Early each morning, much of the data from the previous day’s “Sales Summary Report” in Ricochet POS is transferred to QuickBooks Online (QBO).

Much of the data from the previous day’s “Sales Summary Report” in Ricochet POS is transferred to QBO by creating and populating the following three transaction types:

Revenue data from the previous day’s “Sales Summary Report” in Ricochet POS is populated in a QBO invoice, broken out by product category. Discount, tax, shipping, layaway, and non-monetary tender data from the previous day’s “Sales Summary Report” in Ricochet POS is also populated.

No customer data is populated in QBO because the sales data from the previous day’s “Sales Summary Report” in Ricochet POS is summarized on a single QBO invoice. This integration does not allow a QBO invoice to be created and populated for each Ricochet POS sales transaction.

This integration does not populate the discount, tax, shipping, or deposit fields toward the bottom of the QBO invoice. Instead, that type of data from the previous day’s “Sales Summary Report” in Ricochet POS is populated in the body of the QBO invoice. Populating this type of data in the body of the QBO invoice ensures that the data is accurately recorded in QBO, regardless of the QBO settings for those fields.

Monetary tender type data from the previous day’s “Sales Summary Report” in Ricochet POS is populated in one or more QBO customer payments. One QBO customer payment is created for each monetary tender type from the previous day’s “Sales Summary Report” in Ricochet POS. Monetary tender types include cash, check, credit/debit, PayPal, Venmo, etc. Non-monetary tender data from the previous day’s “Sales Summary Report” in Ricochet POS is populated in the body of the invoice (see above).

No customer data is populated in QBO because monetary tender data from the previous day’s “Sales Summary Report” in Ricochet POS is summarized on a single QBO customer payment for each monetary tender type. This integration does not allow a QBO customer payment to be created and populated for each Ricochet POS sales transaction.

The “Deposit to” account on the QBO customer payment is undeposited funds. Utilizing undeposited funds, allows QBO users to create individual QBO bank deposits from multiple QBO customer payments.

If this integration feature is activated in Ricochet POS, consignor amount, store inventory cost, and store purchase cost data from the previous day’s “Sales Summary Report” in Ricochet POS is populated in a QBO journal entry.

The daily sales summary data integration creates new QBO list items with a prefix of “Rico--”. Creating new QBO list items with a prefix of “Rico--” makes it clear exactly which QBO list items are being created and utilized by the integration. The following three lists are affected by the daily sales summary data integration:

The following are the QBO accounts that are created and utilized by the daily sales summary data integration (QBO account type in parentheses):

Rico--Sales (income)

Rico--Discounts (income)

Rico--Shipping (income)

Rico--Rewards (income)

Rico--Service Fees (income)

Rico--COGS (cost of goods sold)

Rico--Inventory (other current asset)

Rico--Tax (other current liability)

Rico--Consignor Credit (other current liability)

Rico--Consignor Liability (other current liability)

Rico--Store Credit (other current liability)

Rico--Gift Card (other current liability)

Rico--Layaway (other current liability)

All QBO products and services that are created by the daily sales summary data integration are non-taxable service items. This ensures that the data is accurately recorded in QBO, regardless of the QBO settings for inventory and sales taxes. The following are the QBO products and services that are created and utilized by the daily sales summary data integration:

Rico--(product category) - Linked to the following QBO account: Rico--Sales (income)

Rico--Returns - Linked to the following QBO account: Rico--Sales (income)

Rico--Discounts - Linked to the following QBO account: Rico--Discounts (income)

Rico--Shipping - Linked to the following QBO account: Rico--Shipping (income)

Rico--Rewards - Linked to the following QBO account: Rico--Rewards (income)

Rico--Service Fees - Linked to the following QBO account: Rico--Service Fees (income)

Rico--Tax - Linked to the following QBO account: Rico--Tax (other current liability)

Rico--Consignor Credit - Linked to the following QBO account: Rico--Consignor Credit (other current liability)

Rico--Consignor Liability - Linked to the following QBO account: Rico--Consignor Liability (other current liability)

Rico--Store Credit - Linked to the following QBO account: Rico--Store Credit (other current liability)

Rico--Gift Card - Linked to the following QBO account: Rico--Gift Card (other current liability)

Rico--Layaway - Linked to the following QBO account: Rico--Layaway (other current liability)

Rico--Negative Cash - Linked to the following QBO account: Undeposited Funds

The following are the QBO payment methods that are created and utilized by the daily sales summary data integration:

Rico--Cash

Rico--Credit/Debit

Rico--Check

Rico--Venmo

Rico--PayPal

Rico--EBT

Rico--Other

Payout data is coming from the “Payouts” portion of the “Actions” section in Ricochet POS. The related consignor data is coming from the “Consignors” portion of the “Accounts” section in Ricochet POS. Consignor payout data is only transferred to QBO when payouts are run in Ricochet POS using the “QuickBooks” option.

Ricochet POS consignor payout data is transferred to QBO by creating and populating QBO bills. One QBO bill is created and populated for each consignor payout run in Ricochet POS.

The consignor payout data integration creates new QBO vendors. Existing QBO vendors with emails matching Ricochet POS consignors' emails will be utilized, to avoid duplicate vendors being created in QBO. When running consignor payouts in Ricochet POS, the QBO account selected will populate the QBO category field within each QBO bill. If utilizing the journal entries feature of the Ricochet POS daily sales summary data QBO integration, it is highly recommended that the QBO other current liability account “Rico--Consignor Liability” be selected as the QBO account when running consignor payouts in Ricochet POS.