Purchase Order for Inventory and Non-Inventory Items The COGS entry is using the Invoice Date. In the image below, the material was added to the order on 5/29 and the order was invoiced on 6/5. If Base COGS on Date of Invoice is checked, then the date on the COGS entry in QuickBooks will be the invoice date, not the date the material was added to the service order or itemized invoice/ If Base COGS on Date of Invoice is unchecked, then the date on the COGS entry in QuickBooks will be the date the material was added to the order or itemized invoice. Go to Setup > Company > Inventory and choose the option for Cost of Goods Sold GL Entry date Set if you want the COGS entry to be made on the invoice date or the date the material was added to the invoice Check Include SMP Items on Purchase Orders (image below) To see how Bills for POs export to QuickBooks, view the video at this link:ģ. In the Purchase Order Options section, check Export Bills Only (image below) Check Default Export Bills on POs (Image below)ģ. In SME, go to the Setup module > Company > Orderģ. Setup your Purchase Order Options in SME and SQLinkġ. Make sure you keep the item as a non-inventory part. Set the Income account in the Account field (image below).ĥ. Note: Do NOT check 'This item is used in assemblies or is purchased for a specific customer/job'Ĥ. If you keep SMP_Item as your Default Material Line Item you will need to set the income account on SMP_Item in QuickBooks. Set Income Account on your Default Material Line Item You can leave that item or set another non-inventory item you already have setup, however the item must be a Non-Inventory item. The item set in that field by default is a non-inventory item called “SMP_Item”. Locate the Default Material Line Item field. In SQLink, click the Invoice/ Proposal Options tabĢ. Set your Default Inventory Asset Account and Default COGS Accountġ. Click the Classes and Accounts Options tabĥ. Setup Setup your default Inventory Asset and COGS Accountģ. 5 To Convert from syncing items to journal/GL entry.4 Voiding or Reexporting an Invoice in SME.

3 Invoice for the Inventory Item - GL Entries.2 Purchase Order for Inventory and Non-Inventory Items.1.6 Set if you want the COGS entry to be made on the invoice date or the date the material was added to the invoice.1.5 Set Purchase Orders Settings in SQLink.1.4 Setup your Purchase Order Options in SME and SQLink.1.3 Set Income Account on your Default Material Line Item.1.2 Setup your Default Material Line Item.1.1 Setup your default Inventory Asset and COGS Account.Using this option applies only if you keep your inventory items in SME only, not in both SME and QuickBooks. You can use the default established when SME/SQLink is installed, or you can set up an item of your own choosing, but it must be a Non-Inventory item. These settings require that the default material item must be a Non-Inventory item. With this setting, SQLink will create General Ledger Account entries in QuickBooks when items are received on SME Purchase Orders (Debit Inventory Asset / Credit Accounts Payable) and when you invoice material in SME (Credit inventory Asset / Debit Cost of Goods Sold). Set the Use General Ledger entries for Default Material Item as shown in the image below. To configure SME to correctly record the inventory accounting transactions in QuickBooks you must set the correct options in SQLink. This approach uses journal entries to keep QuickBooks Accounting up to date financially while SME tracks inventory counts. Inventory items can be maintained solely in SME and this setting is only for items maintained in SME, not for items in both SME and QuickBooks.

Quickbooks cogs account