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GoldFinch/QBO Best Practices


In GoldFinch

  • GoldFinch is intended to be a sophisticated inventory management system.  You do not need the full Chart of Accounts in GoldFinch.  You only need inventory-related accounts including:

    • Sales

    • Sales Discount

    • Cost of Goods Sold

    • Purchases

    • Inventory

    • Accounts Receivable

    • Accounts Payable

  • You can have different Inventory accounts by Inventory Class (Finished Goods, Subassembly, Raw Materials). You cannot have different Inventory accounts by Item Category.  However, you can run the Inventory Valuation report (GF1000) by Item Category to make reclassifications with manual journal entries.  When doing this, also cross-check the Inventory to GL Reconciliation report (GF1003) totals.

  • You can only have one Account Receivable and one Accounts Payable GL Account.

  • You can have different Sales, Cost of Goods Sold, and Purchase GL Accounts by Item and Account Posting Group.

In QuickBooks Online

  • You must create one generic service item named "Z-Inventory" that will carry over all GoldFinch inventory and service items to QuickBooks Online.

  • You must create generic service items named "Z-Invoice Discount" and "Z-Sales Tax" that will carry over all GoldFinch invoice discounts and sales taxes to QuickBooks Online (if applicable for your organization).

  • In QuickBooks Online, these Z- items must be used exclusively for GoldFinch integration.  Otherwise, your will not be able to tie out sales and purchases between the two systems.

  • All Z- items will point to one Sales (Income) account, Purchase (Expense) account, Discount account and Sales Tax account.

Inventory Cutover 

  • We advise against conducting a physical inventory just before cutover, as this creates complexity in reconciling the legacy Ending Balances with the GF Opening Balances.  Read Execute Cut-over if you still would like to perform a physical inventory before your "go-live" cutover.

  • Current on-hand inventory will be used for opening inventory imports.

  • Item costs per UOM should be provided with the opening inventory.

  • The sum of that inventory file should match the inventory account in the legacy system - this is the clients' responsibility.

  • The beginning Inventory Counts (with costs) will create the opening balance for the inventory account.

  • The posting date should be one day before go-live.

  • Base Unit of Measure Costs may be imported to the Item records (Base UOM) for reference.

  • We suggest a physical count be done later in GoldFinch, after users are acclimated to the system.

Design Considerations

  • In GoldFinch, we don’t allow Purchase Invoices with duplicate Vendor Invoice numbers.

  • The Vendor Invoice No. entered in GoldFinch will become the Bill No. in QuickBooks Online.  If the Vendor Invoice No. is blank, the Bill No. in QuickBooks Online will be populated with the Purchase Invoice No.

  • Duplicate Bill numbers are not allowed in QuickBooks Online.

  • The Purchase Invoice No. from GoldFinch is copied to the QuickBooks Online "Memo" field.

  • When we send a Purchase Invoice to QuickBooks Online, an error appears if the same Purchase Invoice No. is used twice.

  • Duplicate Sales Invoice numbers are not allowed in QuickBooks Online. 

  • Reconcile Purchase Invoices in GoldFinch with Vendor Bills in QuickBooks Online, daily or weekly as needed, and at a minimum, monthly. You want to check the invoices have come over to QuickBooks before paying vendors.

  • You cannot unpost Sales Invoices, or Purchase Invoices in GoldFinch if they are sync'd already.  You will have to uncheck the Sync'd field from GoldFinch, unpost, correct, and then post again.  Then delete the old Invoice in QuickBooks Online, and sync again (this creates a new updated invoice in QuickBooks Online).

  • Keep in mind, there are more Vendor Bills in QuickBooks Online than in GoldFinch (bills for Selling, General, and Administration "SG&A" expenses not directly related to inventory).  While COGS (Inventory related) invoices should all be in GoldFinch.

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