Bookkeeping Overview

Bookkeeping is the process of entering transactions into an accounting system. For completeness, the following transactions should always be entered into the accounting system:

Sales
Sales Returns
Store Credits
Store Credit Reversals
Deposits
Deposit Reversals
Payments
Payment Reversals
Refunds
Refund Reversals
Sales Tax
Sales Tax Reversal
Credit Tax
Credit Tax Reversal/Write off

In addition, Payments, Payment Reversals, Refunds and Refund Reversals may be grouped into Bank Deposits. Entering these in the accounting system may also be desirable.

The recommended report for generating bookkeeping entries is the Bookkeeping Report. It generates all the necessary entries including tax amounts. If the software used for accounting is QuickBooks^®, then an IIF file may be downloaded for import. If NetSuite^® is used for accounting, then a CSV file may be downloaded for import for the Balance Forward A/R.