can I combine Quickbooks Point of Sale software with Quickbooks financial software and get a true P&L statemen

Question

This is a small womens clothing store. I am getting two sources of Income when I prepare the Profit & Loss Statement: one from POS and one from the bank statement where I have entered daily deposits. I am also getting two sources of Cost of Goods Sold: one from POS and one from the visa card entries of purchases made for resale. How do I get a true P&L?

Answer 1

That depends. You need to make certain the QB POS and Visa card entries are exactly the same. For example, are you entering all credit card transactions through POS? Does this include the Visa transaction costs, refunds, etc?

Answer 2

Both QuickBooks and Peachtree are solid small business accounting applications. A lot will depend on what kind of business you have - for example if you are a manufacturer Peachtree has an industry specific edition and unlike QuickBooks which only allows the average cost inventory method Peachtree allows FIFO and LIFO as inventory options. Both softwares have integrated payroll solutions (for an additional fee) and strong reporting capabilities. Both offer full job costing capabilities. And while both are user friendly they will not make you an accountant. If you have no bookkeeping or accounting experience both will require a fair amount of learning to use the software effectively. The one benefit of QuickBooks is because it has such a large percentage of the small business accounting application market it will be easier to find accounting professionals who know QuickBooks vs those that know Peachtree.