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Using the Accounting Link

  NOTE: This feature is available in the Professional and Enterprise versions of both Spectra and Stratus Desktop.
ATTENTION!

When using Quickbooks Desktop direct, Quickbooks Desktop must be open on the computer prior to beginning the posting process.

QuickBooks Desktop Version 2023 or 2024 or QuickBooks Online are supported.

*Keep in mind that support for the QuickBooks 2023 desktop version will cease May 2026 and the QuickBooks 2024 desktop version  sometime in 2027. Now is a good time to look into using the online version of QuickBooks here.
The 2022 Desktop version QuickBooks version is NOT supported.

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PATHWAYS TO SUCCESS…

Here is an example of how the accounting workflow relates to the General Ledger Accounts within your accounting software.
Depending on which accounting method you use, expand the example below. To set up using Cash Basis accounting vs. Accrual accounting, see the Accounting Method section in the Company Preferences – Accounting tab. See also: Setting up the Accounting Link

Cash Basis Accounting
This is an example of a Cash Basis accounting method in Quickbooks Desktop. It is used when invoices are posted as soon as the invoice is paid in full.

A client has a $100 invoice.

The client makes a $25 down payment and pays with cash.

The payment posting to the accounting software for that day would be this:
Bank Account – Debit $25 (This GL account is pulled from the Cash Payment Method)
Customer Deposit Account – Credit $25 (This GL account is pulled from the Company Preferences – Accounting tab)

The Customer Deposit Account represents the deposit (or partial payment) the client has made. This is a liability account type. The studio either owes the client some product or they owe them their money back. Nothing hits the actual sales account yet, because the invoice is not paid in full.

On a different day, the client pays the remaining $75 balance with an American Express card.

The payment posting to the accounting software for that day would be this:
Bank Account – Debit $75 (This GL account is pulled from the American Express Payment Method)
Customer Deposit Account – Credit $75 (This GL account is pulled from the Company Preferences – Accounting tab)

The invoice is now paid in full, so the invoice posting to the accounting software would be this:
Customer Deposit Account – Debit $100 (This GL account is pulled from the Company Preferences – Accounting tab)
Sales Accounts – Credit $100 (This GL account is pulled from the various Item Maintenance records used on the invoice. If items on the invoice are not set to use General Ledger Accounts, the sale will be credited to the General Sales Account from the Company Preferences – Accounting tab)

Accrual Accounting
This is an example of an Accrual accounting method in Quickbooks Desktop. It is used when invoices are posted once they are initially created.

A client has a $100 invoice.

The client makes a $25 down payment and pays with cash.

The payment posting to the accounting software for that day would be this:
Bank Account – Debit $25 (This GL account is pulled from the Cash Payment Method)
Accounts Receivable – Credit $25 (This GL account is pulled from the Company Preferences – Accounting tab)

This accounting method posts invoices once they are created, so the invoice posting to the accounting software for that day would be this:
Accounts Receivable – Debit $100 (This GL account is pulled from the Company Preferences – Accounting tab)
Sales Account – Credit $100 (This GL account is pulled from the various Item Maintenance records used on the invoice. If items on the invoice are not set to use General Ledger Accounts, the sale will be credited to the General Sales Account from the Company Preferences – Accounting tab)


The Accounts Receivable Account represents the partial payment (or deposit) the client has made. This is a liability account type. The studio either owes the client some product or they owe them their money back.

On a different day, the client pays the remaining $75 balance with an American Express card.

The payment posting to the accounting software for that day would be this:
Bank Account – Debit $75 (This GL account is pulled from the American Express Payment Method)
Accounts Receivable – Credit $75 (This GL account is pulled from the Company Preferences – Accounting tab)

   

Making a Deposit #

Making a deposit will post your payment records in Spectra/Stratus. Posting
is a process that locks financial transactions, like invoices and payments,
into the system so that they cannot be changed. A deposit posting should
occur whenever you make a deposit.

HERE’S A FLASH FOR YOU!


With the 2011 version,
Spectra introduced the End
of Day Wizard. You can do a number
of deposits at once and combine them with invoice posting into
one streamlined process. See also: End of Day Wizard

When you post a deposit, the following things occur: 

  • First, the transactions are locked so they cannot
    be modified.

  • Second, if you are using external accounting software,
    such as Quickbooks Desktop or Simply Accounting,
    a summary of the financial transactions are exported to a file that
    can be imported into the accounting software.

  1. To make a deposit, go to Tools
    > Accounting Link > Make a Deposit.

  2. Indicate the Deposit Date.
    This will automatically default to today’s date.

  3. Select the Payment
    Method by checking the box
    for the payment types you are depositing.

  4. Select the Payments
    to deposit. Every deposit for the selected Payment
    Methods will appear. Click
    Select All to choose all of
    them or select records one-by-one, indicating which payments you are
    actually depositing.

  5. Check the deposit total.

  6. Click Print Deposit
    Slip     to print a deposit slip for the cash and check deposits.

  7. Click Make Deposit
    when you’re ready to make the deposit. Once the deposit has been made,
    the software will give you an option to print the deposit reports.

ATTENTION!

  • If you are a Spectra User, ALWAYS run a back up before posting records. If anything is posted incorrectly, you can simply restore the back up and try again.
  • Once you post your records you
    CANNOT change them unless you have enabled     User Security
    in Spectra/Stratus and have set the appropriate security. So be sure
    you have verified each of your deposit amounts and they are
    all correct.
  • To unlock a posted invoice or payment
    you must log in with the proper security permissions. Then
    go to the payment you need to unlock and select     Unlock Payment from the Payment
    Menu    . You can then make the
    necessary changes.
  • These changes will NOT be reflected
    in any posting or in your accounting software.
  • You can unlock and change records,
    but you CANNOT un-post them. Once a record has been posted,
    the posting date CANNOT be changed or removed.
  • For more information, see the Security
    Groups     and Setting
    up the Accounting Link     topics.

Posting Invoices #

Posting invoices locks invoices into the system so that they cannot
be changed. Invoice postings will export all sales tax payable and income
information to a file that can be imported into your accounting software.

HERE’S A FLASH FOR YOU!


With the 2011 version,
Spectra introduced the End
of Day Wizard. You can combine
your invoices posting with deposits into one streamlined process.
See also: End
of Day Wizard

When you post invoices, the following things occur:

  • First, the transactions are locked so they cannot
    be modified.

  • Second, if you’re using external accounting software,
    such as Quickbooks Desktop or Simply Accounting,
    a summary of the financial transactions is exported to a file that
    can be imported into the accounting software.

  • Third, sales tax/VAT is calculated for the sales
    tax/VAT reports.

1.  Click Tools
> Accounting Link > Post Invoices.

2.  Enter the Posting
Date, this will automatically
default to today’s date

3.  Select the invoices that you want to post. Use
the Select All button to select
all of the invoices.

4.  Check the invoice total.

5.  Click Post Invoices.
Once the records are posted, the software give you an option to print the
posting reports.

ATTENTION!

  • If you are a Spectra User, ALWAYS run a back up before posting records. If anything is posted incorrectly, you can simply restore the back up and try again.
  • Once you post your records you
    CANNOT change them unless you have enabled     User Security
    in Spectra/Stratus and have set the appropriate security.
  • To unlock a posted invoice you
    must log in with the proper security permissions. Then go
    to the invoice you need to unlock and select     Unlock Invoice from the Invoice
    Menu    . You can then make any
    necessary changes.
  • These changes will NOT be reflected
    in any posting or in your accounting software.
  • You can unlock and change invoice
    records, but you CANNOT un-post them. Once an invoice has
    been posted, the posting date CANNOT be changed or removed.
  • For more information, see the Security
    Groups     and Setting
    up the Accounting Link     topics.

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Reprinting Posting Reports #

To reprint posting reports:

  1. Go to Tools >
    Accounting Link > Reprint Posting Reports    .

  2. Select the posting Month
    and Year.

  3. Then select the posting you want to reprint. To
    select more than one posting at a time, press the Ctrl
    key.

  4. You can Preview,
    Print, or Export
    the reports to a PDF file.

Re-Exporting Posting Reports #

To re-export your posting data to your accounting software:

  1. Go to Tools >
    Accounting Link > Re-Export Posting Reports.

  2. Select the posting Month
    and Year.

  3. Then select the posting you want to re-export.
    To select more than one posting at a time press the Ctrl
    key.

  4. Click Export
    to export the data to a text file in your accounting software export
    folder.

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