Chart of Account Mapping
Mapping your accounts is a crucial step when integrating with QuickBooks Online.
A chart of accounts is a list of financial accounts used to map transactions to a company's general ledger. An item should be mapped to up to three of these.
What is it used for?
This account is used to record and track purchases an expenses of an item.
A suggested default is: Cost of Goods Sold
Examples: Packaging Costs, Raw Materials Costs
This is the account is used to book revenue when an item is sold.
A suggested default is: Sales
Examples: Flower Sales, Concentrate Sales, Branded Sales
Inventory Asset Account
This account is used to book the value of inventory on the company's balance sheet.
A suggested default is: Current Assets
Examples: Raw Materials Inventory, WIP Inventory, Finished Goods Inventory
Steps to map an item or set of items to your company's chart of accounts:
- Go to Settings.
- Select to "Inventory"
- Select an Item and map the account (don't forget to save changes!)
- Alternatively, go to the Bulk Update Items screen to import an update. Use the last three columns, which correspond to the three accounts.