Quickbooks

Wells Fargo

Match all transactions to their associated expense

  • If there are two or more matching expenses - the date should help select which is the correct match. If two or more expenses show the same date and amount, ensure their is another transaction(s) to match with the other expenses sharing the same date.

  • Double check the descriptions before you accept. Sometimes you may have an instance where a charge has the same amount as another expense and it is showing as a match, but it is actually an expense that just needs to be categorized. The example we reviewed in person was a Google subscription that was showing as a match with a payroll check.

ATM Withdrawals

  • Should all be categorized as “Cash on Hand” unless otherwise stated in the Cash on Hand Spreadsheet. Also, all ATM withdrawals should match the Cash on Hand Sheet.

Deposits

  • Manager will be sending an email each month stating which of the two deposits is Arcade Sales and which is Vending sales. (For the deposits from February - $433 is Vending Sales and $659 is Arcade Sales.

DJ

  • After matching all DJ expenses - pull up the DJ expense account and ensure no dates are showing up in the descriptions more than once.

Cash App

  • Login to Cash App to read description for the charge and categorize. Should mainly only be used for Beer Pong tourney prize winner (Promotions category)

Transfer Sheet

Sales Transfer

  • Match all the sales transactions that total to the sum - this will come from the previous months Transfer spreadsheet.

  • If any sales aren’t showing up, login to XtraChef, select “Sync Monitor” on the lefthand side, double-click the sales date that isn’t showing up, click “Actions” on the top right and then Sync to Quickbooks. It won’t automatically show up in the available transactions to match; after a minute or two and a reload, it should show up.

Taxes Payment Transfer and Other Transfer

  • should be split categorized for each individual charge. SBA loan under SBA Loan, Toast under Subscriptions, Chargebacks as Chargebacks, etc.

Orders/Inventory Purchase Transfer

  • Before starting on this, login to XtraChef to ensure no invoices are being held back.

Map invoice items

    • This shouldn’t be much if there is anything at all - but sometimes an item will come in with a new ID number or name or something from Specs and XC doesn’t recognize, so we categorize in XC and then it’ll send over to QB.

    • Click “Map Invoice Items” on the lefthand toolbar. XC will automatically categorize each item for you to just accept, but it’s not always correct for what we choose.

    • Liquor as Liquor (there’s also an Other Liquor but that’s not the same), Beer as Beer, Champagne is under just Wine, NA Beverages for Soda boxes, Red Bull and other mixers. Most everything else like trash bags, cups, etc would be Supplies.

Invoices

  • Click “Invoices” on the lefthand toolbar and then click “Action Needed” if there’s any notifications for invoices that are having issues going through. If there are, you just double click, check out the invoice, and you’ll be able to edit whatever is wrong from their auto-capture to make it match the image of our invoice.

Extract Monitor

  • If you did have to map any invoice items or correct any invoices, they’ll be ready to extract. They’ll automatically extract if you wait a day or two, but usually when you’re at this point, you’re wanting to extract then so it sends over to QB and can be matched.

  • You can do this by clicking “Extract Monitor on the lefthand toolbar and then clicking “On Demand Extract”  at the top of the page and then click “yes”

  • If for any reason there are oversent amounts from the previous transfer, each of the charges can be added at the bottom of the Match screen. The missing difference showing from all the matches to the transactions should be the total of the oversent charges. Each can be individually categorized as “miscellaneous” with a description saying “oversent from previous transfer.

AMEX

  • before categorizing the Amex transactions, click “App Transactions” at the top of the page and then click “Amazon Business”

    • Double check each transaction to ensure it’s properly categorized. They usually should already be categorized, but sometimes the system will make a mistake. These will all be either Supplies or Vending Product. Here is our order list that shows the list of items at the bottom that are vending: https://docs.google.com/spreadsheets/d/10qsNqCViXqeGaCHR9MMYh2D5uOjjNPC_V92LmLZ4xmo/edit?usp=sharing

  • Once Amazon transactions are added, they should pop up as a match in the AMEX transactions.

  • Costco can all go under supplies

  • The mobile payment each month should just be “recorded as a credit card payment” and then it will show up in the regular Wells Fargo Bank transactions as a Match.

  • Quickbooks and Netflix categorized as Subscriptions

Inventory

Type in “inventory” in the QB search function at the top of the page and click the last inventory entry. Click “More” at the bottom and then “Copy”

Edit the date to the last day of the new month and also change the name under “journal no.” to read the updated month followed by “Ending Inventory”.

Delete all the debits and credits.

Open up another QB window, type in “Liquor” in the search function and select the Asset account.

  • Scroll to find the balance from the final day of the month

  • In XtraChef, click “Inventory” in the lefthand toolbar and select the date inventory was taken.

  • Subtract the Ending Inventory seen in XtraChef from the inventory balance shown on the final day of the month in QB. This amount will be the amount you input for the debit and credit of the Journal Entry. This is transferring the COGS from inventory over to the P&L.

  • Repeat for each of the other three inventory categories - beer, wine/champ and n/a beverage.