Sync store credits to QuickBooks Online
Overview
Find out how to synchronize store credits with QuickBooks Online.
Store credits are issued via your point of sale (POS) to customers in lieu of a refund. Then they’re redeemed by customers for goods and services of equal value in the future.
That makes store credit a financial liability. When you issue a store credit, you must reallocate equivalent sales revenue to a liability account in your QuickBooks Online general ledger. And when that store credit is redeemed, you must reallocate the liability back to a revenue account.
To make keeping record of store credits easy, Cin7 Omni Insights includes two reports that summarize the total value of store credits issued and redeemed over time. Use these reports to create journal entries that account for every store credit issued or redeemed during any time period.
Before recording store credits, you must install these reports:
Log in to Cin7 Omni.
From the navigation, open Insights.
From the navigation, open Standard Reports.
From the navigation, open the Reports Library.
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For each of these reports, select Install and then All Users or Managers Only:
Gift Vouchers and Store Credits - Created
Gift Vouchers and Store Credits - Redeemed
If you issue store credit to a customer who returns goods, the goods are restocked and your cost of goods sold (COGS) will update, too.
Record store credits issued
Log in to Cin7 Omni.
From the navigation, open Insights.
From the navigation, open Standard Reports.
Under Finance, open Gift Vouchers and Store Credits - Created.
Set a Start Date and End Date. You’ll create a journal entry for store credits created during this time period.
Select Search.
Create a journal entry in QuickBooks Online that debits a liability account and credits a revenue account. Account for any tax manually.
Record store credits redeemed
Log in to Cin7 Omni.
From the navigation, open Insights.
From the navigation, open Standard Reports.
Under Finance, open Gift Vouchers and Store Credits - Redeemed.
Set a Start Date and End Date. You’ll create a journal entry for store credits redeemed during this time period.
Select Search.
Create a journal entry in QuickBooks Online that credits a liability account and debits a revenue account. Account for any tax manually.