Retail Express offers a variety of integration options to link your POS system with your Accounting Package - refer to the Accounting Integration Options article for more information.
General considerations
- All transactions are linked to their respective store.
- Xero - Tracking Categories
- MYOB - Jobs
- By default, Direct Costs are expensed on receipt (including duty, freight and any miscellaneous charges) - all other cost transactions only relate to the Buy Price. If using a cloud integration with either Xero or MYOB you have the option to use Direct Cost Provisioning (see below for more details)
- As of February/March 2023, we now present accounting data as already inclusive of tax (for applicable transaction types). This is to avoid rounding discrepancies previously incurred when the accounting package calculated tax independently, sometimes resulting in small variances between each system’s “tax-inclusive” total.
Integrated Data
Cash Up Discrepancies
Cash up discrepancies will be journaled from a clearing account as a daily total, direct to an expense account. For over cash, ie positive adjustments, the value will be journaled back from the expense account to the clearing account.
Direct Cost Provisioning
Direct costs are the costs to the business outside of the Inventory Value (freight on board) when receiving stock from a supplier. In Retail Express these direct costs are split into:
- Freight
- Duty
- Miscellaneous costs.
The total cost (or Cost of Goods Sold) of your products is the Buy Price + Direct Costs.
The Cloud integrations with Xero and MYOB support a second method of expensing these direct costs. Direct Costs can be provisioned to an Asset account and then expensed, along with the Buy Price as the Cost of Goods Sold. For more information refer to:
Money In, Money Out and Petty Cash
Petty Cash transactions will be journaled from a clearing account as a daily total, direct to a separate asset clearing account. Petty Cash transactions will then be expensed from this account.
For Money In (positive adjustments) the value will be journaled back from the asset account to the clearing account.
Payments
Payments on Retail Express sales are summarised daily, per payment method, and paid against the daily summary invoice.
Direct Deposit payments are paid individually, with the customer number used as a reference (in the format 'Customer Acct Number + Company Name') to enable easier bank reconciliation.
The payment date of the receipt will match the payment date entered at POS when processing. To allow for the integration of back-dated payments to be recorded on the correct date, multiple invoices may be created for the same date.
Sales
Sales information is integrated as a daily summary invoice per store. This includes the following transactions:
- Cash and Carry Sales
- Layby Movements - Including payments, sales and conversion
- Debtors Movements ? including sales, receivables and payments
- Cost of Goods ? between inventory and expense accounts
- Freight on sales
- Voucher sales ? for tracking liabilities
- Voucher expiry ? conversion of expired vouchers to a sale
- Surcharges
Each transaction type is included on the invoice on a separate line and applied to accounts specifically set up to receive Retail Express transactions. This ensures the correct journals are created and assists in easier reconciliation.
Invoices are raised against a "Retail Express Integration" customer. These will always balance with the daily payments so there is a zero balance on each invoice.
The lines on these invoices will not post transactions to the control accounts.
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Important Note:
- Sales are sent to the Accounting system as each product is fulfilled
- Sales are attributed to the Outlet that completed the Fulfilment (to create journals for the Sales Outlet, the Gross Profit Report - Fulfilled can be used to view the difference in sales between the original sales outlet and fulfilling outlet)
- The Order Outlet can be changed at any time in Retail Express (so we don't recommend performing reconciliations using this report). For more information refer to the article Fulfil Products from the Fulfilment Report.
Stock Adjustment
The cost of stock adjusted will be journaled as a daily total to an expense account. For an increase in stock, i.e positive adjustments, the cost will be journaled back from the expense account to the inventory account.
Stock Adjustments for Credit Notes
We recommend manipulating the entry in the accounting package to utilise the same GL code as the nominated Stock Adjustment GL code, ensuring the expense is not claimed twice.
When entering the Supplier Credit Note, code the line to the nominated Stock Adjustment GL Account. This will:
- Reduce the expense declared as Stock Adjustment
- The only active accounting entries remaining will be the:
- Reduction of Inventory (created by the original Stock Adjustment journal)
- Reduction to the Creditor (created by the Credit Note)
Stock Receipts
When a Purchase Order is fully received (and the stock is made available in Retail Express) a bill will be created linked to the relevant supplier. The bill will contain a summary of each charge entered including:
- Inventory
- Freight
- Miscellaneous costs
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Note:
- Payment values entered in the Stock Receipt screen in Retail Express are not integrated
- Duty will not be added to the bill but will be journaled to an expense account to be dealt with as required
- The invoice date in the accounting package will be the date the stock receipt is processed within Retail Express - not the date entered as received on the Stock Receipt screen as this field can be changed at any time within Retail Express.
Suppliers
Suppliers will export as required; either when there are changes, or when a Purchase Order is received.
Accounting Data Export File users: you will need to import the Supplier Card file again or create the Supplier within MYOB using the same Company name as displayed in Retail Express.
Transfers
The cost of stock transferred between stores will be journaled through an ?In Transit? account.
Stock will be journaled on the date of dispatch at the sending store and the date of receipt at the receiving store. The total value of goods 'In Transit' will be available through this account.