Before you can start the procedure to connect your QuickBooks account with SelluSeller, you need to setup a chart of accounts in QuickBooks & then create necessary accounts in Income, Expense and Asset categories.
You can follow the below steps:
- Go to Accounting tab>> Chart of Accounts>> New>> Select the required Account type as Income, Expense and Assets. Fill up all the required details and then click on the Save and Close button.
Follow this process and setup separate accounts for all sellers in QuickBooks.
- Assets Account – Select account type as Current Assets and Detail Type as Inventory.
- Income Account – Select account type as Income and Detail Type as Sales of Product Income.
- Expense Account – Select account type as Cost of Goods Sold and Detail Type as Supplies and Materials – COS.
2. Enable the multi-currency option to create multi-currency sales invoices based on your orders (this is applicable only if you are selling in multiple countries). If yes, please follow the below process to enable this.
Go to Settings>> Accounts & Settings>> Advanced>> Multi Currency.
Note: You cannot disable this option once enabled in QuickBooks. Also, this connection will only send updates from eWMS to QuickBooks but will not fetch the changes made in QuickBooks.
3. Next, create a Bank account in QuickBooks. Note that all your transactions will be saved in this account.
Note- You can find the option to create a bank account under Chart of Accounts.
Note: We recommend consulting your accounting advisor before connecting your QuickBooks Online account with SelluSeller. Don't worry! We are just a ping or mail (help@SelluSeller.com) away in case of any queries!
Also, all transactions will reflect in QuickBooks only once a connection is established between SelluSeller and QuickBooks. Transactions occurring prior to the connection such as orders, products & Stock will not reflect in the Quickbook.
4. Create all Selluseller inventory products along with usable stock in QuickBooks.
Now you can connect your QuickBooks account with SelluSeller. Get the detailed steps here.