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2010 User Conference April 23 rd – 25 th, Philadelphia, PA 2010 User Conference QuickBooks Integration/Overview Roxanne Brown, CQA Professional Business.

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Presentation on theme: "2010 User Conference April 23 rd – 25 th, Philadelphia, PA 2010 User Conference QuickBooks Integration/Overview Roxanne Brown, CQA Professional Business."— Presentation transcript:

1 2010 User Conference April 23 rd – 25 th, Philadelphia, PA 2010 User Conference QuickBooks Integration/Overview Roxanne Brown, CQA Professional Business Solutions 4U, LLC

2 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Stone Edge Order Manager & QuickBooks Overview Why do you need 2 programs? What information remains in QuickBooks? What does SEOM track?

3 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Do You Really Need Two Programs? Yes No one program can do everything – however two programs as powerful as SEOM & QuickBooks compliment each other very well SEOM will now handle everything related to your products & customers QuickBooks will manage the overall financial side of your business – Your overhead type processes, such as Payroll, A/P, etc. Let each program do what it does best; your business will benefit. Do you really want everyone to have access to your financial data?

4 2010 User Conference April 23 rd – 25 th, Philadelphia, PA What is Exported to QuickBooks? Sales are exported as General Journal Entries Deposits are exported as Deposit Entries either Summary - By Type, By Day Individually Receiving is exported as General Journal Entries Invoicing will be exported as billing entries – allowing you to use Accounts Payable within QuickBooks to pay your bills easily.

5 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Sales (As a Journal Entry) Sales are exported as a General Journal Entry per day. The entry can be summarized by Day & Account, or one long journal entry with each line item (not recommended long- term). Included in the export of Sales data will be Product Sales, Sales Tax, Shipping Income, Discounts & Coupons, Returns & Allowances, Surcharges/Other Charges, Inventory, Received & Dropped, & Cost of Goods Sold. You can use more then one Sales Account – provided you are using Inventory Categories in SEOM. NOTE: Sales data for UNAPPROVED orders are NOT exported until they are approved!

6 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Deposit Data Deposit data can be exported in Summary or Detail Summary Deposits are recorded in QuickBooks by Day, by Type Detail Deposits are recorded in QuickBooks individually Note: If you download your banking data, you will NOT want to utilize this feature. Instead, de-select this as an option and code your downloaded deposits to the Accounts Receivable – SEOM account.

7 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Receiving Data If using this feature in SEOM, Purchase Orders would be generated and received against in SEOM, NOT in QuickBooks. If you created a PO in SEOM, when you receive product, receive it against the Purchase Orders in SEOM. The next time you export to QuickBooks, you will see a Journal Entry that increases an account called Received and Dropped Not Paid. This is an Other Current Liability account within QuickBooks and is specific to using SEOM. Example: Inventory product was received; the Inventory Asset account will be increased (because you now have possession of the product) and Received and Dropped not Paid will be increased (because you have a liability to pay for it).

8 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Vendor Invoices When you receive invoices (bills) from your suppliers, enter them into SEOM against your open Purchase Orders – Not QBs. Each invoice can cover all, part, of one or more POs and will be imported into QBs in the form of a Bill so you can manage your Accounts Payable easily. This works for both inventory and drop-ship orders. You can account for additional charges, discounts, or price changes within SEOM when you enter the vendor invoice, this information will be included in the export to QuickBooks. At this time, Vendor Credits are managed in QuickBooks. NOTE: Any additional charges incurred after the PO is locked down in SEOM must be accounted for within QuickBooks.

9 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Sales Tax Sales Tax collected is included in the Sales export Journal Entry. Sales Tax collected will appear in the Sales Tax Liability – SEOM account in QBs and can be cross-checked with the Sales Tax Payable report from SEOM, along with the Accounting Summary – NEW report pulled for the particular timeframe. You can also generate a Quick Report from QuickBooks for the same timeframe. A check is written from QuickBooks and coded to the same liability account.

10 2010 User Conference April 23 rd – 25 th, Philadelphia, PA What Should be Considered Before Integration?

11 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Before your Go Live Date … Your QuickBooks data file should be free of data corruption – It may make sense to start a New file Basic computer maintenance is a must to ensure the stability of QuickBooks and SEOM Special Accounts will be needed for StoneEdge to work properly QuickBooks will now be used differently for customers & inventory/products It is important to learn the correct procedures for day-to-day operations; otherwise your accounting data will be a mess.

12 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Before your Go Live Date … Use minutes of your Express Set-up with SEOM to explain your business model so they can configure the System Parameters properly. Tip: Use a checklist and be ready for your appointment. Consider which Export Settings to QBs will be right for your business – Sales, Deposits, Receiving, & Invoicing all have some flexibility. Would importing data from QBs or your Cart help, or hurt? Have a Plan! Dont Rush going Live and be sure to ask questions and read the Forum. Make a COPY of the SEOM database and your QuickBooks data file for testing. Experiment with different settings, learn the basics of using SEOM properly, and train your employees consistently. Consider using some of the various resources* that are available; it can save a lot of time and money!

13 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Now That You Have a Plan – Whats Next?

14 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Create New Accounts in QuickBooks Sales Tax – SEOM – Type is Other Current Liability Received & Dropped Not Paid – Type is Other Current Liability Accounts Receivable - SEOM – Type is Other Current Asset Inventory Asset - SEOM – Type is Other Current Asset Misc. Order Debit - SEOM – Type is Other Current Asset Misc. Order Credit - SEOM - Type is Other Current Asset Rounding - SEOM – Type is Expense Account Coupons & Discounts - SEOM – Type can be Income OR Expense Returns & Allowances - SEOM – Type is Income (acts as Contra)

15 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Create New Accounts in QuickBooks Bank Accounts for Payment Items as Needed Tip: Consider using holding accounts SEOM Clearing – Type is Bank Account – While this is not needed, it is highly recommended. Transactions that do not have a specific payment type will be posted here, making it easy to track and re-code. Gift Certificates Liability - SEOM* – Type is Other Current Liability Note: If using Inventory Categories, create the appropriate Sales (Income) accounts.

16 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Inventory Verify each SKU has a Primary Supplier & Cost Is FIFO Initialized? Verify Inventory QOH is correct – Now is the perfect time to do a physical count Consider using Inventory Categories Decide if Purchasing and Invoicing will be performed in SEOM or QuickBooks – This can be phased in when proper procedures can be established.

17 2010 User Conference April 23 rd – 25 th, Philadelphia, PA QuickBooks Accounting Export Decide what data will be exported based on your setup Select your Starting Date Preview, Preview, Preview before you import. Back-up, Back-up, Back-up …. Did I say Back-up Review a few days worth of data before you import the entire year If your Accounts in QuickBooks changes – You MUST re- sync the two databases NOTE: If you receive Error Messages – Do NOT Ignore Them!!! Write them down, take a screenshot, make notes, and follow through. They must be fixed before the data will export.

18 2010 User Conference April 23 rd – 25 th, Philadelphia, PA QuickBooks/SEOM Accounting Tips A/R will typically fluctuate up/down because of timing issues – this is normal, however you must track and verify. Inventory Adjustments are NOT exported to QuickBooks at this time; this is something that will require a manual adjustment in QBs. If a Vendor name in SEOM does not match the name entered into QuickBooks, a new vendor will be created upon import. Simply merge the vendor records in QuickBooks. Consider not Summarizing the Sales Data journal entry for the first month, get to know what is coming over to QuickBooks and why. However, it is recommended this setting be changed to summary after a few weeks.

19 2010 User Conference April 23 rd – 25 th, Philadelphia, PA QuickBooks/SEOM Accounting Tips It is NOT recommended to try to fix data in the tables directly. Custom Reports may be necessary; especially if you handle pre-pays, terms, gift certificates, etc. All the information is in the Order Manager, and the proper reports can really aid the accounting process. Consider the Communiqué Reporting Tool. Do not rush going live. Test, Test, Test & Test. Train your employees consistently –the biggest problems come from inconsistency, lack of employee training, general procedures not followed correctly, or System Parameters not properly set.

20 2010 User Conference April 23 rd – 25 th, Philadelphia, PA QuickBooks/SEOM End of Month Tip: Create a folder on your server/computer for SEOM Accounting Reports. The first day of each month – BEFORE new orders are processed, Print reports to PDF and save. Run your Reports Review & Verify your Accounts Receivable Review & Adjust your Inventory Asset account in QBs as needed Reconcile all cash & credit card accounts Review Received & Dropped Not Paid account Make sure your back-ups are being made and not corrupt Note: SEOM cannot go back in time to calculate your Inventory On-Hand & Value, Aged Receivables, or some other time sensitive and valuable information.

21 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Recommended Resources Steve Cisick, Technology Co-Pilot, LLC Contact Info: Tom Martin, Altaireon, Inc. (Communiqué) Contact Info:

22 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Recommended Resources Contact Info: Matthew Grattan, Avalara Contact info: x1138 Marlon Harris, eMerchant Discount

23 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Recommended Resources Visit the Forum! SEOM Library of Training Videos: Make sure to check out the End of Year Procedures Training Video!

24 2010 User Conference April 23 rd – 25 th, Philadelphia, PA QuickBooks & SEOM Questions?

25 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Quick Look at a Few Reports QUESTION: Why cant I get the accounting summary report to say the same thing as the sales summary report and the sales tax report and the daily audit, etc.? No one can truly agree on how they want to see the numbers - what date actually constitutes the sale Many of these reports are not designed to agree with each other Each report is designed to give different views into sales and income Each report is focused on different dates, filters, and in many cases several dates In the eCommerce world, Sales and Deposits seldom balance for a specific time period for various reasons. Because…Kevin Says So

26 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Accounting Summary- New This data is passed over to QuickBooks Based on Order History - a single Date is used Only approved order information is passed to QuickBooks Initial History is generated at the time the order is approved Additional history will be written/recorded when changes are made Report results should NOT change over time NOTE: The act of approving the order IS the trigger for sales history to be written/recorded

27 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Sales Tax from History Pulls data from Sales History Based on a single date Data does not change over time Does not give detailed breakdown

28 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Aged Receivables Report Print to PDF and Save at the end of the month along with your other time sensitive reports. Is not a true A/R report – this reports shows ALL orders, regardless of their status, with an amount due. It usually will NOT match what is in QuickBooks; this is a cumulative number and other factors impact this figure. It can, and should, be verified on a regular basis! TIP: You cannot pull this with an as of date to see your receivables – so its important to print to PDF and save each month. Consider using the Open Receivables Report from Communiqué or a custom report is you deal with a lot of receivables or any unique circumstances.

29 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Charges & Credits Print to PDF and Save at the end of the month along with your other time sensitive reports. Review & Verify the report on a regular basis. TIP: You cannot pull this with an as of date – so its important to print to PDF and save each month.

30 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Inventory Value - NEW Print to PDF and Save at the end of the month along with your other time sensitive reports. This is the ONLY report that shows inventory value now. Review on a regular basis. Implement inventory counts, or at least a rolling count. Do an entire count and make adjustments at the EOY. Inventory Adjustments do NOT pass over to QuickBooks at this time. A manual JE must be entered in QBs. TIP: You cannot pull this with an as of date to see your inventory for a given timeframe – so its important to print to PDF and save each month.

31 2010 User Conference April 23 rd – 25 th, Philadelphia, PA Additional Recommend Reports As Needed Money Received Against Unapproved Orders (impacts your A/R) POs missing Vendor Invoices (impacts your Received & Dropped) Drop Ships Missing Ship Dates (impacts your COGS) Zero Dollar Orders (if you want to reclassify) A good A/R Report (especially if you deal with terms, pre orders, etc.) Approved Orders with No Sales History Any other Custom Reports, from whatever source you use, that are time sensitive. Any Report that cannot be generated with an as of date should be printed to PDF and saved on a monthly basis.

32 2010 User Conference April 23 rd – 25 th, Philadelphia, PA QuickBooks & SEOM Questions? Contact Information: Roxanne Brown


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