ResaleAI’s Bookkeeping Assist
Overview
ResaleAI’s Bookkeeping Assist creates and posts daily bookkeeping journal entries into Quickbooks. Bookkeeping Assist is compatible with Quickbooks Online. RAI creates those journal entries from DRS Day Close data. No data entry is required. Once Franchisees integrate RAI with Quickbooks those journal entries upload daily and automatically. Franchisees choose accounts from their existing Chart of Accounts for the journal entries. Please note: The Bookkeeping Assist function requires DRS version 7 or above.
There are 3 daily journal entries, one each for Sales, Buys, and COGS/Inventory. Winmark created the template for all three journal entries. You will find the template and supporting documents on Winmark Remote in the file:
Period Balance and Journal Entries – DRS 7.2 – Example.xlsx
This file also includes a supporting ledger labeled WINA Accounting. After every Day Close, RAI creates and populates the ledger and the journal entries. Find both by clicking the Reports icon on the left of the DayBook screen and use the date navigation to go back to days that have run the Day Close. The entries start with January 1, 2017 or whatever date in 2017 a store upgraded to a supported version of DRS.
How to start Quickbooks Integration
RAI can automatically load the journal entries into a Franchisee's Quickbooks account. To start this integration you will need to click the Quickbooks integration button on the RAI Settings page. Then you will be asked to authenticate your account. Once you are asked to do that you will need to follow the Bookkeeping Assist setup guide. You'll need to choose accounts from your existing Chart of Accounts for each line of the journal entry. At the bottom of this article is a diagram showing the process for Quickbooks Online.
Here instructions to integrate Quickbooks Online: Quickbooks Online: Step by Step instructions
More about the Journal Entries
You will find the Journal Entries by clicking the Reports icon on the left of the Day Book page. The click the View button in the Ledger box and use the Date Selection box to go to any day that has run the Day Close. In the Journal box you will see the descriptions and amounts that RAI will use in the three journal entries to Quickbooks. Your Quickbooks account names and numbers are not displayed here.
The Sales Journal Entry is at the top. It correlates to Entry B – to record sales and tender on the Winmark spreadsheet referenced above. RAI displays only the lines that have non-zero values for the selected day. Probably not all line items shown in the Winmark spreadsheet will appear on each day in your DayBook. For example, if you did not have any sales with a Paypal tender type, then that line will not appear. Please note that in the Winmark spreadsheet, the Over/Short line is shown to require manual entry. RAI calculates that line for you so no manual entry is required. Also note that this line reports variances from all tender types EXCEPT cash.
The BUYS journal entry is next. It correlates to Entry A – to record used inventory purchased on the Winmark spreadsheet. This journal entry tracks purchase of Used inventory only and does not include purchase of New inventory.
The COGS/Inventory journal entry is last and correlates to Entry C – to record inventory sold on the Winmark spreadsheet. This journal entry updates inventory and COGS for New, Used, and Other inventory.
If you have questions not answered here or would like help with Quickbooks integration, just click the Support Chat button, and we will be happy to help.
Frequently Asked Questions
How do I start the Quickbooks integration?
Please register to attend one of the Bookkeeping Assist webinars listed under Webinars on the ResaleAI homepage. The webinar will give you the understanding to get started. And the ResaleaAI support staff are always there to help when you click the support button.
ResaleAI’s Bookkeeping Assist is available to all ResaleAI subscribers. At no additional cost. You must have DRS version 7 or higher. You must have your own subscription to Quickbooks Online.
How does RAI know my Chart of Accounts?
When you link RAI to Quickbooks using the Quickbooks tab on the Settings page, RAI will pull your Chart of Accounts. Then, when you click the G/L button from the menu on the left side of the Settings page, RAI will help you map the proper account to each line of the journal entries.
I don’t understand these journal entries. Can you explain them?
You can find the journal entries, documentation, and a video on Winmark Remote.Look there under Business Management > Financial Management. Go over them with your accounting professional to see how they can work for your store.
I don’t like these journal entries. Can you change them?
Currently, these are the only journal entry and ledger templates that RAI supports.
I have more than one store. Can I integrate ResaleAI with Quickbooks for all my stores?
Yes. Many multi-store owners distinguish between stores by giving each store it’s own Class. The RAI setup process allows you to add the proper Class to each store’s journal entries. Other multi-store owners have different companies in Quickbooks for each store. RAI also supports that configuration.
What version of DRS is required for Bookkeeping Assist?
DRS 7 or above.
Why use daily journal entries to Quickbooks instead of monthly?
Some accounting events happen monthly (rent), some are weekly (payroll). With daily records for sales, buys, and COGs, you can match these metrics to any accounting cycle. And without the pain of data entry, why not daily?
Will RAI integrate with other Accounting services other than Quickbooks?
We have no plans to integrate with other accounting software or services. However, we strive to integrate with any Winmark Preferred Providers when integration makes sense. So there could be other integrations in the future