As our businesses grow and incorporate more management aspects into their nature, their reliance on the need to use multiple business solutions also increases. This means that multiple solutions are being utilized to manage the increasingly complex nature of the business landscape, and if we’re to realize the true potential of our business management, we should seek a way that integrate them to help realize a unified management system and achieve the full potential of the business management system. Such a need is even more enhanced in an area such as retail management where frequent transactions need to be mirrored across different business platforms for consistency and transparency of data, for e.g. populating relevant accounts in your accounting management system with your POS transactions.
Talking of transactions, purchase transactions in a retail environment need to be taken care of as like sales transactions and properly accounted for in the chart of accounts. Using an integrated solution like the x2xeCommerce RMH-QuickBooks Integration Solution can help you synchronize your chart of accounts in QuickBooks with purchase transactions in RMH, helping you achieve efficiency in managing your accounts. In this article, we’ll learn about the x2x RMH-QuickBooks purchase transaction integration capabilities.
The requirement for integration
If you’re using multiple solutions processing the data originating from the same source to manage different aspects of your operation then an integration solution synchronizing them is a must to optimize your operations to ensure that they remain aligned. Manually, synchronizing these platforms is not feasible. On the other hand, the integration system facilitates the synchronization automatically without any human intervention. Let’s see how integration can help the business with synchronization and help you enhance your productivity.
Automatic operations:
With integration you can automatically sync your data between different platforms without the need for any human intervention, saving you time and resources.
Prevent errors:
When manual input of data is involved, then you risk producing errors. Such errors can be very harmful in an environment such as retail and accounting operations. The autonomous capability of the syncing operation also helps the management reduce errors associated with human input. Hence, it improves the accuracy of the management operations.
Improve consistency and transparency of data across the business system:
The frequency of operation in retail settings calls for frequent data sharing between all the departments and systems of business for real-time decision-making. With integration solutions such a need is met as they ensure the synchronization of data in real-time or through schedulers at frequent time intervals. Consequently, it increases the collaboration among different departments and helps them make swift decisions with data readily available to them.
Synchronization and mapping of purchase module in x2x RMH-QuickBooks
To map the relevant accounts in the QuickBooks with purchases in RMH you need to map RMH accounts with corresponding accounts in the Quickbooks. The x2x RMH-QuickBooks integration solution provides a mapping section where user can map different RMH accounts with their QuickBooks account as per their requirement. This enables the user to ensure that each relevant purchase transaction credits and debits the QuickBooks accounts properly and verifies the balance of accounts.
Configuration of accounts
The x2xeCommerce RMH-QuickBooks being a comprehensive integration solution allows you to configure and map as per your specific requirements. Thus, how the accounts get populated is also dependent on how you configure the solution.
Debiting of accounts:
You can either debit the designated purchase or inventory account depending on how you set up the solution.
Crediting the accounts:
How accounts get credit depends on whether you have enabled the account payable modules or not. The solution requires two accounts in QuickBooks one as the “Account Payable” type and the other as the “Other Current Liabilities” that can take any name. If the account payable module is enabled then the account payable account gets credited in QuickBooks otherwise “Other Current Liabilities” get credited.
Which type of account gets credited also depends on how much detail the user wants to maintain in QuickBooks. If the user records proper details in RMH and wants to make only the basic entries in QuickBooks then they can map RMH accounts to “Other Current Liabilities” account in QuickBooks. But if they want to record details in depth in QuickBooks accounts then mapping to an “Account Payable” account is prefered by turning on the account payable option. However, the dynamics of each user are dependent on many variables and how a user needs to configure this solution should be evaluated after carefully analyzing and discussing their requirements with experts.
Conclusion
In the accounting world, the importance of accuracy can’t be ignored where even the position of a decimal place holds great significance not to mention the large number of transactions taking place at frequent intervals. In such a dynamic all the transactional data that is being generated must be accurately reconciled between different platforms a system is utilizing to ensure consistency of business management system. Purchase transactions need to be properly tracked and maintained to ensure a seamless cash flow between you and your vendors. With the x2xeCommerce RMH-QuickBooks Integration, you can ensure that your account payables are always accurate and updated helping you to make payment decisions with convenience and fostering a better relationship with your vendors.
The x2xeCommerce also offers many other solutions for integration purposes in the domain of ERPs, POS, and eCommerce platforms. An example of another solution by the x2x is The x2xeCommerce RMH-Shopify Integration Solution. If you want to implement this or any other solution reach out to the x2xeCommerce team for any query or a free demo.