IN BRIEF
iClassPro provides several financial reports that can be used to keep QuickBooks accurate and up to date, even if you are not using the direct QuickBooks Online integration. This article explains which reports to use, what information to track, and how to enter summarized totals into QuickBooks using standard double-entry accounting practices.
- Overview
- Accessing the Feature
- Step-by-Step Instructions
- Special Entry Scenarios
- Troubleshooting & FAQs
- Related Articles
Overview
iClassPro offers a direct integration with QuickBooks Online Essentials or higher, which is included with all iClassPro subscription plans. For businesses that need to track revenue by Location within a single iClassPro account, QuickBooks Online Plus or higher is required to use the QuickBooks Class feature.
If you are not using QuickBooks Online, or you are not using a supported version, iClassPro reports can still provide everything needed to manually record accurate financial entries in QuickBooks. The recommended approach focuses on recording daily totals rather than individual transactions, which helps reduce duplicate data entry and accounting workload.
QuickBooks is typically used to confirm that:
- Funds deposited into the bank match daily business activity.
- Cash and check totals align with physical deposits.
- Credit card totals align with merchant and gateway reports.
- Revenue can be categorized by area of the business for reporting and tax purposes.
Accessing the Feature
The reports referenced in this article are located in the Office Portal.
- From the main navigation menu, go to REPORTS.
- Select Financial.
- Locate the appropriate report:
Step-by-Step Instructions
What to Track
When using iClassPro reports to create QuickBooks entries, focus on high-level totals rather than individual charges.
You will typically want to track:
- Total cash and check payments.
- Total credit card payments.
- Revenue totals by Program.
This information is available in the Program Deposit Split Report, which provides a consolidated view of deposits and income categories for a selected date range.
Recommended Tools for Tracking
In iClassPro, generalized income areas are called Programs. In QuickBooks, these are commonly referred to as Categories or revenue accounts.
To simplify reconciliation:
- Use matching or very similar names for Programs in iClassPro and Categories in QuickBooks.
- Keep naming consistent across both systems to reduce confusion for accounting staff.
Entering Payment Totals in QuickBooks
Entries are created in QuickBooks using the General Journal, and they are not entered on the same day funds are collected. Waiting for bank settlement allows you to verify totals against merchant reports and physical till counts.
- Open a new General Journal entry in QuickBooks for the appropriate deposit date.
- Enter debit amounts for:
- Combined cash and check totals.
- Total credit card payments.
- Use the totals shown in the Program Deposit Split Report for that date.
- Below the debit entries, add credit entries for each Program total listed in the report.
- Confirm that total debits and total credits balance to zero.
- Save the journal entry.
A zero balance confirms that all deposited income has been properly accounted for using standard double-entry accounting practices.
Special Entry Scenarios
Refunds
Refund entries are recorded in reverse order compared to standard deposits.
- The bank account entry is recorded as a credit to reflect money leaving the account.
- The refunded Program amount is recorded as a debit.
- Additional details about the refund can be entered in the Memo field, such as the item or reason for the refund.
Proshop Items
Proshop sales often require more detailed tracking than standard Programs.
Recommended Approach
- Set up Proshop items in iClassPro as Charge Categories under a Proshop Program.
- Examples include:
- Proshop T-shirts
- Proshop Warm Up Gear
- This allows the Program Deposit Split Report to show itemized totals for each Charge Category.
- Use these Charge Category totals, rather than the overall Proshop Program total, when entering data into QuickBooks.
Alternative (Not Recommended)
- Use a generalized category, such as “T-shirts,” and rely on the charge title for item descriptions.
- This method does not display item titles in the Program Deposit Split Report.
- Additional reports, such as the Category List Report and Bank Deposits Report, must be used to locate item details.
- The Bank Deposits Report with the Show Program option can help identify families, Programs, and Charge Categories, but requires additional manual review.
Troubleshooting & FAQs
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Why does iClassPro recommend tracking totals instead of individual transactions in QuickBooks?
- Recording summarized totals reduces duplicate data entry and minimizes accounting workload while still ensuring deposits match bank and merchant records.
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Which report should I rely on most for QuickBooks entries?
- The Program Deposit Split Report provides the most comprehensive summary for daily deposits, payment methods, and Program totals.
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Should entries be made on the same day payments are collected?
- No. Entries should be made after bank settlement to allow verification against merchant reports and physical deposits.
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How do I handle refunds in QuickBooks?
- Refunds are entered as reverse journal entries, with the bank account recorded as a credit and the associated Program recorded as a debit.