Avoid dual data entry with QuickBooks integration for TimeRewards
TimeRewards works with both QuickBooks Online and QuickBooks Desktop (windows version). TimeRewards imports the following from QuickBooks
- Service Items
- Chart of Accounts
- Other Items
TimeRewards sends the following information to QuickBooks.
- Expenses (as vendor bills)
- Credit card charges
Step 1: Link TimeRewards to QuickBooks
Go to QuickBooks tab in TimeRewards, here select if you want to sync with QuickBooks Online or QuickBooks Desktop
Select QuickBooks Online
Select QuickBooks Online, and then click on ‘Connect to QuickBooks’ button to start the connection wizard. Follow the simple instructions on the screen to connect TimeRewards with QuickBooks
Select QuickBooks Desktop
Select QuickBooks Desktop, and click on Download TimeRewards Sync Tool to download and install the Wizard. Follow the instruction on the screen to connect your QuickBooks company file, with TimeRewards.
Step 2: Decide how TimeRewards and QuickBooks work together
Import from QuickBooks
TimeRewards will import all active employees from QuickBooks, if you want TimeRewards to import Other Names as employees, let us know by selecting the Import ‘Other names from QuickBooks as Employees‘ option. With this option, Other Names in QuickBooks will show up as Employees in TimeRewards. You may need to do this if you have set up Directors and Partners under Other Names in QuickBooks.
When you add a customer:job in QuickBooks, do you want the customer:job available to all employees for time tracking?
If you want to restrict access to customer:job to assigned employees only, then select the Make New Customer:Jobs unavailable till they are assigned manually (closed) option
If you want customer:job to be available to everyone, then select the Make New Customer:Jobs available to all Employees for timesheets entry (open) option
Export to QuickBooks
The first decision you need to make is – where will you create your invoices? This is important to avoid clean up later.
When TimeRewards sends billable Time and Expenses to QuickBooks, we need to know if these transactions should show up as pending invoice in QuickBooks. If you plan to invoice from QuickBooks, then we will send them over as pending invoice. If you plan to invoice from TimeRewards, then these time and expense transaction will not show up as pending invoice in QuickBooks.
When we send time entries to QuickBooks, you can choose to add the employee name to the description. This helps if you invoice from QuickBooks and want to include employee name in the invoice description, or if you want the employee name to show up QuickBooks reports.
Bank Name: When TimeRewards sends employee expenses over to QuickBook, QuickBooks creates a Check for the employee (Bills for Vendors); these checks are created from the default bank account (last used bank account), if you want QuickBooks to use a specific bank account, select the Bank here.
Send company paid expenses to QuickBooks: When an employee enters a company paid expense, and the expense is billable to a customer – you need to let TimeRewards know if these transactions should go to QuickBooks.
Since the company paid for the expense, either directly or a company credit card, the employee does not get reimbursed for the expense – so there is no purpose sending these transaction to QuickBooks, as far as employee reimbursement is concerned.
Now, since the expense needs to be billed to a customer, we have two options
- Don’t send these transactions to QuickBooks, and use your internal process to bill client when you pay vendor for company paid expense.
- Let TimeRewards send two transactions to QuickBooks, one transaction marked as billable, and a negating transaction so that employees do not get reimbursed for the expense (for QuickBooks online 2017 onwards, we will send a single expense transaction, it serves the same purpose)
Append information to expense description: When we send expenses to QuickBooks, we can add Employee Name, Expense Date, and Merchant details to the expense description. This can then be included in invoices, checks, and bills generated by QuickBooks.
Step 3: Automate tasks
You have setup Classes in QuickBooks, and it is quite likely that your employees have no clue what it means. To avoid incorrect entries, you can setup TimeRewards to automatically apply classes to time and expense transactions.
If you use QuickBooks for payroll, then each time entry has to be associated with a Payroll Item. You can let employees select the payroll items for each time sheet entry, or you can setup TimeRewards to automatically apply the payroll items to time transactions.