Sometimes changes are made in BridalLive after accounting entries have already been recorded in QuickBooks. For example:
A transaction was deleted or corrected in BridalLive
An order status changed after bookkeeping was completed
A mistake was fixed in BridalLive after month-end reconciliation
When this happens, the balances in QuickBooks may no longer match the totals in BridalLive.
To correct this, your accountant or bookkeeper can create journal entries in QuickBooks to adjust the following accounts so they match BridalLive:
Merchandise Sales
Customer Deposits / Unearned Revenue
Cost of Goods Sold
Inventory Asset
The reports below will help you determine the correct balances from BridalLive.
Merchandise Sales
Merchandise Sales represents the total value of completed orders during a selected time period.
To obtain this amount:
Run the Transaction Journal report
Use the following filters:
| Field | Setting |
|---|---|
| Trx Start Date | Leave blank |
| Trx End Date | Leave blank |
| Comp Start Date | Beginning of your fiscal period |
| Comp End Date | End of the period you are reviewing |
| Status | Complete |
To calculate Merchandise Sales:
Total of Grand Total column – Total of Sales Tax column
Customer Deposits / Unearned Revenue
Customer Deposits represent payments received for orders that are not yet completed.
To obtain this amount:
Run the Transaction Journal report
Use the following filters:
| Field | Setting |
|---|---|
| Trx Start Date | Leave blank |
| Trx End Date | Current Date |
| Comp Start Date | Leave blank |
| Comp End Date | Leave blank |
| Status | Pending |
To calculate Customer Deposits:
Total of Grand Total column – Total of Balance Due column
Accounts Receivable
Accounts Receivable represents the remaining balance owed on pending orders, including special orders and layaways.
To obtain this amount:
Run the Transaction Journal report
Use the following filters:
| Field | Setting |
|---|---|
| Trx Start Date | Leave blank |
| Trx End Date | Current Date |
| Status | Pending |
The Accounts Receivable balance is the total of the Balance Due column.
Please note that this report only reflects current balances and cannot be generated for prior periods.
Cost of Goods Sold
To determine the Cost of Goods Sold balance:
Run the Cost of Goods Sold Report
Use the following filters:
| Field | Setting |
|---|---|
| Date Sold (Start) | Beginning of your fiscal period |
| Date Sold (End) | End of the period you are reviewing |
The total shown in this report represents the Cost of Goods Sold for that period.
Inventory Asset
The Inventory Asset balance represents the current value of your inventory.
To obtain this value:
Run the Items on Hand Report
If your accountant does not want to include items that have already been sold but are awaiting pickup, select:
Exclude Items Awaiting Pickup
Important
Adjusting balances in QuickBooks typically requires journal entries. If you are unsure how to perform these adjustments, consult your accountant or bookkeeper before making changes.