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24 QuickBooks Point of Sale Terms You Should Know

QuickBooks

 

Figure 1: QuickBooks Point of Sale’s Financial Exchange

establishes an ongoing connection to QuickBooks for data-

sharing.

 

Figure 2: You can enter a search word or phrase in the Quick Find box at the top of the Navigator page.

If you’re new to QuickBooks Point of Sale, get ready to expand your vocabulary

When you first start using QuickBooks, even if you’ve been doing manual accounting for your business, there’s a learning curve. You recognize some things, like check blanks and invoice forms, but you have to take on an unfamiliar workflow, deal with new words and phrases, and learn more about double-entry accounting concepts than you perhaps knew before.

The same is true as a novice QuickBooks Point of Sale user. Whether you’re opening your first retail location or you’ve been selling auto parts or craft supplies or bakery goods for a decade, there will undoubtedly be some education required of you.

Here’s a sampling of some of this new lingo that comes with the territory. You may look at the definition of a word or phrase and still be confused, but that’s where we come in. Seasoned shopkeeper or first-time seller, you will likely need our help when you first start using this complex piece of software.

Address Verification Service (AVS): In transactions where a credit or debit card is not physically present, AVS adds an extra layer of security

Assembly: Multiple products pre-assembled in a unit

Average Unit Cost: The average (not actual) cost of the items on hand in your inventory

Chargeback: A credit card charge disputed by a customer

Class: A categorization method used in creating reports; can, for example, run Profit and Loss reports by store

Committed Quantities: The number of inventory items that have been included on active customer orders

Figure 1: QuickBooks Point of Sale’s Financial Exchange establishes an ongoing connection to QuickBooks for data-sharing.

Financial Exchange: QuickBooks POS tool that helps you share data with QuickBooks

Merchant Service Center: An Intuit website dedicated to helping you manage your merchant account

Non-Inventory Item: An item for which you do not keep track of on-hand quantities, like shipping or delivery fees

Payout: Funds taken from the cash drawer for any of a number of reasons, like a bank deposit, office party, or to make a necessary purchase

Physical Inventory (PI): The process of tallying the number of items physically present in inventory; used to correct quantities recorded in QuickBooks

Price Level: Price charged for items that differs from the regular price; can define up to four additional reduced prices in QuickBooks POS (employee cost, promotions, etc.)

Quick Add Item: Process by which you can quickly create a new inventory item while completing a transaction with a customer; doesn’t require as much immediate detail

Quick Find: Found on the QuickBooks POS Navigator; functions as a search tool for locating customers, items, receipts, etc.

Figure 2: You can enter a search word or phrase in the Quick Find box at the top of the Navigator page

Quick Pick: A user-defined group of selected items that can be easily accessed during checkout

Quick Zoom: Lets you “drill down” on a line or value within a report; can see the origin of the selected item

Remote Store: Refers to every store other than Headquarters in a multi-store QuickBooks POS configuration

Simple View: An abbreviated version of a sales receipt that may be viewed via touchscreens and virtual keyboards

Split-Payment Sale: A transaction that is completed using two or more payment methods

Store Exchange: Data shared between Headquarters and remote stores via:

  •  Desktop email
  •  Web-based email
  •  Removable media, or
  •  Network file exchange

Transfer Slip: Documents transfer of merchandise between stores

X-Out Shift Report: Available throughout the sales day, monitors recent sales activity

Z-Out Drawer Count: End-of-shift or end-of-day cash drawer reconciliation

Z-Out Store Close Report: End-of-day sales and cash flow summary; assists in readying a bank deposit

You can see that there are a lot of new terms to understand when you begin managing your retail transactions using QuickBooks Point of Sale. We can help further your education by putting those words and phrases in context, so you can see where they fit in your workflow.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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