When integrated, Ricochet can seamlessly send sales data and payout information to QuickBooks.
Sales Data:
In Ricochet,
Every night Ricochet will send two entries to QuickBooks:
The Invoice will show all sales organized by Category (PRODUCT/SERVICE) and the associated Liability or Income account (DESCRIPTION).
Cash, Check, Credit Card, Venmo, etc. are true tenders attached to the invoice as “Payments”.
Consignor Credit, Store Credit, Gift Card redeemed, and Rewards are recorded on the invoice itself; so as to appropriately associate those tenders with Liability accounts.
The Sales Journal Entry will solely show the "Consignor Amount" each day.
NOTE: Items should not be attached to "Assets" accounts, but rather appropriate Income Accounts, Liability Accounts and COGS Accounts.
As of 2023 any users currently integrated with QuickBooks will have the “old” Asset accounts remain in your Chart of Accounts. Please be advised that old accounts have the prefix “Rico-” (single-dash) where new accounts will have “Rico--” (double--dash).
Refer your bookkeeper to the attachment below for more in depth information.
In QuickBooks,
Click Reports
Scroll to the For my Accountant section
Click Journal
NOTE: You can also find this two other ways:
Favorite the Journal by clicking the star to later find it in the top section
Search 'Journal' in the upper right search field
Payouts:
In Ricochet,
IMPORTANT! Select the “Rico--Consignor Credit” Liability account
In QuickBooks,
Click Vendors
Click the Expenses tab
NOTE: Consignors are added every time you pay out a new consignor so it's important to make sure your consignors have email addresses in Ricochet. If an email address is not present, QuickBooks will automatically create a new vendor whether or not that vendor has been used before.
You can print checks within Ricochet, or just post the payouts and then print the checks through QuickBooks or manually. It's completely up to you.
To make things simple, we recommend one solid rule: Every single time you post a payout in Ricochet, make sure you also post it to QuickBooks.
This ensures that the two platforms are always in agreement and there is never any confusion about whether or not you have fulfilled a payout.