You have to post few journal entries in to QuickBooks Online to reflect the changes made to inventories in Arka back to your books of accounts. You can make these entries on a periodical basis like weekly or monthly.
1. For Cost of Goods Sold: This journal entry is to transfer the Cost of Goods Sold from inventory account to the Cost of Goods Sold Account in your books.
To post the entry:
Go to Reports > Run 'COGS Posting' report > click the filter icon on your right hand side top corner and select the start and end date to specify the period to which you want to post COGS entry > Save
First column (named as 'Purchase Account') in this report shows the inventory General Ledger (i.e Purchase Account selected in the products) and the second column show the total amount. You need to post the following Journal entry in QuickBooks:
Date: End date of the period to which COGS entry is being posted.
Debit Account: Select the COGS Account that you want to Debit
Credit Account: Select the account shown in the First Column of the Report
Amount: Amount as shown in column 2 in the report.
Note: You need to post the entry for each line item in the report and all of them can be posted under a single journal entry.
2. For cost allocations: If you have done cost allocation to inventories or specified service items in production orders, you need to post a journal entry to reflect the same in to books of accounts.
Go to Reports > Run 'Cost Allocations Posting' report > click the filter icon on your right hand side top corner and select the start and end date to specify the period to which you want to post the entry > Save
First column (Named as 'Purchase Account') in this report shows the expense General Ledger (i.e Purchase Account selected in the service items), second column (Named as 'Debit Ledger for Cost Allocation) shows the inventory general ledger (i.e Purchase Account selected in the inventory items to which costs are allocated) and the third column shows the amount.
You need to post the following Journal entry in to QuickBooks:
Date: End date of the period to which the entry is being posted.
Credit Account: Select the expense general ledger shown in the first column of the report.
Debit Account: Select the inventory general ledger as shown in the second column of the report.
Amount: Amount as shown in column 3 in the report.
Note: You need to post the entry for each line item in the report and all of them can be posted under a single journal entry.
3. For stock adjustments: If you have posted any stock adjustments (either manually or by creating a Cycle count) in Arka, a journal entry needs to be posted to reflect the same in to QuickBooks.
To post the journal entry:
Go to Reports > Run 'Stock Adjustments Posting' report > click the filter icon on your right hand side top corner and select the start and end date to specify the period to which you want to post the entry > Save
First column (named as 'Purchase Account') in this report shows the inventory General Ledger (i.e Purchase Account selected in the products) and the second column show the total amount. You need to post the following Journal entry in QuickBooks:
Date: End date of the period to which stock adjustment entry is being posted.
Debit Account: If the amount is in positive, purchase account as reflecting in Column 1 should be debited. If the amount is in negative, any ledger account that you wish to use for stock adjustment has to be debited
Credit Account: If the amount is in negative, purchase account as reflecting in Column 1 should be credited. If the amount is in positive, any ledger account that you wish to use for stock adjustment has to be credited.
Amount: Amount as shown in column 2 in the report.
Note: You need to post the entry for each line item in the report and all of them can be posted under a single journal entry.