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Create default accounts in QuickBooks to prepare for a Financial Exchange with Point of Sale

 

Certain QuickBooks accounts, included in the default chart of accounts used by Point of Sale to send data, are required to establish a connection between the two programs. Point of Sale cannot automatically create these accounts for you in QuickBooks. These accounts include Undeposited Funds, Accounts Payable, Accounts Receivable, Cost of Goods Sold, Inventory Asset, and Sales Tax Payable. In addition, inventory must be enabled in QuickBooks.

The QuickBooks Connection Wizard will alert you if inventory must be turned on or these accounts do not exist.

Detailed Instructions

To turn on inventory in QuickBooks:

 

  1. In QuickBooks, choose Edit > Preferences.
  2. Select the Purchases & Vendors area from the left-side preferences menu.
  3. Make sure the checkbox labeled Inventory and Purchase Orders are Active is selected.
  4. Click OK.


To create default accounts in QuickBooks:

  1. Make sure inventory is turned on as described above.
  2. Create the necessary accounts in your QuickBooks Chart of Accounts:
    • To create an Undeposited Funds account, choose Customers > Enter Sales Receipts and then close the form.
    • To create an Accounts Receivable account, choose Customers > Create Invoices and then close the form.
    • To create an Accounts Payable account, choose Vendors > Enter Bills and then close the form.
    • To create the Cost of Goods Sold and Inventory Asset accounts: From the item list, select New Item from the Edit menu, select Inventory Part in the Item Type field, and then cancel.
    • To create a Sales Tax Payable account: From the item list, select New Item from the Edit menu, select Sales Tax Item in the Item Type field, and then cancel.

If this solution does not resolve the issue, you can read discussions and post messages and questions relating to your issue on the Intuit QuickBooks Community site. You can also review other available QuickBooks Point of Sale support options for additional guidance.

KB ID# HOW12600
10/25/2014 1:38:57 PM
PPRDQSSWS403 9102 Pro 2013 6edba0