Entering Point-of-Sale Data for Clients Using QuickBooks Online

Many businesses rely upon third-party point-of-sale, e-commerce, e-gift or booking applications to sell their products and services. Various retailers and service providers use systems such as Square, Poynt, Salon Iris, GiftFly, FareHarbor and Groupon. Some property owners use AirBnb or VRBO to rent out their properties. Regardless of what third-party application you use, your accountant can create your sales, tax and merchant processing fee entries into your QBO account with the data from these third-party applications. Whether you are a service provider, wholesaler or retailer, we can help you record revenues. We are experienced with customizing accounting entries into QBO for cannabis growers and cannabis retail shops as well. Below is a list of some the third-party applications across business lines that we have worked with for this service:

Your Accountant will Separate Taxable & Non-Taxable Income

Your data will need to be uploaded into a folder within your secure document upload portal or emailed directly to your accountant. This data must include gross sale and tax amounts for each item sold. The data must also include the city and state information to include in your sales tax liability reports. The data should additionally include any returns, credits, discounts given, deposits received, and refunds issued to your customers. Also note that Non-taxable Sales should be separate from Taxable Sales. Be sure to include any per transaction processing fees deducted by the third-party application for payment processing. It is also necessary for you to identify the individual product or service items sold with each transaction.

Your Accountant will Create Custom POS Sales and Tax Reports

With this service, your accountant will send you a notification requesting the point-of-sale system data needed to create the entries for your sales and tax transactions each month. Your accountant will create sales and sales tax liability reports for you by month to use for your State B&O Excise Tax Return filings. Your accountant will enter your sales and tax data into QBO so that it shows up on your monthly Profit and Loss and Balance Sheet reports. Your accountant will upload Monthly Sales and Tax Liability Reports into the From My Accountant folder located within your secure document upload portal.