By Default, VISCO integrates with QuickBooks at 4 major points:
- Vendor Data Updates
- Customer Data Updates
- Posting of AP Cost Entry
- Posting of AR Invoices
In order for Customer and Vendor data to be able to push updates to QuickBooks the Accounting Key in VISCO must match the name of the customer’s or vendor’s name in QuickBooks exactly including punctuation, spacing and capitalization. When updating customer and/or vendor information doing so in VISCO will also push these changes to QuickBooks for things like changes to changes to the customer/vendor’s name or address information.
Upon posting an AP invoice in VISCO a couple of things happen, in real time this invoice will be passed to QuickBooks posting a Debit to the related inventory or expense account and a credit to the related Accounts Payable account. In addition, VISCO enables you to capitalize all Inventory Costs. With each posting of Inventoriable Costs to your inbounded goods, the LPC (Latest Projected Cost) is recalculated to produce an accurate Inventory Valuation. See our blog on tracking and costing inventory at t the individual unit level for more details. http://viscosoftware.wpengine.com/tracking-and-costing-inventory-at-the-individual-unit-level/
Lastly upon posting of an AR invoice in VISCO in real time once again we will see a credit to sales and a debit the Accounts Receivable. In VISCO this posts the Invoices to the Venture Sales section of the Venture Analysis Report and moves Shipped Not Billed Quantity to Quantity Sold.
Some Options for Customizing Points of Integration with QuickBooks:
1)Automate Inventory Reconciliation
2) Passing down Class to enhance QB Reporting
For automating inventory reconciliation there are a few opportunities we have for example debiting expense and crediting inventory when damages, samples, or other quantities are adjusted off of Inventory. We can also credit inventory and Debit COGS on posting of a Sales Invoice.
The class function in QuickBooks desktop and a few versions of QuickBooks online can make QuickBooks reports more powerful and create useful sub-sections of information in QuickBooks. We can pass down to QuickBooks as class really any details about a AP or AR invoice that might be useful such as rep, job number, and warehouse just to name a few. Ask your implementation manger for more details on ways you can utilize VISCO and QuickBooks classes together.
These are just a few of the ways we have enhanced our integration with QuickBooks based on your needs so if there are other points of information, you’d find helpful to pass to QuickBooks fell free to ask.