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.

Benefits of Quickbooks 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 the 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): This report can be found under Cloudbeds Insights - Financial reports. It provides a list of all reservations with outstanding balances and can help create the starting entry for accounts receivable.
2. Deposit Ledger Report: It can be found under Cloudbeds Insights - Financial Reports. This report can help create the starting entry for deposits by providing a list of all payments taken for future reservations.

Reports to compare data for Cloudbeds Payment users

To compare data, you should use the new Payout Report (to verify payouts with details) and the Transactions Report (to verify the QuickBooks sync).

• The payout and deposit into the customer's bank are different from the Deposit Ledger that we are syncing to Quickbooks. The payout to the bank occurs when a transaction clears from the credit card company and is actually deposited, which is often days after the actual transaction occurred.

To open the Payout Report, go to Menu > Reporting > Cloudbeds Reports > Payments > Payout Report.

• The Deposit Ledger we are syncing to Quickbooks takes into account when revenue, taxes, fees, and payments were posted to the reservation. Based on the reservation balance, a transaction will either increase or decrease Deposit or increase or reduce Accounts Receivable.

For this reason, we recommend that you use the Transactions Report rather than the Payout Report to verify the QuickBooks sync.

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 to 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.