This article includes some best practices Springboard customers use, in QBO, once their transactions are syncing.
Once your Springboard
Consider Integrating Your Bank Accounts (Check, Savings, Credit Cards, etc.) With QBO
We recommend you integrate your bank and credit card accounts with QBO. This will eliminate the need for you to manually enter many journal entries because, with the integration, each transaction that shows on your bank account or credit card statement, in real time, shows up in the QBO integration and you can then map that transaction to the appropriate QBO general ledger accounts..
The QBO to Bank Account integration can be made in your QBO account under the 'Banking' tab on the left hand side. Here is where you would set up the integration:
Below is what the integration will look like once it is set up. As transactions come into your bank (or are charged to your credit card) they will show up under the 'For Review' tab. You can review those transaction, confirm the entry (credit for 'received' amounts), is going to the correct QBO General Ledger account (under ' Category or Match') offseting the entry to your Checking / Bank account). This also allows you to do a daily bank reconcilaition as, as you 'Add' the transactions (under the 'Action' column) the transactions will not only be added to QBO but also reconciled.
Reconciling Individual Accounts in the Reconciliation:
If you are using the Springboard Retail to QBO integration, and you used the Suggested-accounts-for-the-springboard-retail-to-quickbooks-online-integration, and our recommended Mappings, here are recommended procedures for using and reconciliation the related accounts used in the integration for each account:
1. Cash in Drawer:
What is in the acccount represents all cash and checks collected on TIckets where the tender type was Cash or Check, that have not been deposited into your bank account. The SR integration debits (or increases) this account for the net amount of cash or checks collected/tendered on each Ticket.
We recommend you create a transaction report in QBO for this account and 'group' that report by day (so you get a subtotal by day of total cash and checks tendered. Then reconciled it to this report.
To deplete this account, a JE should be made when you make a deposit at the bank. Ideally deposit from each day....
Bank integration....
2. Credit Card Receivable
What is in the account represents all amount on each tickets that is tendered with the payment type 'credit card' collected on TIckets. The SR integration debits (or increases) this account for the net amount of credit cards tendered on each Ticket.
We recommend you create a transaction report in QBO for this account and 'group' that report by day (so you get a subtotal by day of total credit cards tendered. Then reconciled it to this report......
To deplete this account, a JE should be made when you credit card settlements come in to this account....
Bank integration....
3. Inventory
We recommend that only JEs coming from QBO are made to this account. This will allow you to easily reconcile this account to this report.....
4. Inventory in Transit
We recommend that only JEs coming from QBO are made to this account. This will allow you to easily reconcile this account to this report.
5. Accrued Receipts Payable
6. Sales Tax Payable
7. Gross Sales, Markdowns, Returns, Net Sales and COGS
8. Inventory Adjustments
9. Gift Card Adjustments
10. Cash Paid In / Out
To most efficiently use your SR to QBO integration we recommend you set up certain reports in your Springboard Retail (SR) and your Quickbook Online (QBO) accounts. Below is the list of reports (including the purpose of the report, when you will use it, and how to set up those reports).
QBO
- Vendor Invoice Reconciliation (accrued receipts payable)
- Vendor Credit Reconciliations (accrued returns payable)
- Cash in Drawer Reconciliation
- Credit Card Settlement Receivable Reconciliation
- Sales Tax Payable
- Profit & Loss by Month
- Balance Sheet by Month
- (Optional) Profit & Loss by location
SR
- QBO: Payments by type
- QBO: Payments by Credit Card Type
- QBO: Vendor Receipts
- QBO: Sales Tax Payable
- QBO: Inventory Adjustments
- QBO: Sales and Cogs
- QBO: Inventory Rollforward
- QBO: GCs