CoConstruct can automatically "pull" codes from QuickBooks, but there's no way for us to "push" codes from CoConstruct to get them into QuickBooks.
The below article and videos will provide step-by-step instructions on how to import your accounting codes from a spreadsheet into QuickBooks Desktop and QuickBooks Online.
Important note: Before importing any new codes into QuickBooks, it will be important to have your bookkeeper or accountant review this with you first. They will be able to guide you on what type to set up for each code – Inventory, Non-inventory or Service – and what accounts to designate for expense and income tracking when setting these up in QuickBooks based on your particular business. These settings will not affect anything with the integration with CoConstruct but WILL impact your financial reporting and end of the year tax statements. Our provided spreadsheets provide some common selections for these accounts for you to work from.
Before importing your codes, be sure to set up your Chart of Accounts. Each item code will be designated a specific account to track costs from expenses and revenue from income.
- Cash Based Accounting:
- Expense Account should be a Cost of Goods Sold or Expense account. This will reflect expenses on your Profit and Loss Statement under the account selected for the item.
- Income Account should be an Income type account. This will reflect revenue on your Profit and Loss Statement under the account selected for the item when you're paid by clients.
- Accrual Based Accounting:
- Expense Account should be an Asset type account. This will reflect expenses on your Balance sheet to accrue costs until you sell the home or otherwise make adjustments to move the costs into expenses.
- Income Account should be a Liability type account. Any payments received for the project will reflect on your Balance Sheet to accrue as a liability until you make adjustments to move the payments into revenue.
To import, click on the gear icon in the upper-right and select Tools > Import Data > Products & Services.
Browse to select the Excel file that contains the codes you want to import. The Excel file should include the same information as mentioned for QuickBooks Desktop above:
- Product/Service Name: this would typically be the accounting code or accounting code + description
- Sales Description: the accounting code description (if not entered above)
- Purchase Description: this could be the same as the sales description
- Income Account: this is specific to the builder’s Chart of Accounts
- Expense Account: this is specific to the builder’s Chart of Accounts
On the next page in QuickBooks, you'll map the Excel columns to the corresponding fields. By filling in Purchase Information, and not just Sales Information, these products and services will be configured for expenses.
The final page of the import will allow you to review and update any information as needed. If it does not automatically happen during the import process, you’ll want to make sure that both the “Buy” and “Sell” columns are checked for every item.
If your Income and Expense Accounts were not already set up in your Excel sheet, you will want to select the appropriate accounts (as directed by your bookkeeper/accountant) at this time before finalizing the import. When everything is confirmed, you’ll select the green “Import” button at the bottom left corner.
You can now import or match the Products & Services to your accounting codes in CoConstruct!