The following accounts should exist in QuickBooks, with account numbers, before your integration with FocalPoint is set up.
Accrual Basis and Cash Basis:
- Bank Account: This will be used for the cash, check, and credit cards payments that are received.
---- You may want multiple accounts for the different types of payment.
---- You also may want an additional 'Undeposited Funds' account. FocalPoint can send cash and checks to the 'Undeposited Funds' account. Then, in QuickBooks, you move the amounts from the Undeposited Funds account to the actual Bank Account when the deposit is sent to the bank.
- Rental Revenue: At least one income account must exist to recognize Rental Income / Revenue.
- Merchandise Sales: At least one income account must exist to recognize the income from selling things like parts and safety goggles.
- Labor Income: At least one income account must exist to recognize labor charges.
- Fuel Sales: At least one income account must exist for Fuel Sales.
---- If you want separate accounts for Gas, Diesel, Kerosene, Propane, Mixed Fuel, and Electric Charges, you can do that.
- Restocking Fee: When merchandise is returned, a 'Restocking' Fee can be added to the transaction. An income account should exist for this type of transaction.
- Delivery / Pickup: An account must exist to recognize Delivery and Picking charges.
- Damage Waiver: An account should exist for Damage Waiver.
- Cleaning Charges: An account should exist for Cleaning charges.
- Surcharge Fees: At least one income account must exist to recognize Surcharge Income.
- Transfer Fees: At least one income account should exist to recognize Transfer Income.
- Used Equipment Sales: When a Rental Item (that has been rented) is sold, the income from the sale of the item will post to 'Used Equipment Sales'.
---- This could be the same account as Rental Revenue but the majority of the time, it is a separate account.
- New Rental Sales: When a Rental Item is sold that has never been rented, the income from the same can post to a specific account.
---- This could be the same account as the Used Equipment Sales or Rental Revenue, but it is often a separate account.
- Rental Purchase Option: In those cases when a rental item is set up for sale; you collect monthly payments for X number of months; and at the end of the term, the customer owns the equipment, the monthly amounts will post to the account for Rental Purchase Option.
- Rental Option Fee: This account represents the fees you charge for allowing the customer to pay over time.
- Rental Trade-Ins: An account should exist to recognize when a trade in is brought into your business on a trade in and for rentals.
- Merchandise Trade-Ins: An account should exist to recognize when a trade in is brought into your business on a trade in and for merchandise.
- Discount: If you offer a reduction in payment as a 'discount', an account should exist to hold the amount.
- Amount Off: Within the Front Counter, you can have the option to enter an 'Amount Off', that will reduce the amount the customer owes you. It is another way to reduce what the customer owes, without directly touching one of the existing revenues on the order.
- Unassigned: A miscellaneous account should be set up. This is used when setups are not accurate and it needs a default location to go to.
- NSF Fees: When a check is returned with insufficient funds, a charge can be added. An income account is needed to post the amount in to.
Accrual Basis Only:
- Accounts Receivable: used for transactions that are completed without payment in full.
- Deposits: When a payment is received on a transaction before it is closed (i.e., reservation down payment, payment collected when opening an order, etc.), FocalPoint will update the Bank Account with a debit and credit the liability account set up for Deposits / Customer Deposits / Customer Pre-payments, etc.
- Sales Tax Payable: A liability account must exist for Sales Tax Payable.
- Service Charge Income: If you add Finance Charges to invoices that are not paid by their due date, the Finance Charge will post into this account.
- Bad Debt: This account is used to write off uncollectible accounts.
Cash Basis Only:
- Cash Basis Misc Revenue:
- UnApplied Misc Income: If a customer overpays a transaction, the overpayment amount will use the account entered as 'UnApplied Misc Income'.