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Settings/Mapping Sections

Bank Account Mapping

G/L Mapping

Tax Type Mapping

Add Posting Schedule

Office Mapping

Chart of Accounts

In this article we will outline QuickBooks Online's API Settings & Mapping in the Loft47 app as We've migrated back end mapping to your front end!

QuickBooks Online Mapping

Navigate to Integrations/QuickBooks Online/Settings page

!!Important!! *mapping the settings directly impact the accounting postings in QuickBooks Online!

Expand/Collapse a section by clicking on the dropdown arrow next to the Section Name

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Mapping Sections

Bank Mapping 

In a typical Brokerage the bank accounts used are:  Trust/Escrow account, a Commission account, and a General/Operating account.

To edit the Bank accounts, click the pencil next to the Name of the Bank account you wish to edit.

Please note, Trust & Escrow accounts must have Trust Liability selected in the Deposit and Payout Offset field. All other bank accounts will have Commission Trust Liability selected in this field.

Mapping Fields

Account Name: Name the account in this field

Account Number: The bank account will pull in from your Chart of accounts 

Allowed Transactions: Add your transaction type/actions to this field, see the 'Allowed Transaction tag key' section below to refer to what each tag's function is.

Deposit and Payout Offset: Add your account's liability offset G/L to this field.

Trust Account

Commission Account

General/Operating

If you're unsure on how to map your bank accounts, please reach out to support and let us know your flow of funds.

Allowed Transaction tag key 

Choose the tag in the Allowed Transactions field that will happen for each account

Trust Deposit  = Add Deposit to this account (This applies to all deposits regardless of their bank account)
Trust Transfer In = Transfer Deposit into this account

Trust Transfer Out = Transfer Deposit out of this account

Excess Release = Release Deposit from this account (This applies to all releases regardless of their bank account, please add to the bank account you want to be able to release from)

Brokerage Payout = Pay Outside Brokerages or Referrals from this account 

Agent Payout = Pay your agent from this account

Include in Subledger = Include this account in your Subledger Report

Income Paid = Transfers Deduction(s) amounts out of the account you pay your agents from

Income Earned = Transfers Deduction(s) amounts into this account

Pay Sales Tax = Pay your Sales tax from this account

This section displays the control G/L accounts that are mapped to QuickBooks Online Chart of Accounts. You can use our Chart of Accounts https://docs.google.com/spreadsheets/d/1bAiqsZaeeeIrqUc5B8cERS9qizBWgvHD7D0a4LyNUEc/edit?usp=drive_link or your own.

If using your own, you can change these, however we do not recommend that without the advice of your accountant. Please note, that if you do map to your own G/L, you must ensure that either our control accounts are present/added in your current Chart of Accounts or compatible GL accounts to those control accounts are added. Learn more about How Real Estate Accounting works by reading this article https://support.loft47.com/portal/en/kb/articles/how-real-estate-transactions-work

This section controls the tax types for those applicable States/Provinces. US clients can leave this section blank if they are not collecting/tracking/remitting State taxes.

Please note, Canadian clients have extra steps in tax reporting in QuickBooks Online, read about that here https://support.loft47.com/portal/en/kb/articles/quick#QuickBooks_Online_Sales_Tax_-_Canadian_Clients

Add, delete, or edit the scheduling of your batches.

To add a schedule, click the Add Schedule button. Set your time in the popup modal.

To Edit a schedule, click the pencil next to an existing schedule line and edit the 'Display at' field and select Active in the popup modal.

To delete a schedule, click the red trash icon.

This section is where you can see your trackable offices in QuickBooks Online. Learn more about tracking offices in QuickBooks Online classes setting https://quickbooks.intuit.com/au/blog/product-update/using-classes-and-locations-in-quickbooks-online/ *Quickbooks Online supports Classes or Locations but Loft only supports only one classification, so, please choose either Classes or Location in your Quickbooks Online account and then match that classification on the Loft side. 

This section is where you can see your Chart of Accounts that has synced over from your QuickBooks Online account. 

If you’re a new client, this is where you can upload your Chart of accounts or use ours https://docs.google.com/spreadsheets/d/1bAiqsZaeeeIrqUc5B8cERS9qizBWgvHD7D0a4LyNUEc/edit?usp=drive_link

Learn more about how Charts of Accounts work in your Setup https://support.loft47.com/portal/en/kb/articles/setup-a-new-quickbooks-account-to-integrate-with-loft