GL Entries for SME Inventory - Revision history

DavidH: /* To Convert from syncing items to journal/GL entry */

2017-08-10T21:58:56Z

To Convert from syncing items to journal/GL entry

Marks at 16:52, 2 June 2017

2017-06-02T16:52:19Z

Amy at 22:57, 8 July 2014

2014-07-08T22:57:23Z

Amy: /* Voiding or Reexporting an Invoice in SME */

2014-07-08T22:56:47Z

Voiding or Reexporting an Invoice in SME

Amy: /* Voiding or Reexporting an Invoice in SME */

2014-07-08T22:56:31Z

Voiding or Reexporting an Invoice in SME

Amy at 22:55, 8 July 2014

2014-07-08T22:55:36Z

Amy: /* Setup */

2013-06-05T23:15:38Z

Setup

Amy: /* Setup */

2013-06-05T23:15:18Z

Setup

Amy: /* Setup */

2013-06-05T16:56:39Z

Setup

Amy: /* Setup */

2013-06-05T16:55:45Z

Setup

@@ Line 100: / Line 100: @@
 If you are an existing SME customer syncing SME items with QB items, you can run the following script to "disconnect" SME items from QB item.
 Note: USE WITH CAUTION, Run backups prior, should be ONLY done by qualified database administrators or SME support.
--          Put the QB Item InventoryID in the Where and run the query.
+-- Put the QB Item InventoryID in the Where and run the query.
-−
 Disable Trigger All on Inventory;
-Update Inventory Set         QBExport = 'false', QBInventory = 'false', QBModified = NULL, QBItem = 'false', InventoryID = ''
+Update Inventory
-Where Name Not Like 'SMP_Item%';  ---  or whatever your default item is named
+Set QBExport = 'false',
-Enable Trigger All on Inventory;
+QBInventory = 'false',

@@ Line 1: / Line 1: @@
 Inventory items can be maintained solely in SME and this setting is only for items maintained in SME, not for items in both SME and QuickBooks.  This approach uses journal entries to keep QuickBooks Accounting up to date financially while SME tracks inventory counts.
-<br>To configrue SME to correctly record the inventory accounting transactions in QuickBooks you must set the correct options in SQLink. Set the '''Use General Ledger entries for Default Material Item''' as shown in the image below. With this setting, SQLink will create General Ledger Account entries in QuickBooks when items are received on SME Purchase Orders (Debit Inventory Asset / Credit Accounts Payable) and when you invoice material in SME (Credit inventory Asset / Debit Cost of Goods Sold). These settings require that the default material item must be a Non-Inventory item. You can use the default established when SME/SQLink is installed, or you can set up an item of your own choosing, but it must be a Non-Inventory item.
+<br>To configure SME to correctly record the inventory accounting transactions in QuickBooks you must set the correct options in SQLink. Set the '''Use General Ledger entries for Default Material Item''' as shown in the image below. With this setting, SQLink will create General Ledger Account entries in QuickBooks when items are received on SME Purchase Orders (Debit Inventory Asset / Credit Accounts Payable) and when you invoice material in SME (Credit inventory Asset / Debit Cost of Goods Sold). These settings require that the default material item must be a Non-Inventory item. You can use the default established when SME/SQLink is installed, or you can set up an item of your own choosing, but it must be a Non-Inventory item.
 <br>Using this option applies only if you keep your inventory items in SME only, not in both SME and QuickBooks.

@@ Line 86: / Line 86: @@
 <br>A Credit was made to the Inventory Asset account and a Debit made to the Cost of Goods Sold account as shown in the report below.
 <br>[[File:InvoiceGL.png]]
 == To Convert from syncing items to journal/GL entry ==
@@ Line 94: / Line 104: @@
 Select UID, Name, InventoryID From Inventory Where Name Like 'SMP_Item%'
 -          Put the QB Item InventoryID in the Where and run the query.
@@ Line 101: / Line 113: @@
 Where Name Not Like 'SMP_Item%';  ---  or whatever your default item is named
 Enable Trigger All on Inventory;

@@ Line 106: / Line 106: @@
 The COGS and Inventory Asset entries go over to QuickBooks when the invoice is synced from SME to QuickBooks.
 <br>For SQLink versions of 8.0.3.7 or higher:
-<br>If you Void the invoice in SME and then do a full sync, the COGS and Inventory Asset entries will be cleared in QuickBooks.
+<br>- If you Void the invoice in SME and then do a full sync, the COGS and Inventory Asset entries will be cleared in QuickBooks.
-<br>When you re invoice the order in SME, the COGS and Inventory Asset entries will be entered in QuickBooks.
+<br>- When you re invoice the order in SME, the COGS and Inventory Asset entries will be entered in QuickBooks.
-<br>If you re-export an invoice from SME to QB, the original GL Entries will be cleared and recreated.
+<br>- If you re-export an invoice from SME to QB, the original GL Entries will be cleared and recreated.

@@ Line 105: / Line 105: @@
 == Voiding or Reexporting an Invoice in SME ==
 The COGS and Inventory Asset entries go over to QuickBooks when the invoice is synced from SME to QuickBooks.
 <br>If you Void the invoice in SME and then do a full sync, the COGS and Inventory Asset entries will be cleared in QuickBooks.
 <br>When you re invoice the order in SME, the COGS and Inventory Asset entries will be entered in QuickBooks.
 <br>If you re-export an invoice from SME to QB, the original GL Entries will be cleared and recreated.

← Older revision		Revision as of 22:55, 8 July 2014
Line 101:		Line 101:
	Where Name Not Like 'SMP_Item%'; --- or whatever your default item is named		Where Name Not Like 'SMP_Item%'; --- or whatever your default item is named
	Enable Trigger All on Inventory;		Enable Trigger All on Inventory;
		+
		+
		+	== Voiding or Reexporting an Invoice in SME ==
		+	The COGS and Inventory Asset entries go over to QuickBooks when the invoice is synced from SME to QuickBooks.
		+	<br>If you Void the invoice in SME and then do a full sync, the COGS and Inventory Asset entries will be cleared in QuickBooks.
		+	<br>When you re invoice the order in SME, the COGS and Inventory Asset entries will be entered in QuickBooks.
		+
		+	<br>If you re-export an invoice from SME to QB, the original GL Entries will be cleared and recreated.

@@ Line 67: / Line 67: @@
 <br>If Base COGS on Date of Invoice is checked, then the date on the COGS entry in QuickBooks will be the invoice date, not the date the material was added to the service order or itemized invoice/
 <br>In the image below, the material was added to the order on 5/29 and the order was invoiced on 6/5. The COGS entry is using the Invoice Date.
 <br>[[File:BaseCogsOnDateOfInvoice_CHECKED.png]]

@@ Line 65: / Line 65: @@
 <br>[[File:BaseCOGSOnDateOfInvoice_UNCHECKED.png]]
-<br>If Base COGS on Date of Invoice is checked, then the date on the COGS entry in QuickBooks will be the invoice date, not the date the material was added to the service order or itemized invoice (image below)
+<br>If Base COGS on Date of Invoice is checked, then the date on the COGS entry in QuickBooks will be the invoice date, not the date the material was added to the service order or itemized invoice/
 <br>[[File:BaseCogsOnDateOfInvoice_CHECKED.png]]

← Older revision		Revision as of 16:56, 5 June 2013
Line 59:		Line 59:

	<h3>Set if you want the COGS entry to be made on the invoice date or the date the material was added to the invoice</h3>		<h3>Set if you want the COGS entry to be made on the invoice date or the date the material was added to the invoice</h3>
		+	Go to Setup > Company > Inventory and choose the option for Cost of Goods Sold GL Entry date
	<br>[[File:COGSDate_GLENtriesSetting.png]]		<br>[[File:COGSDate_GLENtriesSetting.png]]

@@ Line 58: / Line 58: @@
 <br>[[File:IncludeSMPOnPO_GLSettings.png]]
-<h3>Set if you want the COGS entry to be made on the invoice date or the date the material was added to the invoice
+<h3>Set if you want the COGS entry to be made on the invoice date or the date the material was added to the invoice</h3>
 <br>[[File:COGSDate_GLENtriesSetting.png]]