Automated bookkeeping with missing-invoice detection
Hi everyone I am mostly comfortable reconciling POS systems and for most clients I manage to get everything down to zero, no unexplained differences at all. But for a few clients there is no immateriality threshold set and every now and then I end up with a small unidentified difference, something like 50 dollars or under $200. I have gone through every checkbox, checked all transactions, timing differences, duplicate entries, missing deposits, everything I can think of and I still cannot trace where the difference is coming from. For those of you who work with clients that do not have a set immateriality threshold, what do you do in this situation? Do you just book it to a suspense or misc expense account and move on? Or is there some other standard practice for this that I am missing? Would love to hear how others handle this, especially anyone who works with POS heavy clients like retail or restaurants. Thanks in advance
Unidentified difference in POS reconciliation.redditRead original ↗
my client runs a few locations and uses toast as their pos system, quickbooks online for accounting, and shoGo to push the daily sales journal entry. the problem is toast sometimes posts activity after shoGo already did the daily entry - like when they issue a refund a couple days later or some orders get adjusted. it creates these annoying discrepancies in qbo that eat up a ton of time during month-end close. so, what’s your current process for catching this pos activity that comes in late? do you go back and manually adjust the journal entries every time? or did you find some better workflow or tool that actually handles the timing issues? we’re a multi-unit operation so it gets even messier across locations. really starting to feel like the pos and accounting side are fighting each other more than helping. I'm starting to think we need specialized multiple restaurants it support to fix how our network handles these data syncs. doing this from the accounting side alone is driving me nuts. anybody else dealing with this headache?
Restaurant bookkeeping & pos reconciliation is driving me nutsredditRead original ↗
Anyone out there have a good system for booking monthly restaurant Sales to QBO from Square? Their reconcile report doesn't seem to tie in to all the other reporting (transactions, orders, cash drawers, etc) and it omits things like paid in-out lines. I was being adventurous and used the Square API to create a massive 32 column Google Sheet to account for all of it. Most of the column totals don't tie down to the corresponding reports in Square, but the bottom line is ~.1% out of balance after adding it all up for the last 2 months, but everything is off by a little bit. The way they bundle deposits together is infuriating and makes finding it all even harder. I went ahead and posted my journals, but I would love a straightforward way to check my work. Side note, the Quickbooks Online integration looks like a nightmare. From what I can tell, they post a "Sales Receipt" for every single non-credit card sales. That would be hundreds a month. Read more
I’m an accountant associate, 1 month I’ve been at this job and we started with this project. End of week 2 my senior associate quit, so it’s just me the client and the partner. Seems everything good bad and ugly falls on lap. Let me provide some context. Client issues: • Using QuickBooks Desktop 2020 • Has never reconciled any accounts • Doesn’t keep all receipts and supplier invoices • Had 3 different accountants in the past 2 years (different work styles) • Slow to respond (can take 4–7 days) • Revenue reports are unreliable • POS system has lots of monthly adjustments • Revenue doesn’t match what’s been captured • Detailed reports don’t align with summary reports (same period shows different figures) • Accountants are not sure what’s causing the inconsistencies and missing figures Work required: • Create a new chart of accounts • Map old accounts to the new structure • Include all revenue streams, eliminated accounts, and split accounts • Create a workflow between POS and accounting • Generate P&L using the new accounts • Do bank reconciliations • Produce an adjusted P&L Context : • Client wants to expand and open multiple branches. Up to date I’ve done all the mapping and new set of coa, and the new workflow going forward. Also have reconciled all the expenses and income accounts (not really since the reports were a mess but the client accepted). Haven’t even began the implementation in quickbooks. Everyone is pissed Read more
