Activity Codes in BillQuick Online are linked to Service Items in QuickBooks Online. Similarly, Expense Codes in BillQuick Online are linked to Inventory Items in QuickBooks Online. On the Account Assignment panel of the Settings screen, you can assign accounts to various BillQuick Online items.
For more on QuickBooks Online accounts, check the BillQuick Online-QuickBooks Online Integration Guide.
The following are descriptions of fields on this screen:
Default Accounts for Items
Default Income Account:
Every income account in QuickBooks Online must be assigned to an income account. The QuickBooks Online account selected here is assigned to a sales or an income account in BillQuick Online. By default, no account (blank) is selected but you can choose any Account Name from the drop-down list.
Default Expense Account:
Every expense account in QuickBooks Online must be assigned to an expense account. The QuickBooks Online account selected here is assigned to cost of goods sold account in BillQuick Online. By default, Other Income account is selected, but you can choose any Account Name from the drop-down list.
Default Accounts for Summary Invoice Items
When BillQuick Online invoices are transferred to QuickBooks Online, it transfers the actual time and expense line items and posts them to the respective accounts. However, when you choose not to send the invoice details, BillQuick Online sends the time and expenses as single line items in a summarized format. Hence, you must specify the income accounts for the summarized invoices.
Income Account for Services Invoiced:
The QuickBooks Online income account selected here is where the service total of your BillQuick Online invoices will transfer upon synchronization. By default, no account (blank) is selected, but you can choose any Account Name from the drop-down list.
Income Accounts for Expenses Invoiced:
The QuickBooks Online income account selected here is where the expense total of your BillQuick Online invoices will transfer upon synchronization. By default, no account (blank) is selected, but you can choose any Account Name from the drop-down list.
Default Tax Code for Invoice Items:
QuickBooks Online offers a tax center for non-regional companies that allow them to track and submit sales tax to the concerned tax authority. To make use of this feature, QuickBooks Online users have to define specific tax codes and associate them with the billed service and expense line items while processing invoices and sending them over invoices to QuickBooks Online.
Default Tax Code:
When sending over Invoice service and expense line items, BillQuick will associate the selected tax code to the line items. By default, no tax code (blank) is selected, but you can choose any Tax Code from the drop-down list. You can also select a checkbox to ignore MST/MET and item taxes as line items when sending the invoices to QuickBooks Online.
You can specify income and expense account for each BillQuick Online activity code (service item). You can select an activity (or multiple activities) from the grid and assign the desired account to it.
Income Account for Services Invoiced:
The QuickBooks Online income account chosen here is assigned to the selected activity (or activities).By default, no account (blank) is selected, but you can choose any Account Name from the drop-down list.
Expense Account for Services Invoiced:
The QuickBooks Online expense account selected here is assigned to the selected activity (or activities). By default, no account (blank) is selected, but you can choose any Account Name from the drop-down list.
As in case of activity codes, you can specify income and expense account for each BillQuick Online expense code (other charge item). You can select an expense (or multiple expenses) from the grid and assign the desired account to it.
If you are
using Make Expenses and Items Billable
feature of QuickBooks Online, we recommend that you use an account of
one of the following account types:expense, other expense, other current
liabilities, other current assets, other assets, fixed assets, or COGS
when specifying an account for expense code. QuickBooks Online does not
allow billable expenses that uses account types other than the ones mentioned
above.
Income Account for Expenses Invoiced:
The QuickBooks Online income account chosen here is assigned to the selected expense (or expenses). By default, no account (blank) is selected, but you can choose any Account Name from the drop-down list.
Expense Account for Expenses Invoiced:
The QuickBooks Online expense account selected here is assigned to the selected expense (or expenses). By default, no account (blank) is selected, but you can choose any Account Name from the drop-down list.
When sending summarized invoices to QuickBooks Online, BillQuick Online assigns default accounts specified on the Account Assignment-Default Accounts panel to the invoice items. You can override those accounts and assign different G/L accounts to invoice items on a project or project group basis.
For the selected project or project group, each item on a BillQuick Online invoice like tax amount, discount, retainers, etc. can have a G/L account assigned to it. When you sync invoices with QuickBooks Online, the corresponding G/L account will be updated there.
Project/Project Group:
You can either select a project or project group from the drop-down list to which the G/L accounts are assigned.
If you assign accounts
to a project group (say ‘ALL’), you no longer have to go back to the Settings
screen every time you add a new project to that group. BillQuick Online
will automatically assign these settings to the new project.
Accounts assigned. . .
You can select QuickBooks Online accounts for each invoice line item such as Service Amount, Service Tax Amount, Main Service Amount, Invoice Discount, Retainer and Late Fee that is transferred from BillQuick Online to QuickBooks Online via invoices. This way, the correct accounts are posted for every transaction.
Tax items should be assigned to
liability accounts. For example, Service Tax Amount can be assigned to
Sales Tax Payable account and so on.