This article will explain how your BridalLive numbers are exported and how to setup the QuickBooks Web Connector.
QuickBooks Software RequirementsBefore you can use the QuickBooks Export, you must meet the following requirements:
- You use the Windows operating system. The QuickBooks Web Connector, only works with Windows.
- Must be using the desktop version of Quickbooks (not Quickbooks online). Click here for a complete list of compatible QuickBooks version
- You must have the QuickBooks Web Connector Installed (installation steps are in the video).
Very Important QuickBooks setup Notes
- Your QuickBooks company file must use accrual basis.
- Your QuickBooks setup includes an "Unearned Revenue" or "Customer Deposits" account that holds all payments toward merchandise that has not been delivered to the customer. This should be a liability account that appears on your Balance sheet. BridalLive will handle the adjustments to this account, but the account itself needs to be setup.
- Your QuickBooks setup includes a "Merchandise Sales" account. When downloading your bank statement from your online banking, all bank deposits should be categorized as Merchandise Sales. This is very important because BridalLive does not book completed sales to this account. Instead it adjusts this figure based on what it knows about the payments being received inside the system (i.e. a customer deposit or final payment). BridalLive does not export payments to QuickBooks. Instead, BridalLive uses Journal Entries to shift funds from Merchandise Sales to an Unearned Revenue/Custoemr Deposits account when payments are received.
Setting up the QuickBooks Export ModulePlease watch the video below to see how to setup the QuickBooks export and how to run your first export.
In the video above, we go over a the following settings.
Export Type - Daily or Aggregate. If Daily (recommended) is selected, BridalLive will make separate journal entries for each day. If aggregate is selected, BridalLive will export all the data that hasn't already been exported in 1 entry.
Items To Export - Select which information you would like the module to export to your QuickBooks. For a detailed description of each export procedure, see the sections below.
MappingsBridalLive uses the Mappings section to determine how data is exported to QuickBooks. Below you find a description for each of the BridalLive Activities listed in the Mappings grid. You will want to use this information to determine how you will map these activities to QuickBooks. If you are unsure about this, please contact your CPA or BookKeeper. When you enter values into the QuickBooks Association, the spelling has to match the QuickBooks account/vendor exactly (including the case of the letters). We've provided sample account names for the QuickBooks Associations, but you will want to modify these to match your existing QuickBooks account setup.
Merchandise Sales - When items are sold in BridalLive, they will be considered Merchandise Sales. You will want to specify the QuickBooks Account that holds all of your merchandise sales.
Sales Tax - When items are sold in BridalLive, the sales tax will be exported. You will want to specify the QuickBooks Account that holds all of your sales tax payable.
Layaway/SO Deposit Taken - BridalLive exports deposits are received on Sales Order to help you account for Unearned Revenue. In most cases, the QuickBooks Account used for this activity would be Unearned Revenue or Customer Deposits.
Inventory - When items are sold, BridalLive will credit the Inventory account. The QuickBooks account used here should be the one that holds the value of your actual inventory.
Cost of Goods Sold - When items are sold, BridalLive will record the Cost of Goods Sold as a debit to a QuickBooks account. The QuickBooks account used here should be the one that is used to manage COGS.
Voucher Adjustment - When discounts are entered on Receiving Vouchers, BridalLive will export these as voucher adjustments. Enter the QuickBooks account that is used to handle these discounts.
Freight In - When shipping is charged on Receiving Vouchers, BridalLive will export these as freight. Enter the QuickBooks account that is used to handle shipping charges from your vendors.
Voucher Fee - When fees are charged on Receiving Vouchers, BridalLive will export these as voucher fees. Enter the QuickBooks account that is used to handle fees charged by your vendor for inventory & special order purchases.
Sales Tax Vendor Name - This mapping is used to link the sales tax in BridalLive with a QuickBooks vendor. Enter the name of the vendor that you pay sales tax too. This spelling needs to match exactly.
How information is exportedBridalLive exports Merchandise Sales, Receiving Vouchers, and Cost of Goods Sold to QuickBooks. Each section below provides specifics on how this is done. Merchandise Sales and Cost of Goods sold are exported as Journal Entries. After running the export, you can locate the Journal Entries within QuickBooks by going to Company > Make General Journal Entries. The Receiving Vouchers are exported as Bills and can be found within QuickBooks by going to Vendors > Enter Bills.
All Merchandise Sales, Sales Tax, and Layaway/SO Deposits are exported to QuickBooks as a journal entry seen below. The accounts used in the journal entry are the ones that have been specified in the mappings section under Settings. Below is a screen shot of a sample Journal Entry that was made.
In this Journal Entry, you see that Merchandise Sales is accounted for. This figure is computed by taking the difference between Unearned Revenue entries. Of course, this is only part of the picture for Merchandise Sales. The other part of Merchandise Sales is accounted for when you enter your Bank Account transactions into QuickBooks.
All deposits to your bank account that are made for customer orders, should be booked to your Merchandise Sales Account.
The BridalLive Export Module only accounts for merchandise sales that results from the completion of pending sales orders. When combined with the deposits coming in from your bank account, you will get an accurate picture of your total Merchandise Sales.
Next you'll see that the Sales Tax account is credited and the Merchandise Sales account is debited to separate the sales tax from the actual gross revenue number. Just as with the rest of the BridalLive Sales Tax Reports, Sales Tax is reported when sales are "completed" in BridalLive.
The next 2 entries account for Unearned Revenue. Unearned Revenue are the deposits received on gowns that have not been delivered to customers (i.e. sold). Since BridalLive knows when deposits are received and sales are completed, it is able to credit and debit the Unearned Revenue account accordingly.
Cost of Goods Sold
When items are sold in BridalLive, the cost of the items are realized. The journal entry shown below accounts for this by debiting Cost of Goods Sold and crediting Inventory Asset (the inventory account).
Receiving Vouchers are exported as Bills to QuickBooks. The screenshot below shows an example of a bill that is created within QuickBooks. Each Receiving Voucher in BridalLive creates 1 Bill in QuickBooks.
Vendor - This is the vendor that is associated with the Bill. When the program runs for the first time, it will attempt to link your BridalLive vendors to your QuickBooks vendors. It attempts to find a match based on the vendor name. If it cannot find a match, it will show you an error. To fix the error, make sure the vendor name in BridalLive matches the name in QuickBooks exactly (case sensitive).
Items - All of the items are consolidated into 1 "BL Receiving" item. When you run BridalLive and QuickBooks together, BridalLive is your system of record for inventory items. Since QuickBooks limits the number of inventory items that you can enter in, BridalLive consolidates everything down to the 1 BL Receiving Item. This item represents the total cost of all the items received on the Receiving Voucher.
Expenses - This tab will show all of the fees, discounts and freight that were added to the Receiving Voucher.
Memo - The memo field on the Bill will provide a reference back to the Receiving Voucher in BridalLive.