QB Chart of AccountsQuickBooks Chart of Accounts settings

The Chart of Accounts tab is where you tell iPoint how to push transactions utilizing your QuickBooks financial accounts. This process is typically completed during the initial setup of iPoint. But sometimes you will make modifications to your Chart of Accounts in QuickBooks. This is where you would pull the QB changes into iPoint.

Get Chart of Accounts

iPoint needs to reference your QuickBooks financial chart of accounts in order to process transactions correctly. iPoint stores those account numbers here.

  1. Ensure that your QuickBooks Desktop file is open and you are logged in as a user that has adequate QuickBooks permissions to access the chart of accounts.
  2. Push the blue Pull Chart of Accounts button. iPoint will sync your existing QuickBooks Chart of Accounts into the software. Once the list below the button is populated, you know you the sync process is complete.

Link to GL Accounts from QB

The majority of the transactions in iPoint send financial details to QuickBooks through the account information on an Item (set up in the Items module). However, if account information is missing, iPoint will refer to the default accounts set up here in settings. Under each of the Default account sections, use the drop-down to find the corresponding QuickBooks account name.

  • Default COGS Account – you may have multiple Cost Of Goods Sold accounts. Enter the primary or default account here.
  • Default Income Account – choose an income account to set as the default
  • Default Labor Income Account – select the account where you want labor items’ income to sync. Labor Items are marked as an inventory type of Labor.
  • Default AR Account (Desktop Only) – set the default Accounts Receivable account to track the money your customers owe you.
  • RFP AR Account (Desktop Only) – if you are using the RFP Liability accounting method you have an option to record RFP accounts receivable in a separate account from the default A/R for service and point of sale transactions. To use this separate account, choose the default account here.
    • Note: This feature only works for companies using QuickBooks Desktop. QuickBooks Online does not support multiple A/R accounts.
  • Default Deposit To Account – enter the GL account where your deposits will be tracked
  • Delivery Deposit To Account – choose the default account for tracking delivery deposits
  • Default Inventory Asset Account – select which account in QuickBooks tracks the asset value of your inventory

Modifier Items from iPoint Library

As mentioned above, financial details are synced to QuickBooks using the accounts set up on an item. This section helps determine account information for the Modifiers found in a Proposal. Modifiers adjust the total of a proposal by adding or subtracting a multiplier which is displayed below the Sub-total on the customer’s proposal. We’ll talk more about each modifier in the Proposal portion of this manual. If you use a modifier, you will need to create an Item that corresponds with each of these modifiers. You can choose to use the same Item for each modifier or you can create unique items for each modifier.

This setup process adjusts the default accounting information synced to QuickBooks. To set up the default percentages and print options for each modifier, go to Settings > Module Settings > Proposals > Modifier Defaults.

  • Global Modifier 1 Item & Global Modifier 2 Item These modifiers are calculated based on the entire price of the Proposal/Sales Order. Create one or two Items that would correspond with your modifier selection and then select the Item in the dropdown list for each modifier.
  • Misc Parts Income Item, Project Management Item, Custom Modifier 1 Item, and Custom Modifier 2 Item These modifiers can be set to calculate based on either the parts total, the labor total, or both by selecting checkboxes on the proposal. Again, you will want to create items in the Items module to correspond with these modifiers. You can choose to create four distinct items, or use an item for more than one modifier.
  • Discount Item 1 and Discount Item 2 Discount modifiers work just like the modifier above except that they reduce the total price of the proposal by a percentage of the parts, labor, or both. Create discount items in the Items module to correspond with the discounts you will be offering your customers.
  • Summary When creating an invoice in the Sales Order > Billing (tab) you have the option to print a Line Item invoice detailing every item and associated labor. Or, you can create a summary invoice that simply prints the name of the Sales Order and the name of the progress payment on a single line. When you process a line item invoice, iPoint will push multiple account numbers to QuickBooks based on the accounts associated with each individual item and labor line. A summary invoice, on the other hand, simply pushes one dollar value to one QB General Ledger account, so you have to tell iPoint what those accounts are. Set up a “summary” item in the Items module and then choose that item here to indicate the GL account used. The Summary item should be a Non-Inventory type.

If your company is using the advanced Request For Payment (RFP) billing process, you will not have a Summary item as listed above. Instead, you will have separate item(s) that need to be created.

RFP-Liability

If your company is using the RFP-Liability accounting method the summary item defined above will be replaced with a Request for Payment field. Choose the RFP item you created as directed here.

RFP-A/R

If your company is using the RFP-Accounts Receivable accounting method the summary field will be replaced by two fields.

  • Request for Payment – choose the RFP item you created as directed here.
  • PMT – choose the payment or PMT item you created as directed here.

Taxes & Other Settings

  • iPoint needs to know the QuickBooks settings for taxable and non-taxable transactions. From the drop-down list, select the appropriate taxable/non-taxable codes. If your drop-down lists are blank, you will need to sync the tax codes from QB, which is detailed in Settings > QuickBooks > Lists.
  • Canada companies will need to track taxes based on Purchase Order transactions. In this list, choose the QuickBooks tax rate that corresponds to the tax rate you pay on purchases.
  • Disable Open Prompts – When pushing a customer, vendor, invoice, or purchase order to QuickBooks, iPoint will give you the opportunity to look at the transaction created in QuickBooks. If you do not want to be prompted to look at the corresponding QuickBooks record, check this box to repress the dialogue box.
  • Rounding Adjustment Item – In some instances, you will find that your iPoint invoice, when pushed to QuickBooks, is off by a penny and the two invoices don’t match. This is usually due to complex modifiers. When a sales order has numerous modifiers the end result could be a penny off when pushed to QB. To offset that variance, iPoint will round the end amount back to the appropriate dollar amount. In the Rounding Adjustment Item field, enter the name of an item you set up in the Items module. iPoint will utilize the accounting information on the item to push the penny adjustment to QuickBooks.
    • The Rounding Adjustment Item is set up in the Items module and should have the following characteristics:
      • Hard Cost = $0.00
      • Unit Price = $0.00
      • Inventory Type = “Other Charge”
      • Tax = UNCHECKED. This item should not be taxable.
      • QuickBooks Income Account = your standard sales account.
  • Optional Summary Item for Non RFP – The income accounts for RFP invoices can be different from Summary invoices. So, we have an optional Summary item available for the times individual sales orders are marked “Do Not Use RFP”. If this option is left blank, a Non-RFP invoice will use the RFP summary item by default.
Last modified: 3 Aug 2020

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