NOTE: We recommend not performing a first IIF import on your own. 

A support agent will need to confirm your setup then will meet with you for your first import.


Setup – Part 2 of 2


This is part two of the Accounting Preparation steps. Prior to completing the steps in this article, you must complete part one first as covered in the Accounting Export Preparation article.


STEP 4 – Sync Tax Agencies

In CoreBridge, navigate to Accounting Module > Accounting Export > Account Setup tab.

  1. Click the Sync Tax Agencies button.  
    • This pulls in all tax agencies with non-zero rates from the Management Module so that they can be matched.


STEP 5 – Match Reconciliation Accounts

You previously matched your Income and Cost of Goods Sold accounts. Since you are using the IIF Export option, you also need to match Reconciliation Accounts.


NOTE:  If accounts are not correctly matched, the import may fail or data may post to an undesired account.


In CoreBridge, navigate to Accounting Module > Accounting Export > Account Setup tab.

  1. Carefully read the instruction on the page before continuing.
  2. OPTIONAL – Lump Tax Agencies 
    • If you have or expect to have more than one Tax Agency, selecting this option will generate a single line for Sales Tax on the journal entry. This option is typically selected when you remit a single payment to a tax entity.
    • If you have or expect to have more than one Tax Agency, not selecting this option will allow you to match each Tax Agency in CoreBridge to a unique account in QuickBooks. The journal entry will contain a line for each Tax Agency that had activity on the Reconciliation. 
    • If you only have one Tax Agency, selecting this option will provide the same result as not selecting it. The single Tax Agency will be matched to a single account in QuickBooks.
  3. OPTIONAL – Ignore non-completed orders
    • Selecting this option will suppress the following 3 accounts from posting to the journal entry in QuickBooks. The accounts are still calculated on each Reconciliation but they won't appear on the journal entry. 
    • If you select this option to keep the journal entry cleaner, you can run reports to calculate WIP and BUILT numbers and you can also view each Reconciliation to see what the current value was at that point in time.
    • WIP (Asset)
    • Built (Asset)
    • Orders Not Complete (Liability)
  4. Under My Accounting Software Accounts, for each account, click edit, enter the corresponding G/L Code (Account Number) (if applicable) and Account Name to match to your QuickBooks chart of accounts. Click save when finished with an account before moving on to the next one.

    NOTE:  Accounts MUST MATCH EXACTLY including Name, G/L Code, Type, and Hierarchy (parent/child). If you want to change the values in QuickBooks this is a great time to do so.

  5. Be sure that the account type in QuickBooks is the same as the account being matched.
    • Income Account = Income (NOT Other Income)
    • COGS Account = Cost of Goods Sold (NOT Expense)
    • Liability = Other Current Liability
    • Tax = Other Current Liability
    • Bad Debt = Expense (NOT Other Expense)
  6. Special Account:
    • Undeposited Funds – This account must be matched to the QuickBooks built-in account named "Undeposited Funds". If not you will not be able to make deposits in QuickBooks. Please confirm that the "Undeposited Funds" account in QuickBooks is the built-in account. If you need help determining that please contact support.
  7. TAX accounts
    • With QuickBooks IIF import, the QuickBooks built-in tax account cannot be used. QuickBooks places restrictions on this account and requires that a Vendor is assigned to the journal entry line when the built-in account is used. Since there is no mechanism to map a Vendor with IIF import, the built-in tax account cannot be used. If you need help determining if the tax account in QuickBooks is the built-in account please contact support. 
    • Be sure to match any tax account to a specific account in QuickBooks
    • If you selected the Lump Tax Agencies option, the name "Lump Tax Agencies" will appear as an account name. If you don't edit that account to match to a tax account in QuickBooks, you will need to create an account in QuickBooks named "Lump Tax Agencies".
    • If you did not select the Lump Tax Agencies option, the name of each Tax Agency will appear as an account name. If you don't edit each account to match to a tax account in QuickBooks, you will need to create an account in QuickBooks for each Tax Agency name displayed.
  8. OPTIONAL – If you want to keep your CoreBridge accounts separate from existing accounts that have data from a different system, you can create new accounts in QuickBooks and map them to CoreBridge. This can be helpful if you are in the process of closing out a previous POS system and don't want to commingle funds in a single account.
    Examples:
    • CB A/R (instead of Accounts Receivable)
    • CB Deposits (instead of Deposits)
    • CB Bad Debt (instead of Bad Debt)


For a detailed explanation of these CoreBridge Reconciliation accounts, please review the following support article:  Reconciliation Account Details




STEP 6 – Configure QuickBooks Application Settings

You'll need to configure your QuickBooks Desktop application as outlined in the QB Desktop - Application Settings for Sync article.


STEP 7 – Create New Customer

Open the Customer Center in QuickBooks and create a customer with this name: CoreBridge Import

The name has to be exact so you may want to copy and paste. The IIF file contains that exact name which has to match to the name in QuickBooks. 

A customer record is required in QuickBooks when posting to an Accounts Receivable account.


STEP 8 – Create New Class(es)

In QuickBooks create a new Class to match each Location name from CoreBridge. If  you need help a support agent will perform this step with you on a meeting.


STEP 9 – Schedule a 1st Sync Web Meeting

The 1st Import to QuickBooks should be performed with a CoreBridge Support specialist via a web meeting.



NOTE: We recommend not performing a first IIF import on your own. A support agent will need to confirm your setup then will meet with you for your first import.


IF YOU ELECT TO ATTEMPT A 1ST IMPORT ON YOUR OWN, YOU MAY INCUR ADDITIONAL SUPPORT FEES SHOULD ERRORS OCCUR.


BEFORE YOU SCHEDULE A 1ST SYNC MEETING:

  • You MUST be Live! in CoreBridge (entering real orders and payments) PRIOR to scheduling a 1st Sync meeting.
  • You should have reviewed all relevant CoreBridge accounting support articles.
  • You should have an understanding of the fundamentals of accounts receivable management in CoreBridge.
  • You must have completed at least one Reconciliation.
  • You must have completed all steps in this article and the preceding one.
  • Plan on having at least 1 hour available for the meeting.


PRIOR TO THE 1ST SYNC MEETING:

  • Create a backup of your QuickBooks company file.
  • Make sure you can connect to the web meeting using the details provided to you in the invitation.
  • Join the meeting on the same computer that QuickBooks is installed on.


DURING THE 1ST SYNC MEETING WE WILL:

  • Work on the import with you.
  • Help to correct any issues that may come up.


Think you're ready?

Contact the CoreBridge Support team at support@corebridge.net and we'll work with you to get your accounting export setup completed!