This should be an asset account, and is used when an item is marked “returned to vendor.” Understand that The Edge is finished with items that are marked RTV, so this posting moves the item value from your primary asset account to this temporary sub-asset account. This account also serves as a transitory account for cost of inventory used in repair or custom jobs that are not yet picked up. This should be an asset account, and is used when assembling an item from other items, or breaking an item into several other items. Do not mistake the use of this account as store receivables. This is usually called “Accounts Receivable” but many users rename it to “Edge Pass-through Account.”įor purposes of data integration, The Edge uses the AR account as required pass-through. Set up this account to match QuickBooks’ default accounts receivable account. The following table outlines each account in The Edge and its use. These accounts must be mapped to a corresponding account in QuickBooks. Make sure to also check out my Mentorship Membership Subscription for Bookkeepers and Accountants and my on-demand QBO tutorial library.The Accounts tab contains a tree view of The Edge features organized by account type. Over the next couple of installments in this series we will cover Estimates, Progress Invoicing, Creating Invoices, and Receiving Payments. Appropriate use of Sales Receipts not only record historic transactions but make certain that the payments are posted on the spot.įor follow-up training in this are of QuickBooks Online make certain to check out my QuickBooks Online Fundamentals course. Properly making Bank Deposits and matching them to Banking Feeds prevent duplication of income. Lesson Follow-upĬorrect income workflows reduces the need for end-of-month or end-of-period clean-up. Now that the Sales Receipt is complete, click Save and send to email the Sales Receipt, Save and new to immediately add another one, or Save and close when you’re done. Since the Banking Feed looks there anyway, one consistent set of steps creates cleaner data then situation-based instructions. I now train everyone to just put all Sales Receipts in Undeposited Funds. They forget to look at this field, and the transactions start heading to the wrong account. Not all business owners are savvy enough to decide every time. Suggestion: After years of trying to explain to clients when to Deposit to the Checking account and when to select Undeposited Funds, I gave up. At the end of the day, all cash/check and credit card payments are be grouped together and be deposited using Bank Deposits. Otherwise, use Undeposited Funds, so that this amount will be listed with other sales that day. PEBCAK! As a best practice, deposit all customer payments to Undeposited Funds, so that the Banking Feed will find the transactions, and you can easily fix workflow errors. QuickBooks Users should always remember, Do not “Add” Deposits through the Banking Feed, if you do, you will duplicate your Income! Always MATCH them instead. Business owners don’t know to go to +New > Bank Deposit. This is where most problems within QBO crop-up. These totals must MATCH the Banking Feed. That’s where cash and checks get combined when taken to the bank, or the merchant services company batches the credit card and ACH payments for the day. Notice that the last step of each is to make the Bank Deposit.
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