Getting The Freshbooks Quickbooks Integration To Work

Getting The Freshbooks Quickbooks Integration To Work

New Invoice Activates when a new billing is produced. This trigger just returns a summary of the invoice, as the line items aren’t consisted of.

Fresh Books is a popular online program for little service billing, and the company just recently revealed a function that will post info from Fresh Books into Quick Books Desktop. Let’s have a look at how this new feature works and point out some options you may wish to consider. Although the product is called “Fresh Books Cloud Accounting” and is “created for small company owners,” it isn’t a complete accounting system.

Fresh Books stands out at quickly producing invoices, tracking time, and even logging expenditures. For information on this, see Greg’s “Cloud Accounting Comparison” series. Many companies that use Fresh Books likewise wish to utilize Quick Books to manage their accounting– leveraging the simple, online invoicing features of Fresh Books while handling their other accounting tasks with the familiar Quick Books Desktop item.

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Previously, Fresh Books by itself didn’t have a method to pass details on to Quick Books. In February 2014, Fresh Books added a new feature– the capability to post journal entries to Quick Books Desktop. This isn’t what I would call a “reconciliation” that integrates information in between the two products; rather, it’s a basic method to get summary monetary details from Fresh Books into Quick Books.

As shown in Figure 1, click the e-mail Journal Entries to your accountant link in the Reports tab. Figure 1: Exporting journal entries Define a date variety, as revealed in Figure 2. All posting deals in that date variety will be exported. Figure 2: Date variety to export Fresh Books will send out the export file as an accessory to an email that you send to your accountant (or to yourself).

Figure 3 reveals the window for making up the email. Figure 3: Email address for exporting file I did face an issue one time. I just like those “something failed” sort of error messages (see Figure 4), which don’t offer you any idea as to what went incorrect OR what you must do about it.

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Figure 4: Oops? Two e-mails are sent. Figure 5 reveals the confirmation that was sent to me. I like getting a verification, given that the e-mail is not sent out through my own email system. Figure 5: Email confirmation to sender The accounting professional (or you, if you wish) gets an email that has a zip file connected, which includes the export file (Figure 6).

Figure 7 reveals what the file consists of for the deals I have actually gotten in into Fresh Books for this time duration. This consists of: An “expense” 2 billings, one with sales tax A payment for among those invoices Figure 7: Fresh Books IIF export file Fresh Books is sending out journal entries over to Quick Books.

In the very first area, the file defines what “accounts” will be utilized. You don’t have a lot of control over this, from what I’ve seen up until now. The following accounts are produced in Quick Books for you: Expenditures Paid: An Other Existing Property account to receive any costs that you produce in Fresh Books (see Figure 8).

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Supplies: An Expense account is created for the “classification” for any expenditures you create. You can see the drop-down list in Figure 8. You can include new categories to this list, so you have the ability to develop a classification name that matches an account in your Quick Books chart of accounts.

Billed Tasks: This is an Income account that’s produced to hold earnings from time entries that you bill to a customer on an invoice (Figure 9). One income account is created for perpetuity entries billed by doing this, you can not change the name as far as I can see. Figure 9: Fresh Books Billing Sale of Products: An Income account that will consist of charges for any service or product from an invoice.

Again, it will not publish this to a bank account. Figure 10: Fresh Books payment for Billing 0000001 Davis Tax Payable: This is an Other Current Liability account that will get any sales tax amounts from billings. Figure 11 programs adding sales tax to a billing. You can add a sales tax record and specify both the name and the rate.

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Figure 11: Sales tax on a billing Listed below the list of accounts, you see the real journal entries– one for each deal. The Memo field has detailed info. Now that you have the IIF file, you’ll publish it to Quick Books. There’s no method to automate this, you need to do it manually.

That is a basic “best practice” before doing ANY import, because you can not “reverse” an import. Select File from the Quick Books menu, then Utilities, then Import, and lastly IIF Files. Select the file, and your deals are imported. If any of the accounts in the transaction don’t exist in your Quick Books chart of accounts, they’ll be included.

Figure 12: General journal entry in Quick Books Mike Mc Derment, CEO of Fresh Books, says, “Having the ability to receive Journal Entries will conserve accountants time by lowering manual data entry and allowing them to focus on much more high-value services for their customers.” That’s true. If you’re an accounting professional or accountant and you have a Fresh Books customer, you’ll find that Fresh Books isn’t a full accounting program and you’ll be using some other system to manage your client’s accounts.

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It is necessary to find methods to lower the manual re-entry of information, because that can be a significant source of mistake. While this is a great addition to Fresh Books, there are a variety of concerns I have with the way Fresh Books chose to do this. You probably might include some to the following list that I have not thought of yet: I don’t like imports utilizing IIF files.