Initial Setup
For companies with Manage & Close enabled, an MC user can navigate to Company Settings > QuickBooks and select Connect with Intuit. This will open up your QuickBooks Online login screen. After entering your credentials, your QuickBooks Online (QBO) account should be connected:
Note: This integration will not connect with QuickBooks Desktop!
Configuration
There are several different configurations available with the QuickBooks integration to accommodate the various ways brokerages can set up their financial accounts:
Only Bill Net Payment Amount
This option is checked by default and is strongly recommended for all companies. When enabled, the following will occur:
Broker payables (bills in QuickBooks) will automatically be set to the Broker Split Amount.
If any individual deductions are made (eg. marketing fees are taken out of a broker’s check post-split), the bill amount will update to match the net payment amount.
The
Vendor Credit Item TypeandJournal Entry Accounts Payable Iddrop-downs will be removed from the Company Settings page
This is a good fit for companies that do not want to track House Split amounts or Deductions in their QuickBooks account. If it is not enabled, bills will perform the following additional actions:
A general journal entry will be added for each bill to account for House Split amounts
Vendor Credits will be created for any individual deductions
Fields
The specific options that will show in each dropdown will be bespoke to your fields in QuickBooks! If you are not seeing an option, you will need to first ensure it has been added in QuickBooks.
Default Invoice Item
This is typically a
Serviceline item in QuickBooks and will be the account used in Invoices. Since the term is used slightly differently between Buildout and QuickBooks, please note that Voucher Receivables = QuickBook Invoices
Default Bill Item Type
Users can select from a
ServiceorAccountthat will appear on the Vendor Bills in QuickBooks. Please note that Voucher Payable = QuickBooks Bill
Payment Account
This is the checking account used when paying a Voucher Payable
If you do not want to sync Voucher Payments to QuickBooks, you can select None. This is useful for companies that pay brokers via payroll or ACH outside of Buildout.
Credit Memo Item
This is the account used when applying an Other Credit to a Voucher Receivable. Common uses are small write-offs and Bad Debt.
Invoice Item Overrides per Deal Type
These are optional fields for companies with multiple commission income lines. If you have a specific Sale, Lease, or Property Management commission income account, you can select it under the corresponding Deal name. If left unselected, commissions for that deal type will use your Default Invoice Item. Similarly to the Fields section, the specific options that will show in each dropdown will pull from your QuickBooks. If you are not seeing an option, you will need to first ensure it has been added in QuickBooks.
Invoice Creation
This setting determines at which point your Voucher Receivable(s) are synced to QuickBooks and Invoices are created. These can either be created:
When Voucher is Approved, meaning all receivables become QuickBooks Invoices as soon as the Voucher is marked as Approved.
This will be selected by default
Number of Days Prior to Receivable Due Date, allowing you to delay creation of Approved Voucher Receivables.
This is helpful for accrual accounts or long lease Vouchers (eg. 10 year lease with monthly receivables), so that all Invoices aren’t created immediately.
Document Number Presets
For users that wish to automatically set their Invoice or Bill numbers to match the Voucher ID in Buildout, they can individually select to match these across both systems.
Vendor Bills will automatically display the Voucher ID in the Bill description in addition to this setting.
Vendor Links
By default, all active brokers will be listed in this section. By selecting + Add Association, you can also add admins that may appear on Vouchers. Users will be able to match their Brokers to existing QuickBooks Vendors or automatically create new ones.