Setting up Accounting - General Settings for Woo Commerce
Woo Commerce allows for three types of Posting Methods Journal Entry, Summary Sales Receipt or Itemized Sales Receipt. The posting method you choose will affect which settings are made available to you. You may see all of the options below or just some depending on the posting method you chose. To learn more about the types of posting methods and which is right for you see link below:
Class -Customer - Deposit Account
Class: Is an identification that allows tracking of different segments of your business
Customer : Sales receipts may optionally have a customer defined, such as Point of Sale: Sales
Deposit Account: The account is where the net cash deposit should go.
If you want to book the cost of goods sold against inventory values you will want to turn this on.
Sales can also be separated by revenue center. Revenue centers are zones set up in your Point of Sale. This is in addition to items that are set up. For example: Food sold at the bar or Food sold in dining room.
The revenue centers could be Bar, Dining room or even patio.
Deposit Checks with Cash
If your business accepts personal checks and if your bank combines checks and cash deposits into one amount on your bank statement, you will want this set to ON. If you have $100 in cash and a $100 check there will only be one entry for $200.
If you do not accept personal checks or your bank lists them separately on your bank statement, you will want this OFF
If your Point of Sale supports cash drawer operations but you do not want to include any reported over or short in your accounting postings set this to ON.
The cash over and short account is used when the primary currency is cash for retail situations. Petty Cash is also an example. Use of an Over/Short account allows for fraud tracking, and identifying employee training needs.
Auto-Payout of Tips
If you pay credit card tips out as cash each night and are not entering these as a payout in your POS, turn this ON to automatically create a cash payout entry to reflect the accounting offset to the tips collected. If you are recording tip payouts directly in your Point of Sale do NOT enable this option.
After making all your appropriate selections, select “APPLY”