How Edge Exports To Quickbooks
Would you like to see exactly how The Edge exports to Quickbooks?
The Edge is a great program to handle inventory, sales, repairs, custom design and many more jewelry procedure, but the accounting is handled in Quickbooks desktop.
If you're trying to enter the information on your own in Quickbooks or using a paper system or expecting your accountant to do it for you then your profit and loss and QuickBooks inventory numbers are for sure a mess.
There are two videos below to view. The first one is a very short one for those who are "just the facts man!" and will show you in short order in a few minutes what an export gives you
- A Profit & Loss Statement
- Money to deposit
The second video is a little longer but shows in more detail and is better to view if you'd like to know what is sent over. .
I suggest the second video, it tells you everything.
The video on exporting is done on a demo company that has zero sales activity for November 2017. In this way you'll be able to see what the Edge accomplishes inside of Quickbooks.
This Quickbooks has some inventory level, customer deposits and such but not a single sale nor cost of goods.
So in the edge this is what we are doing and will send it over for you to see:
Then in Edge we did the following Transactions:
1. Make a sale for a product 001-100-04672 Eng ring, Retail $7699.00
Our Cost: $2636.86
Sold with Synchrony Financing, deposit this separately (figure they charge 4% fee)
2. Sell and put aside a pair of earrings on layaway, 001-210-01062 Peridot Earrings $299.00
take a deposit $74.75
3. Deliver a repair that has been waiting for pickup Jennie Turner 002-166656-001
$39.00 paid By American Express
4. Take a custom job , make it, and move it to finished and deliver it. Paid by customer: $2000.00 Visa
5. Sell a watch battery $29.95*
6. Sell a polishing cloth (Misc Sale) $10.00
Then export everything to QuickBooks
Then we'll look at our P&L and Balance Sheet and then deposit our money into the QuickBooks check register. In addition subtract the Synchrony fee before depositing the money.
Exporting sends to QuickBooks in batches of “totals” for each day:
1. All Sales (Stock/memo/special orders/repairs/custom/misc sales)
2. Cost of goods (product only-not for the shop)
3. Lowers inventory sold in QuickBooks
4. Sales tax collected
5. Adjusted deposits taken & received
6. If A/R will adjust total; add or subtract for deposits from customers.
7. Total inventory bought for resale from customers
8. Total scrap bought from customers to go to a refiner
9. Money to be deposited into your check register.
10. Only duplication is entering inventory bills.
Now let's see how this all comes together!
===================This video is the shorter down and dirty version====================
Click on the picture below to view the shorter video. You'll need sound.
==========================More Detail Video below===============================
Just click on the video to get it started, you'll need your computer speakers.
You can click the small four arrows next to the word "Vimeo", bottom right to make it full screen.
I will be very happy to give you a free "look/see and come to your computer and see how you are setup now and show you how your Quickbooks (if you're using it now) would benefit from intergrading Quickbooks to the Edge
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