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How to "True Up" account balances in QuickBooks

From time to time, mistakes may be made in BridalLive after you've done your bookkeeping in QuickBooks.  For instance, you may have deleted a transaction that was entered in error, but you had already accounted for it in QuickBooks as part of your month end bookkeeping.

When this happens, you will want to "True Up" your account balances in QuickBooks so that they match what is in BridalLive.  This process is done by making Journal Entries to Merchandise Sales, Customer Deposits/Unearned Revenue, Cost Of Goods Sold and Inventory Asset accounts in QuickBooks to offset the mistakes.

Here is how to get the correct balances for each of these accounts using the reports available in BridalLive.

Merchandise Sales
Merchandise Sales is the sum of all completed orders in BridalLive between 2 dates.  To get this figure, use the Transaction Journal and select the following for the criteria:
  • Trx Start Date - Leave Blank
  • Trx End Date - Leave Blank
  • Comp Start Date - Enter the start date - (i.e. beginning of your fiscal year)
  • Comp End Date -  Enter the end date - (i.e. current date or the end of the period)
  • Status - Complete
The Merchandise Sales figure will be the total of the Grand Total column minus the total of the Sales Tax column.


Customer Deposits/Unearned Revenue
This is the sum of all deposits placed on orders in BridalLive.  To get this figure, use the Transaction Journal and select the following for the criteria:
  • Trx Start Date - Leave Blank
  • Trx End Date - Current Date
  • Comp Start Date - Leave Blank
  • Comp End Date -  Leave Blank
  • Status - Pending
The Customer Deposits/Unearned Revenue figure will be the Total of the Grand Total column - Total of the Balance Due column.

Accounts Receivable
This is the sum of the balance due on all pending Special Orders and Layaways. This figure can only be obtained for current date and cannot be obtained from previous periods.  To get this figure, use the Transaction Journal and select the following for the criteria:
  • Trx Start Date - Leave Blank
  • Trx End Date - Current Date
  • Trx Status - Select "Pending" only.
The Accounts Receivable figure will be the total of the Balance Due column.

Cost of Goods Sold
To obtain the Cost of Goods sold, use your Cost of Goods Sold Report with the following criteria:
  • Date Sold - Start - Enter the start date, usually the beginning of your fiscal year
  • Date Sold - End - Enter the end date, usually the current date

Inventory Asset
The figure is the current value of your inventory.  To obtain this, run the Items on Hand Report.  If your accountant suggest that you do not include value of customer orders, just select the check box that says "Exclude Items Awaiting Pickup"
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