How Does the Integration with QuickBooks Online Work?
Abacus has seamless integration with QuickBooks Online for both reimbursable expenses and corporate card expenses.
Cash Mode Reimbursable Expenses Sync
- Abacus processes reimbursements via batched ACH transfers on a nightly basis.
- When the ACH transfer is initiated via expense approval, we push a Bill and Bill Payment into QuickBooks for the same transfer amount, making reconciliation easy.
To give you a better idea of what this will look like, these screenshots show you a Bill and Bill Payment in QuickBooks Online.
Bill
Bill Payment
Accrual Mode Reimbursable Expenses Sync
With the accrual sync, we will create a new purchase transaction for each expense against an Abacus clearing account (type = Bank Account), and each transaction will be dated based on the date of the expense. We will also create a bank transfer in the amount of the associated debit from your bank register to the clearing account.
Each time we debit the company bank account, we will also create a bank transfer from the Abacus clearing account to your Operating Bank Register (where debits come from).
Reconciled vs. Unreconciled Status in the Clearing Account
The purchase transactions (i.e., expenses) will come into the clearing account as Reconciled. The bank transfers will be Unreconciled.
Reconciling the Bank Transfers Is a One-Step Process
In your Operating Bank Register, match the bank transfer to the corresponding bank debit. This will automatically change the status of the transaction to Reconciled in the clearing account.
To enable this feature, toggle Accrual accounting to "on" in Settings > Accounting Sync. The first time you approve a batch of expenses, the clearing account will be automatically created.
Corporate Card Expenses Sync
- When an admin approves corporate card expenses, corporate card transactions are synced into QuickBooks as an Expense to the designated Corporate Card register.
- The date the transaction was made is synched to the Payment Date, to ensure it is synched to the appropriate QuickBooks period.
- We recommend you also connect your credit card program to QuickBooks in order to benefit from QuickBooks' matching functionality, where the expenses synched into QuickBooks to the corporate card register can be matched to the card transactions being imported by QuickBooks, ensuring a streamlined reconciliation process each month.
The record we create in QuickBooks will include the Abacus member name, business purpose, vendor, and a link to the original expense so that you may view the receipt image.
When corporate card transactions have matched with the corresponding transaction from your bank statement, it looks like this:
To reconcile, click the Match button.
Billable Expenses Sync
Abacus is able to indicate when expenses are billable back to the customer. Click here to learn how to indicate if an expense is billable.
To sync billable expenses to your QuickBooks, you must create an Expense Field and map it to your customer list. Please review the instructions on creating an Expense Field.
Once these features are set up, here's how it will work in QuickBooks:
For reimbursable expenses, the billable expense will show a checkmark in the Billable field:
Since the expense is associated with a customer from your customer list in QuickBooks, the expense will also be listed under the customer as a Billable Expense Charge. The status will be Open, and you will see the option to start an invoice.
Supported Account Types
Classification | AccountType | Available in Categories | Available in Bank | Available in Corporate Cards |
Asset
|
Bank | x | x | |
Other Current Asset | x | |||
Fixed Asset | x | |||
Other Asset | x | |||
Accounts Receivable | ||||
Equity | Equity | x | ||
Expense
|
Expense | x | ||
OtherExpense | x | |||
CostOfGoodsSold | x | |||
Liability
|
Accounts Payable | x | ||
CreditCard | x | |||
LongTermLiability | ||||
OtherCurrentLiability | x | |||
Revenue
|
Income | x | ||
OtherIncome |