Price update in POS Admin is not properly reflected in QuickBooks

Legacy KB ID: 4411

Question

When I change the price of an item in POS why does QuickBooks show a slightly different price? 

I changed the item price from $115.00 to $100.00 (gross) but when transferred to QuickBooks the price was listed as $99.99998. 

Answer

You may experience this issue when you store item prices in QuickBooks in NET amounts (Amounts do not include tax).  When this information is transferred to POS, the price will be stored in a GROSS amount (Amounts include tax) then rounded to the nearest 2 decimal places. 

When you change a price in POS, you change the GROSS amount.  When this price change is posted to a QuickBooks file storing prices as NET, QuickBooks will convert the GROSS price to a NET price.  When this information is presented in a report, tax will be added and displayed in up to 5 decimal places.  A minor difference may be seen.  Where large volumes are involved, then the difference can translate to a few dollars. 

All prices in QuickBooks should be stored as GROSS.

 

 

Workaround

Tick the Amts incl Tax box on each Item record.

 

Where you hae a large number of items to convert.

These steps will show you how to export information to an IIF file, use Excel to convert some information and import the changed IIF back to QuickBooks.  If you are not confident with these processes please refer to your IT professional or a Reckon Accredited Partner. 

 

1.    Complete all End Of Day processing in POS and post to QuickBooks.

2.    Before continuing make a backup of your company file.

3.    In QuickBooks, export the Item List to an IIF file:

File > Utilities > Export > to IIF > tick Item List.

4.    Open the IIF with Excel and go to column AF – AMTICTAX: Amounts include Tax.  Use the Excel commands to change all the N notations to Y. 

5.    Save the file.  Keep the file in txt format.  In Windows Explorer rename the file extension from .txt to .iif.

6.    In Quickbooks import the changed IIF file:  File > Utilities > Import > IIF Files > select the file > Open.

7.    View the Items List to see prices in Gross with the box Amts incl Tax ticked.

8.    Transfer data from QuickBooks to POS.

 

How did we do?

Cannot assign a Class to a POS Refund in QuickBooks

Setting up an Item Prompt on a POS Terminal

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