowl. In addition, Fishbowl must also modify the accounts associated with these functions. These accounts may range from Cost Of Goods Sold, Sales Retail, Inventory Asset, and Accounts Receivable to name a few. The information shown below provides detailed descriptions of each function and how completing this function in Fishbowl affects the accounting aspect in QuickBooks. Please note, however, that the below information is given using the standard Fishbowl created accounts in QuickBooks. If you have mapped Fishbowl to different accounts than the default settings, your accounting results may vary slightly from the information given in this book.

Inventory Adjustments Accounting Process

• Increasing Inventory via Cycle Count
• Decreasing Inventory via Cycle Count
• Scrapping Inventory
• Adding Initial Inventory to an item

The Sales Order Accounting Process

• Selling Standard type Inventory Items
• Selling a Service type Item
• Adding a Discount to a Sales Order
• Creating a Credit Return
• Drop Shipping items on a Sales Order
• Selling Misc Items
• Using Standard Shipping
• Using Carton Based Shipping

Purchase Order Accounting Process

• Purchasing Standard type Inventory Items
• Creating a Credit Return

Manufacturing Accounting Process

• Work Orders

Costing Methods

• Using Average/LIFO or FIFO Costing Methods
• Using a Standard Costing Method

See Also

• QuickBooks Accounts Referenced by Fishbowl
• Why does Fishbowl export to QuickBooks as FB_Item?
• Debits and Credits
• The Function of T-Charts

Accounting
The Inventory Accounting Process The Sales Order Accounting Process The Purchase Order Accounting Process Manufacture Accounting Process Costing Methods Index

FIFO Costing: First In, First Out. When goods are sold, the value of the oldest inventory will be used to debit the Cost of Goods Sold account. Standard Costing: The specified Standard Cost of a part will be used to debit the Cost of Goods Sold account. Variances will be reflected in a Cost Variance account.