This article covers frequently asked questions as well as some do's and don'ts related to syncing CoreBridge data to your accounting application.
Frequently Asked Questions
When should I perform my first ever CoreBridge Reconciliation?
- Once you Go Live! you should perform a Reconciliation at the end of each business day once orders have been Completed and payments have been entered.
- If you don't have real transactions to enter as soon as you Go Live!, you should start performing daily Reconciliations once you have Completed orders or payments.
Who should perform a CoreBridge Reconciliation?
- Someone who has access to payment details. For example:
- Cash needs to be counted.
- Checks needs to be added.
- A daily batch report from your Credit Card merchant should be available.
How often should I perform a CoreBridge Reconciliation?
- A Reconciliation should be performed daily so that you can catch any payment entry errors. If a customer underpaid or overpaid, the sooner you catch the error the better chance you have of rectifying the problem, especially if the error is in the customer's favor.
- Each Reconciliation contains data that syncs to your accounting application. If you do not perform a Reconciliation you will not get all of your financial data in your accounting application.
When should I perform my daily CoreBridge Reconciliation?
- Summary Sync
You should perform your Reconciliation at the end of each business day once orders have been Completed and payments have been entered. If you do not perform daily Reconciliations, you should ALWAYS perform a Reconciliation at the end of the day on the last day of the month.
- Detail Sync
You should perform your Reconciliation at the end of the business day once all payments have been entered. You can also wait until the next morning.
Will CoreBridge help me with the sync?
- Yes. There are 3 steps.
- Step 1: We will request that you fill out a form to answer questions after your system is Live. Once we get the answers we can configure your system for the sync.
- Step 2: We will help you with the setup if you request. Once the setup is completed, we can proceed to Step 3.
- Step 3: We will meet with you to perform your first sync and go over our recommendations for handling the data in QuickBooks.
How often should I sync data to my accounting application?
- We recommend syncing daily after your daily Reconciliation has been completed.
- When you sync daily, your accounting application will be updated with changes that were made in CoreBridge.
- When you sync daily, you can record that day's payments in your accounting application.
- When you sync daily, we can fix any sync errors on a more timely basis than if you sync less often.
- If you are using Detail Sync a sync should be run daily even if a Reconciliation has not been performed.
Who should be performing the sync?
- When a sync is performed, the CoreBridge user account performing the sync must have the appropriate user permission to perform a sync. If you don't know if your account has that permission, please reach out to the administrator of your system. CoreBridge Support can determine if the permission is set but is not authorized to enable the setting.
- We recommend that the person performing a daily CoreBridge reconciliation should perform the sync once the reconciliation has been completed.
- If you are syncing to QuickBooks desktop, the sync has to be performed by someone that can access QuickBooks.
- If your accountant or bookkeeper is managing your books, they may be the best candidate for performing a sync.
- If sync errors are encountered, the fix may be either in CoreBridge or in your accounting application so experience in both is helpful.
How do I change one of my G/L accounts that is matched to CoreBridge?
- Changes to any G/L account should originate in CoreBridge once you have gone through a 1st sync. This includes changing the account number, account name, or the parent/child hierarchy. This also includes deactivating accounts.
- If the change originates in your accounting software and the change is not manually matched to CoreBridge, you will get sync errors. The only way to correct errors due to account changes will be to go through the account matching process again to correct the account mismatch.
- Changes made in CoreBridge will update the account in your accounting software during a sync.
Do I add all of the accounts from my Chart of Accounts into CoreBridge?
- No. Income and COGS accounts in CoreBridge are linked to Parts, Modifiers, Machines, and settings in the Management Module. If you add an account from your Chart of Accounts, and the account is not associated to anything, no data will ever post to that account.
BANK FEEDS: Should I use Bank Feeds or import bank transactions in my accounting application if I'm syncing data from CoreBridge? (We do not recommend or support using bank feeds for deposits)
- If you are using bank feeds or importing bank transactions when you are syncing CoreBridge data, you or your accountant will need to understand how to properly use either of those features in conjunction with the CoreBridge sync.
- Please bear in mind that when you are using bank feeds or importing bank transactions, your CoreBridge payments will be entered into your accounting application twice. Once from the bank feed or import and again from the CoreBridge sync/export. Bank feeds need to be handled properly so that you do not get duplicate data.
- If you record a bank feed transaction from a CoreBridge payment without matching or reconciling it against the payment from sync, you will get duplicate amounts in your bank account and you may also duplicate income.
- To prevent duplicate data, you should not handle bank feed transactions that come from CoreBridge payments until you are syncing. Those transactions should just sit.
CoreBridge payments will be used to make deposits. Bank feeds and imported bank transactions will duplicate deposits if the bank feed is not handled correctly.
Do not reconcile bank feed transactions that come from CoreBridge payments. The bank feed transactions need to be reconciled against the CoreBridge payments that sync.
Can I change the data that has synced from CoreBridge to my accounting application?
- You should never edit, change, delete, or void any data or records that sync from CoreBridge.
- CoreBridge will not know about any changes you make and you risk creating differences between CoreBridge and your accounting application.
- If you change a record in your accounting application, the sync will likely fail when it needs to update the record that was changed.
- If you feel that you need to make a change to a record in your accounting application, please open a support ticket and provide the details so that an agent can instruct you on how to proceed without corrupting your data.
Compare income monthly between CoreBridge and QuickBooks so that you don't have to wait until year-end to catch and fix any discrepancies.
DON'T enter customer invoices, payments, or other customer transactions manually in your accounting application unless instructed to do so by CoreBridge support.
DON'T create manual journal entries in your accounting application to reconcile numbers to Corebridge unless instructed to do so by CoreBridge support. This will likely result in erroneous numbers once the root cause of the non-matching number has been fixed and then syncs or exports.
DO reach out to support if you need help determining if a transaction or change will adversely affect the sync process.