If your organization is in the services or construction vertical and you use Items such as Products/Services in QuickBooks Online to track business costs and create Job costing reports. In that case, you can import these to Fyle and easily categorize the expenses.
Since Items are tied to Expense and Income accounts, tracking expenses in Fyle by Item helps you generate accurate Job cost reports. Also, expenses exported as Items can be easily tied to an invoice that can be shared with your customers if you wish to re-bill the same.
Follow the steps below to import Products/Services from QuickBooks Online to Fyle via integration.
Importing Products/Services from QuickBooks Online to Fyle as Categories
To import Products/Services from QuickBooks Online as a category dimension in Fyle, first log in to your Fyle-QuickBooks Online integration.
Head to Dashboard > Import Settings
Enable the Import Products/Services from QuickBooks Online toggle button as shown below.
Once saved, all the active Products/Services items from QuickBooks Online will be imported to the Category dimension in Fyle. Employees can then tag expenses to Products/Services.
Exporting Expenses from Fyle to Item details in QuickBooks Online
Since both the Chart of Accounts and Products/Services can be imported to the Category dimension in Fyle, the integration is designed to ensure that the expenses are posted to the correct section (Category details vs. Item details) in QuickBooks Online based on the value selected in Fyle.
For example, in the below screenshot, Installation Service is a Product/Service Item in QuickBooks Online which is imported as a Category in Fyle.
Now when the employees categorize the expense as Installation services in Fyle, this expense is automatically exported to the Item details section of the Expense/Bills or Credit Card charges based on the export transaction type you have configured in your integration.
Whereas if an employee selects a Food expense account that is listed in your QuickBooks Online Chart of Accounts, this expense would get posted to the Category details section of the transaction instead.
Some Important points to note:
1. Import Products/Services from QuickBooks Online option would not be available if the export transaction type is configured as a Journal entry for either reimbursable or corporate card expenses or both.
2. If in your organization, Items are more frequently used for all expenses and Items are tagged to expense account by default, then we would recommend importing only Products/Services from QuickBooks Online to Fyle instead of importing both Chart of Accounts and Products/Services.
3. If a Product/Service is disabled in QuickBooks Online, it will automatically be disabled in Fyle.
4. Also, if you have previously imported Products/Services to Fyle via integration and later changed the export configuration to Journal entry, then again, all the previously imported Products/Services will be disabled in Fyle as the Journal entry transaction type does not support the export of expenses as Items.
Do reach out to us at [email protected] if you need any assistance setting this up.