Things to take note 📝
TradeGecko does not sync with QuickBooks's Inventory Management feature. Therefore your products in TradeGecko will not be synced with your products on QuickBooks Online. Changes and updates to products on either end will NOT be reflected on the other.
Furthermore, products must be set with the 'Service' type in QuickBooks. This lets QuickBooks know that the inventory of these items is managed in TradeGecko. Assigning it as an 'Inventory' will stop the link between the two systems, which then basically makes QuickBooks to manage the stock of these items.
Before syncing QuickBooks to TradeGecko, you will need to make sure certain accounts exist in your account with QuickBooks. These accounts are necessary for TradeGecko to push data into the right accounts.
Step 1: Creating your Ledger Accounts In QuickBooks
To create accounts in QuickBooks:
From the sidebar on your left, click on the Accounting tab and your 'Chart of Accounts' will be displayed.
We recommend that for each account Category Type you fill in the field for Detail Type as well. We will provide you with some suggestions for each category but do check with your accountant if these details best suit your business needs and use accordingly.
|Chart of Accounts|
|Category Type||Detail Type||Notes|
|Income||Sales of Product Income||This will be your Sales account.|
|Bank or Credit Card||Cash on Hand/ Credit card||This will be your Payments account.
Depending on how you wish to receive payment, select Bank, or Credit Card. If you wish to receive payment in cash, choose Bank > 'Cash on Hand'. If you choose to set up your Credit Card instead of Bank, be sure to set your currency to match your default currency on your TradeGecko account.
|Expenses||Supplies & Materials||This will be your Purchases account.|
|Cost of Goods Sold||Supplies & Materials||This will be your Cost of Goods Sold account.|
|Other Assets||Inventory||This will be your Stock on Hand account.|
Creating your Sales Tax
If you have not set up your Sales Tax in QuickBooks, it is vital that you do so before integrating with TradeGecko.
From the sidebar on your left, click on the Taxes tab and then 'New Tax' to create a new Tax Record.
Step 2: Connect QuickBooks to TradeGecko
Now that you have your accounts set up correctly on QuickBooks Online, you are ready to connect your TradeGecko with QuickBooks. 😃
Navigate to your TradeGecko account and from your main navigation bar, click on Browse Apps. Select the 'QuickBooks Online' application and follow the instructions to install.
You will be directed to an authorization page. Authorize Intuit to securely share your data with TradeGecko. Once the data has been imported, your page will be refreshed directing you to start the installation process.
Step 3: Setting up Ledger Accounts in TradeGecko
Next, click on 'Connect Now' to pull in all the account ledgers you had created earlier into TradeGecko.
Alternatively, if you have not set up any account ledgers in QBO, select 'No, I don't' and TradeGecko will create default ones for you.
It is recommended that you check with your accountant on whether these accounts are suitable and comprehensive enough for your business needs.
- Connect field Sales - Product Income with the drop-down option labeled 'Income or Sales' from your QBO account.
- Connect the field Purchases with your 'Purchases Account' from the dropdown options.
- Connect the field for Stock on Hand to 'Inventory Asset'.
- Connect the field Cost of Goods Sold with the account for 'Cost of Goods Sold'.
- Connect the field Payments with the account for either your 'Bank' or 'Credit Card'.
TradeGecko has four types of Payment Methods by default:
- Credit Card,
- Paypal, and
- Bank Transfer.
If you are using more than one payment method, you can sync your payments with different ledger accounts on QuickBooks post-installation.
Learn how to set up more payment methods here.
In order to use this feature, you must minimally link your Default Payment Method to a Ledger Account. If you choose not to link each Payment Method to a Ledger Account, the default method that will be assigned to all your accounts will be Cash.
Step 4: Setting up Tax Types in TradeGecko
Follow the instructions onscreen to up your tax types by matching your existing TradeGecko Tax Types to the Tax Types that exist in QuickBooks Online.
If you are setting up your TradeGecko account for the first time and you do not have your tax set up, you can import it directly from your QuickBooks account by clicking on 'Import Tax Types from QuickBooks Online'.
Step 5: Link Stock Adjustments in TradeGecko
If you want to track manual adjustments such as Damaged or Promotion as a separate ledger account in your financial book, then you can link every stock adjustment reason to the designated ledger account on this screen.
Step 6: Setting up Variant Sync in TradeGecko
Once you have finished setting up your Tax Types, you will be posed with a question on how you track inventory stock. Click on 'Continue' to move on to the variant sync process.
Once selected, you will see a summary of how your products will sync between QBO and TradeGecko.
Upon completing the setup process you will get a successful integration notification within TradeGecko. party 🎉
Connecting your QuickBooks account will begin automatically syncing new invoices that are created in TradeGecko, over to Quickbooks. TradeGecko also creates relationships in QuickBooks and separates the relationship into customers and suppliers. To understand the sync details between QBO contacts and Relationships in TradeGecko, check out this article.
Congratulations - you’re done! ✅
With the installation and integration complete, your account ledgers will have been imported successfully into TradeGecko. If you face any discrepancies, please reach out to our friendly Gecko Gurus who can assist.