QuickBooks Online Settings/Mapping
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Settings/Mapping Sections
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
Mapping Sections
Bank Account Mapping
This section displays the banks you have mapped Loft to in QuickBooks Online, 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 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 QuickBooks Online, If using our Chart of Accounts, found here https://docs.google.com/spreadsheets/d/1bAiqsZaeeeIrqUc5B8cERS9qizBWgvHD7D0a4LyNUEc/edit?usp=drive_link
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 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
Tax Type
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
Post Schedules
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.
Offices
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.
Chart of Accounts
This section is where you can see your Chart of Accounts that lives in QuickBooks Online. If you’re a new client, this is where you can upload your Chart of accounts, 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
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