Setup a QuickBooks Online Account

Setup a QuickBooks Online Account

In Article Navigation can be found to the right of this article or via the buttons below
Sign up
Financial Settings
Add Chart of Accounts
Add Office
Setup Taxes
Invite Loft
Settings/Mapping

Sign up for QuickBooks Online

Navigate to  https://accounts.intuit.com/index.html
!!Your QuickBooks Online account must be Plus or Advanced subscription level for it to correctly integrate with Loft!!
  1. Select the Create an account link.
  2. Enter your email address and phone number.
    If you see a "This user ID is already taken" message, you may already have an account. Select the 'I forgot my User ID or Password' link and enter your email address.
  3. Create a password.
  4. Select Create Account.
  5. QuickBooks Online will send you a link with instructions to verify your email address. 
  6. Navigate to your email and verify setup.

Set up your Financial Settings 

Setup your Financial Year End Accounting date

Please note, the last day of your financial year end should be the date you’ll be bringing in your data into Loft and must fall at the end of the month. 

Example, if you’re bringing in all your data from April 1 onwards, then the last day would be Mar 31

Add a Chart of Accounts

!Important!! Your GL's MUST have code numbers (account numbers) associated with them in order for them to be recognized in Loft.

You can use the Chart of accounts we provide in the following spreadsheet
If you do use your own Chart of Accounts, we require some control GL accounts to be present in order to map both your integrations and deductions correctly in Loft. 

You will need to manually add the below GL accounts to your Chart of Accounts:

1. Account Number: 1210    
Account Name:  A/R - Agt'S Recoverable - Gen Exp
Type: Accounts receivable (A/R)
Detail Type: Accounts receivable (A/R)

 2.  Account Number:   2130
Account Name: Liability For Trust Control - No Manual Entry
Type: Other Current Liabilities
Detail Type: Trust Accounts - Liabilities

 3.  Account Number: 2150
Account Name: Commission Payable Control - No Manual Entry
Type: Other Current Liabilities
Detail Type: Other Current Liabilities

 4.  Account Number:   2900
Account Name: Suspense
Type.: Other Current Liabilities
Detail Type: Other Current Liabilities

 5.  Account Number: 2947   
Account Name: Commission Clearing Control - No Manual Entry
Type: Other Current Liabilities
Detail Type: Other Current Liabilities

 6.  Account Number:   4010
Account Name: Commission Income Control - No Manual Entry
Type:  Income
Detail Type: Service/Fee Income

 7.  Account Number:  4040
Account Name: Other Income
Type:
Detail Type: Service/Fee Income

8.  Account Number:   5010
Account Name: Agent Commission Control - No Manual Entry
Type: Cost of Goods Sold
Detail Type: Other Costs of Services - COS

 9.  Account Number:   5110
Account Name: Outside Broker / Realtor Control - No Manual Entry
Type: Cost of Goods Sold
Detail Type: Other Costs of Services - COS

Offices

Skip this if you are a single office Brokerage.
For multiple offices that require tracking, you must create your offices as a class in your QuickBooks Online account/Lists page.  https://quickbooks.intuit.com/au/blog/product-update/using-classes-and-locations-in-quickbooks-online/

Taxes

Invite Loft

Invite lofttechnologies@loft47.com as an Admin (not accounting admin)

➡️ Next Step 
QuickBooks Online Settings & Mapping