How can I obtain the numbers I need to create journal entries, debits/credits, for nonintegrated accounting software like QBs Desktop?
Heartland Retail offers a real time integration with Quickbooks Online (QBO). See this article for more information on that integration: Setting up a Quickbooks Online (QBO) Account for an Integration with Heartland Retail.
If you are not using Heartland Retail's QBO integration, you may need accounting reporting to obtain the numbers (for example, debit and credit amounts) that you want to include in the journal entries used in your accounting software. You can easily obtain the required reporting and numbers using Heartland Retail's Reporting feature. Reports can be run on a regular basis (for example for yesterday or last week) and can be printed or exported into excel for ease of use. Reports can also be run by location, should you want to book journal entries at the location level.
So, how can you get to the numbers / reporting you need to book journal entries?
(1) Decide/Confirm Your Desired Journal Entries
We first recommend that you work with your accountant to decide what reports and journal entries you need to create. This list of Heartland Retail financial events may assist with this process:
- POS Ticket (Sale or return of product to/from a customer)
- Sales Invoices (Sale of product via a sales order to/from a customer)
- Vendor Product Receivings or Return (Receipt or return of product from/to a vendor)
- Inventory Adjustments (Adjusting inventory quantities out or in)
- Gift Card Adjustments (Manually adjusting gift card balances out or in)
- Cash Paid In or Out (Taking cash in or out of a drawer for reasons other than a POS ticket, for example - to purchase supplies or postage).
- Customer Deposit Payments/Refunds (Payment taken towards a purchase such as a layaway).
Although this article, Journal Entries Created in QuickBooks Online (QBO) via Heartland Retail Financial Events, shows the journal entries that are created in the Heartland Retail to QBO Integration, you may find this to be helpful in deriving your list of required journal entries.
(2) Creating and Saving the Reports you Need
Next you will need to create and save the necessary reports in Heartland Retail to obtain the dollar amounts (debits and/or credits) in your required journal entries. Below are some helpful articles related to creating, saving and running those reports:
Running Reports
Helpful Accounting and Bookkeeping Reports
(3) Use the Reports To Create Your Journal Entries
Next you will use the reports you have created to provide the debit and/or credit amounts in your journal entries. For example, let's say you and your accountant have decided to book a weekly journal entry for POS tickets. You may use a journal entry similar to this:
Dr. Payment Type
Dr. Cost of Goods Sold
Dr. Sales - Markdowns
Dr. Sales - Returns
Cr. Gross Sales
Cr. Inventory On Hand
Cr. Sales Tax Payable
Using the first report (Monthly Sales (Sales to Payment Reconciliation) in this article, Helpful Accounting and Bookkeeping Reports you can populate your amounts as follows:
Dr. Payment Type: Payments >> Net Payments
Dr. Cost of Goods Sold: Location Sales >> Net Item Sold Cost
Dr. Sales - Markdowns: Source Sales >> Net Markdowns
Dr. Sales - Returns: Source Sales >> Gross Returns
Cr. Gross Sales: Source Sales >> Gross Sales
Cr. Inventory On Hand: Location Sales >> Net Item Sold Cost
Cr. Sales Tax Payable: Sales Tax >> Net Amount Collected
Remember to filter on the dates you want to book the journal entry for (for example yesterday, last week, or last month if you want to book a journal entry in total for the previous month).
Remember you can group by (1) location to get a break down of the journal entry (sales) by location, (2) by day (if you want to book a journal entry for each day), or (3) even by any custom field if you treat, as an example, footwear and apparel sales differently in your financials.
(4) Use our Help Center to Answer all your Accounting Related Questions
Here are some examples of accounting related articles and answers you will find in the Heartland Retail Help Center:
You can search our Help Center 24/7 to get the answers you need! If you can't find an answer to your question, please reach out via the chat icon to receive support from a member of the Heartland Retail Customer Success Team!