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Export of sales transactions into QuickBooks accounting software

Abacre Point of Sale allows to export daily sales data into QuickBooks accounting software. During export it creates export file of IIF format. Then you may import this file into QuickBooks. This export is available in standard and professional licenses.

Step-by-step instructions to setup exporting of sales data into QuickBooks:

  1. Then go to menu Configuration - Preferences - Accounting.
  2. Select: QuickBooks for the export into accounting software.
  3. Fill all needed accounts. 

Usual accounts for corresponding account names are:

  • Sales tax account: Sales Tax Payable
  • Sales tax vendor name: IRS
  • Account Sales: Sales or, for example, Sales:Food
  • Inventory Asset account: Inventory Asset
  • COGS account: Cost of Goods Sold
  • A/R account: Accounts Receivable
  • A/P account: Accounts Payable

Note: all accounts must exist (be already created) in QuickBooks before importing the file. Otherwise you will get error messages.

Note: even correct tax vendor name must be used. For example, in USA it's IRS.

Then setup deposit accounts for payment methods:

  1. Go to menu Configuration - Payment Methods
  2. Fill deposit accounts for each payment method.

For example:

  • Cash in Drawer account for payments by cash.
  • Accounts Receivable for payment method: Client's Account.
  • Bank account for cards deposits.

Now try to place several sales orders.

Then do End of Day - Reconcile Cash Drawer command.

After that do End of Day command.

On the final page it will produce Z-Out Restaurant Close report.

After pressing on Close button you will see: Do you want to export financial information into QuickBooks?

  1. Press Yes.
  2. Select path to export file.
  3. Press OK.
  4. Information will be exported into, for example, export.IIF file.

Note: this export maybe also be executed from Reports:

  1. Go to Reports - select Z-Out Restaurant Close report.
  2. Press Preview.
  3. Then Z-Out Restaurant Close report will be displayed
  4. and after this report it will ask: Do you want to export financial information into QuickBooks?

Then open QuickBooks and do command: File - Utilities - Import.

Do import of the export.IIF file. 

Note: The transaction type used in this file is General Journal.

In order to record cost of sold items the following transaction pair:

  • Inventory Asset - Cost of Goods Sold.
  • This pair is created in export file if the following conditions are met:
  • Use Inventory option is checked on PreferencesInventory tab.
  • Inventory Asset and COGS account names are not empty on Preferences – Accounting tab.
  • The value of COGS is not zero for current day (we dont record transactions with zeros).

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