Purpose & Benefit: QuickBooks is a staple of small business. Millions use the software for their accounting and billing needs. QuickBooks has plenty of valuable accounting tools, so we have created a platform that seamlessly integrates with QuickBooks, allowing your firm to benefit from its accounting tools, while utilizing TimeSolv’s efficient time tracking and billing systems.
The Hard/Soft Costs node will replace the use of Invoices and Payments node – so you cannot have Payments and Invoices turned on for the sync tool if you are syncing Hard/Soft Costs.
You can specify an item as a Hard Cost in TimeSolv by selecting the Hard Cost checkbox under Expense Codes. Leaving the box unchecked will recognize it as a Soft Cost. (please see this article).
TimeSolv Invoices and Payments within the specified date range can be transferred as Journal Entries to QuickBooks. When an invoice is generated and you sync the Hard/Soft Costs from TimeSolv to QBD (QuickBooks Desktop), the sync tool will generate a Journal Entry and send it to QuickBooks. This will move the Hard Cost/Soft Cost amount from the unbilled General Ledge (GL) account to the billed GL account.
To sync Hard/Soft Costs:
- Click on the Hard/Soft Costs node.
- Click on the Sync Hard/Soft Costs to QuickBooks checkbox to enable sync.
- Specify Unbilled Client Advances Account.
- Specify Billed Client Advances Account.
- Specify Discount Account.
- Specify Cash Account.
- Specify Suspense Account.
- Specify Fee Income Account.
- Specify Soft Cost Income Account.
- Specify Interest Account.
- Specify Taxes Account. Also make sure to hit the Save button at the top left of the screen in order to turn on Hard/Soft costs for syncing.
- Click on the Synchronize button.
- You must specify a date range for syncing Hard/Soft Costs.
- Click on Sync button to initiate the sync process.
- To view these Hard/Soft Costs (which appear as Journal Entries in QuickBooks) in QuickBooks Desktop, click on Reports>Custom Reports>Transaction Details.
- Click OK to pull up your recent transactions which will show the newly synced items.
- You can now see a list of those Hard/Soft Costs appear as Journal Entries.