POS Accounting

  • Sumo

TeamHughes sent us a few questions in the – click here

Below is the Q & A for this forum posting.

I am in the process of taking over a company that was run as a sole proprietor and she has never used this type of accounting system. I want to… I just have no idea how or where to start. I have watched all 51 videos you’ve posed because I have zero experience using QB.

Q. What I want to know (be prepared, a million questions are coming!)
– I understand the set up and everything, I’m good there. I will just use her ending bank statements to create my opening balances

A. Exactly!

Q. she has a POS so I assume at cash out, I will just do a deposit transaction for "cash sales"? Or am I better off to do a sales entry "cash sales" "visa sales" "mc sales" etc?

A. The cash sales receipts are deposited differently than credit card sales.
You can do 2 separate sales receipts to sum it up.
– One for cash
– The other for credit card transactions which gets deposited into the bank account that money goes into.
If you want, you can take it another step and separate the credit cards. Either separate sales receipts, or make one invoice and do receive payments for each type of payment.

Q. do all three go under AR?

A. Yes, this is all A/R

Q. she doesn’t track inventory but I want to. How does this all work because the POS will not be tied directly to the QB (right?), so when the staff make a sale, they print a receipt, but unless I am counting inventory on a regular basis how does the inventory adjust itself or am I actually going in and inputting every transaction item?

A.First off, you have to make sure inventory is allowed through the preferences. Then watch this new video we did on Quickbooks Inventory Setup as a starting point

Final Comment:
Let’s start there (yikes!)

I will do my best to answer all your questions. We do have other questions as well from other users which we have to spread the love around a bit.
But little bit at a time, we will be responding to all questions.

Article Title: POS Accounting / Point of Sale Accounting