Note: This feature is in beta testing and will be an additional cost once it is out of testing. QuickBooks Online Plus or Advanced plans are required. Please let us know if you have any issues.
Enabling this feature will allow you to sync Amazon, eBay, Shopify, and Walmart inventory with QuickBooks. Any sale will reduce the inventory level for the product in QuickBooks. Any refund will increase the inventory level for the product in QuickBooks.
Note: Invoices must be selected in Settings > Invoices for this feature to work. Journal entries will not work with inventory sync.
STEP 1. Select Sync Inventory Sales in Settings > Inventory. Once you select this you will see an SKU Mapping in your settings.
STEP 2. Select whether you would like Taxomate to create all your sales channel products in QuickBooks automatically. You can also create each one manually.
STEP 3. Select whether you would like Taxomate to automatically adjust the inventory quantity in QuickBooks once a day to reflect the quantity for each product in your sales channel.
STEP 4. (OPTIONAL) Go to the SKU Mappings tab. If you would like to match up each SKU in your sales channel to your QuickBooks product, you can now do so. You can also add costs for each product in Taxomate and we will update the cost for that SKU in QuickBooks.
Note: If no QBO product is matched to an Amazon, eBay, Shopify, or Walmart SKU, Taxomate will default to a Sales or Refund account in Accounts & Taxes page.
Note: You may see up to four invoices/credit memos per settlement period when this is enabled.
Once your inventory mappings are set, you can now send over invoices that will reflect the changes in inventory levels.
Tracking SKU Profitability (Optional)
⚠️ Note: Due to QuickBooks Online's limitations on classes, tracking SKU Profitability in QuickBooks requires either the Plus Plan with tracking 40 products or less or the Advanced Plan.
To track profitability by SKU you will need to set a class for each SKU you would like to track in QuickBooks.
You can also have us automatically create a QuickBooks class for each SKU in your Taxomate account in Settings > Inventory.
Once you have all of your QuickBooks classes setup, you can then run reports by classes. Here is an example of a profit and loss report for a single SKU.
If you have any feedback on how we can improve this feature, please let us know!