QuickBooks Online: QBO Integration Overview - What to know before you sync.
- This is a ONE-WAY sync only, from Rocket Matter (RM) to QuickBooks Online (QBO).
- As this is a one-way sync from Rocket Matter to QBO, it is imperative that you don't delete any data in QBO that came from Rocket Matter. If you need to correct the data, then make the corrections on the Rocket Matter side and re-sync as deleting from QBO can cause errors.
- Contact Rocket Matter Support to enable this integration. The length of the initial sync will vary depending on the amount of data in the account. The more data, the longer the sync.
- ***EXPENSES - WILL SYNC TO QUICKBOOKS IF THEY ARE INCLUDED IN AN INVOICE. Meaning, they will appear as the Legal Fee Income. The Profit and Loss report will accurately deduct the expenses from the income.
- Taxes must be enabled in QBO in order for the integration to work. Click here to learn how to enabled Taxes in QuickBooks.
- This integration is only supported for customers residing in the United States.
- The RM data syncing over to QBO is granular, not just aggregate totals. This means that you will be able to search a Client name in QBO and see each journal entry including expenses. You will also be able to see information organized by Matter.
- Contacts (Customer) Sync: When the integration is enabled, Rocket Matter will create new Customers and sync over to QBO with an RM prefix. For example: John Smith will appear as 'RM John Smith'. The RM prefix provides clarity as to what data is coming from Rocket Matter, for ease of reconciliation and troubleshooting. Contacts/Customers will be Rocket Matter 'Clients' and their associated matters will be known as 'Sub-Customers'.
- All Account Receivables data (unpaid Invoices) will sync to the main Account Receivables Bucket located in the QuickBooks Chart of Accounts..
During the initial configuration the user will be prompted two options to select their sync date range:
- Sync everything from the beginning of time.
- Sync all items with invoice or transaction dates from ___(Selected Date): Any expenses and fees that are part of an invoice that fall within that starting date will sync to QuickBooks.
In QuickBooks, an accounting method must be selected. The two main Accounting Methods (found in Company 'Account & Settings') are:
- Cash- Revenue is considered received when payments come in.
- Accrual- Revenue is considered as received when invoiced (firms may then write off unpaid balances as a loss on their taxes).
Important Note:These settings do not change the way Rocket Matter data feeds into the designated 'RM Accounts' in QBO; however, the Profit and Loss report will adjust/reflect income and loss data based on the accounting.
Below is a list of all categories that get configured in your QuickBooks Chart of Accounts during set-up.
Next to the name of the category, you will find a description of the actual data that is being transferred there when you sync.
- RM Legal Fee Income Reflects Invoices, Debit Adjustments, and Expenses. Please note that the Profit and Loss report will accurately deduct the expenses from the Income.
- RM Operating Cash- Reflects Expenses and Payments.
- RM Trust Cash Shows all trust withdrawals (transfers from trust, payments from trust, and debit adjustments from trust) as payments. It also shows all trust deposits (payments to trust, credit adjustments to trust, transfers from trust accounts as deposits).
- RM Trust Liability Shows all trust withdrawals (transfers from trust, payments from trust, and debit adjustments from trust) as a decrease. It also shows all trust deposits (payments to trust, credit adjustments to trust, transfers from trust accounts as an increase).
- RM Expenses This amount represents all expenses on Rocket Matter and their associated vendors. You choose to produce checks via QuickBooks from synced expenses if desired.
- RM Credit Adjustments Shows all credit adjustments made to the matter ledger.
NOTE: All Account Receivables data (unpaid invoices) will sync to the main Account Receivables category, located in the QuickBooks Chart of Accounts.