Bookkeeping can be a chore – but it doesn’t need to be overwhelming. Use this article to help keep you on track and give you more time to focus on your customers.
And if you ever need a hand, the Ascend Bookkeeping Team is here to help – even if you aren’t using our bookkeeping services! Just call our support line (877-875-8663) and select our Bookkeeping line or send us an email at bookkeeping@ascendrms.com.
Interested in exploring Ascend’s full-service bookkeeping services? Learn more today!
Overview of Best Practices:
This chart will list the best practices tasks for Ascend and QuickBooks®. Below the chart, tasks are broken out by cadence, and explained in further detail.
| Ascend Tasks | QuickBooks® Tasks | |
|---|---|---|
| Daily |
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| Weekly |
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| Monthly |
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| Yearly |
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Daily Tasks
Ascend Tasks
Review the Activity Summary report for the current date.
From the Ascend Desktop, click the Reports tile. The Activity Summary (in the End of Day section) is selected by default. Change the date(s) included in the upper left. Then select Refresh to rerun the report.
Keep a close watch for:
- Margin values which seem incorrect
- Balance value that is not zero ($0.00)
- Discrepancies in the Cash Reconciliation values (computed vs actual)
- Errors displayed on the last page of the report.
Many transaction errors can be easily fixed on the same day that they occur. Contact the Ascend Team for assistance, if needed.
See Set up reports to deliver automatically to learn how to have this report and others mentioned in this article delivered via email every day.
Record or Reconcile Cash to Deposit
There are two ways to enter your Cash to Deposit into Ascend: Cash to Deposit or Cash Reconciliation. Our best practice recommendation is using the Cash Reconciliation feature in Ascend.
For more information about using Cash to Deposit or Cash Reconciliation, check out our article: End of Day - Use the Cash Counter.
Review the Products Sold with No Category report.
From the Ascend Desktop > Reports > Scroll down to the In-Store Products Folder > Double-click the Products Sold with No Category report
No date range can be selected for this report. However, once a product is assigned to a category, it no longer displays on the report.
Categorization is retroactive and applies to all previous sales for the product.
- Sort or filter results by the Finish Date column to ensure all products on completed (closed) sales are categorized.
- Double-click a sale item in the results to open the Product Editor and assign a category.
Export your QuickBooks General Ledger Summary
This can be done through the End of Day Tile on the Ascend desktop > check Export to QuickBooks > Click OK or Manually from the Ascend Desktop > File > Export > General Ledger Summary to QuickBooks.
Back up your Ascend Database
This can be done through the End of Day Tile, but did you know that you can set Ascend up to AUTOMATICALLY backup your database each night?!
Check out our article, Configuration - Stay Secure and Updated for more details.
QuickBooks® Tasks
Import your General Ledger Summary from Ascend.
See QuickBooks - Export IIF Accounting Files from Ascend to learn how to use this process.
To determine whether or not an import was completed for a date: In QuickBooks®, select the Edit menu > Find (keyboard Ctrl + F), choose Simple > Journal, and enter a date range (typically the first of the month to the current day).
Weekly Tasks
Ascend Tasks
Review the Negative Inventory report.
From the Ascend Desktop > Reports > Scroll down to the Inventory Folder > Double-click the Negative Inventory report.
- Fix negative quantities for products which are not associated with a Special Order.
- No date range can be selected for this report. However, once a product's quantity on hand is zero or positive, it no longer displays on the report.
Review the Hidden Inventory report.
From the Ascend Desktop > Reports > Scroll down to the Inventory Folder > Double-click the Hidden Inventory report.
- Create inventory adjustments for any products which are not in stock, and/or restore any products which should be active.
- Note: Before restoring a hidden product, ensure it is not a duplicate of another active product.
- No date range can be selected for this report. However, once a product is restored to the database or the quantity is zero, it no longer displays on the report.
Run the Products with Cost Greater than MSRP and Products with Cost Equal to MSRP reports.
From the Ascend Desktop > Reports > Scroll down to the In-Store Products Folder > Double-click the Products with Cost Greater than MSRP or Products with Cost Equal to MSRP reports.
Filter the qty column to only include products with quantity on hand. Click the filter in the top corner of the qty column and set to a qty of 1.
- No date range can be selected for these reports. However, once the product’s cost is greater than its MSRP, it no longer displays on the report.
- Many errors may be caused by an incorrectly configured Case Quantity.
- See Products - Case Quantity (Items Bought in Bulk) to learn how to configure these items.
- If the product has been received with an incorrect cost, see Products - Fix Average Cost to learn how to correct the cost.
See Reporting - Set up Reports to Deliver Automatically to learn how to have these reports sent directly to you (or others) every week.
Run the Non-Inventory Products with Cost query (custom report).
- Ensure both the Estimated Cost and Average Cost fields on the product are $0.00. If the Average Cost must be corrected, see the Products - Fix Average Cost article.
See Reporting - How to Run a Custom Query to learn how to run this query.
Run the Category Mapper utility.
From the Ascend Desktop, select Tools > Category Mapper.
See Products - Category Mapper to learn how to use this feature.
Review outstanding Work Orders, Layaways, and Special Orders.
From the Ascend Desktop, select the View menu > Work Orders, Layaways, or Special Ordered Items.
Review your Cycle Count schedule.
See Inventory Center - Preparation: Cycle Counts to learn more.
QuickBooks® Tasks
Import your Trek invoices from TermSync.
If you are not using this service, contact Trek Financial Services.
Enter Accounts Payable invoices for all other vendors.
See page 7 in the Ascend to QuickBooks® Integration Guide.
Reconcile your bank and credit card accounts
Select the Banking menu > Reconcile.
- Reconcile through yesterday’s bank balance.
- When finished, click Leave.
- Click Reconcile Now only when reconciling to the bank statement.
Match Ascend purchase orders to vendor invoices.
From the Ascend Desktop, click the Reports tile. Double-click the Orders Received by Session report (in the Inventory section) to run it.
See Reporting - Orders Received by Session Report to learn how to use this report.
Note: You may choose to use one of the following possible methods:
- Prepaid Inventory
- Inventory Clearing/PO Reconciliation
Update your Cash Flow Spreadsheet(if managing cash this way).
Be sure to update any Accounts Payables in QuickBooks® first!
Back up your QuickBooks® data.
Select the File menu > Create Backup.
Monthly Tasks
Ascend Tasks
Save the Inventory by Category Summary report.
From the Ascend Desktop, click the Reports tile. Double-click the Inventory by Category Summary report (in the Inventory section) to run it.
- Run this report after close of business on the last day of the month. Be sure to file this report for future reference. Ascend does not track historical inventory values.
- Reconcile the Gross Inventory value on this report to your inventory asset account in QuickBooks®.
See Reporting - Set up Reports to Deliver Automatically to learn how to have this report sent directly to you (or others) every month.
Save the Customer Liability Details and Customer Liability Summary reports.
From the Ascend Desktop, click the Reports tile. Double-click the appropriate report (in the Customers section) to run it.
- Run these reports after close of business on the last day of the month. Be sure to file these reports for future reference. Ascend does not track historical liability values.
- Reconcile the values on the Customer Liability Summary report to your customer liabilities accounts in QuickBooks®.
See Reporting - Set up Reports to Deliver Automatically to learn how to have these reports sent directly to you (or others) every month.
Save the Activity Summary report for the previous month.
From the Ascend Desktop, click the Reports tile. The Activity Summary (in the End of Day section) is selected by default. You can change the date(s) included in the upper left. Then select Refresh to rerun the report.
Keep a close watch for:
- Margin values which seem incorrect
- Balance value that is not zero ($0.00)
- Discrepancies in the Cash Reconciliation values (computed vs actual)
- Errors displayed on the last page of the report.
See Reporting - Set up Reports to Deliver Automatically to learn how to have this report sent directly to you (or others) every month.
Print customer account statements.
From the Ascend Desktop, select the Tools menu > Purchase on Account > Statements.
See Send invoices for Purchase on Account (accounts receivable) to learn how to send account statements.
Review open vendor orders.
From the Ascend Desktop, click the Receive tile.
Run the Aged Inventory report for the beginning of the previous year (e.g. January 1, 2024).
From the Ascend Desktop, click the Reports tile. Double-click the Aged Inventory report (in the Inventory section) to run it.
Enter your financial results for the previous month into Ascend Analytics.
Use your QuickBooks® Profit and Loss Statement to update these values.
QuickBooks® Tasks
Reconcile your bank and credit card statements.
Select the Banking menu > Reconcile > Reconcile Now..
- Save each month's Reconciliation Summary and Reconciliation Detail reports for future reference.
Compare your Ascend and QuickBooks® values for discrepancies.
Keep a close watch for sales which are not associated with a category, significant discrepancies, and/or significant inventory adjustment values.
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Run your Profit & Loss report for the previous month
Select the Reports menu > Company & Financial > Profit & Loss.
Pay close attention to the following items:- Suspense/Ask Accountant items (e.g. Payouts)
- Inventory adjustments with a Type of Sales/Display Use, Shop-Use, or Other.
- Cash Over/Short values
- Inventory Values
- Sales Tax
- Purchase on Account
- Compare your Sales and COGS values for top-level parent categories to the Ascend Activity Summary report for the previous month.
Yearly Tasks
Ascend Tasks
Perform a Physical Inventory Count.
Be sure to save the Inventory Category Summary report immediately after you've reconciled your count.
Save the Activity Summary report for the previous year.
From the Ascend Desktop, click the Reports tile. The Activity Summary (in the End of Day section) is selected by default. You can change the date(s) included in the upper left. Then select Refresh to rerun the report.
Keep a close watch for:
- Margin values which seem incorrect
- Balance value that is not zero ($0.00)
- Discrepancies in the Cash Reconciliation values (computed vs actual)
- Errors displayed on the last page of the report.
See Reporting - Set up Reports to Deliver Automatically to learn how to have this report sent directly to you (or others) every year.
QuickBooks® Tasks
Run your Profit & Loss report for the previous year.
Select the Reports menu > Company & Financial > Profit & Loss.
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