Not sure why your Fishbowl and QuickBooks don't match? Don't worry we've provided 10 reasons to help you find out why.
1. Incorrect Account Mapping
This is where I always start when I am asked to solve a Fishbowl – QuickBooks out of balance issue. If you are sending the dollars to the wrong accounts in QuickBooks, you may need to look no further.
2. Forward dating or back dating transactions
So, my techniques are designed to reconcile inventory at a point in time. If the Fishbowl users are in the habit of using a date other than today’s date when entering transactions this becomes quite difficult.
3. Changing or Deleting inventory transactions in QuickBooks
4. Creating Inventory transactions in QuickBooks
Sometimes the QuickBooks folks just do not respect Fishbowl and they just go ahead and use the old part numbers in QuickBooks. I had someone who did not like seeing FB_Item on her invoices so after the invoice was in QuickBooks, she would change it to the QuickBooks part number. That support call opened with “Why is our inventory negative?” Fishbowl sends over a Journal entry to record cost of goods sold and now she was doubling Cost of Goods Sold with the use of the QuickBooks part.
5. Changing Item Receipts to Bills which preventing their deletion by Fishbowl, hence doubling both the inventory impact and payables
This is a common initial mistake. Too often the QuickBooks folks do not get trained on Fishbowl. Accounting should be reconciling the Vendor Bill to the PO and the Receipt in Fishbowl perfecting the classic Three-Part Match.
6. Reconciling the Bill before receiving the part
Fishbowl will let you reconcile the bill against just the PO, defeating the “Three Part Match” which is a vital internal control. Recently had a customer whose AP department had reconciled $700K of such invoices. Resulting in QuickBooks being $700k higher than Fishbowl.
7. Not reconciling Fishbowl and QuickBooks at the Start
resolved by reconciling Fishbowl and QuickBooks at the Go Live Date are the dozens of clients that used Cycle Counts to bring in their inventory quantities without costs. The proper import is the Add Inventory Import which requires a cost.
9. Using FB_Item in QuickBooks for non-Fishbowl transactions
Summary on the day before they went live and compared it to the QuickBooks General Ledger account the same day. Guess what, they were close to a million dollars off before Fishbowl. Had to do with Entries made for tax purposes over the years. This error is always an awkward conversation.