QuickBooks Online Settings & Mapping

QuickBooks Online Settings & Mapping

In this article we will outline Xero's API Settings & Mapping in Loft.

Front End Mapping

You’ll notice that you now can see back end mapping has been brought to your front end in QuickBooks Online>Settings page under your Integration menu. *mapping settings directly impact the accounting postings in Xero’ Loft cannot undo the changes, so ensure you proceed with caution’
Each section can be expanded by clicking on the dropdown arrow, like so


Mapping Sections

Bank Account Mapping

This section displays the banks you have mapped Loft to in QuickBooks, to edit the Account name, Allowable Transactions, and offset Liability G/L accounts, click the pencil next to the 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.

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
Trust Transfer In = Transfer Deposit into this account
Trust Transfer Out = Transfer Deposit out of this account
Excess Release = Release Deposit from this account
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

How Bank Mapping looks 

in a typical Brokerage that uses a Trust/Escrow account, a Commission account, and a General/Operating account.
Trust/Escrow 

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.

General Ledger Mapping

This section displays the control G/L accounts that are mapped to Xero, If using our Chart of Accounts, this will be the correct way of mapping the GL. If not, 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 add a clearing account in your Chart of Accounts to clear transfers, read more regarding how accounting transactions work. 

Tax Type

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

Post Schedules

This section is where you can add, delete, or edit the scheduling of your batches. To add a schedule, click the Add Schedule button, to Edit click the pencil, and to delete click the red trash icon.

When adding a new schedule, the time you click on this button that is what time will be added, you will have to edit it further to set up exact times as shown above. In the edit box, change your time, click the Active checkbox to enable the newly scheduled time, click save.

*Clicking the clock in the daily at schedule brings up a clock

Offices

This section is where you can see your trackable offices in QuickBooks.  Learn more about office tracking.
*Quickbooks supports Classes or Locations but Loft only supports one or the other.  So, please choose either Classes or Location in your Quickbooks account and then match it on the Loft side. 


Chart of Accounts

This section is where you can see your Chart of Accounts that lives in QuickBooks.  If you’re a new client, this is where you can upload your Chart of accounts, learn more about QuickBooks Setup.





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