Are you using Vend store credit and have an integration with QuickBooks Online (QBO)? You will need to set up your store so that liability flows through to QBO when store credit is given and redeemed. To learn how to set this up, follow the steps below:
Important: If you integrate with QBO and are looking to set up Vend store credit, the steps below are mandatory. If you do not have the correct setup for liabilities between Vend - QBO, store credit issuance and redemption will not flow through to QBO correctly.
1. Setup your Liability and Expense accounts in QBO
First off, you will need to make sure you have a liability account and an expense account for store credit in QBO. You will need to create them if you have not already.
The store credit liability account will increase when store credit is issued manually, or when it is issued through a return. It will decrease when store credit is redeemed.
The store credit expense account will increase when store credit is manually issued.
You can follow these steps to create these accounts in QBO.
2. Complete your store credit mapping in Vend
Next, you will need to map your QBO liability and expense accounts correctly in the Vend-QBO setup screen. This is so that all store credit issued will post liability across to QBO, and that liability is reduced when store credit is redeemed.
To do this:
1. Head to Setup -> Add-ons and click on the pencil icon next to QBO. You should now be in your Vend - QBO Mappings page.
2. First, navigate to your 'Liabilities' section and choose your store credit expense account under 'Store Credit Expense'. Setting this up will mean that this expense account will increase when store credit is manually issued.
Then, select your store credit liability account under 'Store Credit Liability'. Setting this up will mean that this account will increase when store credit is issued manually or through a refund, and will decrease when store credit is used to make a purchase.
3. Click Save Settings
Now that this is setup, all store credit issued will post liability across to QBO and every time store credit is redeemed your liability will be reduced in Xero.
Note: Liability will flow through to QBO when you close your register for the day.