Assign your Quickbooks accounts in Ascend

Ascend software is compatible with Quickbooks. If you want to use Quickbooks for your shop's accounting, you'll need to set up a Quickbooks account first.

After your account is set up, and the Chart of Accounts (COA) is updated, you can add that information to Ascend

The next step is to go into Ascend and map the Categories, Inventory Adjustment Types, Payment Types, Tax Rates and Options with the corresponding General Ledger Account Number from QuickBooks.

Ascend's retail accountant team also offers Bookkeeping services for Ascend retailers. Learn more here.  

Edit Categories for Quickbooks

1. In Ascend, navigate to Database Explorer > Categories.
2. Select the Parent column (click the word Parent specifically!) to sort by Parent categories and place all Parent categories at the top of the list. For the Parent categories themselves, this column should appear blank (because they don't have Parents!).

Sherpa tip

Ideally, your shop should have no more than 11 Parent categories.

3. Double-click a category to open the Edit Category window.
4. Map each Parent category to an income sales account number, and COGS account number from the Quickbooks' COA that was imported into Ascend.

Sherpa tip

Do not map your Categories to anything other than Quickbooks income accounts. If you do, your P&L Income value will not match your Ascend Activity Summary.

5. Check the box for Apply Settings to Child Categories
6. Select Save.



Edit Inventory Adjustment Types for Quickbooks


The reason we map Inventory Adjustments to our Quickbooks accounts is so Quickbooks knows where the offset of the adjustment should go. The inventory asset account mapped in Options is the other half.

1. In Ascend, navigate to Database Explorer > Inventory Adjustment Types.
2. Double-click on an adjustment type to edit it.
3. Update the Quickbooks Account using this chart: 

Ascend IA Type

QB Mapping Options

Checked-In transfer item

·        Pending Inventory Transfers (OCASSET)

Checked-Out transfer item

·        Pending Inventory Transfers (OCASSET)

Donation

·        Donations (EXP)

·        Charitable Contributions (EXP)

Excel Inventory File Import

·        Inventory Adjustments (COGS)

Merged

·        Inventory Adjustments (COGS)

Other

·        Inventory Adjustments (COGS)

Owner's Draw

·        Owners Use (Equity)

·        Inventory Adjustments (COGS)

Reconciled Inventory

·        Inventory Adjustments (COGS)

Rental

·        Rental Inventory (ASSET)

·        Rental Expense (EXP)

Sales/Display Use

·        Shop Supplies

·        Display Use

Shop-Use

·        Shop Supplies

·        Service Supplies

Shrink

·        Inventory Adjustments (COGS)

Sponsorship

·        Marketing

·        Advertising

·        Sponsorship

Traded-In item as payment

·        Inventory (OCASSET)

Warranty

·        Warranty (EXP)

Edit Payment Types for Quickbooks  


1. In Ascend, navigate to Database Explorer > Payment Types
2. Double-click on a payment type to edit it.
3. Edit the Quickbooks Account in each payment type using this chart:

Ascend Payment Type 

QB Mapping Options

Cash

·        Bank account (BANK)

·        Undeposited Funds (OCASSET)

Check

·        Bank account (BANK)

·        Undeposited Funds (OCASSET)

Coupon

·        Coupons (COGS)

·        Coupons (EXP)

·        Advertising (EXP)

·        Marketing (EXP)

Credit Card

·        Bank account (BANK)

·        Undeposited Funds (OCASSET)

Credit Memo

·        Customer Deposits: General Deposits (OCLIAB)

·        Customer Deposits: Gift Cards & In-Store Credits (OCLIAB)

Debit Card

·        Bank account (BANK)

·        Undeposited Funds (OCASSET)

eCommerce

·        Bank account (BANK)

·        Undeposited Funds (OCASSET)

Financing

·        Bank account (BANK)

·        Undeposited Funds (OCASSET)

Gift Card

·        Customer Deposits: General Deposits (OCLIAB)

·        Customer Deposits: Gift Cards & In-Store Credits (OCLIAB)

Gift Certificate

·        Customer Deposits: General Deposits (OCLIAB)

·        Customer Deposits: Gift Cards & In-Store Credits (OCLIAB)

In-Store Credit

·        Customer Deposits: General Deposits (OCLIAB)

·        Customer Deposits: Gift Cards & In-Store Credits (OCLIAB)

PurchaseAccount

·        Accounts Receivable (AR)

Trade-In

·        Inventory (OCLIAB) - if they attach items

Trek Card

·        Bank account (BANK)

·        Undeposited Funds (OCASSET)

Edit Tax Rates for Quickbooks


1. Navigate to Database Explorer > Tax Rates in Ascend.
2. Double-click on a tax rate to edit it.
3.Select the apporpriate account from the Quickbooks dropdown.
4. Select Save.

The State Tax Rate should be mapped to the Quickbooks Account called Sales Tax Payable (OCLIAB). If you have mutliple taxrates for City, County, State, etc., they can be listed separately.   

Setting Ascend Options for Quickbooks


1. Select Options > Quickbooks in Ascend. 



2. Set the various dropdowns using the chart below: 

Ascend Option

QB Mapping Options

Credit Card Grouping

·        Visa, Mastercard, Debit & Discover (if they use Paymentech)

Down-Payments

·        Customer Deposits: Down Payments (OCLIAB)

No Category Sales

·        Income account for items sold with no category assigned

No Category COGS

·        Cost of Goods Sold account for items sold with no category assigned

AP - PO's Recvd:

·        (optional) Inventory Clearing (OCLIAB)

Inventory Asset

·        Inventory (OCLIAB)

Warranty

·        Inventory (OCLIAB)

AP - Freight Expense

·        (none)

Cash Over/Short

·        Cash Over/Short (EXP)

Payouts

·        Suspense

·        Ask My Accountant

·        Other

These need to be re-mapped per payout.

Class

·        (optional) for multi-store retailers only

Shipping Charges

·        Freight-In (COGS)

This is an offset to freight charges.  DO NOT map to an income account.

Create a Shortcut!

This is totally optional, but might make things a little easier for you.

1.  In Ascend, select Help > Open Ascend folder.
2. Right-click the Export folder
3. From the dropdown menu, select Send to > Desktop to create a shortcut.

The folder Export - Shortcut will appear on the computer's desktop, so you can easily find and access it when needed!

Additional Resources


Article:Set up my Quickbooks account

Feedback and Knowledge Base