How to Synchronize to QuickBooks

Created by Richard Pasquin, Modified on Fri, 10 May 2024 at 04:27 PM by Vasyl D

If you delete a posted Journal in Quickbooks, the change will not be reflected on Cryptoworth. Use the Rollback feature in the Apps configurations to clean Journals that are posted via Cryptoworth.


Step 1


On the Portfolio page, head to the portfolio you want to synchronize with QuickBooks. 



Step 2


 From your portfolio screen, click on the "Connections" tab and select "Apps".




Step 3


On the "Apps" page, click on the "Connect" button for QuickBooks and sign in to your QuickBooks account to create the connection.





Step 4


Once the QuickBooks API is connected, the next step is to click on "Classifications" and important the "Chart of Accounts." Select the three dots and click "Sync Accounts".








Select all the desired accounts and submit.




You should now see all your Chart of Accounts from QuickBooks on Cryptoworth.




Step 5

 

Next, head back to the QuickBooks connection by clicking on the "Connection" tab and then the "Apps" button. 

 

Step 6


Now that the QuickBooks API is connected, click on the QuickBooks "View" button to open the general ledger account mapping setting. 


You will need to classify the transactions you want to map from Cryptoworth directly to your QuickBooks account. Make sure to classify the transactions in Cryptoworth using the Cryptoworth Classifications. Please see this article on how to classify transactions in Cryptoworth: Creating and Assigning Classifications


It is important to map the four Cryptoworth Classification to general ledger (GL) accounts in QuickBooks if you want to push transactions to specific GL accounts in QuickBooks. You must also map a Default Asset Account Classification from Cryptoworth to represent the Assets in QuickBooks. Once you do this, you will be asked to map that classification to a GL account in QuickBooks. Map the classification to the desired GL account.



The five required Chart of Accounts that are required to be mapped out are Default Capital Gain Account, Default Capital Loss Account, Default Fee Account, Default NFT Account and Default Asset Account Classification.


You can map other classifications to other GL accounts or leave them unmapped.



Once you are finished classifying the transactions you intend to map to your QuickBooks account, you can exit out from this page by clicking the "X" symbol on the top right corner.



Step 7


 Head to the "Transactions" tab.


 


Step 8


You will need to run a calculation.





Step 9


Select your calculation method, in this example, we are using the default Cost Basis FIFO and for the Objective of the calculation, we are using Trailed Start. Click on "Calculate".



Step 10


Head to the "Reports" tab.



Step 11 


Click the QuickBooks dropdown menu and click the "Realized Sync" button to push your calculated transactions into QuickBooks as journal entries. 



The calculation will queue and once complete, will automatically be updated into your QuickBooks account.


Step 12


Head into your QuickBooks account and you will see the most recent transactions synchronized from Cryptoworth. 




Step 13


Ensure that all mapped accounts are able to have sub-accounts on QuickBooks. If you create a custom parent and child classification on Cryptoworth, ensure it either exists on the QuickBooks COA or you must create the account and sub-account on QuickBooks 



If you delete a posted Journal in Quickbooks, the change will not be reflected on Cryptoworth. Use the Rollback feature in the Apps configurations to clean Journals that are posted via Cryptoworth.



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