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.
When users allocate money to an invoice or create a disbursement in TimeSolv, it means the money has moved. With this new QuickBooks Sync capability between trust and operating, we will be doing corresponding journal entries in QuickBooks sync.
Assets and Liabilities: These are the two sides of a transaction. Your ledger entry will not know which it is unless you specify. That’s why we allow users to choose which account to credit (asset) and which to debit (liability). This credit and debit can mean different things; money is either coming in or going out, according to the type of transaction.
To sync Trust Transactions from TimeSolv to QuickBooks Online as Journal Entries, follow these steps: (for QuickBooks Desktop, see here)
- Select the Trust Transactions node.
- Select the Sync Trust Transactions to QuickBooks checkbox.
- The Asset Account and Liability Account drop-down list options are taken from your QuickBooks Online account Trust transaction settings.
- After clicking Save, move to the Synchronize tab and select a From date. The To date is optional.
- Click on the Sync button to start syncing your Trust transactions over to QuickBooks Online as journal entries.
- Below is an example of the Trust transaction sync log on the sync tool.