What is it doing?
When you integrate your accounting software with MarketMan and set up the suppliers and categories with expense accounts, we will push inventory items automatically into the expense account of the category/supplier default when you export invoices.
HOW TO ADD EXPENSE ACCOUNT PER ITEM - Step by Step
- Go to "Inventory" > "Inventory items"
Use the filtering and sorting on the top to make the selection easier.
For example: select a specific category, then select all and use bulk update! - Select the items you want to add to a specific expense account.
Then click on "Actions" > "Bulk update" > "Expense account".
- Type in the expense account name EXACTLY as it appears in your accounting software.
You might want to use an excel export to copy-paste this information easily.
Don't forget to hit "Save"!
You can also set this up per item, individually, if that's easier for you!
- Click on the inventory item you want to change and then the Accounting tab.
Here you'll see a field for "Expense account" and "Class"
Fill out the information by typing it in or selecting from the drop-down (depending on your accounting software)
Don't forget to hit "Save"!
HOW DO I DETERMINE WHICH EXPENSE ACCOUNT NAME TO USE?
This depends on the accounting system!
Xero - Drop-down selection
Quickbooks Online - Drop-down selection
Quickbooks Desktop - Name (Use chart of account export!)
Quickbooks Desktop IIF - Full Name (Parent1:Parent2:Child) no numbers! (Use chart of account export!)
Mastering expense accounts - In a chain with HQ!
If you're part of a multi-location chain with separate software integrations, you might want to use this ability to send items to specific expense accounts.
You should first set up your suppliers with default expense accounts, and then add specific tracking for items you want to differentiate out of the supplier default.
This setup should be done in the locations, not in the HQ.
FAQ
Why can't I find my expense account in the drop-down?
If you're using Quickbooks Online or Xero and you've just added a bunch of accounts, you might need to refresh the list of accounts in MarketMan.
Head to "Settings" > "Company" and click on the refresh icon next to the accounting software name. Wait for the confirmation, then check your drop-downs again- you should see all accounts there!