Financial Statements

For the most part, every transaction you sync from iPoint to QuickBooks deals with either inventory or accounts receivable. Obviously, if you are taking payments from customers, you can also directly affect the cash accounts. Transactional entries are typically found on the Balance Sheet, and that is where you will find all the things iPoint syncs to QuickBooks.

At the end of the day, these transactions also affect the Income Statement, often called the Profit & Loss Statement, by taking the cash left over after collecting customer payments and deducting vendor expenses and costs.

As an overview, there are three primary reports most people look at to determine the financial health of a company.

  • Balance Sheet – This is the report you run that shows the value of your assets (cash, buildings, equipment, inventory), liabilities (the obligations you have to your employees, vendors, and lenders), and equity (the difference between what you own and what you owe.)
  • Income Statement – Also referred to as the Profit and Loss Statement, this report shows how much money your company is making.
  • Cash Flow Statement – This shows the flow of cash, duh!. We’re talking about the cash used for operations, investing, and financing your business.

It is important to understand that many of your financial statement transactions DO NOT occur in iPoint. Payables, payroll, many expenses, and business charges are entered directly into QuickBooks. (For example, there is no place in iPoint to enter bank interest or rental income.)

The best way to reconcile iPoint to QuickBooks is:

  1. In iPoint run the Invoice Summary report (found in Reports > Invoices > Invoice Summary)
    1. If you are using the RFP accounting method, be sure to filter your report to only include Standard & Delivery invoices.
  2. In QuickBooks, run the Profit & Loss Detail report
  3. Make sure the two reports cover the same time period.
  4. These two reports should match. If they don’t, see the troubleshooting section below.
    NOTE: If your company has income that is entered directly into QuickBooks (like rental property income, bank interest, or advertising revenue), these two reports won’t match.

Income Reconciliation Troubleshooting

Oh No! Your QuickBooks Profit & Loss Detail report (the income section) and your iPoint Invoice Summary report don’t match! How do you find the errors?

  1. Make sure the date range on both reports is the same.
  2. Ensure that all invoices and delivery invoices during the date range have been synced from iPoint to QuickBooks.
  3. Verify if there is any non-job-related income that someone entered into QuickBooks. If so, deduct that amount from the QuickBooks P&L Detail.
  4. If the time period is still out of balance, shorten the date range and repeats steps 1-3 above. For example, if you were comparing the year’s transactions, try comparing each month. Many times you can find one specific month that is incorrect.
  5. Once you find the month with the error, try rerunning the reports for a week at a time and keep narrowing the date range until you find the specific day(s) with errors.
  6. Now compare each transaction on each report until you find what is different.

Last modified: 3 Oct 2023

Was this helpful?

Yes No
You indicated this topic was not helpful to you ...
Could you please leave a comment telling us why? Thank you!
Thanks for your feedback.