We are excited that you have opted to take advantage of our QuickBooks Online integration. There are many time saving benefits, especially for the accounting team when it comes to processing transactions. We wanted to provide a resource for you on the benefits of a QuickBooks integration. Keep reading for our frequently asked questions, the setup guide, and quick links to all of our QuickBooks Online articles.
Frequently Asked Questions:
Q: How does the integration between RedTeam Go and QuickBooks Online work?
A: With QuickBooks Online, you have the ability to login through RedTeam Go to connect your company QuickBooks file to your RedTeam Go database. Once the connection is established your project data will begin to move over to QuickBooks as your transactions pass their "trigger point".
Q: What moves over to QuickBooks Online via the integration?
A: 1) Projects are set up as Sub-Customers of a Customer over in QuickBooks Online
2) Budgets are entered as estimates within the project
3) Owner Bills
4) Owner Change Orders
5) Subcontracts
6) Subcontractor Bills
7) Subcontractor Change Orders
8) Purchase Orders
9) Expenses
Q: What are "trigger points" that move data over to QuickBooks?
A: By "trigger points" we mean - what is the action taken in RedTeam Go that causes the transactions to move to QuickBooks Online. We have a Trigger Points Document that can be found here that explains more about the triggers. Most trigger points are the approval processes for the transaction within RedTeam Go.
Ex: Sub Bills move to QuickBooks when they are "Approved" by the Project Manager and then "Accepted" by the Accountant.
Q: What are the benefits of connecting RedTeam Go and QuickBooks?
A: 1) By entering in all the project cost commitments, expenses, etc. in RedTeam Go, this will ensure that you have one single source of truth for your project costs and an accurate Job Cost Statement and WIP (Work in Progress) report.
2) You will also reduce manual entry of transactions directly into QuickBooks.
3) Your cost commitments will move to QuickBooks to the correct project, and already coded with the correct cost codes, upon their approval process. This will eliminate passing paper around the office between Project Managers and Accounting team members to write on the invoices/receipts the project name, cost code, and approval.
4) Reduce double entry. You will no longer need to enter into both RedTeam Go and then enter into QuickBooks. You will simply enter once into RedTeam Go and allow the integration to work its magic and push the item over for you.
Q: How does the integration know where I want the items to push over into QuickBooks?
A: As you establish the connection, you will complete the QuickBooks Integration Settings. The setting details will guide you through how to map the cost categories to your Cost of Goods Sold (COGS)/Expense Accounts as well as your Construction Income Account.
Q: Are there specific accounts I need set up in my Chart of Accounts in QuickBooks for COGS/Expenses?
A: Yes, we recommend that you have accounts set up for the following:
1) Architects (Ex: Professional Services)
2) Customers/Owners (Ex: Professional Services)
3) Engineers (Ex: Professional Services)
4) Equipment (Ex: Rental Equipment)
5) General Costs (Ex: Other Construction Costs)
6) Materials: (Ex: Construction Materials)
7) Other: (Ex: Other Construction Costs)
8) Overhead: (Ex: Other Construction Costs)
9) Subcontractor: (Ex: Subcontractor Costs)
10) Labor: (Ex: Salaries & Wages or Employee Payroll)
Q: Can I link my credit cards to a credit card account I have set up in QuickBooks?
A: Yes! You will set up your payment methods in the Expenses module, then map them through the integration settings to the correct accounts in QuickBooks for those credit cards.
Q: If I have Accounts Payable (AP) and Receivable (AR) retainage accounts set up, can Owner and Subcontractor billing retainage be moved to those accounts?
A: Yes! We have instructions on how to set up your retainage accounts in QuickBooks so that AR/AP retainage will show in those accounts once sub bills move to QuickBooks. Those instructions can be found here.
Q: Is the integration easy enough for me to set up myself?
A: Yes, it is. Simply follow the Integration Guide below.
QuickBooks Online Integration Video for RedTeam Go
Additional QuickBooks Online Articles
Retainage Account creation and syncing
How projects move from RedTeam Go to QuickBooks
Convert Sub-Customers (RedTeam Go Projects) to QuickBooks Online Projects
Where to find Cost Commitments in QuickBooks Online
Approving Time Cards and where to view in QuickBooks Online