Quickbooks
Exporting from Rentalworks to QB
You must first have an account that has manager permissions, you wont be able to do this in the shoptech account
- Login to Rentalworks
- Click on Billing > Invoices
- Make sure all invoices are approved
They will need to be in the approved state to process them. They cannot be in the NEW state. To approve them, click on the job > hamburger menu > approve
It can be very helpful to change your view of the scroller to only show New and Approved invoices to do this select the Status > New + Approved checkboxes only.
- Check all of the boxes for approved invoices and click the hamburger menu > Process
The invoice will automatically be sent to QuickBooks Online.
- If you get a time out error, select only a few that do not have the Processed state and try again
- If you have Quickbooks open and you are waiting for these invoices to appear, refresh your Quickbooks tab.
Hit refresh in the app window or the browser in order for these invoices to appear. This is only if you are trying to do bookkeeping, otherwise you can skip this step.
Troubleshooting
Issues Connecting to Quickbooks - If you are ever having issues connecting to QuickBooks, go to Main Hamburger Menu > Administrator > Plug Ins QuickBooks will automatically sign you out every 6 months so you may need to use this to sign back in. This can be done by disabling and re-enabling the plug in.
Trouble Exporting Invoices - Most of the time if you are having trouble exporting an invoice, it will be a customer and a vendor cannot have matching names in QuickBooks. For example: we cannot have open invoices for DTC as well as paid expenses from DTC, you will need to rename the expense account for DTC -v for VENDOR. Quickbooks does not allow a customer and a vendor to have the same name.
Bookkeeping
To do this you'll use this google form.
https://forms.gle/jcyXMSzo86KokxgR6
Categorizing Transactions
As a general note, quickbooks will assign categories to things, but they will not always be correct. Do not take the default category to mean anything at all.
App Transactions
This can be found in the app transactions tab.
- Click on each transaction
This will show you each item and allow you to categorize it.
- Select the Category
Most of these will be Supplies & Materials, Expendables, or Low Value Equipment
- Once completed, select Add
All Other Transactions
The easiest place to begin is by approving all transactions that have rules applied. You will never add new accounts.
- Approve all transactions with Rules
- Approve all transactions that have matches
If it contains multiple transactions that its matched to, check the Bank Details to see that it is getting matched to the correct vendor.
- Approve all Paired Transactions
These are transactions like transfers that are paired to another transaction in another account.
- Approve all transactions from Amazon, since you have already categorized the app transactions those are already properly categorized.
These will be in the Capital One account.
Common Categories
Supplies and Materials
Truck Maintenance
Repairs
Office and Administrative
1302 Expendables
Expenses
Expenses are money spent on goods or services.
- Sort each transaction into the correct category.
If there is a rule attached for the transaction make sure it still remains accurate.
- Add Vendors to Each Category
Creating New Vendors
This can be found in the Paying Contractors page.
Income
There are a few different types of Income, Stripe, Paypal, and Checks. Navigate to the correct category to see how to handle each.
Stripe Income
- Login to Stripe
- Search for dollar amount from Quickbooks
Type this into the Stripe search field. This will break down the deposit into its parts and allow you to match those invoices to the exported invoices from RentalWorks.
- In Quickbooks, Click the stripe payment you wish to process.
It will display a larger menu now below the item.
- Select "Find Match"
This will bring up a menu of all our open invoices. If an invoice does not exist for this transaction, you must create one. Sometimes Quickbooks may suggest matches and it will make it difficult for you to find the open invoice. Turn off the switch for Suggested Matches.
- Look at the transactions field and enter the amount received
Be sure to enter the total amount before fees.
- Click resolve difference
You will have a negative number because we are not accounting for Stripe Fees yet.
- Type Stripe for Payee
- Type Credit Card Fees for Category
- Type in fees as listed under stripe data.
- Click Save
Checks
There is a chance this will automatically match with invoices, if it's correct, just click Match.
- In Quickbooks, Click the stripe payment you wish to process.
It will display a larger menu now below the item.
- Select "Find Match"
This will bring up a menu of all our open invoices.
- Check the box for the invoice paid
Make sure the check number matches.
- Click Save
Paypal
Paypal is a little difficult as we can't give access to everyone. If you have questions about transactions, ask Ryan or Matt to give you the statement. Youtube Link
Transfers
Transfers are money going from one account to another. This could be paying off a credit card or transferring between bank accounts.
- Click the Record Transfer Radio Button
- Select the Transfer Account
This is the account it's coming from.
- Click Transfer
- If a Transfer Match exists, hit Match
With an S-Corp, all shareholder distributions must be equal.
Any bonuses paid to employees should be done using the Bonuses account.
Returns
Categorize the transaction into the original account that it was drawn from.
Reconciliation
Reconciliation will occur once a month at the beginning of that month for the previous month. This is basically the process of making sure that all the transactions in quickbooks match the transactions in your bank account or credit card. You'll do this by comparing the statements from the account to the quickbooks.
You will need to do this for each account that we have, there is a list in the google form for bookkeeping. Refer to that to make sure you don't miss anything.
- Navigate to the Reconciliation Menu, Transactions > Reconcile
- Select the Account in Quickbooks
- If it tells you your account is not ready to reconcile, stop the process and ask for assistance.
This is a very delicate issue, so it requires experienced people to look at it.
- Login to the corresponding account
- Look at the last Statement date in Quickbooks, you will be doing the next statement date. Find that statement in your bank.
For example if the last statement date was 10/31, you'll be looking for a statement for 11/30. If you want to easily switch between your statement and your quickbooks, press Command + `.
- Enter in the Ending Balance and the Ending Date
Ending Date is the ending date of the statement. Do not type the ending balance in, only copy paste it for mistake proofing purposes.
- Start reconciliation
- If everything is correct, it will say 0 Difference in the top right.
- Scroll through the transactions to make sure there is nothing that is not selected
If anything is not selected, the only thing that is acceptable is something that is close to the ending date of the statement. Anything a month old is a mistake and should be mentioned in slack, stop the process at this point by Clicking the Green Carrot next to Finish Now, and select Close without Saving. The reason for this is because we want our quickbooks to be an exact match of our books, so something not selected that is old means an incorrect transaction made its way into our books and will throw off our balance. It must be fixed before proceeding.
- Click Finish Now
- Download the PDF and click attach statement in Quickbooks, attach the statement you were referencing.
- Navigate back to Transactions > Reconcile
If everything has been declared right and the money matches up hit save
Troubleshooting
- Look to see if there are any transactions outside of the reconciliation month, these will need to be deselected. This is usually the issue.
Important - If the transactions you are deselecting are before the time period you are reconciling, you have an issue, bring this to Ryans attention. If they are after the month you are reconciling, they can be deselected without issue
- Look at deposits for that month, make sure it matches the deposits in QuickBooks.
- Look at withdrawals for that month, should match withdrawals in QuickBooks.
- Check your Statement Ending Date and make sure that it matches the statement you are using.
- Check your Ending Balance, that it matches the statements ending balance.
If you are still having issues follow this process.
- Deselect all transactions
- Go through the statement line by line and cross out each transaction as you find them in Quickbooks and check the box.
If the beginning balance is ever massively off between the statement and what QuickBooks says is on file you must call tech support and have one of there technicians make a correction to the starting balance. Make sure to document everything to the best of your abilities.
Reporting Inventory Values
This will also happen once a month at the same time as the reconciliation
In Rentalworks:
- Administrator > Reports > Sales Inventory Reports- Sales inventory Manster
- Settings > change the report setting to expendables inventory report, This takes out all the inventory we don't need tracking.
- View PDF > at the bottom of the report you will see a grand total for ON HAND PRICE, this is the number we need to track in quickbooks.
- Do the same steps for Rental inventory Master
In Google drive:
- Open the assets sheets in google drive
- enter in the date and the 2 values found on the master inventory files