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The integration between your Point of Sale and QuickBooks will need several Accounts that may not exist within your Quickbooks. In this step we will be creating and setting up all of the Accounts you will need. Start by opening your desktop Windows version of Quickbooks.

 

Checking Chart of Accounts

The following account types must be available to map to. If they are not, you’ll need to create them. You can check the list below in your Quickbooks by clicking on Lists > Chart of Accounts. Click here to download a printable checklist if you want a hard copy to work from.

Account Type	Account Name	Purpose
Accounts Receivable	Accounts Receivable	Used for On-Account purchases
Other Current Asset	Inventory Assets	For Inventory Assets
Other Current Asset	Undeposited Funds	Account for undeposited funds such as Checks, Cash, Paypal and Credit
Other Current Liability	Gift Cards	Balance for Gift Cards bought and used
Other Current Liability	Layaway	Balance of Layaways
Income	Merchandise Sales	Record of sales
Income	Shipping	Record of customer payments for Shipping
Cost of Goods Sold	Cost of Goods Sold	For Cost of Goods Sold

 

Why should I name these accounts this way?
The Rain POS system refers to certain elements in specific ways, a good example is Gift Cards. Throughout the system, they are referred to as Gift Cards, even if you actually sell Gift Certificates instead.

 

How to Create and Set Up Accounts

One important question you need to answer for your Accounts setup is 'Where will funds land in QuickBooks?' The answer will either be Direct Deposit to a bank or other account, or it will be to Undeposited Funds, which is a holding account. The most common setup is to have funds go to Undeposited Funds, so we will start with that example. Here is a sample list of Accounts in the Chart of Accounts:

In our example, let's say that one of the Accounts you need to add is Undeposited Funds. To create that Account, look at the bottom of the Chart of Accounts window and click on Account and in the drop-list, click New.

When creating your Account you will first choose the Type, and for Undeposited Funds you will click Other Account Types and in the drop-list, click Other Current Asset.

In the Other Current Asset window, enter the Account Name for Undeposited Funds and then save the entry.

Please Note: There is a 30-character limit to account names you enter.

If you do Layaways, you will also want those funds and amounts properly accounted for, so you will set an account for Layaways up as an Other Current Liability with the Account Name of Layaway.

 

COGS/Assets by Department

If you would like to have your COGS/Assets organized by product departments, you must create COGS and Asset accounts depending on how you want your COGS to be split. For example:

Clothing COGS - Clothing Asset

Book COGS – Book Asset

Gift COGS – Gift Asset

Please Note: Most of our clients do not go to this level of detail, and prefer to track individual Department asset values in the Rain POS Point of Sale system reports.

 

Payment Separated into Bank Accounts (OPTIONAL)

The default and recommended setup sends all income into Undeposited Funds. This allows the store owner to balance totals before depositing them into the Business Bank Account. Some customers alternatively prefer to have all cash go straight to a bank account designated for that purpose, checks to another account and credit cards to a third.

To have funds deposited in this way, you must create both the Holding Account and the Bank accounts in your chart of accounts. You must either send all invoices to undeposited funds or else to the holding account/bank accounts.

 

Create Shipping and Sales Items

Go to Lists at the top of the screen, and from the drop-down choose Item List.

Your sales tax will already be listed. You will need to add the following items:

Shipping – Type: Non-Inventory Part – Account: Choose the Shipping Income Account created above.

Merchandise Sales – Type: Non-Inventory Part – Account: Choose the Sales Income Account created above.

 

Add Payment Methods

Many of these payment methods may already be listed in QB. You only need to add those that are not in the list, or edit existing payment methods so that they match what is listed below.

Go to Lists, and choose Customer and Vendor Profile List from the drop down.

From that drop-down menu choose Payment Method list.

The following payment methods need to be listed, EXACTLY as you see them:

Method	Type
Cash	Cash
Check	Check
American Express	American Express
Discover	Discover
MasterCard	MasterCard
Visa	Visa
Debit	Debit Card
Paypal	Other
Gift Card	Gift Card
Account	Other
Outside Financing	Other
o.f.	Other
Credit Card	Other Credit Card

 

Please make sure that the payment types in the Method column are spelled exactly the way they show above, including periods spaces and capitalization. The naming of these accounts has to be perfect, without any letters misplaced, in order to properly sync with Rain POS.

You have now configured Quickbooks to work with the Point of Sale system!

 

Coming Up Next: Install and configure the QB Connector Application.

 

Go to the next step:

Quickbooks Connector Setup Step 4: Installing the Application