QuickBooks Online and BillQuick Online – How to Map Your Chart of Accounts
We’ve already shown you how to connect QuickBooks Online to BillQuick Online.
Now we’re going to show you how to map the chart of accounts between these two cloud accounting applications. Of course along the way you’ll see where you can manage some other important aspects of setting up your accounting in the cloud with BillQuick Online and QuickBooks Online.
There are a number of settings that you’ll want to look at:
- Default Accounts
- Activity Accounts
- Expense Item Accounts
- Project Accounts
This is just what it sounds like. When BillQuick Online doesn’t know where else to put something, these are the accounts that BillQuick Online will use when coding transactions. If you set everything else up properly, these should never be an issue. In fact, I didn’t mention this in the video, but you may even want to assign these to an account in QuickBooks Online that will stand out. This way if these defaults DO come into play, it will present itself obviously, and you will know that somewhere else something was missed in all of the mapping.
Here you will go through all of your activity codes and assign the income and expense accounts. This means that when these codes are used (eg on a timesheet) you are now establishing where these will show up in QuickBooks Online.
Expense Item Accounts
Here you are establishing which income and expense accounts are going to be used when you use expense codes, like mileage. In the video I show you how to add the accounts you need in QuickBooks Online, and then sync everything back to BillQuick online, so you can complete the account assignments here.
This is an example of where BQE really stands out as a developer. The intelligence behind what they do here is amazing. Let’s say you have a special project, where you want to be able to assign the account mapping a little differently? This is where you can do it. You select a project, and assign the accounts for that project. This will override the other settings.
It’s advisable to go through every part of the settings area slowly, and thoroughly. The extra time you spend once, now will make for a more streamlined experience, and save you time later on.
If you want up with anything in the special accounts you assign in the default settings, remember to drill into the numbers in QuickBooks Online. Once you see the specific transactions that are showing up in there, that should give you insights into what was not set up, and where, how, and what was missed.