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Journal Entries vs Invoices in QuickBooks

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Journal Entries vs. Invoices in QuickBooks

In TapGoods PRO, you can sync transaction data to QuickBooks Online [Note: TapGoods PRO is NOT compatible with QuickBooks Desktop] via Journal Entries or Invoices. Journal Entries and Invoices are similar because they both sync transactions from TapGoods PRO, but there are key differences in the ways that they sync over to QuickBooks. In this article, the following topics will be covered:

Important: TapGoods and QuickBooks Sync Information

Do Not Edit Synced Invoices or Entries in QuickBooks

  • Editing an Invoice or Journal Entry directly in QuickBooks that was synced from TapGoods can disrupt the sync process. This may lead to duplicates or missing information. To avoid issues, do not modify any items that TapGoods has synced.

How Syncing Works

  • TapGoods exports all Transactions, creating/attaching to Invoices regardless of Rental Status.
  • Refunds will be created and attached to their associated transaction based on the transaction payment date.
  • Enabling the Sync Daily option sends information from all TapGoods orders and transactions that have been updated over the last 10 days into QuickBooks Online every night 2am (Central US).
  • Transactions that have been sent to QuickBooks Online will NOT be updated if exported again.

Other Exporting Rules

  • Transactions and Invoices that are dated before the current accounting period will not be exported.
  • Invoices that are exported to QuickBooks from TapGoods and then later canceled within TapGoods will NOT be voided in QuickBooks.
  • Customer Names are exported with a Unique ID attached to avoid duplications, i.e. “John Doe – XYZ12345”
  • TapGoods Order IDs are stored in the notes sections of QuickBooks Invoices.
  • TapGoods syncs one-way to QuickBooks Online, meaning that TapGoods sends data to QuickBooks but not the other way around.

Selecting Invoices or Journal Entries

When you are setting up your QuickBooks account to sync with TapGoods PRO, it is recommended to choose whether you would like Journal Entries or Invoices to sync from TapGoods to QuickBooks; selecting one to use consistently will prevent duplication of transactions in your QuickBooks account.

To select whether you will sync Journal Entries or Invoices to TapGoods PRO, navigate to QuickBooks, which can be found under Admin on the TapGoods PRO dashboard.

 

Once you have navigated to QuickBooks in TapGoods PRO, you can set up whether you will sync via Journal Entries or Invoices to QuickBooks. To select Journal Entries or Invoices, navigate to QuickBooks Settings and click Match Labels. 

Click the green toggle to select Journal Entry or Invoices. 

Journal Entries in TapGoods PRO

With Journal Entry selected in QuickBooks Settings, Payments, Refunds, and Orders will sync to QuickBooks. When these transactions are synced to QuickBooks, they will NOT create Invoices within QuickBooks. Journal Entries combine all Transactions for the day and sync those numbers to accounts in QuickBooks. You can view Journal Entries in Sales on QuickBooks; once you have navigated to Sales, click on All Sales to view Journal Entries.

 

In All Sales, you can review the Date of the transactions that the Journal Entry documents, the Journal Entry Number, Customer, the payment Due Date, Balance, Total, and Status of the Journal Entry. To review a Journal Entry in detail, click on it and you will be directed to a more detailed overview.

It is important to note that Journal Entries are an overview of the entire day, so all Credits and Debits from the given date will populate in the accounts. When you sync Journal Entries, all accounts will sync to that have been created by TapGoods PRO [example: TG - Cash Payments].

While you cannot use QuickBooks Labels to connect Journal Entries to specific accounts, you can move Credits and Debits synced in a Journal Entry to another account within QuickBooks by clicking on the Account that a Credit or Debit is connected to in the Journal Entry.

Invoices in TapGoods PRO

An Invoice in QuickBooks is used to itemize and record a transaction between you and your Customers. Invoices equate to Orders, and when Invoices are toggled to be synced over to QuickBooks, TapGoods PRO will create an Invoice for individual Orders and transfer them over to QuickBooks. Each Invoice is linked to specific Customers and related Payments/Refunds on the Order. 

To review Invoices in QuickBooks, click on Invoices in Sales to review all Invoices in QuickBooks. Invoices synced over to QuickBooks from TapGoods PRO will sync to accounts designated in QuickBooks with the Match Labels feature. 

To learn more about QuickBooks Labels, click here!

Once Invoices have been synced over to QuickBooks, transactions associated with each Invoice will be represented in the accounts designated by the Match Labels set up in your QuickBooks Settings. It is important to ensure that Match Labels are correctly configured before your first sync to avoid any duplication of data within your QuickBooks account. 

For each user of TapGoods PRO, a sync to QuickBooks will be unique and Debits and Credits will be located in the accounts that you have connected to TapGoods OR in new accounts generated by the TapGoods PRO sync.

For example, transactions synced from TapGoods PRO may populate in your Balance Sheet like this:

 

 

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