If your organization is in the services or construction vertical and you use items such as products/services in QuickBooks Online to track business costs and create job costing reports, you can import these to expense management and categorize the expenses.
Since Items are tied to Expense and Income accounts, tracking expenses in expense management by Item helps you generate accurate Job cost reports. Also, expenses exported as Items can be easily tied to an invoice that is to be shared with your customers if you wish to re-bill them at another time.
To begin, you can access the QuickBooks Online integration from your admin settings.
Select Integrations from the left side panel and select Accounting.
Select QuickBooks Online.
Import products/services from QuickBooks Online to expense management as categories
Head to Configuration and select Import settings.
Enable the Import products/services from QuickBooks Online toggle button.
Once done, all the active Products/Services items from QuickBooks Online will be imported as Categories dimension in expense management. Users can then tag expenses to Products/Services.
You can view the Categories from your admin settings.
From the left-side panel, select Expenses and select Categories.
Exporting expenses from expense management to item details in QuickBooks Online
Since both the Chart of Accounts and Products/Services can be imported to the Category dimension in expense management, the integration is designed to ensure that the expenses are posted to the correct section (Category details vs. Item details) in QuickBooks Online based on the value selected in expense management.
For example, in the following screenshot, Installation Service is a Product/Service Item in QuickBooks Online.
This Product/Service is imported as a category in expense management.
Now when users categorize the expense as Installation services in expense management, the expense is automatically exported to the Item details section of the Expense/Bills or Credit Card charges based on the export transaction type configured.
Whereas if an employee selects a Food expense account that is listed in your QuickBooks Online Chart of Accounts, this expense would get posted to the Category details section of the transaction instead.
Note
Import Products/Services from QuickBooks Online option will not be available if the export transaction type is configured as a Journal entry.
If in your organization, Items are more frequently used for all expenses and Items are tagged to expense account by default, then we recommend importing only Products/Services from QuickBooks Online to expense management instead of importing both Charts of Accounts and Products/Services.
If a Product/Service is disabled in QuickBooks Online, it will automatically be disabled in expense management.
Note: If you have previously imported Products/Services to expense management via the integration and later changed the export configuration to Journal entry, all the previously imported Products/Services will be disabled in expense management as the Journal entry transaction type does not support the export of expenses as Items.
If you need further assistance with exporting expenses as line items, reach out to our support team at support@capitalone-fylehq.com.