Getting Started with Quickbooks Online
ProfitSystem integrates with Quickbooks Online, and can send Invoices to Quickbooks Online, as well as the totals from the daily Revenue Report.
To connect ProfitSystem to Quickbooks Online
- Go to Houskeeping->Accounting->Accounting Setup->Setup Tab and for Program select "QB Online."
- Exit from and restart ProfitSystem.
It will ask you to remove all the configuration for Quickbooks Online from ProfitSystem, including the Quickboks accounts matched to ProfitSystem accounts. If you are reconnecting and don't want to lose the configuration, say No. If this is the first time it is set up, choose Yes.
To disconnect Quickbooks Online
- Go to Houskeeping->Accounting->Accounting Setup->Setup Tab and for Program select "None"
- Exit from and restart ProfitSystem
Initial Setup for Revenue Report Export
Revenue/Sales data is exported by exporting each ProfitSystem account to a corresponding Quickbooks Account. Receipts, such as Cash or Checks, is usually exported to a corresponding income account in Quickbooks. Some stores export receipts to Undeposited Funds instead. It depends on how your accountant sets up Quickbooks.
Each account in ProfitSystem should be matched to an account in Quickbooks Online. Multiple accounts in ProfitSystem can be matched to a single account in Quickbooks and vice-versa, if needed.
You can run the QB Account Map report, located in Housekeeping->Accounting Integration->QB Account Map to get a listing of all the ProfitSystem accounts that need to be mapped to Quickbooks.
This table shows the Quickbooks accounts commonly linked to ProfitSystem accounts.
| ProfitSystem account | Quickbooks Account |
|---|---|
| All receipts accounts (Cash, Checks, etc.) | Matching income account |
| Tax accounts (R1N1, etc.) | Tax agency account created by Quickbooks |
| Partial Payments | Current liability account called Partial Payments |
| Revenue accounts | Income account(s), either one for all revenue or separate ones for each category of revenue |
| Cost of goods sold | Cost of Goods Sold account |
| Inventory asset | Other Current Assets account |
Go to the Quickbooks Online Chart of Accounts and insure that all the accounts needed to link to ProfitSystem are present. Create any missing accounts.
In ProfitSystem, go to the Chart of Accounts, and for each account shown on the QB Account Map report, click the lookup next to Export Number/Name and select the correct Quickbooks Account
Insure that all the accounts referenced on the QB Account Map are linked.
Initial Setup for Invoice Export
Invoices received from vendors are entered into ProfitSystem during the purchase order receive process. These invoices can later be exported to Quickbooks in a batch.