FTD Mercury Accounting
Module
1
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.
2
What is eligible for
export?
EVERYTHING ENTERED INTO THE
SYSTEM THAT MEETS THE
CRITERIA!!!
3
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
4
Chart of Accounts Setup
5
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
6
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
7
Chart of Accounts:
Additional Features
• Add additional bank accounts.
• Set beginning date for the export.
• Edit\change GL account numbers.
8
Exporting to Quickbooks
Data is exported (transferred) to Quickbooks through the
Balance Wizard option from Accounting.
9
Exporting to Quickbooks
•Select start and end date for export
•Select how balance report shall be printed, Summary
vs. Detail
10
Exporting to Quickbooks
11
Exporting to Quickbooks
12
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
13
Journal Entries in
Quickbooks
Entries for
Aug 20
Entries for
Aug 21
14
Journal Entries in
Quickbooks Explained
On a $100 order:
FTD Mercury
Quickbooks
Flowers
$59.99
Chocolate $12.95
Delivery $20.00
Tax
$7.06
Cash Paid $100
Perishables
$59.99
Candy
$12.95
Delivery Income $20.00
Sales Tax Payable $7.06
Bank
$100
Flowers are part of the ‘Perishables’ product category.
Chocolate is part of the ‘Candy’ product category.
15
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%
16
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.
17
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)
18
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.
19
Quickbooks & Clearing
House Statement
Let’s 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’.
20
Member Activity
Statement – Section B
21
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”
22
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
23
Quickbooks Journal
Entries
Incoming Orders:
Debit
Accounts Receivable FTD
FTD Clearing Account
Paid to Sending Florist
FTD Clearing Account
FTD Wire Commission
FTD Clearing Account
Credit
1437.33
1437.33
287.47
287.47
100.61
100.61
24
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.
25
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
26
Quickbooks Journal
Entries
Outgoing Orders:
Debit
FTD Accts Payable
FTD Clearing Account
Credit
1992.60
1992.60
27
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.
28
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
29
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.
30
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.
31
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.
32
Thank You!!
Questions???
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