This is a one hour overview of using inventory in QuickBooks Point of Sale.  Here is the link: Enjoy

While POS is a great program, it really shines as a complete system when used with QuickBooks Financial Accounting Software (QBF).  Here is how the 2 talk to each other.  BTW, this assumes you are using summary posting, which is what we recommend.  Detail posting just clutters up  your item list and creates more work depositing funds.  The following assumes a standard set up. Each time you send data over to QBF, it will update any vendor information you have changed in either program.  Additionally, if you are set to synch customers, it will update any changes between the two. POS will create a single sales receipt for the total of the day's cash and credit card sales.  It will also create a sales receipt for each check received.  The net cash that POS registered will be sent to an account called cash in drawer.  Even if you show a shortage in your Z-out drawer count, you still need to adjust QBF's cash in drawer account. Additionally, POS will create a journal entry increasing the…

I have come to the conclusion that you should never reverse a transaction.  The problem is that when you reverse a sales receipt and/or receiving voucher, it creates reversing transaction on the day that you reversed the transaction even though the original transaction maybe weeks ago.  So what is the harm??  Let's say you create a receiving voucher and then realize the following week that some of the items are the wrong price.  You go back and reverse the voucher, but some of those items have been sold.  POS has the wrong cost for those items and therefore your inventory value as well as Cost of Goods sold are now off. So the proper way to fix this problem is to go back to the original transaction, copy it and then change all of the items to return items.  Change the date to the original date.  Record the transaction.  Then copy the original voucher and put the proper costs in.  Now inventory is correct.  You will need to manually adjust the costs accounts as it will not correct…

If you deal with a lot of cash sales, you will have to figure out a way to track when cash is pulled out of the drawer.  Create an other current asset account in QuickBooks Financial called Cash Drop.  When the cash is pulled from the drawer, code the amount to this account and in the comments put who pulled the cash.  During your z-out report, you will see a list of payouts that will include these amounts.  Count your cash from the drawer.  That plus the paid outs will equal the cash for the day.  In QuickBooks Financial, when you make your deposit of cash, it will have 2 parts.  The net cash
Sorry, my life got a little crazy the past few months with a lot of personal drama.  But we are back.  I promise to update this blog as least once a week so hang in there.

In California, the sales tax is going up by 1 percent on April 1st.  To change your sales tax in POS V6 and above, go to the Edit menu, choose preference and then company.  In your company preferences, select the sales tax section and then click on the edit button on the relevant sales tax.  Click through till you get to the rate and change it.  Since you can't schedule the change, you will need to do this after you close the 31st.

A question that we get quite a bit is how to track items that we pull out of inventory to use.  It really depends on your sales tax codes.  There are 2 ways to do this.  The first way is to do a qty adjustment and then when it gets posted to QBF, change the journal entry that was created to shop supplies.  You will have track the amount taken and usually pay some sort of use tax.  The easier solution if allowed is to sell the item to yourself at cost (collecting the tax) and use the payment on account.  In QBF, discount the invoice to your supplies expense.  With this method, no need to track
While I advise all of my clients not reverse receipt and instead do a return receipt, occasionally they will have a problem with a receipt that needs to be fixed.  For example, you rang up the wrong item with the same price, but now your inventory will be off.  If you reverse a receipt where you have processed a credit card, it will refund the customer credit card, so this is not a good idea.  What you can do is to do a return receipt on the same day and process the refund as payment on account.  You can either use the customer that was the problem or create a customer called sales receipt cor
If you find yourself running a report and not getting the results you expect, I would try to "revert" the report to it's original version.  To revert, run the report and then click modify report.  At the lower left of the modify button is a revert button.  Press this button and it will run the report as original configured.  Then you can modify from there.  Sometimes POS will not clear all of the filters even if you remove them and this is a quick way to make sure.
Being the start of a new year and all, a lot of you are thinking about doing inventory.  The first step in a successful inventory is to buy or rent the POS inventory scanner.  Yes we do sell them, but that is not why I am telling you to get the scanner.  The scanner turns the inventory process from days to a few hours.  Next, in Version 6 and new, click on inventory and start phyiscal inventory. find a expected item with zero and put a 0 in the counted field.  Then save the change.  It will start the inventory process and ensure that anything gets sold or received will be flagged. Then scan or