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.
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.
"Importing" codes into the QuickBooks Desktop Item List isn't as straightforward as you might think, and the most immediate way of getting Excel information into QuickBooks is through the "Paste from Excel" option that you can find at the bottom of the Item List.
This will put your Item List in an editable spreadsheet mode.
Use the "Customize Columns" button in the upper right to adjust this view to match the file you're trying to import (add, delete, and reorder columns).
The key columns that you'll want to include, at a minimum, are:
- Item Name - this would typically be the accounting code or accounting code + description
- Sales Description - the accounting code description (if not included in Item name)
- Purchase Description - this could be the same as the sales description (not required, this can be filled in with details on individual expenses)
- Income Account - this is specific to the builder's Chart of Accounts
- Expense Account - this is specific to the builder's Chart of Accounts
Then, you can simply copy the information from your Excel file, paste it into QuickBooks, and save. You can now run a sync on your Web Connector and import or match these to your accounting codes in CoConstruct!