Financial management is key to a successful business. Therefore, business accounting requires special attention. Depending on the nature of your business, various solutions are needed to seamlessly and efficiently manage its operations. The reason? Because not all business solution offers enough comprehensibility to meet the depth of business requirements in each domain. Such business infrastructure demands efficient & accurate data transfer between solutions; especially financial data, where minor errors can have adverse effects. The x2x RMH Quickbook integration is the answer to this, ensuring the bi-directional flow of data between the two platforms seamlessly.
Configuring modules with flexibility:
A competitive solution should be comprehensive while also providing for lean operations. For this purpose, our solution allows you to only enable the required modules. This prevents any irrelevant data transfer to ensure a smoother, faster, and more efficient working of the integrated solution. The available modules in x2x RMH QBO integration include:
Sales:
Sales transactions are the foundation for many other entries in accounting. The integration solution is designed to ensure that every aspect of sales is covered. The modules create an accounting entry in QBO for every batch that is closed in RMH and covers all batch-related sales transactions.
Cost of goods sold:
As an important metric used to measure profitability, plan inventory & pricing mechanisms, the integration updates the cost of goods sold account with every sales transaction.
This is particularly useful for the perpetual inventory valuation method where COGS is calculated at every transaction.
Account receivable & payables:
Offering great flexibility when it comes to integrating account receivables and payables, the x2x RMH Quickbook module allows setting up accounts receivable & payable as control accounts or detailed accounts with a subsidiary ledger for each customer and vendor. Enabling the account receivable & payables modules ensures detailed account receivable & payables are created. However if disabled, then only the control accounts are maintained under the current assets and liabilities with no specific details about customers' & vendors' balances in QuickBooks.
Download customers & vendors:
Customer & vendor data is essential to their account maintenance in Quickbooks. Enabling these modules your customers' & vendors' data is downloaded into RMH from Quickbooks and the two are synced between platforms. The system automatically maps the customer's and vendor’s fields between the two platforms. However, if needed, the solution allows for manual mapping as well.
Inventory adjustments:
Good accounting practice necessitates the proper tracking of inventory. The inventory adjustment module creates an entry in Quickbooks for all four types of RMH inventory adjustments, either in the same account or different for each type of adjustment as required.
Inventory transfers:
Record any transfer in and transfer out in RMH central to your Quickbooks accounts keeping track of your inventory flow and corresponding changes to any relevant accounts.
Conclusion:
The emerging complex business environment demands interoperability to achieve a unified system and attain success. This is manifest in the realization of positive outcomes of x2x RMH Quickbooks integration. With the integration solution handling data transfer between RMH and Quickbooks, you save great time & resources and eliminate any chances of human errors.
If you’re still wondering if it's the right solution for your needs, reach out to the x2x team for a free demo and any queries that you have. The team would be more than happy to help.