Accounting Package Setup > QBO Setup

Wise-Sync has been designed to capture as much of the information from ConnectWise and transact to QBO in the most detailed possible way. With a single aim of improving financial visibility, as well as ensuring that data is transacted with only valid information.The following prerequisite requirements ensure that Wise-Sync can get the information needed to create records in QBO and transactions accordingly.

Here's what you need to do:

  1. Enable Account Numbers in your Chart of Accounts.

    Enable Account Numbers for Chart of Accounts.

    Ensure that all Chart of Accounts have valid account numbers.

  2. Setup Tax Codes for Mapping of ConnectWise Tax Groups

    Ensuring that the Tax Codes in QBO match those in ConnectWise

What do I do?

Step 1 > Enable Account Number in Chart of Account Settings

Wise-Sync maps to "Account" numbers, which requires a setting to be enabled if not already.

  1. Click on Settings icon from the top navigation panel
  2. Select Account and settings from the list
  3. Select Advanced tab
  4. Select Advanced Settings
  5. If Account Numbers is set to off, click on the Edit Icon
  6. Check the box to enable Account Numbers
  7. Click Done
Step 2 > Add Account Numbers to your Chart of Accounts 

Note:

This next section is only required if you do not already have the "Account Numbering" feature enabled in QuickBooks Online.

Adding Account numbers to your chart of accounts will not affect the functions of reporting, it can in some circumstance help in the financial entry of transactions, by allowing users to type the account code, rather than the text (both will work).

Common Account Number Ranges

In principal ranges can be defined for any purpose, it is however recommended that the accounts are ranged to help in the grouping and reporting. The following represents a common table of accounting number ranges. The ordinal ranges can be arranged with or without the dash, in hundreds (100) or thousands (1000), it is really up to you and your accountant to work out the best CoA that fits the needs of the business.

Account Range (Commencing Ordinal)Financial Reporting Purpose
1-0000Assets
2-0000Liabilities
3-0000Equity
4-0000Income / Revenue
5-0000Cost of Goods Sold
6-0000Expenses
7-0000Special Purpose
8-0000Special Purpose
9-0000System Accounts

Here's how to do it:

  1. Navigate to your Chart of Accounts in QuickBooks Online.
  2. Click on the Settings icon in the top navigation panel.
  3. Click on the Settings icon in the top navigation panel.

    Select Chart of Accounts from the list under settings.

  4. Assign Account Numbers to Chart of Accounts
  5. Select the Show Account Numbers check box
  6. Click on the Assign Account Numbers button
  7. Review and Assign Account Number

Tip:

If you have sub accounts, try use groupings of number ranges to help with the allocation and reporting. Enter the Numbering for each of the sub accounts, keeping the number ranges consistent. Press Save when you are finished.Make sure you press save frequently to ensure that your session does not expire, as you will loose all of your work.

 Step 3 > Setup Tax Groups & Payment Terms
Wise-Sync will apply Tax Rates QuickBooks Online based on the Tax Group name in ConnectWise. If there is a mismatch between the rates defined in each system, and error will be returned if you try to sync a record that has a mismatched tax code.

Note:

Tax Codes will not be created in QuickBooks Online if they are missing.

Depending on the region of your QBO company, you may have slightly different options that are specific to your regional location.
RegionTax TypeRegion Specific Instructions
USSales TaxSetup US Tax
UKVATSetup UK Tax
AUGSTSetup AU Tax
NZGSTSetup NZ Tax

Setup Payment Terms Mapping

Payment terms are mapped by the Terms XRef in ConnectWise. The terms must match between both systems so that terms are applied correctly.

Here's how to do it:

  1. Click on the Settings menu item from the top navigation bar.
  2. Click on All Lists > Terms
  3. Create Matching Terms in QuickBooks Online
  4. Create Matching Terms in QuickBooks Online

    Note:Each of the terms listed in ConnectWise Billing Terms setup table will require a matching Term in QuickBooks Online.

  5. Create a new Term in QuickBooks Online by clicking on the New Button.
  6. Enter the Name as per the ConnectWise Billing Term Name
  7. Select the option for Terms:

    Due in a Fixed Number of Days: Set the days as per the ConnnectWise Days

    Due by certain day of the month: 

    Set the day of the month payment is due.

    Set the same for days of due date

    Select if discounts are offered if paid early.

  8. Save
Step 4 > You're Done! A Checklist Before You Start Syncing
Things you need to have completed before moving to the ConnectWise setup steps.

QuickBooks Online Setup

  • Enabled Account Numbers for your Chart of Accounts.
  • Added numbers to all of your Chart of Accounts.
  • Setup at least one Tax Group in QuickBooks Online
  • Setup Matching Payment Terms between ConnectWise and QuickBooks Online.

Once you have the above checked off, you are now ready to start the ConnectWise Setup Steps.

Tax setup per region

Setup AU Tax

Coming Soon...

Setup NZ Tax
Coming Soon...
Setup UK Tax
Coming Soon...
Setup US Tax

QuickBooks Online only supports two different tax structures

  • Single: Where a single rate is applied to the invoice and payable to a single tax agency
  • Combined: Where a (combined) set of tax rates payable to different agencies is set for each invoice.

Note:

QuickBooks online does not support complex tax rating per line, which will limit the tax locales that tax services differently to products (I.e. Connecticut). If you require Complex Tax Structures, you might want to consider using another cloud accounting system such as Xero, with native support for complex tax structures.

Wise-Sync will map ConnectWise tax based on the selection made in the Tax Code setup in Wise-Sync. The recommended setting to ensure taxes are applied for each invoice should be set to "Tax Group", as this will match the ConnectWise Tax Code Name on the Invoice to the Tax Rate Name in QuickBooks Online.

Step 1: Sales Tax Setup

Here's how to do it:

  1. Click on the Taxes menu
  2. Click on Sales Tax

    Note: Check to ensure that Sales Tax will be correctly calculated on your Customer Invoices. If Sales Tax has not been enabled, this step will need to be completed first.

  3. Confirm that the sales tax setting is "Yes"
  4. Set the Default Sales Tax to the most common tax code for your customers purchases.
  5. [Optional] Set the options for:

    -Mark all new customers taxable -Mark all new products and service taxable.

  6. Press Save

Step 2: Create a Single Tax Rate

  1. Click New to create a New Single Tax Rate

     Note: If you already have Tax Rates setup in QBO, then you only need to check the names match between the systems.

  2. Determine whether you require a Single Rate, or Combined Rate.
  3. Determine whether you require a Single Rate, or Combined Rate.

    Single: If you only need to pay a single Agency. Combined: If you need to pay multiple Agencies.

  4. Set the Tax Rate and Match against ConnectWise Tax Code
  5. Refer to the ConnectWise Tax Code for the same Tax Rate details
  6. Press Save

Step 3: Create a Combined Tax Rate

Combined tax rates provide you with the ability to calculate tax according to each agency payment requirement. In some cases this may include taxes payable to different agency.

  1. Create (or Edit) a Tax Rate.
  2. Click New to create a New (Combined) Tax Rate

    Note: If you already have Tax Rates setup in QBO, then you only need to check the names match between the systems.

  3. Determine whether you require a Single Rate, or Combined Rate.

    Single: If you only need to pay a single Agency. Combined: If you need to pay multiple Agencies.

  4. Select Combined
  5. Set the Tax Rate and Match against ConnectWise Tax Code
  6. Refer to the ConnectWise Tax Code for the same Tax Rate

QBO Account / GL Mapping Supported Account Mappings

Account Numbers

Account numbers are the preferred option, they provide for the most control and validation is also managed by QBO. Account numbers must be unique in QBO, as validation error will display in QBO if you try to save an account number that already exists. this applies also to sub-accounts, which must be numbered.

The most common issue encountered is where sub-accounts are entered, however, the parent accounts are not. Where numbers are used all accounts must be numbered:

Incorrect: Only Sub-Accounts are Numbered Correctly:

Correct: Parent & Sub Accounts Numbered Correctly:

A)  ACCOUNT NUMBERS (PREFERRED)

Allows for the use of account numbers, and supports full sub-account path.


B)  ACCOUNT NUMBERS (SUB ACCOUNTS)  

Note: GL Entries must specify the full path to the sub-account. I.e 4001:4002 If the Sub Account 4002 was specified.

Account Names (Description)

The account description can be used in place of Numbers, where a description is provided, this is then matched against the Account in the GL Entry.

A) Account Names (in Description)

Account names can be used without the sub account requirement, providing that the account name is also inputted into the account description field.

Description matches GL Entry:

Matches:

B) Extended Account Numbers (In Description)

Extended Account numbers can be entered into the description field, such as those mapped for SLI codes n Xero

QBO - Setup GL Entries using the Account Description 

Wise-Sync supports extended account numbering based on the description of the account in QBO. Where an account is a Sub Account, the GL Entry only needs to provide the unique value as provided in the Description:

Will not Work:

Only PR1.4-1100 needs to be specified to match the account above.

What does not work.

C) Account Names

  1. Account names where the name is not entered into the description.

  2. Sub Accounts in full path in GL Entry, where Description method is used.

     

Note:

The Account Description can be used in place of the Account Name / Number for accounts where the length of the account is > 7 characters.

P
Paul is the author of this solution article.

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