3/16/2024 0 Comments Setting cogs account defaultYou can add more accounts to suit your business requirements – make sure to consult with your accountant or bookkeeper before adding or editing any accounts. You can view your Chart of Accounts by going to Settings → Reference Books → Financial → Chart of Accounts, but it will be read-only. They will then be imported into DEAR when you next synchronise your accounts. If you are using Xero/QBO, you must create accounts in Xero/QBO.If you are using DEAR standalone, you can create accounts in DEAR by going to Settings → Reference Books → Financial → Chart of Accounts.Purchase/Sale Invoice-level CustomizationĭEAR Systems requires the following accounts (with the account settings listed below) to be available to function correctly.Supplier-level and Customer-level Customization.Familiarity with Accounts and Chart of Accounts.We recommend reading the Getting Started Guide for more information. None, this is one of the first steps in DEAR.Order line (highest priority, will override all other assigned accounts/tax rules).NOTE: The order of priority for account settings in financial transactions is: This allows users to design an effective Chart of Accounts in order to carry out successful analysis and managerial decisions. All settings must be set up before any initial data load occurs (supplier, customer, products, stock on hand, buys, sells, and so on).ĭEAR allows changing accounts and tax rules from default for each transaction. DEAR generates accounting transactions in the background and, at a later stage, these transactions are exported to your chosen accounting software. One of the critical elements of the initial setup is the Chart Of Accounts. An example name might be "RetailEdge-NonSalesAdjustments".A quick and successful integration between DEAR and other accounting software depends largely on the quality of the initial setup. An example name might be "RetailEdge-DrawerAdjustment". This account tracks Cash Drawer Adjustment totals within QB. Be sure to map RetailEdge over to the new account as well. It might be necessary to create a new sales tax account (Other Current Liability) instead of using the default, built-in, one. An example name might be "RetailEdge-Sales Tax". An example name might be "RetailEdge-Payout". This account tracks Payout totals within QB. An example name might be "RetailEdge-Gift Card". This account tracks Gift Card totals within QB. An example name might be "RetailEdge-Loyalty". This account tracks Loyalty Dollars totals within QB. An example name might be "RetailEdge-Layaway". This account tracks layaway totals within QB. An example name might be "RetailEdge-Store Credit". This account tracks store credit totals within QB. An example name might be "RetailEdge-House Charge". This account tracks house charge totals within QB. An example name might be "RetailEdge-ItemsSold". Go to the Item List in QB and add a "Non-Inventory Part". Like the "dummy" customer, RetailEdge needs a "dummy" item to sell within QB. This account tracks the Cost of Goods sold. An example name might be "Inventory Asset". This account tracks changes in inventory value. This RetailEdge value and the QB account name need to match. This is the QB Sales account where sales will be posted. To do so, edit the preferences and check the "Use Class Tracking" field on the Accounting tab. It's possible that you might have to turn on Class tracking in QB. This allows for better report filtering.Ĭreate a Class in QB to match the RetailEdge value (e.g. The data exported into QB is associated with a QB Class. Also, in QuickBooks, make sure that the customer's Tax Code value is set to non taxable value An example name might be "RetailEdge-Customer". In QB, add a customer to the Customer List and make sure it matches the RetailEdge Customer Name value. In order to track deposits to QB and reference RetailEdge sales, RetailEdge needs a "dummy" customer in QB. An example name might be "Acct Receivable". This field maps Accounts Receivable (House Charges) to QB. This is the name of a QB checking account.
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