Financial Exchange: Sales and Return Receipts

Overview | Customize Exchanges | Exchange Reports

Below is a summary of how Point of Sale receipts are transferred to QuickBooks. You can also use the links on this page for more information.

Sales receipts are sent to QuickBooks and result in journal transactions and documents as follows:

- Cost of Goods Sold: General Journal transactions are always created in QuickBooks financial software. If using summarized posting, a single entry is created for the combined cost of goods sold per day.

If using detailed posting, separate journal entries are made for each Point of Sale transaction. This makes it easier to reverse out a specific change if necessary. The Point of Sale receipt number is added to the Memo line.

- Sales receipts paid by cash, credit/debit/gift card, and gift certificate create sales receipts: If you send summarized data to QuickBooks, one sales receipt is created in your financial software listing all of these transactions per day.

If using detailed posting, each Point of Sale receipt creates a corresponding individual receipt in your financial software listing item and customer detail (if customer record set to exchange). If you send detailed information only for transactions including charges to customer accounts, then only those receipts include item detail.

- Sales receipts paid by check create sales receipts: These receipts are never consolidated with other transactions, even if you are sending summarized data.

- Sales charged to a customers account create invoices: These invoices are never consolidated with other transactions, even if you are sending summarized data. How account information is exchanged with QuickBooks is explained here.

- Return receipts or sales receipt with a negative total create credit memos or, if a credit to a customers account, a customer payment: If you send summarized data to QuickBooks financial software, a single credit memo is created listing all return receipt transactions for cash, check, credit/debit/gift card, and gift certificate per day. Since cash and credit card amounts are totaled per day, these payment types will only appear on a credit memo if the net amount paid in for cash or a particular credit card type (VISA, MasterCard, etc.) is negative. Return receipts that credit a customers account are always sent as an individual customer payment. If using detailed posting, each return receipt creates an individual, corresponding credit memo in your financial software.

Other Amounts that May Be Recorded on Receipts:

Discounts

Discounts, by default, are incorporated into the net sales price of the items sent to QuickBooks financial software. The price sent to your financial software is the original price of the item minus any line item discount and the proportional amount of any global discount. If you prefer you can set your exchange preferences to send both original and discounted values, with the discount amount posted to discount accounts.

Tips

Tips, when collected on sales receipts, are added to the Employee Tips Payable liability account. Learn more about collecting tips. When paid out to employees, tip amounts should be deducted from this account

Shipping Charges

Shipping charges, including any handling or markup from Shipping Manager, are sent to a single Shipping Expense account as mapped in company preferences. Entering shipping charges on receipts

Sales Tax

Sales tax collected is posted to the Sales Tax Payable liability account.

Gift Card or Certificate Sales or Redemptions

Gift card and gift certificate sales increase the Gift Cards Outstanding and Gift Certificates Outstanding liability accounts, respectively. When redeemed, these account balances are reduced by the redemption amount.

Notes:

- If a receipt paid by check or charge to account also contains other payment types (cash, credit card, gift, etc.), those payments will appear on the same receipt or invoice created in QuickBooks financial software.

- If your daily returns for any of the summarized payment types (cash, credit/debit/gift card, gift certificate) exceed the daily sales for that payment type, then the daily summarized sales are posted as a credit memo and an invoice instead, instead of as a separate sales receipt and credit memo. This is due to one or more of the following limitations in QuickBooks documents:

- The POS payment types used by Point of Sale to balance documents cannot be a positive number on a sales receipt (thus the credit memo/invoice combination is used)

- Negative document totals are not allowed

- Negative sales tax total is not allowed

- If you add new inventory items while making a sale in Point of Sale, but dont assign an item cost at that time (maybe it isnt known?), you may need to periodically make a manual adjustment to your inventory value in QuickBooks. This action transfers sales data to QuickBooks, but does not make an adjustment in your COGs (Cost of Goods Sold) account because the items sold have no cost associated with them.

To learn more:

- View the actual QuickBooks documents/transactions created

- Read various ways to customize Financial Exchange

- Learn more about sending summarized vs. detailed receipts to your financial software

- Overview: How QuickBooks handles Point of Sale data