CubeCart Quickbooks and MYOB

How to use Quickbooks and MYOB with CubeCart
Limetrade Deskcart offers a simple way for a CubeCart user to bring their sales data into their accounting package quickly and easily without all the headaches.

Its not uncommon for small businesses who use QuickBooks or MYOB to start selling online and ask:

"How can I get my online invoices into my current accounting package?"

The simple answer is: you may not need to!

Most small businesses use QB or MYOB for 3 main reasons:

1) All their invoices are generated and printed from QB/MYOB
2) Tax Time: Each Month/Quarter/Year it can print out all the data you need!
3) You can export the data for your accountant

For businesses switching to (or adding) online sales, your shopping cart basicaly takes care of invoicing and customer details for you!
For small business the idea of setting up new customer and generating a new invoice in QB/MYOB for online sales is now a redundant and unnessasary double-enty task that you can do without.

QB/MYOB is indespensible when it comes to running a small business and keeping a track of sales and taxes for tax time reporting but your accountant or the taxman will usually not care about the individual invoices, only the totals.

How much detail do you need to bring into your accounts?
There are several levels of complexity you can go to when bringing your online sales into your accounting

The Easy Way:
The simple way around the intergration from your cart to your accounting package is to raise a single invoice in your accounting package at the end of each month that represents all paid online sales for the period.

The invoice you generate can be as simple or as detailed as you like, but for most small businesses a single entry item as 'Online Sales Items' to a customer 'Online Sales' with the total freight and tax will be enough to bring your accounts up to date.

The report you require is for "payments received during the selected period"
(This is regardless of when the order was made).
As you will understand when running an online store, a certain percentage of online orders will never be paid. This reporting is available now in Deskcart.

Exporting?:
If you need to break down different items with different tax amounts for local and export sales then you can raise 2 invoices, one local sales and one for export at the end of each tax period.
(This breakdown will be available soon in a new release of Deskcart)

Different tax amounts?
If you tax different items at different amounts and need to show this detail in your accounts you can set up an item for each different tax amount and enter multiple line items, one for each tax amount.

More detail: Stock level, COGS, and balance sheet etc:
By making an itemised invoice with a line item for each product sold and the total quantity sold for each item you can have more detail in your acounting package.
This method takes a few more minutes but will let you track Cost Of Goods Sold, and keep your balance sheet and stock control up to date as well, although its not common for small business to use QB/MYOB for stock tracking and balance sheet etc, it is still easily done using the Deskcart 'Sales by Item' report for the required accounting period.
Deskcart generates a report for any selected period showing all payments received for items/quantities and the total amount paid for each stock line sold.
Like the other reports for sales, this is based on payments received during the period regardless of when the order was placed.
This ensures it is a true historical report for the period selected that will not change, and can be re-generated at any time in the future with the same results.

What you cannot do:
You cannot run credit accounts for individual customers. This is usually not a problem as most online stores will not ship goods prior to receiving payment.

Notes for using any bulk/single invoicing:
Tax reporting of payments received rather than orders placed is often called 'cash basis' tax, where you will owe tax at the time of recieving the payment rather than oweing tax at the time you generate an invoice.

In some cases a small business may be reporting taxes on an 'accrual' basis where tax is owed when the invoice is generated.
If this is the case with your business speak with your accountant to see if online sales can be treated as 'invoiced' only when the goods are actually sent, this will get around the problem of oweing tax on unpaid online sales and you can treat online sales as 'invoiced' only after payment is received.

If you are unsure about using the above methods for your online sales please speak with your accountant.

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	How to use Quickbooks and MYOB with CubeCart Limetrade Deskcart offers a simple way for a CubeCart user to bring their sales data into their accounting package quickly and easily without all the headaches. Its not uncommon for small businesses who use QuickBooks or MYOB to start selling online and ask: "How can I get my online invoices into my current accounting package?" The simple answer is: *you may not need to!* Most small businesses use QB or MYOB for 3 main reasons: 1) All their invoices are generated and printed from QB/MYOB 2) Tax Time: Each Month/Quarter/Year it can print out all the data you need! 3) You can export the data for your accountant For businesses switching to (or adding) online sales, your shopping cart basicaly takes care of invoicing and customer details for you! For small business the idea of setting up new customer and generating a new invoice in QB/MYOB for online sales is now a redundant and unnessasary double-enty task that you can do without. QB/MYOB is indespensible when it comes to running a small business and keeping a track of sales and taxes for tax time reporting but your accountant or the taxman will usually not care about the individual invoices, only the totals. How much detail do you need to bring into your accounts? There are several levels of complexity you can go to when bringing your online sales into your accounting The Easy Way: The simple way around the intergration from your cart to your accounting package is to raise a single invoice in your accounting package at the end of each month that represents all paid online sales for the period. The invoice you generate can be as simple or as detailed as you like, but for most small businesses a single entry item as 'Online Sales Items' to a customer 'Online Sales' with the total freight and tax will be enough to bring your accounts up to date. The report you require is for "payments received during the selected period" (This is regardless of when the order was made). As you will understand when running an online store, a certain percentage of online orders will never be paid. This reporting is available now in Deskcart. Exporting?: If you need to break down different items with different tax amounts for local and export sales then you can raise 2 invoices, one local sales and one for export at the end of each tax period. (This breakdown will be available soon in a new release of Deskcart) Different tax amounts? If you tax different items at different amounts and need to show this detail in your accounts you can set up an item for each different tax amount and enter multiple line items, one for each tax amount. More detail: Stock level, COGS, and balance sheet etc: By making an itemised invoice with a line item for each product sold and the total quantity sold for each item you can have more detail in your acounting package. This method takes a few more minutes but will let you track Cost Of Goods Sold, and keep your balance sheet and stock control up to date as well, although its not common for small business to use QB/MYOB for stock tracking and balance sheet etc, it is still easily done using the Deskcart 'Sales by Item' report for the required accounting period. Deskcart generates a report for any selected period showing all payments received for items/quantities and the total amount paid for each stock line sold. Like the other reports for sales, this is based on payments received during the period regardless of when the order was placed. This ensures it is a true historical report for the period selected that will not change, and can be re-generated at any time in the future with the same results. What you cannot do: You cannot run credit accounts for individual customers. This is usually not a problem as most online stores will not ship goods prior to receiving payment. Notes for using any bulk/single invoicing: Tax reporting of payments received rather than orders placed is often called 'cash basis' tax, where you will owe tax at the time of recieving the payment rather than oweing tax at the time you generate an invoice. In some cases a small business may be reporting taxes on an 'accrual' basis where tax is owed when the invoice is generated. If this is the case with your business speak with your accountant to see if online sales can be treated as 'invoiced' only when the goods are actually sent, this will get around the problem of oweing tax on unpaid online sales and you can treat online sales as 'invoiced' only after payment is received. If you are unsure about using the above methods for your online sales please speak with your accountant. Back...