A business system in a digitalized world incorporates a vast number of solutions being utilized that must fit together in a synchronized manner to enable the management to efficiently manage their business operations. This need is significantly apparent in a retail environment where frequent transactions require constant updation across all relevant business solutions being employed, for consistency and transparency of data. One such need is to accurately populate the business accounts for the POS transactions. Since each transaction needs to be tracked and recorded properly in the accounts, it must be properly handled in the chart of accounts. And if you’re using an independent accounting solution for your needs then integrating it with your POS system can optimize your synchronization. In this article, we'll discuss the x2x RMH-QuickBooks integration solution.
Why integration is required?
Integration is an essential requirement in any dynamic business environment where you’re using multiple solutions that are linked to the same operations, but are not connected for data transfer. Without integration of these solutions, you would be left to manually ensure the consistency of data across both platforms – which is not a feasible option. Conversely, integration solutions help you achieve an autonomous integration of the two solutions. Let’s see how integration can help the business with synchronization and help you enhance your productivity.
Automatic operations:
The integration solution helps you achieve automatic synchronization, saving you time & resources that you can utilize on more demanding tasks.
Prevent errors:
Manual entry accompanies human errors and for something as sensitive and delicate as accounting these errors can cause great loss for the company. Since integration doesn’t involve human input, the chances of error are significantly reduced, increasing the accuracy of your operations.
Updated data ensures Consistency & transparency:
With frequent and automatic synchronization the implementation ensures the data remains updated on both platforms for accurate data and live data reporting. Consequently, the availability of updated data allows for more informative and real-time decision-making ensuing dynamics of business management systems.
Synchronization and mapping of sales modules in RMH-QuickBooks
The x2x RMH-QuickBooks credits and debits the relevant QuickBooks accounts as the batch is closed in RMH POS and this information is reflected as account credit and debit in the relevant chart of account as per the enabled modules and account mapping. This allows the user to verify the balance of accounts and ensure transaction accuracy before it’s posted to QuickBooks.
Cost of goods sold (COGS)
x2xeCommerce RMH-QuickBooks integration solution handles both periodic and perpetual inventory management systems for account synchronization purposes allowing the user to set up an integrator as per their inventory management method. If customers want to use the perpetual inventory management module then they can enable the Cost of Goods Sold.
Account receivables & credits sales
The x2x integrator also takes care of the credit sales in RMH by populating the relevant type of account receivable accounts in QuickBooks. The user depending on whether they want the full details of the credit sales customer and if they’ve enabled account receivable modules can map their POS receivable with two different kinds of account receivable accounts in the QuickBooks.
Account receivable type account in QuickBooks:
POS receivable can be mapped to this if the user wants to track all the details of credit sales customers in their QuickBooks. The details would go into this account if the account receivable modules are enabled.
Other asset-type account in the QuickBooks:
If the account receivable module is not enabled, then the integrator will automatically populate this account with the RMH credit sales. It’s also useful if you want to have a different receivable account to hold the credit sales transaction of the POS.
Customer synchronization for credit sales
To maintain the accounts receivables account consistent on both platforms and their seamless operations it’s crucial that QuickBooks customers exist in RMH so that any credit sales to them can be recorded in POS. This synchronization of customers between the two platforms can be done in two ways
QuickBooks customers can be downloaded into RMH so that their credit sales can be recorded in RMH POS and uploaded to QuickBooks.
For RMH customers that don’t exist in QuickBooks, they can be created in QuickBooks when their orders are uploaded to QuickBooks from RMH. However, for this feature to work you need to enable the “Upload Customer” option.
Uploading the transactions
Once the transactions are in the x2x RMH-QuickBooks you can upload them to QuickBook. The x2x RMH-QuickBooks offers two options
Manually upload
You can manually upload the sales transactions to QuickBooks as desired.
Automatic upload using the scheduler
You can upload automatically at regular time intervals using a scheduler.
Conclusion
While account reconciliation is very important for each kind of business, in a retail environment this need is even more enhanced when you encounter frequent transactions that need to be accurately reflected in the accounting system. The x2x RMH-QuickBooks integration solution ensures that your business accounts are always aligned accurately as each batch is posted and helps you meet your accounting goals and conveniently adhere to tax compliances. Furthermore, with its comprehensive nature and customization capability you can always ensure that your objectives are dealt with properly and you realize a unified business system to achieve efficiency.
The x2xeCommerce has many years of providing integration solutions in the domain of ERPs, POS systems, and eCommerce platforms. An example of another integration solution by the x2x includes the x2xeCommerce RMH-BC integration solution. If you’re interested in this or any other integration solution, then x2xeCommerce can help you implement one. Reach out to the x2x team for any query or a free demo.