How Does Factor Integrate with QuickBooks Online?
Factor seamlessly integrates with QuickBooks Online (QBO), providing a real-time, two-way synchronization of project accounting data, invoices, and expenses. This integration ensures accurate, up-to-date financial tracking, reduces manual entry, and enhances your overall project management experience.
Benefits of Integrating Factor with QuickBooks Online
- Advanced Invoice Customization: Easily create customized invoices displaying detailed project information and custom fields.
- Efficient Sub-Consultant Tracking: Clearly track sub-consultant and other expenses with Factor’s detailed budgeting system.
- Real-Time Sync: Immediate synchronization ensures updates in Factor or QuickBooks reflect accurately in both systems.
- Improved Financial Accuracy: Manage labor, service budgets, and expenses precisely, providing clear insights into your project financials.
- Automated Customer Creation: Automatically create corresponding customers and projects in QuickBooks from Factor.
What Data is Synced?
Invoices (Factor → QuickBooks)
- Invoices created in Factor automatically transfer to QuickBooks upon finalization.
- Invoice numbers remain consistent between both platforms.
- Payments recorded in QuickBooks automatically update invoice status in Factor.
Expenses (QuickBooks → Factor)
- Expenses entered in QuickBooks, linked to projects, sync back to Factor automatically.
- Factor applies your predefined budgeting and markup rules to imported expenses.
- Attached expense receipts from QuickBooks are accessible directly within Factor.
Getting Started with the Integration
Step 1: Enable QuickBooks Integration
- Contact Factor Support to activate QuickBooks integration.
- In Factor, navigate to Settings > Your Firm and click Connect to QuickBooks.
- Log in to QuickBooks Online and authorize Factor to synchronize data.
Step 2: Map Customers and Projects
- In Factor, under the Project Overview tab, link projects to corresponding QuickBooks customers or sub-customers.
- If a customer or project doesn’t exist in QuickBooks, Factor can automatically create these for you.
Step 3: Set Up Expense and Service Mappings
- Go to Settings > QuickBooks Mappings.
- Match Factor service types, expense types, and tax terms with QuickBooks products and services.
- This ensures financial records align correctly with your QuickBooks Chart of Accounts.
Step 4: Manage Invoice and Expense Synchronization
- Draft invoices in Factor will not sync to QuickBooks until marked as Final.
- Payments made in QuickBooks will update Factor invoices automatically.
- Expenses linked to mapped QuickBooks accounts and customers sync directly into Factor.
Managing Invoices and Payments
- Finalized Factor invoices appear in QuickBooks with matching invoice numbers.
- Payments processed in QuickBooks automatically update invoice statuses in Factor.
- Manually trigger synchronization from Settings > QuickBooks Integration if needed.
Expense Tracking
- Expenses in QuickBooks sync automatically once assigned to mapped projects.
- Factor applies relevant markup and budgeting rules upon synchronization.
- View QuickBooks attachments, such as receipts and invoices, directly within Factor.
Support
Factor’s support team is ready to assist you with setup and troubleshooting. Contact us at Help@FactorApp.com or through the in-app help center.