The QuickBooks Online integration enables Vend customers in the US to easily post their end of day sales, payment counts, and cost of goods sold to their QuickBooks Online account. This makes it quick and easy for retailers to keep on top of their accounting, and reduces the need for double-data-entry.
Once you've turned the integration on, when you close your register at the end of the day, your sales totals and payment counts, including any payment discrepancies, will be sent to your QuickBooks Online account.
Your payment totals can either be sent as a total amount, or you can choose to break them down by product/inventory type, using the classification types you've set up in Vend.
You can also choose to send a cost of goods sold (COGS) summary to your QuickBooks Online account. This uses a weighted average calculation method, so make sure you check with your accountant to see if it's appropriate for your business.
This allows you to easily reconcile your payment deposits into your bank account.
Vend only integrates with QuickBooks Online accounts.
The QuickBooks Online integration is only available to customers in the USA.
The QuickBooks Online integration should only be used if all products in each outlet have the same tax rate.
For example, if you have most items in a store using a combined 15% tax rate, but some using only a 5% tax rate, you should not use the integration.
This does not affect retailers who use a different tax rate in different outlets - for example 10% on products in Outlet A, and 5% on products in Outlet B, provided all products WITHIN that outlet have the same tax rate.
This also does not affect retailers who have all products in an outlet using a tax rate, but some products zero-rated (0% tax).
Do not use the integration if you have applied custom tax rates to a product within an outlet, such as a luxury tax on some items, or a cheaper tax rate for fresh fruit or vegetables.
Vend's Quickbooks integration allows you to: - Post register closures to QuickBooks. So, we'll track your sales totals and your payment totals. - Sales totals can either be a total amount, or broken down by product types. - Send estimated Cost of Goods Sold (COGS) each day to QuickBooks Online. - There are some things you won't be able to automatically post to QuickBooks Online. These include: - Discount and refund tracking - Loyalty - On Account and lay-away sales
Before you begin setting up, make sure you have:
Note: When selecting where to send Sales and Count Discrepancies, you will only be able to select your QuickBooks Online products and services. You will not be able to select all of your accounts. QuickBooks online has a default sales product set up.
For more information on QuickBooks Online products and services, or to create a new product in QuickBooks Online, click here. You should complete this before turning on the integration.
You are now ready to start setting up.
For each payment type, pick the matching payment type in QuickBooks Online.
For each tax type, pick the matching tax type in QuickBooks Online. Grouped taxes in Vend must be mapped to a grouped tax in QuickBooks Online.
Click 'Save' to turn on the integration.
Important: If you add any more payment types, tax rates, or product types, don't forget to update your QuickBooks Online settings with this information.