Financial Exchange Overview

QuickBooks Desktop Point of Sale tracks your daily point-of-sale business transactions like purchasing, receiving and selling merchandise as well as tracking inventory and customers. QuickBooks Desktop, on the other hand, helps you pay bills, manage cash flow, invoice customers and run financial reports.

Financial Exchange is a process of sharing information between these two programs usually done anytime or as part of your end of day procedure. Financial Exchange significantly reduces your workload as it keeps you from entering the information twice since:

This article helps you understand the process of integration between Point of Sale and QuickBooks Desktop. It also outlines the features of both programs that are allowed during Financial Exchange.

Financial Exchange Setup

Before you can connect QuickBooks Desktop Point of Sale to your QuickBooks Desktop software and share data, the following requirements must be performed:

  • Install supported versions of QuickBooks Desktop Pro, Premier, or Enterprise on the same computer where POS is installed. Take note that POS v18 will properly integrate with any supported version of Quickbooks Desktop.
  • Make a backup copy of both your QuickBooks Desktop Point of Sale and QuickBooks Desktop files. Create a name that will allow you to differentiate the backup such as QBPOS backup before QB.
  • Do the following in QuickBooks Desktop:
    • Turn on sales tax
    • Turn on inventory
    • Set you preferences to allow Financial Exchange without having QuickBooks Desktop open. While financial Exchange should be run while QuickBooks Desktop is open, you can also do this while the program is closed. To make this possible, set your QuickBooks preferences:
      1. From the Edit menu, select Preferences.
      2. On the left pane, choose Integrated Applicationsthen go to the Company Preferences
      3. From the Applications list, select QuickBooks Point of Salethen select Properties.
      4. In Access Rightstab, select the option Allow this application to read and modify this company file.
      5. Select OKin the Properties window, and in the Preferences

 

Set up QuickBooks Desktop Connection Now in Point of Sale

  1. From the File menu, go to Preferences > Company > Financial > Set Up QuickBooks Dekstop Conenction Now in Point of Sale.
  2. If you have previously connected to QuickBooks, you may see a screen that says:
    • Continue to use this company file

or

  • Let me choose a new company file

Always select Let me choose a new company file.
Note: Choosing new does not affect your data in any way.

  1. You will be prompted to start QuickBooks and log in as Admin. Click Next.
  2. QuickBooks Desktop Point of Sale is now ready to share data with your QuickBooks financial software. Hit Finish

Initiate a Financial Exchange

 

Take note of the following before you initiate a financial exchange:

  • Financial exchange can only be done from the Server Workstation.
  • Your QuickBooks Desktop financial software company file must be open or you must have your financial software preferences set to allow automatic access during exchanges.
  • When the exchange is completed, a summary window displays the number of records exchanged and whether any errors occurred. Select View Activity Logfrom this window for help in information any errors that are listed.

There are two ways to perform a financial exchange:

As part of End of Day procedure

  1. On the QuickBooks Desktop Point of Sale Server Workstation, choose Point of Sale > End of Day Procedure.
  2. On the End of Day window, ensure that the Exchange data with QuickBookscheck-box is selected.
  3. Choose other End of Dayoptions, as desired.
  4. Select OK.

Manual exchange

From the Financial menu, select Financial Center then select Update QuickBooks Now.

You can use manual exchange if you want to do mid-day billings from QuickBooks Desktop or if you want to be sure that you have up-to-the-minute QuickBooks Desktop Point of Sale data.

Data, activities, and accounts affected during the exchange

 

Data transferred during the exchange

When performing financial exchange, data is transferred from Point of Sale to QuickBooks Desktop and vice versa.

Note that to avoid discrepancies and to save data review time, we strongly recommend that you add or edit items, customers, and vendors in POS only after you have begun sharing data with QuickBooks Desktop

From Point of Sale to QuickBooks Desktop

  • New customers and updated customer information (except for account limits and balances.
  • New vendors and updated vendor information
  • Sales information (receipts)
  • Receiving information (vouchers)
  • Inventory cost or quantity adjustments (as a summary adjustment Journal Entry)
  • New vendor payment terms

From QuickBooks Desktop to Point of Sale

  • New customers
  • Updated customer account limits and account balances
  • New vendors
  • New vendor payment terms

Activities done between QuickBooks Desktop and QuickBooks Desktop Point of Sale

Financial Exchange allows you to get the most from the specialized features of each program by splitting key business activities between them as shown below.

If you have any questions or need QuickBooks Point of sale support, please contact us at 888-316-6672 or info@dlaexperts.com