Your POS is now connected to MarginEdge and you can see sales and set up your budgets! But wouldn’t it be great if MarginEdge could post those sales into your accounting system daily and you didn’t have to sweat it? Just follow these instructions and you will be on your way.
NOTE: Even if you don't ever plan to export your sales data, stetting up your Category Types and selecting which to Include/Exclude are essential to see accurate reporting within MarginEdge.
Flow of Sales Data to Accounting
To post daily POS sales to your accounting system automatically, you need to go into MarginEdge and for each POS line, associate/map every line from your POS to an accounting code in your accounting system. This article can't give you the exact mappings because everyone sets up their accounting differently. If you do not know how these POS items should be coded/mapped, you may need to contact your accountant regarding the best way to record this information.
While you can skip these steps and still see your sales within MarginEdge, we cannot export your POS data to your accounting system until you have completed this process.
Log into MarginEdge and go to Accounting > Sales Mapping
You'll see the following fields, and the * denotes fields you must complete.
DESCRIPTION will autofill as the name of the line directly from your POS system.
*ACCOUNTING SYSTEM ACCOUNT*: this should be completed with the correct account from your chart of accounts. By double-clicking this field, you can select an accounting code from your chart of accounts, which sets how your sales entries will flow over to your accounting system from MarginEdge. You can have multiple rows report to the same Accounting System Account.
TYPE will autofill as either credit or debit.
*CATEGORY TYPE* will either be blank or one of these categories: “Food, Beer, Wine, Liquor, NA Bev, Retail or Other.” This does not have to be completed for exporting, but it is required for your sales data to correctly flow to [me] reporting. For any line you would like to see included in your MarginEdge sales calculation, you will need to select the relevant Category Type where you would like to see the sale/discount reported. (This is how we know to count these sales as "Food" in your MarginEdge P&L, food usage, budgets, etc.) Anything set to “Exclude” does not require a Category Type.
*INCLUDE IN SALES REPORTING*: This field gives you the power to see Gross or Net sales by letting you choose to include or exclude things like discounts from your sales reports and emails. This controls how you see your total sales in [me], not whether it is or is not exported to your accounting system.
Select "include" for any line you wish to include in [me] reporting - including discounts and comps will give you Net Sales. Select "exclude" for any line you want to exclude - excluding discounts and comps will show you Gross Sales. Anything set to “Exclude” does not require a Category Type.
MEMO: Optional. This line is available for you to add a note that will appear in the memo field in your accounting system if memos are supported.
ACCOUNTING SYSTEM ACCRUALS: *Required if you map to an A/P or A/R account*If you map a line from your POS system to an Accounts Payable account, you'll need to specify the Vendor to whom it is Payable. If you map a line from your POS system to an Accounts Receivable account, you'll need to specify the Customer from whom it is Receivable. The Accounting System Accruals column is where you specify these Customers and Vendors. If you are not mapping a line to an Accounts Payable or Accounts Receivable you do not need to do anything here.
CLASS: If you are using Classes in QuickBooks you will see this column and will need to set the appropriate class for this unit. If you don't see it, no worries!
GROUP: Although your POS has separate rows for Visa, Mastercard, Discover, and American Express, they all come into accounting as one deposit. If you put the same Group number on multiple rows, we will combine them and send them across as a single amount. You can have an unlimited number of groups (or none) - just start with a "1" for the first group, use a "2" if you have another group, and so on.
DON’T FORGET TO SAVE. Congrats, that's it!
Sending sales entries from [me] to your accounting system
You can now go to Accounting > Sales Entries, where you will see daily entries. If you want to see what it will look like when it is exported, you can either:
- select any daily entry row, and go to the Edit Sales Record page to see your setup and mappings
- or click the "Print Journal Entry" button on the bottom right of the page. This will show you the format of the entry when exported.
When you’re ready to send an entry to your accounting system, click on Accounting > Export. Click the checkmark on the left side of the row for any Daily Sales Entry you want to send, and then hit the green Send button on the top right. This will send it to your accounting system.
Take a look at your system, and if all is right with the world, you can set your sales to auto-send every night.
A brief note: There are some instances where sales may update in your POS after your sales entries have been sent to MarginEdge (with credit card processing fees for example). Most point of sale systems will send up dated information for a number of days. If sales entries in MarginEdge have not been export to your accounting system we will update them in MarginEdge. Once a sales entry exports to your accounting system we will not update MarginEdge's records (or your accounting system). If you commonly expect to have updates to your POS one or several days after sales data is synced to MarginEdge we recommend you export sales entries manually or set a delay on automatic exporting to your accounting system so that the sales entries can be updated. To do this, go to setup > integrations > select your accounting system and entry the number of says you would like to delay the sales entry from exporting in the "Days to delay sending sales entries...." field. (in the example below, sales entries will wait 1 day before automatically exporting to capture and adjustments made in the point of sale system).
If something is updated in the POS after a sales entry has been exported from MarginEdge and you need it updated in MarginEdge. You will need to contact email@example.com update the entries.
Changes to Your POS Setup
Quick note: if you make changes to your POS that don’t affect the journal entry – like adding a new beer to an existing category - you don’t need to do anything. But if you add something like a new payment account, we will not send the entry to your accounting for that day and will notify you that it needs to be set up/mapped. Once you make this tweak, the sales flow restarts. There is more information about these notifications here: Unmapped Sales Entries.
As always, reach out to firstname.lastname@example.org if you need like help with this process!