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Making QuickBooks Entries from iClassPro Reports

iClassPro does not have a direct QuickBooks integration. However, we have all the information you need in a few easy to use reports to keep your Quickbooks up-to-date! To get the inside experience, we sat down with Jeff the accountant from Gym University, the gym owned and operated by iClassPro’s President and CEO Chris McNabb. Jeff walked us through how he reconciles accounts between iClassPro and QuickBooks.

Background

What to track…

When using QuickBooks with iClassPro, it’s best to keep track of the big picture. In the big picture, QuickBooks is generally utilized to provide a level of comfort in knowing that what entered your bank account matches the amounts that were processed by your business each day.

You will definitely want to know how much your business processed in cash & checks (to match nightly deposits at your bank) and how much was processed in Credit Cards (to correspond to your gateway and merchant reports). You will probably also want to know (for tax purposes) which areas of your business were generating this income. All of this information can be found in one convenient report in iClassPro, called the Program Deposit Split report under Reports>Financial>FIN-4.

Many businesses choose to complicate this process by tracking individual charges and payments inside of both iClassPro and QuickBooks. That’s a lot of double entry and man hours! Our staff does not recommend it, (and neither does Jeff the accountant and Gym University)! But if you want to delve further into charges and payments than general totals—you can utilize the Category List Report (charges issued) and the Bank Deposits Report (payments collected) to get a more detailed breakdown. The remainder of this article, however, will focus on the bigger picture.

Tools to track it…

iClassPro Programs = QuickBooks Categories

In iClassPro, the generalized sections of income at your business are called Programs. These are generally called Categories in QuickBooks Revenue Accounts Entries. To make it easier on your accounting staff, you should name these as similarly as possible to make reconciling quick and simple. (At Gym University, they use the same names in both software systems to streamline this process.)

Making Entries in QuickBooks.


 Entering Payment Totals

To enter totals, Jeff opens a new entry in the General Journal for Gym University in QuickBooks for the date in question. Entries aren’t made into QuickBooks on the same day the money is collected, because Jeff has to wait for the bank account to settle. This allows him to cross-reference his gateway/merchant reports and his till counts at the facility to ensure that no money went missing between intake and deposit.

STEP 1: After entering the date of the deposits, Jeff enters the deposit totals for the cash and check columns (combined cash and checks) and the total from the Credit Cards column from iClassPro’s Program Deposit Split report.

This portion of the entry looks something like the table below for any given date:

Recording_General_Deposits.png

STEP 2: Immediately below the payment totals, Jeff itemizes the individual Program totals from iClassPro's report as Credit entries to offset the Debit total (basic double entry accounting practices).

This step should leave the entries looking something like this:

Itemizing_Deposit_Amounts.png

STEP 3: Notice how in the last table, the Debit and Credit totals matched, leaving a zero dollar sum. That’s the goal of double entry accounting! Now Jeff knows he has accounted for all of the income deposited into Gym University’s Bank account at the end of the day. Jeff can now save his entry and the numbers are added to the appropriate places inside of QuickBooks for reports and reference later on. 


Special Entry: Refunds

For refunds, unlike the examples shown above, the entries are made in the reverse order.  The initial entry for the bank account is a credit (outgoing amount) and the information about the specific refunded charge (such as the program it is attributed to) is a debit. In addition to the Program information, you may also want to know what item specifically the refund was for. This info can be entered into the Memo field.

 refund.png

 


Special Entry: Proshop Items

Proshop items can be a little bit different. In QuickBooks, many individuals use the Category (displayed in the accounts column in the tables above) to specify what inventory item was sold. But that’s okay!

Recommended Approach: You can set these inventory items up in iClassPro as Charge Categories which are generally described as itemized descriptions of charges beneath a program, such as September Tuition or Registration. In this case, you may create Charge Categories like "Proshop Tshirts" or "Proshop Warm Up Gear." That way, when you have a total for the Proshop Program in iClassPro, you also get to see an itemized description and total for each Charge Category within the Program Deposit Split report. This will help you track what items were sold and you can use the Charge Category totals instead of the full ProShop program total to record your entries into QuickBooks!

Alternative (not recommended): If you don’t want to use an individual Charge Category in iClassPro to track each inventory item you sell, you can also create a generalized category, like “T-shirts” and then use the charge title to record a brief description of that t-shirt. However, the title does not show up in the Program Deposit Split report. You would instead need to track down the specific charges that were paid, using the Category List Report and Bank Deposit Report as references. The Bank Deposit Report with the option to Show Program will give you the family name, program and charge category that you can reference with the Program Deposit Split report, and then you can pull up the individual family ledger for the charge title information.

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1 Comments

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    Serena Harris

    Proshop items can be a little bit different. In QuickBooks, many individuals use the Category (displayed in the accounts column in the tables above) to specify what inventory item was sold. But that’s okay!

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