Accounting Journal Entries - Setup Accounts

This feature is currently testing in an open Beta.

Available with RepairQ 1.13. Prior to connecting your chart of accounts to RepairQ, make sure you have your chart of accounts setup in your accounting software. Make sure to consult with a CPA on the proper policies, procedures, and laws in your state. 

This article will walk you through how to connect your chart of accounts to each individual piece of data within RepairQ. Only admin and accountant-level users will be make changes

Click here for an article on how to export the Journal Entries report.

 

Types of Accounts

  • Customer Deposits (Payments on tickets not yet closed)
  • Payment Type - Cash (cash payment method type)
  • Payment Type - Check (check payment method type)
  • Payment Type - Credit Card (credit card payment method type)
  • Payment Type - Store Credit (store credit payment method type)
  • Payment Type - Other (other payment method type)
  • Inventory (Consumed outside of tickets)
  • Cost of Goods Sold (Consumed on tickets)
  • Inventory Purchases (Tradeins)
  • Revenue: Sales (Taxable Sales)
  • Revenue: Sales (Non-Taxable Sales) 
  • Sales Tax Payable (Tax Collected/Payable Amount)

Setup Default Accounts

You can assign default account classification for your chart of accounts in RepairQ. We recommend setting up the default accounts first. If you need specific classification for Item Types, Catalog Items, Locations, or Payment Methods, you can handle that after setting.

  • Navigate to All Settings-->Accounting
    Screen_Shot_2017-08-14_at_9.45.16_AM.png
  • Set the account name/identifier (depending on your accounting system) for each of the account types.
    Screen_Shot_2017-08-14_at_11.55.00_AM.png

Advanced Account Classification

You can classify accounting events in greater detail in a number of places: Item Types, Catalog Items, Payment Methods, and Location Settings.

  • Item Types
    • There may be times when you want to assign item types to their own unique account
    • Navigate to All Settings-->Item Types.
    • Edit the Item Type you wish to connect to a certain account, and enter that specific account name into the appropriate box.
      Screen_Shot_2017-04-26_at_3.06.53_PM.png

  • Catalog Items
    • There may be times when you want to assign specific catalog items to their own unique account. You can assign an account to a specific catalog item.
    • Navigate to the catalog item you wish you edit.
    • Scroll down towards the bottom and enter the specific account name(s) into their appropriate boxes.
      Screen_Shot_2017-04-26_at_3.57.21_PM.png

  • Locations
    • If your company has multiple locations and you wish to manage the "Sales Tax Payable" and "Customer Deposit" accounts separately, you can do so within the Location settings.
    • Navigate to All Settings-->Locations and edit the location you wish to customize.
      Screen_Shot_2017-04-26_at_4.33.39_PM.png
    • Scroll down and enter the specific account name(s) into their appropriate boxes.
      Screen_Shot_2017-04-26_at_4.33.57_PM.png

  • Payment Methods
    • If you have a payment method you need to associate with a specific account, you can do so under the payment method settings.
    • Navigate to All Settings-->Payment Methods and edit the method you wish to customize.
      Screen_Shot_2017-04-26_at_4.33.39_PM.png
    • Enter the specific Payments Account name into its appropriate box.
      Screen_Shot_2017-04-26_at_4.40.22_PM.png

Click here for a walkthrough on how to pull the Journal Entries report.

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