FTD Mercury Accounting Module

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• FTD Mercury Accounting Module

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4 Basic Concepts

• What kind of data is transferred\exported to
  Quickbooks.
• How FTD Mercury exports sales data to Quickbooks.
• How the FTD Mercury sales data appears in
  Quickbooks.
• How to handle the payment of wire orders from
  your monthly clearinghouse statement.

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What is eligible for export?

• EVERYTHING ENTERED INTO THE SYSTEM THAT MEETS THE
  CRITERIA!!!

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Criteria For Data

• Only completed Order Entry Point Of Sale
  transactions
• Only POS sales in a closed POS session (z-out)
• House account payments
• Transactions entered from Manual Ticket window
  (Credit debit memo)
• Finance charges

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Chart of Accounts Setup
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Chart of Accounts

• Chart of accounts creates the Quickbooks company
  file where data will be exported.
• COA also transfers any changes made in FTD
  Mercury that will affect the structure of the
  Quickbooks company file. i.e. creating a new
  product category.
• You must make decisions on how you want certain
  types of information to transfer to Quickbooks

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Chart of Accounts Setup What You Must Consider

• Multi Store Setups
• Single company file for all vs. separate company
  file for each
• Cash Deposits
• Bank account vs. cash holding account
• Credit Card deposits
• Bank account vs. credit card holding account
  (Accounts Rec.)
• Paid Outs In from POS
• Operating expense vs. Cost of Goods Sold

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Chart of AccountsAdditional Features

• Add additional bank accounts.
• Set beginning date for the export.
• Edit\change GL account numbers.

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Exporting to Quickbooks

• Data is exported (transferred) to Quickbooks
  through the Balance Wizard option from
  Accounting.

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Exporting to Quickbooks

• Select start and end date for export
• Select how balance report shall be printed,
  Summary vs. Detail

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Exporting to Quickbooks
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Exporting to Quickbooks
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Data in Quickbooks

• OE sales are exported by sale date of
  transaction.
• POS sales are export by z-out date if the z-out
  date is different than the sale date.
• Individual sale data is not exported to
  Quickbooks.
• Data is exported only as daily totals for each
  day in the date range selected. Detail is found
  in FTD Mercury Reports (Mercury Forms)
• Daily totals include
• Cash checks received
• Credit cards activity
• House account activity
• Delivery service charges on orders
• Product category of the items on orders

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Journal Entries in Quickbooks

• Entries for Aug 20
• Entries for Aug 21

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Journal Entries in Quickbooks Explained

• On a 100 order
• FTD Mercury Quickbooks
• Flowers 59.99 Perishables 59.99
• Chocolate 12.95 Candy 12.95
• Delivery 20.00 Delivery Income 20.00
• Tax 7.06 Sales Tax Payable 7.06
• Cash Paid 100 Bank 100
• Flowers are part of the Perishables product
  category.
• Chocolate is part of the Candy product
  category.

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Handling Wire Orders in Quickbooks

• Generally on wire orders
• Sending florist
• Keeps selling commission of 20
• Filling florist
• Paid for product delivery less the sending
  florist commission and wire service commission of
  7

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How Wire Orders Appear in Quickbooks

• Incoming orders
• 100 payment of wire order is transferred into
  Accounts Receivable FTD
• 100 of sales of product category filled
• Outgoing orders
• 100 Payment from customer
• (20) Product Delivery (Outgoing sales)
• (80) Accounts Payable FTD
• Represents 80 that is paid to FTD on outgoing
  orders.

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Quickbooks Clearing House Statement

• You must make journal entries in Quickbooks to
  account for what you are actually paid on wire
  orders.
• What entries are already made in Quickbooks?
• Sales Income
• Accounts Payable (80 paid to FTD on outgoing)
• Accounts Receivable (100 of amount received over
  the wire on incoming orders)

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Quickbooks Clearing House Statement

• What entries will you have to make in Quickbooks?
• Wire Commissions Expense (20 kept by sending
  florist on an incoming order).
• Marketing Advance Expense (7 commission to FTD
  taken on an incoming order).
• Adjustments and other charges for wire order.
• Other wire service expenses and credits.

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Quickbooks Clearing House Statement

• Lets look at an FTD Clearing House Statement!
• Use Section B from the Clearing House Statement
  page labeled FTD Member Activity Statement.
• You cannot use the amount listed for Section B
  from the Statement Summary Page.
• The summary page does not show the amounts that
  you need to enter for Commission Expense and
  Wire Service Commission.

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Member Activity Statement Section B
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Section B Incoming Orders

• Add all 20 commissions given for incoming
  orders. This is your Commissions Expense.
• Clearing House Marketing Advance is the Wire
  Service Commission

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Section B Incoming Orders

• In this example, FTD wire service commission
  equals 100.61
• Total Wire Commission Expense is 243.47
• 44.00
• 287.47

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Quickbooks Journal Entries

• Incoming Orders
• Debit Credit
• Accounts Receivable FTD 1437.33
• FTD Clearing Account 1437.33
• Paid to Sending Florist 287.47
• FTD Clearing Account 287.47
• FTD Wire Commission 100.61
• FTD Clearing Account 100.61

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Section B Outgoing Orders

• Subtract all 20 commissions earned for the
  amount listed above for outgoing orders. This is
  the 80 paid to FTD on outgoing orders. This
  amount has already been calculated for you.

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Section B Outgoing Orders

• In this example FTD accounts payable total is
  1992.60
• 28.00 5.60 22.40
• 2409.00 - 481.80 1972.2

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Quickbooks Journal Entries

• Outgoing Orders
• Debit Credit
• FTD Accts Payable 1992.60
• FTD Clearing Account 1992.60

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Section B Adjustment other charges

• You may have to additional entries for
  adjustments, taxes or Retrans charges.
• These entries should be made to the appropriate
  accounts of your choice.

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Other Wire Expenses Credits

• Non order related expenses and rebates will
  appear in other sections of the clearing house
  statement.
• These should be entered into Quickbooks to
  accounts of your choice.
• You may need to create additional accounts in
  Quickbooks to track these expenses and credit

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Using a Clearing Account

• What is a Clearing Account?
• A clearing account can be used to ensure all
  entries you make in Quickbooks are accurate.
• Quickbooks follows GAAP Generally Accepted
  Accounting Principles.
• This requires that you make an offsetting journal
  entry when entering in expenses and credit.
• Use a clearing account for this.

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Using A Clearing Account

• For Example
• When you make an entry for 20 commissions given
  on incoming orders you would offset this entry
  against the clearing account.
• If all expenses and credit are offset to the same
  clearing account this ensures the entries are
  made correctly.
• Once all activity has been entered from the
  clearing house statement and offset to the
  clearing account, the remaining balance on the
  clearing account will represent a amount that is
  owed to FTD or a check received from FTD.

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Using a Clearing Account

• The amount that remains in the clearing account
  received should match the amount showing on the
  clearing house statement.
• Finally once a check has been deposited from FTD
  or and check written to FTD that entry will be
  made against the clearing account.
• This entry will clear the balance in the clearing
  account.

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Thank You!!

• Questions???