Businesses of all sizes are looking for efficient expense tracking and reporting solutions for streamlining the process of collecting and organizing receipts and invoices. Many such businesses have started using cloud-based solutions for handling tracking and reporting, controlling employee business expenses. With QuickBooks Desktop being a leading choice for accountants and business owners, it is natural for small and medium businesses to look for integrations that can automate expense management processes in the software. Using Abacus with QuickBooks can help in quickening submission processes, automating expense policy, and helping manage corporate card programs. In this article, let us explore the use of Abacus Expense Management with QuickBooks Desktop.
How Do Abacus & QuickBooks Desktop Work Together?
Abacus integrates seamlessly with QuickBooks Desktop for reimbursable expenses and corporate card expenses.
Sync for Reimbursable Expenses
Abacus processes reimbursements through batched ACH transfers every night and creates a Bill & Bill Payment in QuickBooks for the transaction, simplifying reconciliation with the bank statement.
Sync for Corporate Card Expenses
When an Abacus Admin approves and reviews corporate card transactions, the software will synchronize the data with QuickBooks Desktop. The transaction will appear in the corresponding register in QuickBooks along with the business description and other information.
How to Connect Abacus with QuickBooks Desktop?
Launch QuickBooks Desktop as an admin in “single-user mode” and follow the steps below to connect Abacus with the application.
- Log in to the Abacus account as an admin and click on the Accounting Sync tab in Accounts & Settings. Click on Connect to QuickBooks and then choose QuickBooks Desktop in the connection list.
- Download, install and run the Web Connector application from the Intuit marketplace.
- Switch to Abacus, download, and run the Web Connector File from Abacus Accounting Sync settings.
- Grant appropriate permissions and authorize Abacus to access QuickBooks.
- Provide the credentials for syncing Abacus with QuickBooks in the Web Connector.
- To run the very first sync between Abacus and the selected Company file, click “Update Selected” for the Abacus app in the Web Connector. Subsequent syncs will occur once every 60 min as specified in the Web Connector.
- Select the default category for posting expenses if they are left uncategorized in Abacus.
- Map the Bank account in QuickBooks Desktop that will be used for withdrawing and reimbursing expenses.
Set up the Corporate Card account to which Abacus will push corresponding transactions.
Map the expense categories in Chart of Accounts in QuickBooks.
Apps4Rent Provides QuickBooks Desktop Hosting Services
At a time when businesses are mobilizing their employees remotely, the finance team handling employee expenses must have a safe environment for managing information about these transactions. Hosting financial applications in the cloud will ensure that this data is always available and can be accessed safely from anywhere with any device.
As an Intuit Authorized Hosting Provider, Apps4Rent provides virtual desktops from our top tier SSAE 16 level datacenters in New York and New Jersey that are customized for providing secure access to financial applications such as QuickBooks. Contact our QuickBooks virtualization consultants, available round-the-clock via phone, chat, and email for assistance.