Managing Aysling and QBO
Product Classification & Service Product Setup: When additional items are added to Aysling, I must make sure we also have them in QBO.
We following QBO community best practices for product setup
Aysling – Settings > Products. The product classifications and service products in Aysling should closely match those in QBO - if you’re just setting up your system, you can import all of them at once, so this wouldn’t be an issue.
QBO initial set up, Sales > Services
Product Category Mapping to Accounts Setup in QBO
Use the Product Mapping tool in Settings > Billing, to map them to your correct QBO accounts
As you add new products or services, remember to update your mapping
Booked – Income Statement Accounts
Deferred – Balance Sheet Accounts
Managing the financials and reporting through our Aysling ERP in conjunction with QBO gives us a real-time business snapshot whenever we need it. System management is minimal once everything is set up. The process of integrating with QBO is virtually seamless. Using our own ERP gives me the opportunity to critique and make suggestions to our Product Manager for further evolution of our product.
Generating Exports to QBO and Matching Transactions
Whenever invoices are created or updated, payments are recorded as received or paid, as well as credit memos generated, I manually generate the export files to keep everything up to date in QBO.
Check the QBO Update reports via email for errors, if something happens to not show up in QBO as expected.
Close GL Period – once month end adjustments and bank reconciliations are complete.
QBO - Match transactions from Banking each morning, update the bank feeds and match transactions via the connected bank accounts.
If transactions happen to be matched, by QBO, to the incorrect account, edit the transaction to the correct account.
Researching Errors and Issues
Invoice or payment not in QBO
Aysling - Mark invoice or payment for export then re-export to QBO.
QBO - Payment may be net of a refund transaction, in this case, enter each as a separate line item in the bank register, and ‘exclude’ the downloaded transaction from the ‘For Review’ listing.
Vendor or Client not in QBO
Aysling - Make sure company is set to export
QBO - Check for a duplicates
Bank Reconciliation and Tracking Changes
We follow QBO communities best practices
Daily Management: There are several tasks that I complete regularly, just as best practice.
Recorded Payment amounts are logged on a Cash Projection spreadsheet
Cash Projection Sheet – our manual Excel spreadsheet for projecting Income and Expenses.
We are working on this area of the system as well, to be able to project cash based on inputs.
Banking (update feed and match transactions in QBO) - see above.
Open Invoices / Accounts Receivable – Review each M, W, & F, for any outstanding issues, with our Account Managers, as well as utilizing the Activities tab on the customer accounts page for updated information, to stay on top of any outstanding receivables.
Check for orders that need to be Finance Approved, and add or update any of our Client Subscriptions, as needed.
Recording Recognized Revenue each Month:
We currently have a very manual process for recognizing revenue of deferred items.
We currently manage our Deferred Revenue via Excel spreadsheet for Deferred Items, like Annual Contract Payments:
We capture the deferred revenue line item details from the balance sheet accounts in QBO, populate the spreadsheet with the total, then calculate the amount for each month of the contract.
At the end of each month, we make a journal entry to QBO for the total dollar amount of all recognized revenue on the spreadsheet, based on our manual entry of the line items and the total at the bottom of the sheet. We debit the Deferred Balance Sheet account and credit the Income Account on the Profit & Loss Statement.
The Scheduled Revenue Report is a great report to utilize for this process.