The QuickBooks integration allows small to medium sized businesses to link all their inventory and order management activities on Stock&Buy with their accounting records on QuickBooks online. This tremendously helps streamline business operations by aligning your inventory records with your accounting journal in a simple and effective way. This automation is enabled by the Stock&Buy ability to link invoices, payments, stock and customer data automatically with your QuickBooks account.
Important: Stock&Buy does not communicate with QuickBooks’ Inventory Management feature. The remainder of this article details the data types which sync with QuickBooks online.
Before you can link your Stock&Buy account with your QuickBooks account, certain settings have to first be adjusted in QuickBooks to allow a smooth integration.
Stock&Buy needs the following accounts to be setup in QuickBooks in order to link your records and all your transactions:
Stock&Buy will push all of your sales orders to this account.
When a payment is created against a given invoice in Stock&Buy, a corresponding item is created in Xero and is recorded against your payments account.
An expenses account against which Purchase orders will be recorded.
###Stock On Hand account
A current asset account where to record your stock on hand.
###Cost of Goods Sold account
An expense account where the direct costs attributable to the production of the goods sold.
An expenses account against which Adjustments will be recorded. This is useful if you want to capture stock loss/shrinkage/write offs. This account can also be used to keep a close eye on manual adjustments made and query them monthly.
###Creating your Sales Tax
If you have not set up your Sales Tax in QuickBooks, it is vital that you do so before integrating with Stock&Buy. More details about setting up sales tax in QuickBooks online can be found here.
Once your QuickBooks accounts are all set, head over to Stock&Buy and install the QuickBooks integration accessible in the Integration pane from the main navigation menu. The installation will take you to your QuickBooks account where you will need to Authorize Stock&Buy to access your data. Once authorized, you will be taken back to Stock&Buy where you define the various accounts where all transactions are sent to.
Please consult with your accountant to select the ledger accounts which best suit your business.