Welcome to our comprehensive guide on setting up and managing QuickBooks Online integration with FranConnect. This article is designed to help you seamlessly integrate your QuickBooks Online account with FranConnect, enabling you to streamline financial management and enhance operational efficiency. Whether you are setting up the integration for the first time or looking to manage your existing settings, we will provide you with step-by-step instructions to ensure a smooth and successful integration. Let’s get started on making your accounting tasks easier and more efficient.
Note: If you need to change settings regarding the accounting method (cash vs. accrual) or any adjustments settings, please reach out to FranConnect customer support and they can configure these settings for you.
Topics
- Importing Your Corporate Chart of Accounts from QuickBooks Online
- Setting Up Sales Categories in FranConnect
- Setting Up Profit & Loss Categories in FranConnect
- Mapping a Franchisee Chart of Accounts to a Corporate Chart of Accounts
- Mapping the Corporate Chart of Accounts to a Sales Category in FranConnect
- Mapping the Corporate Chart of Accounts to a Profit & Loss Category in FranConnect
- Importing Franchise Sales from QuickBooks Online into FranConnect
Importing Your Corporate Chart of Accounts from QuickBooks Online
Note: To perform any of the operations detailed in this article, you must have QuickBooks Integration enabled in your FranConnect system. Please reach out to your point-of-contact at FranConnect or to customer support to ensure that this is enabled.
Additionally, while we will cover some use of QuickBooks Online in this guide, we assume you already have it configured as needed. If you need help configuring QuickBooks Online beyond what is covered here, please reach out to their support.
In a situation where the franchisee is using QuickBooks Online, but it is not being used at the corporate level, please reach out to FranConnect support to configure the integration.
To import your chart of accounts, first log into your FranConnect environment. Click the gear icon at the top of the page to access your Admin settings.
On the next page, click Financials on the left-hand sidebar.
Scroll down to the "QuickBooks Integration" section and select Configure Chart of Accounts.
You will be taken to the following page:
Click the Click Here button and log into your QuickBooks Online account. This will import any charts of accounts that haven't already been synced.
Setting Up Sales Categories in FranConnect
FranConnect will map your QuickBooks Online Chart of Accounts to Sales Categories in the FranConnect system. Thus, we will need to set up a Sales Category for each Chart of Accounts we wish to map. To do so, click the gear icon at the top of the page in FranConnect to access your Admin settings.
Next, click Financials on the left-hand sidebar.
Click Configure Categories for Sales Report.
To create a category, click the menu button on the top-right hand side of the table and then select Add New Category from the drop-down menu.
You can make this either an "Addition" type or "Subtraction" type category depending on whether the money for the transaction is entering or leaving your account. Give your Sales category a name and select the type. Then click Save.
Your new Sales category will be created.
Setting Up Profit & Loss Categories in FranConnect
FranConnect will map your QuickBooks Online Chart of Accounts to Profit & Loss Categories in the FranConnect system. Thus, we will need to set up a Profit & Loss Category for each Chart of Accounts we wish to map. To do so, click the gear icon at the top of the page in FranConnect to access your Admin settings.
Click Financials on the left-hand sidebar.
Click Configure Profit & Loss Categories.
To create a category, click the menu button on the top-right hand side of the table and then select Add New Main Category from the drop-down menu.
You can make this either an "Addition" type or "Subtraction" type category depending on whether the money for the transaction is entering or leaving your account. Give your Sales category a name and select the type. Then click Save.
Your new Profit & Loss category will be created.
Mapping a Franchisee Chart of Accounts to a Corporate Chart of Accounts
To ensure the proper organization of data in FranConnect, the franchisee should log into FranConnect and map their chart of accounts to the franchisor's chart of accounts. To do so, click the gear icon at the top of the screen to access your Admin settings.
Click Configuration on the left-hand sidebar. Then click Configure QuickBooks Chart of Accounts.
Click Click Here on the following page to import the franchisee's chart of accounts.
You will be taken to the following page:
Drag and drop your chart of accounts from the left-hand column into the Standard QuickBooks chart of accounts where it belongs. Click Save when you are done. The franchisee's chart of accounts will now be mapped to the corporate chart of accounts.
Mapping the Corporate Chart of Accounts to a Sales Category in FranConnect
The corporate user can map the corporate chart of accounts to a Sales Category in FranConnect. To do so, first ensure that you have imported every necessary chart of accounts for your reporting. Then click the gear icon at the top of the screen to access your Admin settings.
Click Financials on the left-hand sidebar.
Click Configure Categories for Sales Report.
On the next page, click the Associate Mapping tab.
Drag and drop the standard chart of accounts into the Sales Category to which you wish to add it. Then click Save.
Mapping the Corporate Chart of Accounts to a Profit & Loss Category in FranConnect
The corporate user can map the corporate chart of accounts to a Profit & Loss Category in FranConnect. To do so, first ensure that you have imported every necessary chart of accounts for your reporting. Then click the gear icon at the top of the screen to access your Admin settings.
Click Financials on the left-hand sidebar.
Click Configure Profit & Loss Categories.
Click the Associate Mapping tab on the following page:
Drag and drop the standard chart of accounts into the Sales Category to which you wish to add it. Then click Save.
Importing Franchise Sales from QuickBooks Online into FranConnect
To import a franchise's sales into QuickBooks Online, the franchise user can log in and click Financials on the left-hand sidebar.
Click the Sales tab at the top of the page. Then click Import on the ensuing page.
In the pop-up drawer, click the QuickBooks Online button.
Select the report period on the following page and then click Continue.
You will be taken to the summary page. Confirm that the reported franchise sales are correct and then click Save. The corporate user will have to log in to approve this sales report.
Conclusion
Setting up and managing QuickBooks Online integration with FranConnect streamlines your accounting processes and enhances operational efficiency. By following the step-by-step instructions outlined in this guide, you can import and map your financial data effectively, ensuring that both franchisee and franchisor accounts are perfectly aligned. Remember, for any specific needs or troubleshooting, both FranConnect and QuickBooks Online support teams are ready to assist you. With this integration, you’re well on your way to more accurate and efficient financial management in your FranConnect system, enabling better decision-making and smoother financial operations across your franchises.