- The export functions by creating a report that details all information that can go to Quickbooks. This report exports in Quickbooks Format (.iif) so that it can be quickly exported from ERPLY, and imported into Quickbooks. For importing into Quickbooks please consult the Quickbooks help site: http://support.quickbooks.intuit.com/support/Articles/HOW12778
- The journal entries can be viewed as an HTML report, so you don’t have to download the file to examine it.
- You will find it in Reports ->Export to Accounting. If you do not see the report, it is because you are not logged into an account with enough permissions to access it. If you need help to change your permissions see our guide on user groups.
Here is screenshot of the Report exportable fields:
Here is how to set it up:
Note: This setup dialogue can be found in either Reports -> Export to Accounting (previously Finances) or Settings -> Settings for Administrator
For the actual export file to work correctly in Quickbooks, you need to put in their Chart of Accounts. But the HTML report works fine even without account numbers, you can inspect that.
Box 1: Setup Chart of Accounts for downloading journal files:
CoA is a set of accounts needed for bookkeeping. An accountant must place every transaction on a specific bookkeeping account.
There are four types of accounts, each should have a name and a number:
- Accumulated revenue
- Accumulated expenses
- 1000 Bank (an asset, total cash currently on hand)
- 1110 Accounts Receivable (an asset, the total sum customers are owing to your company)
- 1250 Inventory (an asset, the value of all goods currently in stock),
- 4000 Sales Revenue (accumulates all net sales)
Numbers and the specific selection of accounts vary from business to business, therefore each company defines their own CoA in their accounting guidelines.
Each account has two sides, debit and credit (one increases value on account and another decreases) and there is a fancy principle called “double-entry bookkeeping” which states that each transaction is simultaneously recorded on two accounts — on one account, the debit side, and on another account, the credit side.
For example, a payment made by customer is recorded as follows:
Bank is debited (you now have more money on hand) Accounts Receivable is credited (customer is no longer owing you money)
Box 2: Define accounts for Payment Types and Product and Service Groups:
1.) Click on the Payment Types link in the Export to Accounting report, or go to Settings -> Payment Types
Click on the payment type you’d like to add account information to, add the information, and save.
2.) Click on the Product and Service Group link in the Export to Accounting report, or go to Inventory -> Product and Service Groups.
Right click on the service group you’d like to define the account for, and select ‘edit’.
From this screen you need to specify your Quickbooks Accounts, then save.