QuickBooks for retail makes accounting easier for retail owners, which typically uses accrual accounting and operates on a monthly accounting period. Managing multiple branches, tracking inventory, and keeping up with sales and expenses can be overwhelming for a retail business owner. That's where a reliable retail accounting software comes in—QuickBooks Retail Edition.
To get started, you'll need to bring all your existing data from your retail business into QuickBooks, including sales, expenses, and inventory levels. In this blog, we'll walk you through how to set up QuickBooks for retail, both in the desktop and online versions, and how to upload your existing retail data into QuickBooks.
We recommend using SaasAnt Transactions for the data import process because it is CPA recommended, takes just 5 minutes, and has a 5-star rating in the QuickBooks app store from over 3,200 users. Let’s get started with how to set up QuickBooks for retail business.
QuickBooks Online: QuickBooks for retail offers QuickBooks Online, a cloud-based solution that provides accessibility from any device. It features automatic updates and seamless integration with third-party applications, making it ideal for on-the-go management. Additionally, it supports multiple users, enhancing collaboration among team members.
QuickBooks Desktop: QuickBooks Desktop is known for its robust features, including advanced inventory management and customization options. This version is suitable for businesses with specific accounting needs and offers a one-time purchase option, which can be more cost-effective for some retailers.
QuickBooks Enterprise: For larger retail operations, QuickBooks Enterprise provides enhanced reporting and user permissions, catering to complex business requirements. Choosing the right version depends on your retail business's budget, required features, and accessibility needs.
Inventory Management: QuickBooks allows you to track inventory levels, manage stock across multiple locations, and set reorder points to avoid stockouts.
Sales Tracking: You can easily record sales transactions, track sales by product or service, and analyze sales trends over time.
Point of Sale (POS) Integration: QuickBooks integrates with various POS systems, enabling seamless data transfer between sales and accounting.
Expense Tracking: You can categorize and track expenses, helping to manage costs and improve profitability.
Reporting and Analytics: QuickBooks provides customizable financial reports, including profit and loss statements, balance sheets, and sales reports, allowing you to make informed decisions.
Multi-User Access: You can grant access to multiple users, such as accountants or employees, with customizable permissions for better collaboration.
Sales Tax Management: QuickBooks automates sales tax calculations and reporting, ensuring compliance with local tax regulations.
Customer Management: The software helps manage customer information, track sales history, and send invoices, improving customer relationships.
Mobile Access: QuickBooks Online offers mobile access, allowing business owners to manage finances on the go.
Integration with E-commerce Platforms: In case you are planning to expand your retail store online then QuickBooks can help you with that too.
Enter Your Business Information
To begin your journey with QuickBooks for retail, select a plan that best suits your business needs. Visit the pricing page to explore available options and create an Intuit account. Enter your basic business information, and you can link your credit cards and bank accounts now or skip this step for later. Download the QuickBooks mobile app to snap pictures of receipts and bills, which QuickBooks will automatically match to your records.
QuickBooks Dashboard
The QuickBooks dashboard is your central hub for all accounting needs. Customize the homepage to display essential information, including cash flow, profitability, and sales. By selecting "Customize Layout," you can add and reorder widgets to gain valuable insights at a glance.
Integrate SaasAnt Transactions
For new retail business users, the setup process can be overwhelming. SaasAnt Transactions simplifies importing existing financial data, allowing you to focus on growing your business. Easily import invoices, expenses, and customer lists, eliminating tedious data entry. You can also create secure backups and automate data imports, making SaasAnt Transactions a trusted partner in your QuickBooks for retail setup.
Quick Instructions for Bulk Import Using SaasAnt Transactions
Integrate SaasAnt Transactions from the QuickBooks app store and start the 30-day free trial.
Upload the file. It can be anything from XLS, XLSX, CSV, or IIF. In case you have a PDF file, you can convert it to Excel within the application.
Map the fields in your file to the QuickBooks fields.
Review and Import.
Rollback (undo) if needed.
Import Customers, vendors and Products into QuickBooks Online
Your next step is to import customers into QuickBooks Online. SaasAnt offers bulk imports without size restrictions, allowing you to import large datasets without the limitations found in QuickBooks Online. It supports sub-customers by enabling you to structure your data in a "Parent: Child" format, such as "John Doe: Project A." Additionally, SaasAnt provides a flexible mapping interface for accurately aligning your file's columns with QuickBooks fields, ensuring data consistency. With features like "Auto-create entities," SaasAnt can automatically create new customers during the import process, significantly reducing manual data entry.
SaasAnt also lets you import vendors and product lists into QuickBooks Online.
Setting Up Chart of Accounts
A well-organized chart of accounts is essential for tracking transactions in QuickBooks. Access it by selecting Transactions -> Chart of Accounts. Each transaction affects at least two accounts, such as a bank account and an expense category. You can add new accounts by clicking the New button, and if you need to import multiple accounts, SaasAnt Transactions can help with bulk imports.
Customizing Invoice Templates
To create personalized invoices, navigate to Settings -> Custom form style. Here, you can modify the layout, add your logo, and adjust font styles. Customize the Activity Table to include details about the products and services you charge for, and personalize email settings for sending invoices. You can also import invoices into QuickBooks using SaasAnt Transactions.
Set Up Expense Settings
To configure expense settings, go to Settings -> Accounts and Settings -> Expenses. Enable options to track expenses by a customer and mark them as billable. You can also set default payment terms and enable purchase orders for vendor transactions, enhancing your expense management in QuickBooks for retail. SaasAnt Transactions offers a very easy solution to import expenses into QuickBooks Online, which lets you maintain data accuracy.
Add Users and Manage Access
Adding users to your QuickBooks account allows for shared financial management. Click on Settings and select Manage Users to invite team members. Customize each user’s access level based on their responsibilities and utilize the Audit Log feature to track user activities.
Connect Your Bank and Credit Card Accounts
Linking your bank and credit card accounts to QuickBooks saves time by automatically downloading and categorizing transactions. To connect, go to Transactions, select Bank Transactions, and click on Connect Account. If your bank isn’t compatible, you can manually import transactions.
QuickBooks Payments
QuickBooks Payments enables you to accept various payment methods from customers, including credit cards and bank transfers. Set up payments by navigating to Settings -> Account and Settings, then click on the Payments tab. Enter your business details and bank information to get started.
Download QuickBooks Desktop
To set up QuickBooks Desktop for your retail business, visit the download page, select your region, product, and version, and then download the software. If the installation doesn’t start automatically, find the quickbooks.exe file and double-click it. Accept the license agreement, enter your license and product numbers, and choose either “express” or “custom” installation. After installation, open the program, reboot if prompted, and begin activation to create a new company or restore an existing file.
How to Create a New Company in QuickBooks Desktop
To create a new company in QuickBooks Desktop, open the application and click on “My Company.” Select "Create a new company," where you will have two setup options. The Express Start allows for a quick setup, requiring only your business name, industry, and type. Alternatively, choose Detailed Start for a more thorough setup. Follow the instructions to complete the process, ensuring that if you have an existing company file, the new one has a different name to avoid overwriting data.
How to Set up Existing Company in QuickBooks Desktop
If you need to set up an existing company, access the File menu and select "Open or Restore Company." Click on "Open a company file," then locate the folder where your company file is saved. Select the file with a .qbw extension and click Open. Enter your username and password if prompted.
Setup Customers, Vendor, and Items
Once your company file is set up, the next step in QuickBooks for retail is to establish customers and items. Start by selecting "Customers" from the menu to view existing customers. Clicking on a customer’s name will display their contact details and past transactions. To add a new customer, click on "New Customer and Job" at the top and fill in the necessary information. QuickBooks will remember this for future transactions.
You can also set payment terms for customers by selecting "Payment Settings." If you need to modify an existing customer or job, simply double-click their name in the list. Next, create your items and services list by clicking on "Item" and selecting "New." Fill in the details for what you charge, ensuring to enter the price and the account that tracks revenue from sales.
To add a vendor in QuickBooks, open the "Vendor Center" from the top menu. Click "New Vendor," enter the necessary details such as name, billing address, and contact information, then click "OK" to save the vendor information.
Here’s a detailed guide: How to Import Vendors into QuickBooks Desktop?
Recording Sales
When recording your retail sales, you have two main workflows depending on when you collect payments. If you provide services or goods before receiving payment, start by recording an invoice. For immediate payments, use a sales receipt, which is common for retail businesses. Once you determine the best workflow, open the appropriate form and record the customer’s name, sale date, item or service provided, and any other relevant details.
Setting Up Employees
Before you can pay employees in QuickBooks Desktop, you’ll need to create profiles for them. Obtain a W-4 form from each employee, which contains personal information and deductions. In QuickBooks, go to Employees > Employee Center, then select New Employee. Fill in the required fields, including the employee’s name, Social Security number, and hire date.
For direct deposit, enter the employee’s bank account and routing number. Click on Taxes to add tax information based on the W-4 year. You can also track sick and vacation accruals if needed. Once finished, select save and close. You can bulk import your employee list using SaasAnt Transactions, which simplifies the data entry process.
Integrating SaasAnt Transactions
Integrating SaasAnt Transactions into your QuickBooks for retail setup can significantly ease the burden of data entry. This tool allows you to import existing financial data, from invoices to customer lists, simplifying your setup. And for added convenience, SaasAnt Transactions supports automated data imports through email, or FTP/SFTP. The best part is that it comes with a 30-day free trial.
Quick Instructions for Bulk Import Using SaasAnt Transactions
Download the app from SaasAnt Transactions Desktop Page and click the Import button on the home screen.
Select the QuickBooks transaction type (Bill, Invoice, Expense, Journal Entry, etc.) and choose your file.
Click Next to access the mapping screen.
Map QuickBooks fields to the uploaded file headers.
Ensure your file has headers for proper mapping.
After mapping, click Next for a final review.
Edit any grid entries as needed to verify data.
Once confirmed, select Send to QuickBooks for a successful import. Use the QB symbol to open the transaction directly in QuickBooks.
Setting Up Opening Balances
To set up your opening balance, gather your bank statements and access the Chart of Accounts in QuickBooks. Create a new account, name it uniquely, and enter the opening balance. If you want to track past transactions, choose a date older than the oldest transaction you want to include.
Setting Up Sales Tax
Finally, to set up sales tax for your retail business, enable the sales tax preference in QuickBooks. Add individual sales tax items for each rate you charge customers and combine these rates into a Sales Tax Group for easier management. Once established, choose the sales tax rate you typically charge customers and select your payment method.
QuickBooks is one of the best retail accounting software there is. The only catch is having to manually enter your existing data into QuickBooks. This definitely would lead to some frustrating errors, and you will end up spending time correcting them. The simplest solution is to integrate SaasAnt Transactions and import all of your data within a few minutes and enjoy the benefits of data accuracy. The benefits of SaasAnt don’t end there. You can also bulk edit, delete multiple transactions, and bulk export for further financial analysis.
Yes, QuickBooks is an excellent choice for retail stores. It offers features like inventory management, sales tracking, and customer management, making it easy to handle daily operations. With options for both QuickBooks Online and Desktop, retailers can choose the version that best fits their needs, ensuring efficient financial management.
QuickBooks can be used for retail stores, particularly for accounting and financial management. However, its Point of Sale (POS) system has been discontinued as of October 3, 2023, meaning users should seek alternative POS solutions for their retail operations.
Yes, QuickBooks can be used for sales in retail. It helps manage inventory, track customer data, and streamline transactions. While the QuickBooks Point of Sale (POS) system has been discontinued, QuickBooks still offers essential features for sales management, making it a valuable tool for retail businesses.
QuickBooks is better than Excel for accounting because it automates tasks like invoicing, expense tracking, and reporting, reducing errors and saving time. It offers specialized features for financial management, user-friendly interfaces, and integration with other business tools, making it more efficient for businesses compared to Excel.