Jump to: navigation, search

QuickBooks Journal Entries

34 bytes removed, 20:36, 23 August 2018
Text replacement - "====" to "=="
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 on these pages. See the {{Module|Accounting Integration}} for more information about the QuickBooks integration.
== Debits and Credits====
Debits and credits are a system of notation used in accounting to keep track of money movements (transactions) into and out of an account. Traditionally, an account's transactions are recorded in two columns of numbers: debits in the left hand column, credits in the right. Keeping the debits and credits in separate columns allows each to be recorded and totaled independently. The smaller of the two totals is then subtracted from the larger to give the account balance. An account may thus have a balance either the debit or credit side.
On a [[Accounting_Process#T_Charts|T-Chart]], debits are on the left and credits are on the right. Debits increase a debit account and reduce a credit account. Credits increase a credit account and decrease a debit account.
== T Charts====
The term '''T Chart (or T account)''', derived from the distinctive T shape, is mainly used when discussing or analyzing accounting or business transactions. T accounts are used to represent general ledger accounts. A general ledger account name or number is written above each T, with debit entries recorded on the left side of the T, and credit entries recorded on the right side of the T.
[[File:Fulfilling a SO paid for in FB.JPG]]
== Inventory Adjustments====
=== Cycle Count Adjustment: Increasing Inventory ===
== Sales Order====
=== Standard Inventory items ===
'''NOTE:''' Fishbowl has a module option to [[Accounting_Integration#Module_Options_General_tab|Send payment when order is fulfilled]], that may fit the needs of some companies.
== Purchase Order====
=== Purchase Order Standard Inventory Items ===
Purchase Order shipping items can be handled in a few different ways. The shipping charge can be paid to the vendor, or the charge can be accrued and paid to the carrier. Additionally, the expense of shipping can be landed to inventory items.
==== Pay Shipping To Vendor ====
The shipping charge will be paid to the vendor if the shipping item was placed on the original Purchase Order, or if the shipping item was added during reconcile with the '''Add item to Vendor bill''' box checked. '''Accounts Payable''' will be increased by the shipping amount because the shipping charge will be paid to the vendor.
[[File:Add Item To Vendor Bill.png]]{{PrintBreak}}[[File:Pay Shipping to Vendor.png|top]]
==== Accrue Shipping ====
If the '''Add item to Vendor bill''' box is unchecked during reconcile, the shipping charge will be placed in '''Shipping Accrual''' so that it can later be paid directly to the carrier. This option is sometimes used when the customer has an account with the carrier, making it advantageous to pay the carrier directly. The next section describes the process of paying the carrier after the shipping charge has been accrued.
[[File:Don't Add Item To Vendor Bill.png]]{{PrintBreak}}[[File:Accrue Shipping.png|top]]
==== Pay Shipping to Carrier ====
Once the shipping charge is in the '''Shipping Accrual''' account as described above, the carrier needs to be paid. Create a new bill for the carrier in QuickBooks, enter the amount to be paid, and select '''Shipping Accrual''' on the '''Expenses''' tab. When the bill is paid, the funds from the '''Bank Account''' will be used to decrease '''Shipping Accrual'''.
[[File:Shipping Accrual Bill.png]]{{PrintBreak}}[[File:Pay Shipping to Carrier.png|top]]
==== Land Shipping ====
Regardless of whether the shipping charge is paid to the vendor or to the carrier, the shipping expense can optionally be included in the cost of inventory by landing the cost during [[Receiving#Reconcile an order|Reconcile]]. The expense will be moved from '''Shipping Expense''' to '''Inventory Asset'''.
[[File:Bill credit return.JPG]]
== Manufacturing====
=== Work orders ===
[[File:Overhead transactions.png]]
== Costing Methods====
=== '''Using Average/LIFO/FIFO Costing Method'''s ===
[[File:Bill cost variance.JPG]]
== Account types====
The following table shows some of the account types used by Fishbowl.
== Import/Export====
The following mapping information can also be found on the [[QuickBooks#Mapping|QuickBooks]] page.
{{QuickBooks Mapping}}

Navigation menu