Setting up QuickBooks inventory management
When using inventory management software to track your orders and stock, periodically you’ll need to move information into your accounting system to produce accurate financial reports. We’ve just added capabilities to Finale to setup general ledger accounts, assign them to transactions, and generate the accounting reports containing the information for the accounting system. These reports work with any double-entry bookkeeping system, but are designed to make using Finale for QuickBooks inventory management easy.
Within the application settings screen of Finale there is now an Accounting tab containing all the configuration options for accounts. The first section of the screen contains the chart of accounts which can be fully customized to match a company’s existing account naming and numbering system. The second section allow specification the standard (aka default) account to debit and credit for each item type on a transaction (e.g. which account should be debited for freight expenses on a purchase order). The accounts can be specified for purchases received, sales invoice income, and sales invoice cost of goods sold.
In addition to standard accounts specified as the default for all products, individual products may also have general ledger accounts specified for inventory, cost of goods sold, and income that override the standard accounts. This way the company can separate the financial reporting of different product lines or types of products. Specifying accounts for each product is entirely optional – if not specified transactions use the standard accounts specified in application settings.
The accounting reports built into Finale use the configured account information to both summarize financial information showing total debits and credits for each account, and drill down to particular items within transactions to locate and fix errors. Like all reports in Finale, the accounting reports are available both as PDF and Excel and are completely customizable. The reports make Finale a perfect part of a QuickBooks inventory management solution – they make all the information an accountant needs readily accessible. In the words of one accountant seeing them for the first time “they are better than Crystal [Reports]!”
The following video shows the accounting reports in the context of checking month-to-date financial information, finding and fixing errors, and taking advantage of the per product general ledger accounts to split out inventory for a product line.
Implementing Quickbooks inventory management so that accountants get correct financial information while ensuring the company can operate efficiently is no easy task. Finale is part of the solution providing web-based operational information to the entire business with the reporting that the accounting team needs.