I searched through these forums, and surprisingly couldn't find a thread pertaining to this issue. As some of you may know, I have been working on integrating RMS store ops with Quickbooks2005 for the past month. I have almost worked out all of the kinks. One problem remains...
We do our accounting on a cash basis instead of accrual. For those that don't know, the main difference is when sales tax is paid on customer invoices. In accrual base accounting, sales tax is payable as soon as an invoice is created, where in cash basis sales tax is payable only after an invoice is paid. There are many advantages of cash base accounting for a business like ours, but the most important is cash flow.
At any rate, it appears to me that when RMS exports data to Quickbooks, it credits the 'Sales tax payable' account when customer invoices are created, thus it exports in accrual base. My question is simple, is there any way to change this so that RMS exports an entry to 'Sales tax payable' only after a customer has paid that invoice?
I certainly hope so as converting our entire system to accrual base would be difficult to say the least.
Thank you in advance for any insight or advice regarding this matter.