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QuickBooks Point of Sale Financial Exchange Error

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QuickBooks Point of Sale is used by a small or medium-sized business to track the regular business activities that comprise of sales and inventory. It acts an excellent option to escalate your business productivity. QuickBooks Financial software keeps a record of financial data.

While there is an exchange of information between the two programs, it reduces the work pressure as sales activities can be easily tracked in QuickBooks Point of Sale system. After this, data output is shifted directly into your financial software without entering information second time.

There is one of the common errors reported by users of QuickBooks Point of Sale i.e “Financial exchange error”. However, when the user enters the inventory received in the software and tries to run an inventory valuation report, there is no more money displayed in the inventory assets.

What is QuickBooks Point of Sale Financial Exchange Error?

While the financial exchange error occurs you will see a message that there were certain problems sending receipts to your financial program. After getting this error the first thing you see in the Activity Log.

In versions 10 and version 11 you can check the activity log by clicking i=on the financial menu at the top of the program and select financial center. From there click on the button labeled view activity log. In versions 9 and earlier, click on the financial drop-down menu and select view activity log.

Reasons for the QuickBooks Point of Sale Financial Exchange error

QuickBooks Point of Sale Financial Exchange error occurs due to several reasons. One of the reasons may be due to improper or incorrect settings in QuickBooks. Let’s check out the other reasons for the error.

  • Accounts being used are not set up with the Tax Type
  • Vendors for the tax agency is not set to a type of tax agency
  • Company preferences usually mean the use of Sales Tax, but the company information has been incorrectly set to use a particular type of Tax form.
  • A physical store is selling items that don’t have a quantity, creating negative quantity amounts.
  • Using line item discounts that create decimal quantities on sales receipts

Troubleshooting steps for the financial exchange error in QuickBooks Point of Sale

There are different troubleshooting steps for different versions of QuickBooks.

Versions 5:

For existing transactions causing the issue, follow the following steps

  • Choose Point of Sale > Sales History.
  • Locate and select the receipt that is causing the error.
  • Click Financial at the top of the listing.
  • Select Mark this document as successfully sent and click OK.

Versions 6:

For existing transactions causing this issue, please follow these steps:

  • Locate and flag the receipt based on the receipt number in the error
  • Choose Point of Sale > Sales History.
  • Locate and select the receipt that is causing the error.
  • Click I Want To at the top of the listing and choose View Financial History.
  • Select Mark this document as successfully sent and click OK.

 Versions 10:

For existing transactions causing this issue, please follow these steps:

  • Locate and flag the receipt based on the receipt number in the error:
  • Choose Point of Sale > Sales History.financial exchange error
  • First Locate and select the receipt that is causing the error.
  • Click I Want To at the top of the listing and choose Show Financial Detail.
  • Select Mark this document as successfully sent and click OK.

So friends, if you are facing the QuickBooks Point of Sale Financial Exchange Error then this article will be very helpful for you. Just follow the above-discussed steps and you should now be able to use the QuickBooks Point of Sale software smoothly without any errors.

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