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QuickBooks Desktop Integration

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Wodify's integration with QuickBooks Desktop gives you the ability to reconcile your bank statements, monitor chargebacks, refunds, taxes accrued, and credit card fees from one platform. Our desktop integration grants you the power to map your own chart of accounts so that you can leverage your Payouts in Wodify Payments to manage your books.

Note: If you are using Quickbooks Online, head here.

 

In this article, we will cover:

 

Map your chart of accounts (Recommended Once)

Wodify’s integration with QuickBooks Desktop allows you to map your own chart of accounts that will track your sales, sales tax, processing fees, and cost of goods sold.

To map your chart of accounts:

  1. Go to Financial > Settings
  2. Select ‘Integrations’
  3. Select ‘Edit’ next to QuickBooks Desktop Export
  4. Click into any default name, and customize it with your preferred account name
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  5. Select Save

    Note: Are you a multi-location gym in need of separate account names for each of your gym locations?  Select Overwrite on the right-hand side of the integration screen to customize account names for a specific location.

     

    Note:  When replacing the default account names with yours, the Account Types in your QuickBooks must match those in Wodify. Please be sure to have the following QuickBooks Account Types set up on your QuickBooks account.

    Default Chart of Account

    Quickbooks Account Type

    Wodify Bank

    Bank

    Wodify Sales Tax

    Other Current Liability

    “All Revenue Categories”

    Income

    Wodify Fees: sub-accounts

    Cost of Good Sold


    Mapping Revenue Categories

    Before exporting, you can also choose how you want to map each revenue category on your accounting exports or even add a new revenue category. By default, we’ll use the same label names that are already bootstrapped values in Wodify, like Membership Sales, Store Credit, etc.


    Here’s how you can map a Wodify Core revenue category on the exports:

    1. Go to Financial > Settings > Revenue Categories
    2. Click on a label name, like ‘Drop-in’ 
      • OR Select '+ New Revenue Category' to create a custom category like 'Unlimited Membership'
    3. Enter your Accounting Chart Account
    4. Select SAVE

     

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    For Quickbooks Online users: Your next automatic sync will reflect any changes. 
    For Quickbooks Desktop users: Now you’re ready to export a paid payout from Wodify Payments Payouts and import the IIF file into QuickBooks Desktop!


    Tip:  A colon (:) in the account name will create a sub-account on the export file. For example, 'Wodify:Fees' will have a sub-account. To remove/add a sub-account, simply remove/add a colon.

 

How to export an IIF file in Wodify (Recommended Weekly or Monthly)

With Wodify Payments, you can export an IIF file of your paid payout(s) in order to import the file into your existing QuickBooks Desktop account. On the QuickBooks Desktop integration in Wodify, there will be two tabs on your Financial Payouts page: Not Synced and Synced.

 

You can leverage both tabs to manage your imports in QuickBooks like a ‘to-do’ list, making it simple to identify which payouts still need to be exported, and which payouts have already been exported.

 

To export your IIF File:

  1. Go to Financial > Payouts
  2. Select the ‘Not Synced’ tab
  3. Check the box next to the desired payout
  4. Select Bulk Actions > Sync to Quickbooks Desktop
  5. This will download the IIF file

Once you export a paid payout, it will automatically be tagged ‘Accounting Exported’ and will be listed on the ‘Synced’ tab in Wodify.

Note: Why are payouts tagged?  QuickBooks Desktop will not prevent you from importing the same IIF file more than once. Importing the same IIF file more than once will result in duplicate transactions.  Use the 'Accounting Exported' tag, and your ‘Exported’ list to keep track of any exported payouts.

 

How to import an IIF file in Quickbooks (recommended weekly or monthly)

Now that you've exported your IIF you're ready to import!

To import your IIF File into Quickbooks Desktop:

  1. Open up QuickBooks Desktop
  2. Select File > Utilities > Import > IIF Files…
    1. A window will appear ‘Your data has been imported’
    2. Select ‘OK’

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That’s it! Your payouts will be created as deposits or *journal entries (*if the net payout was negative). You can see these transactions by finding them in your Bank ledger and double clicking on the entry:

 

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Note: QuickBooks Desktop allows you to import the same IIF file more than once, which will result in duplicate transactions.  

 

Note: Items purchased with 100% store credit, cash, or check will not appear on the IIF file. Please refer to Daily Cash to reconcile revenue collected as ‘Cash’ and ‘Check' and the Revenue by Payment Method report to reconcile redeemed store credit.

 

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More Information:

TIP: Wodify Blueprint Course - Financial Settings

If you need any additional assistance with QuickBooks Desktop Integration, feel free to reach out to us at support@wodify.com.

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