Abacus Updates

3 Cool Things Abacus Can Do With QuickBooks

Direct integration is a beautiful thing. It means two pieces of technology can talk to one another seamlessly, letting you work smarter and see deeper insights across both platforms. That’s why Abacus and QuickBooks make such a great match. Here are three interesting accounting opportunities you can take advantage of when you pair Abacus and QuickBooks.

Accrual expensing.

Abacus syncs expenses into QuickBooks Online (QBO) in two ways. On a cash basis, it’s fairly straightforward. We bundle expense items into one lump sum, debit your bank account in that dollar amount, and create two entries in QBO: a bill that lists every expense item in the batch, and a corresponding payment for that bill. But because Abacus processes expense items individually, it can also push them into QBO individually. That means it only takes the flip of a switch to submit your expenses on an accrual basis. If you choose the accrual setting, expenses will sync based on the date they were completed, not the date of the cash transfer. Doing it this way also lets you capture vendor data for each expense in QBO — which is also something you couldn’t do unless each expense posted individually. Read more about accrual expensing in Abacus here.

Adhere to best practices when reconciling late expenses.

Ever had the fun experience of reviewing an expense that’s in-policy, but more than a month old? Hey, people forget. (Even if they have to ignore you pestering them to do it.) Worry not. Abacus and QuickBooks can team up to help you reconcile that late expense in a way that works for you. First off, you can tell Abacus when you close the month in QuickBooks. And you can set Abacus so that if anything comes in dated to an accounting period that you’ve closed, the system will record it in QuickBooks with a date in the closest open month. When such an item does come in, you can just approve it as usual. The expense will retain its original date in Abacus, so you’ll always have an accurate record of when the transaction occurred. When it syncs to QuickBooks, though, Abacus will post it cleanly to an open ledger. The rest of the expense items will post normally.

Sync Abacus with every field you’re tracking in QuickBooks.

Abacus lets you track as many levels of information as you want. So does any accounting software. The challenge is accurately recording all of that information in your books. Without an automatic integration, you have to create expense records in your accounting software and then manually add in additional information like vendor, customer, or business purpose. The integration between Abacus and QuickBooks takes care of that. In Abacus, you can set up custom Expense Fields to categorize transactions and Team Fields to categorize employees. You can also map these fields to QuickBooks’ “class” and “customer” fields. When you sync Abacus with QuickBooks, all the information fields will transfer over with them. It’s yet another feature you couldn’t use if you only had batches of expense reports.

 

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