There are 3 ways to post payouts (whether by individual payouts or bulk payouts) with the option to connect the payout with QuickBooks:
Print Checks From Inside Ricochet
Print Checks From Inside QuickBooks
Print List
In Ricochet,
Click Actions
Click Payouts
Select the Pay Through date you wish to run a payout through
Click Export if you want to use this file record for extra bookkeeping
- OPTIONAL -
Click Expand All to see more details on all of the consignors and items sold
Click the 3 lines with 3 dots to expand details individually
Click the check boxes (on the left side of the table) to select who to run the payout for or click the top most check box to select all
Click the Run Payout drop down
(before selecting, learn more about the 3 options below)
Print Checks From Inside Ricochet -After printing checks within Ricochet you can choose to also post this payout to QuickBooks.
Toggle ON the option to Post payout to QuickBooks
From the Expense List drop down, choose the appropriate Liability Account, such as "Rico--Consignor Credit" .
This is the most organized way to make sure that your accounting and inventory systems stay on the same page.
Print Checks From Inside QuickBooks - This option will only post the payouts directly to QuickBooks. Pending payouts will be cleared from Ricochet, assuming that you will print checks through QuickBooks, or pay your vendors some other way.
After selecting QuickBooks from the Run Payout drop down,
Choose the appropriate Liability Account, such as "Rico--Consignor Credit", from the Expense List drop down
Click Post
Once posted you can go into your QuickBooks to print your checks as you normally would.
Print List - If you pay your vendors separately from Ricochet, or would just like to have a printed list of your pending payouts, this option is still available. This is a great option if you pay your vendors with cash, Venmo or PayPal.
You will not be prompted with the option to also post the payout to QuickBooks upon printing the list.
If you are just printing this list for your reference, but not officially posting the payout, once you print from your computers' print preview screen you can click 'cancel' and the payouts will still appear in Ricochet, ready for posting.
Regardless of how you pay your consignors, the key is to make sure that your payouts are getting properly posted in QuickBooks to maintain accurate accounting.
Whenever you print a check, transfer cash, or some other method of payout, post that payout within Ricochet AND QuickBooks.
If you make a mistake and need to reverse a payout, there is a way to recover that information in QuickBooks too.
CLICK HERE to see where payouts go when connected to QuickBooks.