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.
In this article, we will cover:
Exporting an IIF file in QuickBooks
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.
Here’s how you can export your IIF File in Wodify:
- Go to Financial > Payouts
- Select the ‘Not Synced’ tab
- Check the box next to the desired payout
- Select Bulk Actions > Sync to Quickbooks Desktop
- 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.
Importing an IIF file in QuickBooks
Once you have mapped your chart of accounts, customized your revenue categories, and exported an IIF file, you are ready to import your paid payouts into your QuickBooks Desktop account!
Here’s how to import your IIF file in QuickBooks Desktop:
- Open up QuickBooks Desktop
- Select File > Utilities > Import > IIF Files…
- A window will appear ‘Your data has been imported’
- Select ‘OK’
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:
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.
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.
If you need any additional assistance with Quickbooks IIF Files, feel free to reach out to us at email@example.com or via Priority Live Chat in your admin account (Promote only).