![]() This liability account is credited when the cost of an inventory item is increased after the initial receipt or debited when the cost of an inventory item is decreased after the initial receipt.Inventory Adjustment (manual changes to inventory items) This applies to inventory adjustments made on the first day an inventory item has a non-zero cost.The Inventory account is debited as part of this event. This liability account is credited when inventory is received.Inventory Added (via purchase order, trade-in, or manually) This asset account is debited when inventory is received and credited when inventory is sold/consumed. ![]() If the ticket remains open on the date of payment then the customer deposits account is credited as described above, otherwise, if the ticket closes on the date of payment, the applicable revenue account is credited as described below. This asset account is debited when a store credit payment is made on a ticket.Payment Type - Store Credit (Payment Method of Store Credit) This asset account is debited when any other type of payment is made on a ticket.Payment Type - Other (Payment Method of Other) This asset account is debited when a credit card payment is made on a ticket.Payment Type - Credit Card (Payment Method of Credit Card) This asset account is debited when a check payment is made on a ticket.Payment Type - Check (Payment Method of Check) This asset account is debited when a cash payment is made on a ticket.Payment Type - Cash (Payment Method of Cash) On the date of ticket closure, this liability account is debited and the applicable revenue account is credited as described below.The payment type account is debited as described below. This liability account is credited when a customer makes a payment on a ticket prior to the date of ticket closure.Integrations: QuickBooks Online ResourcesĬustomer Deposits (payments on tickets prior to the date of ticket closure).For questions about your Chart of Accounts in your accounting software, please consult with a CPA on proper policies, procedures, and laws in your state. This article gives an explanation of Journal Entry Classifications in RepairQ. Journal Entries can be exported from RepairQ and into your accounting system-QuickBooks, Xero, or other software. This information is used to produce the Journal Entries Report and it is required for QuickBooks Online integration. If your accountant has set up a Chart of Accounts (COA) for your business, you can map your RepairQ account data to your COA to automate the classification of the account events in RepairQ. RepairQ generates Journal Entries for sales, payments, COGS, inventory, and taxes payable.
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