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QuickBooks Help Guide

QuickBooks Help Guide
 

Last updated: 1-13-20

Overview

It is easy to export transactions from Greenback to QuickBooks Online (QBO). In this tutorial, we'll see how to export a Sale (invoice) and an Expense (purchase/bill) and post them to QBO.

NOTE

If you change any of your settings in QBO (e.g. add a new account to your Chart of Accounts), Greenback will sync your changes on the next export.

Prerequisites

We recommend that you know how to connect an accounting platform and an account in Greenback.

-> Learn how to connect an accounting platform

PRO TIP

If applicable, don’t forget to make an expense account in QBO for payment processing fees, transaction fees, and marketplace fees. Greenback generates ancillary transactions for netted out fees and deductions from bank deposits, if there are any, so that you can reconcile your operating costs!

Expense Transactions

An Expense in Greenback consists of three different transaction types: Purchase, Bill, or Reimbursement. The transaction type shows on each transaction.

When you export an Expense from Greenback to QBO, each type will map to an expense transaction in QBO.

Sales Transactions

A Sale in Greenback records both the sale and the payment. A Sale consists of two transaction types: Sales Receipt or Refund. When you export a Sale from Greenback to QBO, each type will map to either a Sales Receipt (immediate payment) or a Refund in QBO.

NOTE

If you modify any settings in QBO, they will be refreshed in Greenback during the next export.

Export an Expense or Sale Transaction

All users can export transactions one-at-a-time to their connected accounting package.

NOTE

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

To export an Expense or Sale transaction:

  1. Press the Expenses icon OR the Sales icon and then choose the company.
  2. Click the Export button on the transaction.

Greenback refreshes your settings from QBO to ensure everything is up to date.

NOTE

Greenback auto-fills the Reference Number field with the transaction number when available.

Export Step 1 of 3: New or Matched

Greenback searches for matches and duplicates in all of your QBO accounts. If a match is found you have the option to update the matched expense or create a new one.

Updating a matched expense will not cause a duplicate in QBO, rather it will update the transaction with additional details and attach the original receipt if available.

CAUTION

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

Export Step 2 of 3: Select Export Options

Greenback displays the fields required to successfully export your transaction to QBO. The names of the fields mirror the names QBO uses.

PRO TIP

To see detailed information about each field check out:
-> The Anatomy of an Expense Export Guide and
-> The Anatomy of a Sales Export Guide

Depending on your plan and what you have enabled/set up in QBO, some fields may not show for you.

PRO TIP

You can customize your advanced data export options with Greenback’s Accounting Data Export Preferences feature. Set your Time Zone, Summary or Itemized Mode, Shipping Total, Discounts, Contact Levels, and Item SKU Matching.
-> Learn how to configure your export preferences

Summary Mode

With summary mode, a transaction is exported as a single line item, associated to a single account in your accounting file.

For example, an Amazon expense that consists of 3 different products would be bundled into one expense category. The details of the order, including the description of all 3 items would be combined into the description field for the single line item expense.

Itemized Mode

With itemized mode, each line item within a transaction is separated and categorized separately.

For example, an Amazon expense that consists of three different products would require you to assign an expense category to each of the three items within the order.

QBO Help

CAUTION

Do not copy the estimate to the invoice. Avoid putting Billable Expenses that are paid onto the invoice twice.

QBO HOW TO

There are many ways to track expenses by job. QBO Pro Advisors recommend Class Tracking as a Job Costing workaround. Remember to turn on Track Expenses by Items and Customer, and then turn on Projects in QBO. -> Learn about the Job Costing Workaround via this video:

Once you have filled out all the fields, click the Export button.

Export Step 3 of 3: Confirmation

If the export was a success you see the confirmation screen.

After Export

Go to QBO to view the new or enhanced transaction. You will see that Greenback has completed the fields with receipt data, and attached the receipt when available.

Greenback does not create generic journal entries. Behind the scenes, Greenback will remember your export mappings for 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 make changes in QBO that apply to an already exported transaction (such as adding a Product or Service) you may want to re-export the transaction to reflect the changes.

To re-export an Expense transaction:

  1. Click the kebab icon >> Re-export transaction to accounting system.

Greenback recognizes it and suggests updating the existing transaction.

Whether it was voided (still visible but 0 amt) or deleted (can only view in audit log) in QBO, it will be treated like an initial export. Return to Steps 1-3 to complete the 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 (Purchases)

Automate Your Amazon Receipts

Automate Your Amazon Business Receipts

Amazon Seller Central (Sales)

Best Buy (Purchases)

Automate Your Best Buy In-Store and Online Receipts

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

Best Accounting Practices for Etsy + QuickBooks

Home Depot (Purchases)

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

How To Automate Home Depot Pro Xtra Receipts

How to Automate Home Depot Branded Credit Cards (Commercial) Lowe’s (Purchases)

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

Menards (Purchases)

Automate Your Online and In-Store Menards Receipts

Shopify (Sales)

Best Accounting Practices for Shopify + QuickBooks

Stripe (Sales)

Best Accounting Practices for Stripe + QuickBooks

Walmart (Purchases)

Automate Your In-Store and Online Walmart Receipts

Join the world's most advanced pre-accounting system.