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Quickbooks End of Year

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  1. Chart of accounts, and accounts mapping

  2. Stock on Hand discrepancies and reconciling

  3. Export failed transactions

  4. Journals and associated transactions

  5. Common errors

  6. Useful reports

 

  1. Chart of accounts and accounts mapping (Unleashed - QBO)

As part of the initial integration setup, you are required to select the default accounts for the Chart of Accounts in the Configuration tab of your Quickbooks integration.

The Chart Of Accounts must be set up in order for transactions to export to QBO.

Sales - Income

COGS - Cost of Sales

Stock on Hand - Current Assets

Sales Account: The Sales Account selection should be the primary Sales Account in your QBO Profit and Loss. All completed Sales Invoices and Credits in Unleashed will export to your QBO Sales Account.
Cost of Goods Sold Account: The Cost of Goods Sold Account selection should be your Cost of Sales account in your QBO Profit and Loss. All shipment journals, credit journals and assembly journals (where costs were incurred) will be coded to your COGS account.
Stock On Hand Account: The Stock On Hand Account selection should be your Current Assets account QBO. Any changes to your SOH value in Unleashed will be coded to this account, ie Purchases, Sales, Credits, Supplier Returns, Assembly Costs.

** Please note, Unleashed can only integrate with one Sales account, one Stock on Hand account and Multiple COGS.

Other account mappings to note are:

Purchase - Expenses

Expense - Cost of Sales

There aren’t any specific Unleashed working practices regarding these, the selection of the accounts will be dictated by your business’s own requirements; we would recommend consulting with your accountant with regards to this.

After setting the default accounts in the Chart of Accounts, you can choose to override the default Cost of Goods Sold Account on the product record and/or customer record. We follow an Account hierarchy that follows the below precedence (Product > Customer > Default):

  1. Product sales account

  2. Customer sales account

  3. Default sales account (in the QBO Configuration settings)

 

2. Stock on Hand discrepancies and reconciling

Some of the common reasons why you may experience stock value discrepancy between Unleashed and Quickbooks are: 

  • The systems did not match at the initial setup (variance from the beginning of the integration set up) - Check the opening balances in QBO and in Unleashed.

  • Transactions were manually deleted in QBO - Check the 'export data' tab to see if the transaction exported successfully

  • Manual journal entries added to QBO - Check for manual journals not coming from Unleashed. 

  • Journals have not been sent across to QBO - Check the 'Export data' tab to check for any outstanding transactions (see point 3 for how to export failed transactions)

  • Dates have been changed on the 'Dispatched date' (Shipments) and/or the 'Supplier invoice date' (Purchase order). - Check journal dates and compare to Unleashed and find the last time the stock on hand matched. 

If you have checked and tried all of the above and the stock value does still not match, our recommendation is to ‘draw a line’ and create a stock count in Unleashed and a manual journal entry in QBO to match the Stock on Hand between systems; you can then start fresh again from that point in time and any newly raised and completed transactions in Unleashed will then be sent to QBO.

3. Export failed transactions

When it comes to reconciling accounts, it’s important to make sure everything that should have exported, has. To do this, follow these steps:

  1. Navigate to Integration > Integration Store > QuickBooks

  2. Go to the Export Data tab

  3. Change Export status in the drop-down to Outstanding Exports. (Outstanding Exports will give you a list of any exports that are still outstanding, whereas Failed Exports will give you a list of every failed attempt - even if you rectify the issue and successfully export the transaction, it will remain on the Failed Export list, so you should concentrate on the Outstanding Exports)

  4. If there are any outstanding exports, you can click on Why and it will give you the reason for the error. You can then rectify the issue, and hover over the space in the column on the far right to click on Re-export.

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If you have lots of failed exports, you can bulk re-export by ticking the box at the top. A Batch Actions drop-down will appear where you can choose to Re-export.

 

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5. If they successfully export, once you click on the refresh icon, these should disappear from the outstanding export list.

Another useful thing to note is that you can search the transaction number. Ie SO-00000175. This is useful if you’re looking for a specific transaction.

 

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4. Journals and associated transactions

Please find below a list of which accounts are affected in QBO depending on the transaction type in Unleashed.

Purchases - a purchase journal is sent over when a Purchase Order is receipted. If you add any extra costs to the receipted order before completing it, a re-cost journal is also sent over to QBO. No journals are sent across when you complete the Purchase order.

  • Stock movement journals --> Stock on hand account

  • Purchase costs --> Stock on hand account

  • Purchase order re-cost --> Stock on hand account

  • Supplier return journals --> Stock on hand account

Sales - of a sales order, we send an invoice journal to QBO when the invoice is completed in Unleashed and a stock movement journal (i.e. shipment journal) when a shipment has been dispatched.

And when completing a credit note, Unleashed will send a credit note journal for the value and a credit journal to account for the stock and value change over to QBO.

  • Stock movement journals --> Cost of goods sold account (increases) and Stock on hand account (decreases)

  • Sales "invoices" --> Sales account

  • Credit note --> Sales account

  • Credit journals --> Cost of goods sold account (decreases) and Stock on hand account (increases)

Stock adjustments/assemblies - journals are sent over to QBO respectively when completing a stock count, stock adjustment or an assembly.

Please note - Unleashed doesn’t send a journal for the total assembly costs to QBO when an assembly has been completed. The final cost of an assembly is computed from the average landed cost of the component products, cost of any never diminishing item and any supplier costs added to the assembly. 
So, If the completed assembly only has stocked component products, no journal is sent across to QBO; this is because there will be no overall change in the stock on hand value in your system. A journal will only be created if there are any extra costs associated to the assembly such as supplier costs or costs added as never diminishing products (e.g. labour, shipping fees, etc.).

  • Assembly costs (supplier costs) --> Stock on hand account

  • Assembly/Disassembly journal (when there are Never Diminishing products such as labour) -->Cost of goods sold account to Stock on hand account

  • Stock adjustment journals --> Stock on hand account and Cost of goods sold (depending on what account has been selected on the stock adjustment transaction level)

 

5. Common Errors:

Error code: 1, Message: Failed to export entity to QuickBooks - This has not exported due to a blockage on Quickbooks end. Often it is either a minor validation error, or a time out error due to the volume of transactions being processed at the same time, and the failed transactions are the ones caught within the integration time out. You can try to re-export this.

Error code: 6000, Detail: Business validation error: Transactions can only have one foreign currency at a time - Please check that the Customer is set up with the correct currency in Quickbooks.

Error code: 6000, Detail: Business validation error: The transaction needs to be in the same currency as the A/R and A/P accounts you use - Please check that the Customer is set up with the correct currency in Quickbooks.

Error code: 999, Message: Purchase account must be set for never diminishing product - For all never diminishing products, in the product record (details tab), please select a Purchase account.

Error code: 999, Message:

Error code: 6240, Detail: The name supplied already exists - Make sure there is only one contact with this name. It’s important to note that suppliers and customers cannot share the exact same name.

Error code: 6250, Detail: The customer you have specified has been deleted - This customer has been made inactive - you will need to reactivate them. To see your inactive customers, use the action cog in Quickbooks to tick the Include inactive.

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Error code: 2500, Detail: Supplier assigned to this transaction has been deleted - This supplier has been made inactive - you will need to reactivate them.

Error code: 6140, Detail: Duplicate Document Number - This transaction number already exists on Quickbooks - you can either choose to ignore this error in Unleashed, or if you need to export it again to Quickbooks, you will need to find the existing transaction and amend the number

Error code: 4000, Detail: QueryParserError: Invalid content - make sure that the customer name/code does not have any invalid characters such as “:” or “/”

Click here to see accepted characters.

 

6. Useful reports

To reconcile your Stock on Hand between Unleashed and QBO, you can use the Stock on Hand Enquiry Report (Reports > Inventory). The value in your Stock on Hand Enquiry should ideally match the value in your Current Asset account.

If you are looking for a COGS report, Unleashed doesn’t have a specific report however you can obtain the same information by using the Transaction Enquiry (Reports > Inventory). You can export this and then ‘multi-filter’ it to include the transaction types that affect the Cost of Sales account in QBO. The main transactions that affect this accounts are Sales Shipment, Credits, Stock Adjustments, Stock Take Adjustments, Assembly In/Out, and Disassembly In/Out (see below)

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Please note that is all dependent on your settings - ie in your configuration, you may have disabled adjustment journals to export to QBO.

What’s also important to note is for any Supplier Returns, if you have written off any associated cost lines, this will also affect your Cost of Sales account. Here’s a summary of how the transactions affect this account:

Sales Shipment - Increase Cost of Sales account (Decrease SOH account)
Credits - Decrease Cost of Sales account (Increase SOH account)
Stock Adjustment (add value) - Decrease Cost of Sales account (Increase SOH account)
Stock Adjustment (deduct value) - Increase Cost of Sales account (Decrease SOH account)
Stock Take Adjustment (positive variance) - Decrease Cost of Sales account (Increase SOH account)
Stock Take Adjustment (negative variance) - Increase Cost of Sales account (Decrease SOH account)
Assembly (with never diminishing product) - Decrease Cost of Sales account (Increase SOH account)
Disassembly (with never diminishing product) - Increase Cost of Sales account (Decrease SOH account)

*Supplier return costs written off - Increase Cost of Sales account (Decrease SOH account)

**Any Supplier Costs on your Assemblies will just go to your SOH account

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