When migrating from a single system like LoneWolf, your accounting processes will transition to a specialized two-system approach: BoldTrail BackOffice (BTBO) and QuickBooks Online (QBO).
This guide explains how these systems divide the workload and outlines the required steps for initial setup.
How the systems work together
Setting up industry-specific processes in a generic accounting program is difficult. To prevent the need to manually manipulate a generic tool, BTBO and QBO handle distinct parts of your business.
BoldTrail BackOffice handles transactional accounting. BTBO is designed specifically for real estate. It manages transactions, agent billing, and commissions.
QuickBooks handles operational accounting. QBO manages your general business accounting, which includes accounts payable, bank reconciliations, and staff payroll.
When you close a transaction in BTBO, the system processes the debits and credits in its built-in general ledger. This data automatically syncs into QuickBooks for your journal entries and Profit & Loss reporting.
Because of this sync, your admin or accountant never has to manually enter transaction data into QBO.
Recommended setup instructions
The integration between BTBO and QBO is designed to be easily understood by any qualified accounting professional. We highly recommend delegating the initial configuration.
Hire a bookkeeper or accountant
Engage a qualified professional to set up your general accounting and system integration. They do not need to be a CPA; any competent bookkeeper can perform this task.
Even if you intend to do your own bookkeeping long-term, having an accountant perform the initial setup ensures your general accounting is structured correctly from day one.
Request template for your accountant
If you need to hire an external bookkeeper or instruct your current accountant, you can copy and paste the message below.
Hi,
We are transitioning our brokerage software and need assistance configuring our new accounting setup.
We are moving to a two-system approach: BoldTrail BackOffice will handle our real estate-specific transactional accounting, and QuickBooks Online will handle our general operational accounting. The two systems integrate with one another.
Could we schedule time for you to:
Complete the integration setup.
Ensure our general accounting is set up correctly in QBO.