How do I synchronize my data into QuickBooks?
You can synchronize all account transactions with your QuickBooks account in just a few minutes. In order to begin, you must authorize and connect your QuickBooks Online account. To do so, go to the Accounting settings page from the main Settings menu. Select the "QuickBooks sync" tab.
QuickBooks Online sync is available starting from the Growth Plan and for the US users only.
Select the date you want to start synchronizing your transaction (based on transaction due date), if you have been adding those to QuickBooks manually. You can also turn on classes (Properties) and location (the default location Rentals will be applied). Click "Link to QuickBooks".
You will be redirected to a window where you will connect your QuickBooks account and link the company attached to your QuickBooks account. Once connected, the information will be synced with the selected account. You can use either manual or real-time synchronization.
This method is perfect if you want to control the process of synchronization of your transactions into QuickBooks. Press the button and syncing will begin. Synchronization process time can differ due to the volume of data. Once it is finished, you will be notified via the feed notification.
This method constantly synchronizes transactions in your QuickBooks account. Every transaction update will be reflected in your QuickBooks account instantly.
This might be helpful:
How to adjust Quickbooks settings to enable updating an invoice or bill?
This is a one-way synchronization from the software into QuickBooks. If you make changes in QuickBooks, they will not be reflected in the software.
When the synchronization is in active status, you can change the configuration or disable QuickBooks synchronization by selecting the appropriate option. In order to do so, scroll the page and click the “deactivate” or ”change configuration” button. Confirm your choice:
Below is a list of the software accounting categories and how they will be displayed in QuickBooks accounting:
|- General Property Income||→||-Invoice|
|- General Property Expense||→||-Expense|
|- General Income||→||-Invoice|
|- General Expense||→||-Expense|
|- Liability||→||-Credits Memo|
If there are no matching categories in QuickBooks, they will be auto-created. Property and unit information is added to the details section. If you track classes, each transaction will have a class that will be named a Property.
If there are two contacts with the same name in your Contacts, they will be created with a # and number suffix, as in the example below:
Mike Walsh #1
Once a transaction is synchronized with QuickBooks, the QB icon will appear next to the transaction ID in the transaction details at the bottom. This transaction ID will indicate the same invoice in QuickBooks, so you can easily track it. The numbers following the underscore symbol in the transaction ID (i.e. 219_21) appear when the invoice is already paid and indicate a payer ID.
Attachments are synced automatically.
Please pay attention to how statuses change according to different transactions.
- The sales section in QuickBooks displays income and liability invoices:
Income: Once an invoice is created and the status is open in the software, QuickBooks generates an invoice that is in an open status as well. Once the invoice is paid in the software, QuickBooks changes the open invoice to a paid status and additionally creates payment with a closed status.
Liability invoices (deposit, credits, prepaid rent, and other liabilities): once a deposit is created and the status is open in the software, QuickBooks generates a credit memo with an unapplied status. Once the deposit is paid in the software, QuickBooks changes the credit memo to a closed status and additionally creates an invoice with a paid status and a payment with a closed status.
Expense: once the invoice is created and status is open/paid in your user account, QB generates it in the Expense section:
QuickBooks integration is also provided with the Location and Classes option, where Class in QuickBooks indicates your Property name (if there are property income/expense-related transactions) and Location, which is Rentals.
If transactions are general and not related to any of your properties, then the Class will be Unclassified. In the Categories section, put checkmarks next to "Track Classes" and "Track Locations." Then select an option from the drop-down list to assign classes and location labels.
Mar. 9, 2023