QuickBooks Integration for Jewelry Software

3 minutes · WJewel jewelry software

The video version of our QuickBooks integration guide for jewelers: what a real integration posts compared with a lump-sum entry, everything that should sync, why generic retail integrations get jewelry wrong, how it's set up, and the results. The last part shows QuickBooks export and the built-in accounting in WJewel.

What the video covers

A real integration vs a single lump-sum journal entry
Sales by tender, tax by jurisdiction, COGS at item cost, layaways, trade-ins, repairs and card payouts
Why generic integrations fail on memo, trade-ins, layaway and serialized cost
Connecting, mapping accounts, choosing the sync cadence and reviewing the log
QuickBooks export and built-in accounting in WJewel

Chapters

0:00 Month-end, twice over
0:17 What integration actually means
0:35 What should sync
1:06 What generic integrations get wrong
1:23 How it's set up
1:41 What jewelers get
2:00 Accounting in WJewel
2:21 Contact us

Transcript

Read the full transcript

Month-end, twice over

Ask a jeweler about their least favorite job, and you'll hear the same answer: month-end accounting. When the point of sale and the accounting software don't talk, everything gets entered twice. A proper QuickBooks integration fixes that.

What integration actually means

A real integration posts your daily sales, refunds, taxes, tenders, deposits, cost of goods, layaway liability and adjustments to the right accounts. A weak one dumps a single lump-sum journal entry, and leaves your bookkeeper guessing.

What should sync

Here's what should sync: daily sales by department, location and tender, sales tax by jurisdiction, and the cost of goods at each item's actual cost, refunds, voids and exchanges, layaway deposits and liability, and trade-ins as inventory receipts, repair deposits and revenue, vendor bills and purchase-order receipts, and card payouts matched to the processor's deposits.

What generic integrations get wrong

Generic retail integrations don't understand memo, trade-ins, layaway liability or repair deposits, and they can't handle the cost of unique, serialized pieces, which is the whole point of jewelry inventory.

How it's set up

Setting it up takes four steps. Connect QuickBooks Online or Desktop, and map your departments, tenders, tax rates and locations to your chart of accounts. Then choose real-time, end-of-day or on-demand syncing, and review the daily sync log.

What jewelers get

The result: month-end closes in hours instead of days, and sales tax is filed correctly by jurisdiction, margins are reliable because the cost of goods is posted correctly, bank reconciliation is clean, and you see your real finances.

Accounting in WJewel

In WJewel, you can export to QuickBooks, or use the built-in accounting, so you don't need a separate package at all: a chart of accounts, accounts payable, bank transactions downloaded from your bank, and easy reconciliation.

Contact us

You'll find the full guide on the WJewel blog. WJewel is fully web-based, and runs on PCs, Macs, tablets and phones. To learn more, visit www.wjewel.com, or call us at (646) 578-8300.