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QuickBooks Journal Entries

390 bytes removed, 15:44, 22 February 2014
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The following image is a T-Chart example of the Sales Order Accounting Process in QuickBooks:
[[File:Fulfilling a SO paid for in FB.JPG|Image:Fulfilling_a_SO_paid_for_in_FB.JPG]]
== Inventory Adjustments {{top}} ==
The following QuickBooks '''Transaction Detail by Account''' report shows the debit and credit accounts affected when inventory is decreased in Fishbowl via cycle count and then exported to QuickBooks:
[[File:TDBA_inventory_decrease.JPG|Image:Inventory_adj_transaction_detail_by_account.JPG]]
The following QuickBooks '''General Journal Entry''' shows the debit and credit accounts affected when inventory is decreased in Fishbowl via cycle count and then exported to QuickBooks.
When inventory has been initially entered and then exported to QuickBooks, the '''Inventory Asset''' account will be debited, with the offset '''Inventory Adjustment''' account credited.
[[File:Adding Initial Inventory.JPG|Image:Adding_Initial_Inventory.JPG]]
The following QuickBooks '''Transaction Detail by Account''' report shows the debit and credit accounts affected when an item's inventory is initially added and then exported to QuickBooks.
Upon exporting your Purchase Order from Fishbowl, a Bill will be created in QuickBooks. Your Standard Inventory item will affect QuickBooks accounts in the following ways: A credit will be made to the Accounts Payable account, with an offset Debit made to the Inventory Asset account. Please note the following image:
[[File:T_chart_PO_standard_inventory_items.JPG|Image:T_chart_Service_items.JPG]]
The QuickBooks '''Transaction Detail by Account''' report shows the debit and credit accounts affected when a Purchase Order is exported from Fishbowl.
As seen below, Purchase Order #10030 had a Standard Inventory item listed. A credit was made to '''Accounts Payable account,''' with a Debit made to the '''Inventory Asset''' account.
[[File:TDBA PO inventory item.JPG|Image:TDBA_service_item.JPG]]
The following image provides a Bill view of this Standard Inventory Item.
[[File:Bill standard inventory items.JPG|Image:QB_Invoice_Service_items.JPG]]
=== Purchase Order Shipping Items ===
Upon exporting your Purchase Order from Fishbowl, a Credit Memo will be created in QuickBooks. Your Credit Return will affect QuickBooks accounts in the following ways: A debit will be made to the '''Accounts Payable''' account, with an offset credit made to the '''Inventory Asset''' account. Please note the following image:
[[File:T chart PO Credit Return.JPG|Image:T_chart_Service_items.JPG]]
The QuickBooks '''Transaction Detail by Account''' report shows the debit and credit accounts affected when a Credit Return Purchase Order is exported from Fishbowl.
As seen below, Purchase Order #10032 had a Standard Inventory item listed. A credit was made to the '''Inventory Asset''' account, with a Debit made to the '''Accounts Payable''' account.
[[File:TDBA PO credit return.JPG|Image:TDBA_service_item.JPG]]
The following image provides a credit view of this Credit Return Item.
[[File:Bill credit return.JPG|Image:QB_Invoice_Service_items.JPG]]
== Manufacturing {{top}} ==
Upon exporting your fulfilled Sales Order, an Invoice will be created in QuickBooks for the Sales Order. (The following information is given for a fulfilled Sales Order that ''has not'' been already paid for in Fishbowl) A '''Sales Adjustment''' (showing your total sale) will be credited, and a debit made to your '''Accounts Receivable''' will offset your Sales adjustment. Your '''Inventory Asset''' will credit, and will be offset by a debit to the '''Cost of Goods Sold'''. Please see the following image:
[[File:Completing a sales order.JPG|Image:Completing_a_sales_order.JPG]]
The following QuickBooks '''Transaction Detail by Account''' report shows the debit and credit accounts affected when the Fulfilled Sales Order is exported from Fishbowl:
Upon receiving an item for more or less than the Standard Cost, a bill will be created in QuickBooks, with an adjustment made to the '''Accounts Payable, Inventory Asset''', and '''Cost Variance''' accounts.
[[File:T chart cost variance.JPG|Image:Completing_a_sales_order.JPG]]
The following QuickBooks '''Transaction Detail by Account''' report shows the debit and credit accounts affected when an item is received at a different amount than the Standard Cost.

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