Once your Inventory file is linked to QuickBooks, you can start exporting transactions.
Default Accounts in ConnectBooks
ConnectBooks allows you to set default chart of accounts at the file level for bills, adjustments, and items. During export, the system first checks if an account is specified on each bill, adjustment or item. If no account is specified, it defaults to the file-level accounts.
To update the account on a specific bill or adjustment, open the transaction, click Edit, and select the desired account from the dropdown menu (see image below).
Customizing Accounts on an item level
You can customize chart of accounts for individual items by selecting the item, and assigning a custom inventory asset or COGS account. When these items are sold or adjusted, ConnectBooks will automatically use the custom accounts instead of the file-level defaults.
How ConnectBooks Exports Data to QuickBooks
ConnectBooks exports data to QB at a summary level, as detailed item tracking is already managed within ConnectBooks.
For example, if you purchase $2,000 worth of books, once the bill is exported. QB will reflect a $2,000 increase in both your inventory asset and accounts payable accounts. However, ConnectBooks won’t create individual "Book" items in QB. Instead, it updates the inventory asset account by $2,000.
As books are sold, ConnectBooks automatically adjusts your accounts, reducing the inventory asset and increasing Cost of Goods Sold by the summary value.
Exporting Bills to QuickBooks
When exporting a bill to QB, all details—such as vendor name, bill number, and date—are transferred to QuickBooks exactly as they appear in ConnectBooks. These bills are summarized, ensuring your inventory asset and accounts payable accounts are updated accurately.
Exporting Settlements to QuickBooks
To avoid errors during export, ensure the following:
Mapped Products: Verify that all products in ConnectBooks are properly mapped to corresponding ConnectBooks items.
No Negative Inventory: Address any negative inventory by adding missing bills or making adjustments. Negative inventory will prevent the export, as all COGS for the settlement must be accounted for.
Exporting Credits to QuickBooks
Credits cannot be exported to QuickBooks because the system uses the FIFO method for inventory valuation. The value of goods deducted is subject to constant changes and updates based on the FIFO calculations.
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