V8 - Sales transaction interaction
The information listed below explains how SOS Inventory and QuickBooks Online interact with regard to sales transactions:
- An estimate, sales receipt, or invoice created in SOS Inventory will create a matching transaction in QuickBooks and vice versa.
- When using SOS Inventory to track your inventory, all items should be set up as non-inventory or service in QuickBooks. As such, sales receipts and invoices will affect the income account(s) of the item(s) on the sale. The asset account(s) and COGS account(s) are not affected by the sales transactions.
- A sales order created in SOS Inventory will not produce a transaction in QuickBooks. Sales orders do not affect inventory quantities/values in SOS Inventory or any accounts in QuickBooks.
- A shipment created in SOS Inventory takes items out of inventory in SOS Inventory. This transaction will create a journal entry in QuickBooks to reduce the asset account(s) and increase the COGS account(s) of the item(s) on the shipment.
edit_noteNOTE: If the journal entry reflecting the shipment is edited or deleted in QuickBooks, this will not affect the shipment transaction in SOS Inventory. However, it will cause a mismatch in the value of the accounts. - A return created in SOS Inventory brings items into inventory. The value of the returned items is established by the restock value entered on the return. This transaction will create a journal entry in QuickBooks that increases the asset account(s) and decreases the COGS account(s) by the listed restock value of the item(s) on the return. If the Credit memo option is selected, SOS Inventory will also create a credit memo in QuickBooks for the amount of credit specified on the return.
edit_noteNOTE: If the journal entry reflecting the return is edited or deleted in QuickBooks, this will not affect the return transaction in SOS Inventory. However, this will create a mismatch within the account.edit_noteNOTE: Adding a credit memo in QuickBooks will not create a return in SOS Inventory.
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