Accounting Export Setup

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Overview

The Accounting Export Setup screen is the mechanism by which the user transfers sales, deposit, receiving and invoicing data from Monsoon Order Manager to an external accounting application, such as QuickBooks.

QuickBooks is the only accounting software package that Monsoon Commerce has tested in conjunction with Monsoon Order Manager.

QuickBooks must be installed on the computer where the Accounting Export is executed. The QuickBooks Company file can be located anywhere on the LAN, but Monsoon Order Manager must access it by the identical path used by QuickBooks.

Other accounting applications may be able to work along the same lines as QuickBooks, however Monsoon Commerce has no knowledge of the internal workings of those applications and therefore is unable to provide support for them outside of the guidelines that are documented here for QuickBooks.  

Before this feature can be utilized, there is a bit of planning that must be done to ensure that both Monsoon Order Manager and QuickBooks have the proper accounts defined and mapped appropriately.

Print a list of the necessary and recommended accounts and be sure to read the comments for Monsoon Order Manager 's Accounts Receivable and Sales Tax accounts.

You also have to choose one of three possible methods for transferring the data: via an .iif file, a simple text file, or by XML.  

Before you can use the Accounting Export interface, the program requires you to acknowledge you have read the warnings and agree to the terms of its use.

Accounting Interface Notice

 

Before you can export sales, deposit, receiving, and invoicing data from Monsoon Order Manager so it can be imported into your accounting application, you must complete the following steps. Go through each section below in the order presented for setup instructions:

 

Set the AccountingApplication parameter in Monsoon Order Manager

Go to Main Menu>Settings>System Functions>Set System Parameters and set the AccountingApplication system parameter (in the Program Parameter Group) to the appropriate export method that you wish to use:

    1. None - Choose this option if you will not be transferring data to an accounting application.

    2. QuickBooks File Transfer (.iif) - Accounting data exported to a user designated .iif file (QuickBooks' native file format). This options allows the user to review the data in the .iif file prior to importing the file into QuickBooks.

    3. QuickBooks Direct Transfer (XML) - Accounting data exported directly into your QuickBooks company file.

    4. Simple Text - Accounting data exported to a user designated .tab delimited .txt file

Create the necessary accounts in your accounting system

Required sales accounts

Create the following accounts in your accounting application:

 

Account

Purpose

Account Type

Suggested Account Name

Default accounts receivable account

Used as either the debit account or the credit account for most exported data. If using QuickBooks, this CANNOT be the standard QuickBooks A/R account. Why?

Other Current Asset.

Accounts Receivable Order Manager

Sales tax account

Used for sales tax collected through Stone Edge. If using QuickBooks, this should not be the standard QuickBooks Sales Tax account. Why?

Other Current Liability

Sales Tax Order Manager

Rounding Errors Credit Account

Used for rounding errors due to percentage calculations (taxes, discounts, etc.)

Expense

Order Manager Rounding

Miscellaneous Sales Debit Account

Used for sales data not having a sales Debit account defined (should never really be used)

Asset

Misc. Order Manager Debit

Miscellaneous Sales Credit Account

Used for sales data not having a sales Credit  account defined (should never really be used)

Asset

Misc. Order Manager Credit

Coupon Account

Account used to track coupon redemption amounts.

Can be used as debit or credit account

Income
OR
Expense

Coupons

Discount Account

Account used to track discount amounts. Can be used as debit or credit account

Income

OR

Expense

Discounts

Surcharge Account

Account used to track surcharge amounts. Can be used as debit or credit account

Income

OR

Expense

Surcharges

Sales Account

Default account used for product sales

Income

Merchandise

Shipping Account

Account used to track shipping charges paid by your customers

Income

Shipping & Handling

 

Required deposit accounts

Create the following accounts in your accounting application:

 

Account

Purpose

Account Type

Suggested Account Name

Default Deposit Account

Bank or sweep account used to record deposits collected in Monsoon Order Manager that do not have a specific payment method  defined

Bank

Undefined Deposits

 

Required purchasing accounts

Create the following accounts in your accounting application:

 

Account

Purpose

Account Type

Suggested Account Name

Purchase Order Liability Account

Account that maintains the value of products received (drop-ships ordered) that have not been paid for

Other Current Liability

Received and Dropped Not Paid

Purchase Order Freight Charges

Maintains shipping charges applied to purchases (assuming charges not rolled into COG)

Expense

PO Freight

Purchase Order Discount Account

Maintains discount amounts applied to purchases (assuming charges not rolled into COG)

Expense

PO Discounts

Purchase Order Surcharge Account

Maintains surcharge amounts applied to purchases (assuming charges not rolled into COG)

Expense

PO Surcharges

 

Optional accounts

Create the following accounts in your accounting application (optional):

 

Account

Purpose

Account Type

Suggested Account Name

Category Sales Account(s)

One or more accounts used to track product sales based on inventory category

Income

n/a

SKU Sales Account(s)

One or more accounts used to track sales of an individual product

Income

n/a

Deposit Account(s)

One or more bank accounts used to track deposits

Bank

n/a

 

Standard accounts

Ensure that these accounts exist in your accounting application:

 

Account

Purpose

Account Type

Suggested Account Name

Cost Of Goods Sold

Used to track the total cost of products sold

Cost Of Goods Sold

n/a

Inventory Asset

Used to track the dollar amount of in-stock inventory

Other Current Asset

n/a

Accounts Payable

Used to track payments to vendors for purchases

Accounts Payable

n/a

   

Import your Chart of Accounts into Monsoon Order Manager

Direct XML Transfer Method with QuickBooks

.iif File Method with QuickBooks

Simple Text Method

Assign accounts and data export options in Monsoon Order Manager

The images provided in this section are merely to illustrate the fields on Accounting Export screen tabs. The account names in the images are not required names, nor should they be misconstrued as accounting advice.
You are encouraged to consult with your accountant before creating (as outlined above) and mapping accounts in the Monsoon Order Manager Accounting Export screen.

 

    1. In Monsoon Order Manager, go to the Main Menu>Settings>Data Functions>Accounting Export Setup. The Accounting Export Setup screen opens:

    1. Select Edit.

    2. Complete the following information on the Export Setup tab:

 

If you use the QuickBooks Direct Transfer Method, it is highly recommended that you use the Summarize Sales Data option if you process more than 100 orders daily. If you do not use the summarize option, you may receive an error from QuickBooks should the number of splits against the daily transaction be excessive. This does not appear to be an issue when using the .iif file method.

 

    1. If you selected the option to export sales data to QuickBooks, proceed to the Sales Accounts tab.

For some sales categories, the Debit or Credit account may be preset by the program and cannot be changed by the user. If you select in a field that cannot be changed, the background of the debit or credit account columns will turn gray indicating that the choice is restricted to the Accounts Receivable account.

 

    1. Complete the following information on the Sales Accounts tab:

  2.  

If you use the QuickBooks Direct Transfer Method, it is highly recommended that you use the Summarize Sales Data option if you process more than 100 orders daily. If you do not use the summarize option, you may receive an error from QuickBooks should the number of splits against the daily transaction be excessive. This does not appear to be an issue when using the .iif file method.

 

 Rounding Errors Credit Account (Required) - It is inevitable that there will be rounding errors when summarizing sales data for export. Should there be differences, this account will be used to record the "credit" side of the transaction. The Accounts Receivable will represent the Debit side. Older versions of Monsoon Order Manager created an account automatically called "Order Manager Rounding". This will remain as the default account but can be changed by the user if needed.

  1. Post Returns to - Select "Same as Sales" to subtract returns from your regular Sales account(s). Select "Separate Account" if you want amounts for returned items to be posted to a separate "Returns" account in QuickBooks. This option provides a separate line entry called Returns in the list where you can assign a debit account different from your standard sales account.

  2. Cost of Goods - Select both a Debit Account and a Credit Account for tracking Cost of Goods Sold. The Debit account should be set to your Cost of Goods Sold account. The Credit Account should be set to your Inventory Value/Asset account.

  3. Coupons - You can select both a Debit and Credit account, however, the Order Manager A/R account MUST be one of the two accounts. Normally The Order Manager A/R account would be assigned as the Debit Account to show the loss in receivables. If you instead want to include the coupon as a receivable, set up the Order Manager A/R as the Credit Account. This way you can reduce funds to another account such as Manufacturer Discounts.

  4. Default Sales Select a Credit Account to track product sales. Product sales can be tracked at the individual SKU by selecting a credit account at the Orders screen on the Product Info tab or by assigning the product to an inventory category. Any items not assigned to their own account in the Inventory screen or assigned to an inventory category account will have their sales data driven through this account.

  5. Discounts - You can select both a Debit and Credit account, however, the Order Manager A/R account MUST be one of the two accounts. Normally the Order Manager A/R account would be assigned as the Debit Account to show the loss in receivables. If you instead want to include the discount as a receivable, set up the Order Manager A/R as the Credit Account. This way you can reduce funds to another account such as advertising.

  6. Returns (will not be available if Post Returns To is set to Same as Sales) - Select an appropriate Debit Account that will be used to track product returns.

  7. Sales Tax - Select the Credit Account that you set up in QuickBooks to track sales taxes collected from your customers.

  8. Shipping Charges - Select the Credit Account that you set up in QuickBooks to track shipping fees paid by your customers.

  9. Surcharges - You can select both a Debit and Credit account, however, the Order Manager A/R account MUST be one of the two accounts. Normally the Order Manager A/R account would be assigned as the Debit Account to show the increase in receivables. If you instead want to exclude the surcharge as a receivable, set up the Order Manager A/R as the Credit Account. This way you can increase funds in another account such as Insurance.

    1. If you selected the option to export sales data and you want to isolate sales data based on the categories of inventory sold, proceed to the Inventory Categories tab. This tab lists the inventory categories you set up using the List Maintenance screen. Select the appropriate Credit Account you wish to use for each inventory category. The Debit Account cannot be changed.

    1. If you selected the option to export deposits, proceed to the Deposits tab. This tab allows you to define the destination accounts for payments for Web Orders and Manual Orders.

You will see a list of payment methods used by the program (enter additional methods using the Payment Methods screen). Note that the Credit account cannot be modified and defaults to Monsoon Order Manager 's Accounts Receivable account. Select the appropriate Debit Account (for QuickBooks must be of type Bank) used to track deposits for the given payment method. If you do not want to export data for certain payment methods then leave the Debit Account blank.

 

If there is some delay between the time the deposit is recorded in Monsoon Order Manager and the time it actually is credited to your bank account, you can enter a number of Delay Days which causes Monsoon Order Manager to modify the transactions date by the delay day amount as the deposit is being exported. For example: If you take a Visa payment on the first of the month and then do an accounting export and the Visa payment method is set up with 3 delay days, Monsoon Order Manager will export the transaction on the first of the month, however, will date the transaction in the output as being on the 4th of the month.

 

    1. Monsoon Order Manager can export data regarding products received (or drop-shipped) and also allows you to record vendor invoicing which is then passed to the accounting export as a payable. If you wish to export purchasing data, select the Purchase Orders tab and set the following options:

    1. To retain all of the changes made to the Accounting Export Setup screen, select Save. If you do not want to keep any of the changes made, select Cancel.

    2. When Save is selected, the program presents a message box to acknowledge the changes have been made.

    3.  Select OK.

Note: You can re-enter the Accounting Export Setup screen at any time to make adjustments to your setup. If you find that the exported data is hitting the wrong accounts, you can easily change the settings here and re-export the same batch of data. Keep in mind that running the export again may cause duplicate data to appear in your accounting application. Make sure to back out errant data from your accounting system prior to exporting an existing batch of information.

 

ADDITIONAL IMPORTANT INFORMATION:

 

Be sure to set up your supplier(s) information in Monsoon Order Manager. At the Suppliers screen, specify the name of the QuickBooks account to which accounts payable information should be assigned in the Account Name for QuickBooks field.  The Supplier Name is used as the default value for this field, but it can be changed according to your needs.

 

 

Accounting Data Export

Accounting Export Preview

Export Accounting Data

How Funds Flow Between Stone Edge and QuickBooks Accounts

 

Created: 2/21/12

Revised: 6/26/15

Published: 08/19/15