GREENBACK BLOG

CONNECTED ACCOUNTING

QuickBooks Help Guide

Oct 8, 2018

QuickBooks Help Guide

Overview

It is easy to export transactions from Greenback to QuickBooks Online. In this tutorial, we will see how to export an Expense (purchase/bill) or a Sale (immediate payment) and post it to QBO.

Prerequisites

We recommend that you know how to connect an accounting platform and an account in Greenback. Watch Video: Connect an Account. It’s also good to be familiar with creating transactions in QuickBooks since Greenback exports require the same fields in most cases.

Pro-Tip: If you change any of your settings in QuickBooks (e.g. added a new account to your Chart of Accounts), Greenback will sync your changes on the next export.

Pro-Tip: Don’t forget to make an expense account in QuickBooks for payment processing fees, transaction fees, and marketplace fees. Greenback generates ancillary transactions for “netted out” fees and deductions from bank deposits, if there aren’t any, so that you can reconcile your operating costs!

Basic & Advanced Accounting Exports

All users can export transactions one-at-a-time to their connected accounting package. Basic exports to QuickBooks include fields for vendor/customer, account paid from or deposited to, line item account (e.g. category), tax (on a sale), and matching existing or creating new transactions and attaching the original receipt (if one is available). Advanced exports for paid users include billable customer, billable expense, class tracking, and location/department tracking.

Exporting an Expense

An “Expense” in Greenback consists of 3 different transaction types: purchase, bill, or reimbursement. When you export an expense from Greenback to QuickBooks, each type will map to either a Purchase/Bill or an Expense transaction in QuickBooks.

NOTE: If you need Class Tracking and/or Locations, make sure they are set up in QuickBooks before exporting. You can set it up to use either one separately or both of them together. (Greenback paid users only.)

Export Button

Every transaction in Greenback includes an “Export Button”. Clicking it will initiate the Greenback Export wizard. On the dashboard, choose a transaction and click the Export button. Once clicked, Greenback will refresh your settings from QuickBooks and search for matches.

 Choose an Expense transaction, and click white Export button.	

Export Step 1 of 3: New or Matched

For Step 1 of 3 “Select Destination Account and Company”, Greenback searches for matches and duplicates in all of your QuickBooks accounts (and any other accounting platforms you have connected). Select one item ie: “Matched Expense” or “Create New Expense” (if displayed) that corresponds with the accounting package you want it to post to.

New

A “New Expense” will create a transaction that does not yet exist in QuickBooks. If you select this option, a new transaction will be created in QuickBooks after completing the next 2 steps.

 Select “Create New Expense”, and click Next.

Matched

A “Matched Expense” is when Greenback recognizes one or more transactions that exist in QuickBooks. If you select “Update Matched Expense”, the existing transaction will be updated in QuickBooks after completing the next 2 steps. On a matched expense export, Greenback updates and enhances the existing transaction with additional details and attaches the original receipt (when available). You can safely export knowing that an update will not cause a duplicate in QuickBooks.

NOTE: Review matches carefully. Even though Greenback finds similar transactions, you may still intend on creating a new transaction.

 Select “Matched Expense”, and click Next.

Export Step 2 of 3: Options

For Step 2 “Select Export Options and other Details”, Greenback will display the fields required to successfully export your transaction to QuickBooks. The names of the fields will mirror the names QuickBooks uses in their own UI.

Greenback supports Class Tracking and Location Tracking for expenses (and sales) if it applies to your transaction. You can switch between export modes to expand or condense input fields.

Itemized Export Mode: Use to categorize individual line items with different classes.

Summary Export Mode: Use to assign one expense/asset account to categorize all the line items.

Learn more here: How to Setup Class & Location Tracking or How to Use Expense Classes for Dept, Product, or Event/Project

Payee Field

The “Payee” field is the Contact (vendor, supplier, marketplace, seller platform, etc) that will be associated with the transaction. This mirrors the “Vendor” field in the QuickBooks UI on their own transaction form.

 Select default or input vendor/supplier. Go to next field. 

NOTE: Greenback supports PO#s. If the expense transaction has one (associated with the vendor), it will appear in the text-receipt under details. Make sure you have an open PO and POs are turned on in your settings.

Learn more about PO# setup in QBO.

Bank/Credit Account Field

The “Bank/Credit Account” field is the payment method such as a bank account or credit card used to pay the vendor. The “Bank/Credit Account” field in Greenback is the “Payment Account” field in QuickBooks. Options for this field populate from all “Bank” and “Credit Card” types of accounts in your Chart of Accounts. Hints extracted directly from the receipt or ancillary transaction will display below the field to help you accurately decide the export destination. Ex: “You paid with Visa x-4242”, “You paid with Etsy Shop Funds-Acme Soap x-1200400".

Select default or select from dropdown. Go to next field.

Line Item Account Field

“The Line Item Account” field is the account to associate with the expense. Usually, you think of this as the “category” of what you’ve spent, but in double entry bookkeeping it’s possible it represents something else like an Asset. This mirrors the “Account” field in the Quickbooks UI on their own transaction line items. Select the default remembered from the last export or select from the dropdown. You should see the account name (Ex: Supplies), and the account type (Expense, Asset, etc). Ex: Material (Cost of Goods Sold), 601 Marketplace Fees (Expense), etc. If you need a new account, go to QuickBooks to add it and then start your export over again in Greenback. The dropdown is in CoA order and displays the right group to help you.

 Select default or select from dropdown. Go to next field.

 Repeat or go to next field.

If Class Tracking and/or Location applies to this transaction, additional Line Item fields will display for each line item.

NOTE: Billable Customer, and Billable Expenses features are for Greenback paid users only.

For Customer (Optional)

The “For Customer” field is for tracking expenses and items by customer/address/project that may not necessarily be billed to the customer. (If you start your workflow in QuickBooks, leave it unassigned to a customer. You’ll choose it here.) Make sure that “Track expenses and items by customer” is ON in your QuickBooks settings.

 Select default(s) or type to search. Go to next field.

Ex: 123 Main St. (Project/Subcustomer)

For Billable Expense (Optional)

The “Billable” field is for assigning a billing expense to a customer (ie: making expenses billable in order to be reimbursed by the customer). This mirrors the “Assign expenses to customer” link in the QuickBooks UI on their own transaction form. The expense was incurred by you on your customer’s behalf such as purchasing supplies. You can mark this expense as billable now and later apply it to their invoice or a different invoice. (If you start your workflow from QuickBooks instead, leave the expense unassigned or don’t click the “Billable” box. You’ll choose it here). Make sure that “Make Expenses and Items Billable” is turned on in your QuickBooks Settings.

 Select from dropdown. Click on green Export button.

Ex: Yes, Billable to Customer

Ex: No, Only track for customer

Learn More about Billable Expenses & Class Tracking or Linking Expenses to Customers.

Pro-Tip: There are many ways to track expenses by job. QBO Pro Advisors recommend Class Tracking as a Job Costing workaround. See Job Costing Workaround or QuickBooks Projects (US, CA, UK, AU only). Remember to set Advanced Options first “Track Expenses by Items and Customer”, and then turn on Projects. Do not copy the Estimate to the Invoice. Avoid putting Billable Expenses that are paid onto the Invoice twice.

Location (Optional)

Location tracking is for categorizing the entire transaction. Assigning a location lets you efficiently manage groups of transactions. Ex: location, office, region, outlet, or department for the same company. Also by business, division, property, store, territory, project, or any other criteria. (eg: Twelve Oaks Apts, East Store #1234)

 Select default(s) or type to search. Go to next field.

Class (Optional)

Class tracking specifies a different class for each line item of your expense transaction such as the department, product, or a special event/project. (eg: Custom Orders, Electrical, Kitchen).

 Select default(s) or type to search. Click on green Export button.

Export Step 3 of 3: Confirmation

“Expense Successfully Exported!” is validation that the transaction exported accurately to QuickBooks as intended. The confirmation displays extracted details such as Purchase No. (receipt number), Purchase Date, Total, the corresponding QuickBooks account (selected in Step 1), etc.

After Export

Go to QuickBooks to view the new or enhanced transaction. You will see that Greenback has completed the fields with receipt data, attached the receipt when available, and added a deep link in the top left corner. The link will take you back to the (original) receipt view in Greenback seamlessly if you want to refer to it after the export.

Greenback doesn’t create generic journal entries. Behind the scenes, Greenback will remember your export mappings for the next time, set the date of the transaction, input the reference number, create a ‘text receipt’ of the line items for the Description, map the transaction type for Expenses, Sales, Returns, Reimbursements, Invoices, Bills, etc, displays the real payment date, the sales tax, the shipping field, track the PO number, track classes, locations, departments, and categories, attach the receipt when available, and more.

Re-Export

If you wish to re-export an Expense transaction, click on the arrow icon “Re-export Transaction to Accounting System”. Greenback will recognize it and suggest updating the existing transaction on the next screen (Step 1). Whether it was voided (still visible but 0 amt) or deleted (can only view in audit log) in QuickBooks, it will be treated like an initial export. Return to Steps 1-3 either way.

 Choose the Expense Transaction and click on arrow icon.

Pro-Tip: Remember that if you modify any settings in QuickBooks, they will be refreshed in Greenback during the next export.

Pro-Tip: If you start your workflow in Greenback, the “Payment Date” field in QuickBooks will be auto-filled with the date of the actual transaction. If you start your workflow in QuickBooks however, remember that QBO defaults to today’s date instead and requires that you verify/correct it later.

Pro-Tip: Greenback auto-fills the “Reference Number” field with the transaction number when available.

Exporting a Sale

A “Sale” in Greenback records both the Sale and the payment. There are 2 transaction types: Sales Receipt, or Refund. When you export a Sale from Greenback to QuickBooks, each type will map to either a Sales Receipt (immediate payment) or a Refund in QuickBooks. Watch Etsy Video: Export a New Sale.

NOTE: In QuickBooks, remember to enable the “Multi-Currency” settings for banks, customers, or vendors that are not the same as your “home currency”. QuickBooks is strict that the currency of the seller platform/marketplace match the currency of the transaction.

NOTE: If you need Class Tracking and/or Locations, make sure they are set up in QuickBooks before exporting. (For Greenback paid users only.)

Export Button

Every transaction in Greenback includes an “Export Button”. Clicking it will initiate Greenback’s Export wizard. On the dashboard, choose a transaction and click the Export button. Once clicked, Greenback will refresh your settings from QuickBooks and search for matches.

 Choose Sales transaction and click white Export button.	

Export Step 1 of 3: New or Matched

For Step 1 of 3 “Select Destination Account and Company”, Greenback searches for matches and duplicates in all of your QuickBooks accounts (and any other accounting platforms you have connected). Select one item ie: “Matched Sale” or “Create New Sale” (if displayed) that corresponds with the accounting package you want it to post to.

New

A “New Sale” will create a sales transaction that does not exist in QuickBooks yet. If you select this option, a new transaction will be added to QuickBooks after completing the next 2 steps.

 Select “Create New Sale”, and click Next.

Matched

A “Matched Sale” is when Greenback recognizes one or more transactions that do exist in QuickBooks. If you select “Update Matched Sale”, the existing transaction will be updated in QuickBooks after completing the next 2 steps. On a matched sale export, Greenback updates and enhances the existing transaction with additional details and attaches the original receipt (when available). You can safely export knowing that an update will not cause a duplicate in QuickBooks. Watch Etsy Video: Export a Matched Sale.

NOTE: Review matches carefully. Even though Greenback finds similar transactions, you may still intend on creating (adding) a new transaction to QuickBooks.

 Select “Matched Sale”, and click Next.

Export Step 2 of 3: Options

For Step 2 “Select Export Options and other Details”, Greenback will show you the fields required to successfully export your transaction to QuickBooks. The names of the fields will mirror the names QuickBooks uses in their own UI. Depending on what you’ve enabled in QuickBooks, some fields may or may not be displayed. For example, the tax rate field will display if you have set that up in QuickBooks. See How to Set up and Use Automated Sales Tax.

Greenback supports Class Tracking and Location Tracking for sales (and expenses). You can set it up to use either one separately or both of them together.

Customer Field

The “Customer” field is the Contact Item (marketplace, seller platform, or customer name if available) that will be associated with the transaction. This mirrors the “Customer” field in the QuickBooks UI on their own transaction form.

 Select default or input seller platform/customer. Go to next field. 

Deposit To Field

The “Deposit To” field is where the deposit should be applied to. It is the bank/asset account (eg: checking) from your Chart of Accounts associated with the product/service sold. You will see a hint (when available) to help you. Ex: “You were paid with Etsy Shop Funds-Acme Soap x-1200400", etc.

 Select default or input account. Go to next field. 

Product/Service Field

The “Product/Service” field mirrors the product/service field on the sales receipt transaction form in the QuickBooks UI. It is from your Income Account list of existing products or services e.g: Hours, Flowers:Rose.

 Select default or input item/type. Go to next field.

Repeat for each line item on the sales transaction.

If you need to change the income account of a product/service type, make sure to do that in QuickBooks before exporting.

Tax Rate

The “Tax Rate” field is for the tax on the sale. Greenback pulls in what you have set up in QuickBooks. You will see a hint (when available) to help you. Ex: “Shipped to Birmingham, MI US 48009”. If you decide to change the tax rate, go to QuickBooks first and then start your export over again.

 Select default. Click on green Export button.

Choose Automated Sales Tax, Tax on Purchases %, Sales Tax, etc.

Location (Optional)

Location tracking is for categorizing the entire transaction. It can be by location, office, region, outlet, or departments of the same company. This lets you efficiently manage groups of transactions. You’ll be able to see all the sales for one location in QuickBooks (eg: Midwest Region, Seattle Office, Flooring).

 Select default(s) or type to search. Go to next field.

Class (Optional)

Class tracking can be to specify a different class for each detailed line item on your sales transaction. Make sure that you already assigned classes for a department, product, service, or special order etc. in QuickBooks. (eg: Electrical, Wall Clock, Design, Custom Striping).

 Select default(s) or type to search. Click on green Export button.

Export Step 3 of 3: Confirmation

“Sale Successfully Exported!” is validation that the transaction exported accurately to QuickBooks as intended. The confirmation displays extracted details such as Sales Receipt No., Date Sold (Actual Date of Purchase), Total, the corresponding QuickBooks account (selected in Step 1), etc.

After Export

Go to QuickBooks to view the new or enhanced transaction. You will see that Greenback has completed the fields with receipt data, attached the receipt when available, and added a deep link in the top left corner. The link will take you back to the (original) sales receipt view in Greenback seamlessly if you want to refer to it after the export.

Greenback doesn’t create generic journal entries. Behind the scenes, Greenback will remember your export mappings for the next time, set the date of the transaction, input the reference number, create a ‘text receipt’ of the line items for the Description, map the transaction type for Sales, Refunds, Expenses, Reimbursements, Invoices, Bills, etc, display the real payment date, the sales tax, the shipping field, track the PO number, track classes, location, departments, attach the receipt when available, and more.

Re-Export

If you wish to re-export a Sales transaction, click on the arrow icon “Re-export Transaction to Accounting System”. Greenback will recognize it and suggest updating the existing transaction on the next screen (Step 1). Whether it was voided (still appears but 0 amt) or fully deleted (only appears in audit log) in QuickBooks, it will be treated like an initial export. Return to Steps 1-3 either way.

 Choose Sales Transaction and click on arrow icon.

Pro-Tip: Remember that if you modify any settings in QuickBooks, they will be refreshed in Greenback during the next export.

How to Optimize for Receipt Fetching

Not all stores/seller platforms track your receipts the same way. It could be by login ID, account, payment method, loyalty card, etc. Here are some tips on how to switch ON your receipt data.

Amazon (Expenses Only)

Automate Your Amazon Receipts

Automate Your Amazon Business Receipts

Best Buy

Automate Your Best Buy In-Store and Online Receipts

Etsy (also eBay sellers, Stripe, Square) (Expenses and Sales)

Best Accounting Practices for Etsy + Xero

Home Depot

How To Automate Your Online and In-Store Home Depot Receipts

How To Automate Home Depot Pro Xtra Receipts

Lowe’s

How To Automate Your Lowe's In-Store and Online Receipts

Menards

Automate Your Online and In-Store Menards Receipts

Walmart

Automate Your In-Store and Online Walmart Receipts

Get Started