Quickbooks - Everything You Need to Know

Quickbooks is an online software which will allow you to simplify how you track your business finances so you can focus on the bigger picture.

Before mapping:

  1. Add the Quickbooks add-on to your account
  2. Ensure both systems are implemented.

Quickbooks lacks support for currencies exceeding two decimal places. Consequently, if you utilize Cloudbeds with currencies configured to have more than two decimal places, this integration will not work for you.

Benefits of the Integration

  • Seamless sync for your sales, taxes and payment data directly within Cloudbeds, which removes the need to manually calculate and input data into your accounting platform;
  • The offset transactional data is posted automatically using journal entries into the Accounts Receivable and Deposit ledger account.

Things to Consider about Journal Entries which are used to Sync data to Quickbooks:

  • For each credit there is an offsetting debit, and vice versa.
  • A summarized balance of each account is included in the Sync. Detailed transactional data is not included in the sync.
  • Journal entries only account for data for a single day.  If a sync is triggered after multiple days passing, 1 journal entry will be created for each day with transactional data that has not been synced to Quickbooks.

First in/first out method and balance of the reservation used to apply Deposits and Accounts Receivable

  • Transactions will be processed in the order they are added to the folio
  • The reservation balance at time of the posted transaction is used to identify whether Deposits or Accounts Receivable should be offset as a result of the transaction
  • Example 1: 
    • $100 Visa payment is posted to a reservation with $0 balance
    • $100 is credited to Deposits
  • Example 2:
    • $100 Room revenue is posted to a reservation with -$100 balance
    • $100 is debited to Deposits
  • Example 3:
    • $100 in Room revenue is posted to a reservation with $0 balance
    • $100 is debited to Accounts Receivable
  • Example 4:
    • $100 Visa payment is posted to a reservation with $100 balance
    • $100 is credited to Accounts Receivable 

Helpful reports

  1. Checked Out Reservations with Outstanding Balances (City Ledger) - it can be found under Data Insights -> Financial reports. This report can help create the starting entry for accounts receivable by providing a list of all reservations with outstanding balances.
  2. Deposit Ledger Report - it can be found under Data Insights -> Financial reports. This report can help create the starting entry for deposits by providing a list of all payments taken for future reservations.

How the integration works

  • You will gain access to a new Accounting page in the Cloudbeds PMS.
  • The list of your Quickbooks accounts will be available so you can select where you'd like Cloudbeds make journal entries into.
  • The following areas of configuration will be available: Items & Services, Reservations, Taxes & Fees, Payments, Accounts Receivable and Advanced Deposit.
  • Your Cloudbeds PMS will be synced with Quickbooks: this will process all of the transactions that have been posted in Cloudbeds since you synced for the last time, and post journal entries to the Quickbooks accounts that were configured.

Cash Drawer transactions are not included in this integration.

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