Editing GL Entries for SME Inventory
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− | Inventory items can be maintained solely in SME and this setting is only for items maintained in SME, not for items in both SME and QuickBooks | + | Inventory items can be maintained solely in SME and this setting is only for items maintained in SME, not for items in both SME and QuickBooks. |
− | <br>To | + | <br>To configrue SME to correctly record the inventory accounting transactions in QuickBooks you must set the correct options in SQLink. Set the '''Use General Ledger entries for Default Material Item''' as shown in the image below. With this setting, SQLink will create General Ledger Account entries in QuickBooks when items are received on SME Purchase Orders (Debit Inventory Asset / Credit Accounts Payable) and when you invoice material in SME (Credit inventory Asset / Debit Cost of Goods Sold). These settings require that the default material item must be a Non-Inventory item. You can use the default established when SME/SQLink is installed, or you can set up an item of your own choosing, but it must be a Non-Inventory item. |
<br>Using this option applies only if you keep your inventory items in SME only, not in both SME and QuickBooks. | <br>Using this option applies only if you keep your inventory items in SME only, not in both SME and QuickBooks. | ||
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<h3>Set Income Account on your Default Material Line Item</h3> | <h3>Set Income Account on your Default Material Line Item</h3> | ||
If you keep SMP_Item as your Default Material Line Item you will need to set the income account on SMP_Item in QuickBooks. | If you keep SMP_Item as your Default Material Line Item you will need to set the income account on SMP_Item in QuickBooks. | ||
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<br>1. Open QuickBooks | <br>1. Open QuickBooks | ||
<br>2. Click '''Lists''' > '''Item List''' | <br>2. Click '''Lists''' > '''Item List''' | ||
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<br>To see how Bills for POs export to QuickBooks, view the video at this link: | <br>To see how Bills for POs export to QuickBooks, view the video at this link: | ||
<br>http://high5software.com/mediawiki/index.php?title=Default_Export_to_QuickBooks_Settings#Export_Options_for_Purchase_Orders | <br>http://high5software.com/mediawiki/index.php?title=Default_Export_to_QuickBooks_Settings#Export_Options_for_Purchase_Orders | ||
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== Purchase Order for Inventory and Non-Inventory Items == | == Purchase Order for Inventory and Non-Inventory Items == | ||
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<br>A Credit was made to the Inventory Asset account and a Debit made to the Cost of Goods Sold account as shown in the report below. | <br>A Credit was made to the Inventory Asset account and a Debit made to the Cost of Goods Sold account as shown in the report below. | ||
<br>[[File:InvoiceGL.png]] | <br>[[File:InvoiceGL.png]] | ||
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