Overview
The BoldTrail BackOffice and QuickBooks integration, powered by API Nation, simplifies the management of transaction financial data across platforms by automating the recording of income and expenses directly into QuickBooks Online. This integration reduces manual data entry, keeps your financial records updated, and is highly customizable to fit your existing QuickBooks setup.
Most customers should use the newer, simpler General Ledger version of the QuickBooks integration. Use this version only if you are already using the Commissions integration or if your Implementation Specialist has recommended it.
Best Practices
Thoroughly Review This Guide: Understanding the features and customization options available will help you utilize the integration effectively.
Consult with a CPA or Bookkeeper: Discuss your current financial setup and any specific needs with a professional to tailor the integration to your business.
Test Transactions: Before going live, run a series of test transactions to ensure everything is configured correctly and working as expected.
Getting Started
It is essential to establish at least two distinct workflows: one dedicated to managing income and another for expenses. This structured approach ensures that all financial transactions are accurately categorized, making tracking and analyzing your brokerage performance easier.
Each workflow requires specific configurations tailored to its respective financial category, which will be detailed in the sections above. This division not only simplifies financial management but also enhances the precision of your financial records.
Creating Income Workflow
Before setting up the income workflow
Ensure the following are completed before starting the integration:
Chart of Accounts: Match the chart of accounts in QuickBooks with tags and account names in BoldTrail BackOffice.
Bank Accounts: Connect all bank accounts to QuickBooks.
Example for Matching Tags:
Description: This is the name of the deduction in BoldTrail BackOffice.
Tag Name in BoldTrail BackOffice: This should be the parent account name in QuickBooks, along with the sub-account name.
For instance, for a tag "contract labor:transaction coordinator fee," ensure both the parent and sub-account names are set up as "Contract Labor" and "Transaction Coordinator Fee" in QuickBooks.
Go to the Add-ons > QuickBooks Online > Configure and Activate the Setup Wizard.
Enable Connection for the Commissions option.
Select the Income option and "Yes" for "Itemized?"
Income QBO objects include invoices, sales receipts, and deposits. Expense objects are usually bills, expenses, or checks.
For Itemized, most users select "Yes" to have multiple line items in QBO based on the client's individual fees. "No" is selected when you prefer a single line item based on Office NET, Office GROSS, Agent NET, or Tagged Items.
Syncing transactions with types, statuses, and sides
Next, you'll be asked to select the options for different parts of the configuration listed below.
Sync Transactions with These Types
Choose the transaction types you want to sync to QuickBooks from your BoldTrail BackOffice list.
Example: If you record both Traditional Sale and Lease Transactions in BoldTrail BackOffice but only want to sync Traditional Sale transactions to QuickBooks, select Traditional Sale from the dropdown.
Recommended Option: All
Sync Transactions with These Statuses
Decide at what stage in the transaction lifecycle you want to sync to QuickBooks.
Example: Most users choose “Closed” because they record income and expenses at transaction close. If you select this, income data will sync to QuickBooks immediately after the status changes to “Closed”. Transactions with statuses like “Pre-listing” or “Pending” will not sync.
Recommended Option: Closed
Sync Transactions Where You Represent
Sync only the transactions that match the selected side.
Recommended Option: Either or Both
Advanced Filter
This feature allows users to import transactions for a specific date range. For instance, if you started using Bold Trail Back Office in the middle of the year and need to import only the current year's transactions into Quickbooks.
Left Selector: Choose the BoldTrail BackOffice field to act as the reference.
Center Selector: Select the rule.
Right Selector: Enter the reference amount.
Example: For a date filter, specify the date against which to compare.
Income Sync
Create
Here, you select the object type that will be created in QBO. The valid types vary based on your selection between Income and Expense at the top of the page. Income objects include Invoices, Sales Receipts, and Deposits. Expenses include bills, expenses, and checks.
Select one of the following options to sync income:
Invoice (default)
Sales Receipt
Deposit (most common)
Set Customer To
Choose who the money is received from:
Customer Defined by Property Address: Creates a new customer using the property address for each transaction.
Specific Customer: Select a specific customer from your list.
Bank Account Mapping
When selecting a deposit or sales receipt option, you must choose a bank account to map the entry.
Default Account for Unmatched Entries
When QuickBooks cannot find a match for the account or item (tag) name from BoldTrail BackOffice, specify a default account for these entries. This is usually an "Uncategorized" account.
Commissions to track
By default, commissions are set to track award distribution, shared and unshared, meaning all income is tracked in the gross amount.
Best Practice: Leave it set to "all."
Date and Due Date
Choose the date you want the income to be entered:
QuickBooks Default: Let QuickBooks decide the date.
Closing Date in BoldTrail BackOffice: Use the transaction's closing date.
Listing Date: Use the transaction's listing date.
If you choose "Invoice" to track the income, you will also have the option to set a due date.
Description and Memo
You can choose which fields to include in the description section. The most common choice is the address. You can also choose which fields to include in the memo section.
When all set, click Save.
Then, Activate Sync.
Creating Expense Workflow
Go to the Add-ons > QuickBooks Online > Configure and Activate the Setup Wizard.
Enable Connection for the Commissions option.
Select the Expense option and "Yes" for "Itemized?"
Next, you'll be asked to select the options for different parts of the configuration listed below.
Syncing transactions with types, statuses, and sides
Sync Transactions with These Types
Choose the transaction types you want to sync to QuickBooks from your BoldTrail BackOffice list.
Example: If you record both Traditional Sale and Lease Transactions in BoldTrail BackOffice but only want to sync Traditional Sale transactions to QuickBooks, select Traditional Sale from the dropdown.
Recommended Option: All
Sync Transactions with These Statuses
Decide at what stage in the transaction lifecycle you want to sync to QuickBooks.
Example: Most users choose “Closed” because they record income and expenses at transaction close. If you select this, income data will sync to QuickBooks immediately after the status changes to “Closed”. Transactions with statuses like “Pre-listing” or “Pending” will not sync.
Recommended Option: Closed
Sync Transactions Where You Represent
Sync only the transactions that match the selected side.
Recommended Option: Either or Both
Advanced Filter
If enabled, only transactions that meet specific criteria will be synced.
Left Selector: Choose the BoldTrail BackOffice field to act as the reference.
Center Selector: Select the rule.
Last Selector: Enter the reference amount.
Example: For a date filter, specify the date against which to compare.
Create expenses and Commissions to track
Choose how the agent's commission should sync:
Bill
Expense
Check (most common option)
Also, select the starting point of the agent's commission you want to track:
Default Account for Unmatched Entries
When QuickBooks cannot find a match for the account or item (tag) name from BoldTrail BackOffice, specify a default account for these entries. This is usually an "Uncategorized" account.
Choose the Bank Account
Select the bank account from which the agent's commission will be paid.
Choose the Payee
In QuickBooks, choose who the payee will be. The most common option for agent commissions is "Agent/Pay to."
Choose the Vendor for Bills
When syncing expenses as bills, you can choose a vendor. For agent commissions, select "Agent/Pay to."
Date and Due Date
Choose the date you want the income to be entered:
QuickBooks Default: Let QuickBooks decide the date.
Closing Date in BoldTrail BackOffice: Use the transaction's closing date.
Listing Date: Use the transaction's listing date.
If you choose "Invoice" to track the income, you will also have the option to set a due date.
Description and Memo
You can choose which fields to include in the description section. The most common choice is the address. You can also choose which fields to include in the memo section.
When all set, click Save.
Then, Activate Sync.
Creating Additional Workflows for Pre-Commission Tags
If you deal with pre-commission debits in your commission plans, additional workflows are necessary:
Go to the Add-ons > QuickBooks Online > Configure and Activate the Setup Wizard.
Enable Connection for the Commissions option.
Select the Expense option and "No" for "Itemized?"
Next, the steps are the same as for the above Expenses Workflow section, with few sections you need to pay attention to:
Commissions to track
Select All items with specific tag.
Tag
Enter the tag name. This must match the fully qualified name in QuickBooks.
All other steps are the same as for the Expenses workflow.