While integration with QuickBooks Online Essentials (or above) is available with all iClassPro subscription plans, it must be enabled on your account by a member of the iClassPro Support Team. For tracking revenues by Location within a single iClassPro account, QuickBooks Online Plus or higher is required (using QuickBooks Class feature to segment revenue by Location). To have this feature enabled, please click here to schedule an appointment.

IN THIS ARTICLE:
Learn about the best practices of reconciling QuickBooks Online with the charges/payments reflected on iClassPro Reports.

• Useful Reports
• Reconciling Journal Entries with the Program Deposit Split Report (FIN-4)
• Reconciling the Balance Sheet with the Program Deposit Split Report (FIN-4)
• Reconciling Profit and Loss with the Program Deposit Split Report (FIN-4)

NOTE: If you plan to reconcile QuickBooks Online with reports from iClassPro, we recommend using the automatic/daily sync setup.

Useful Reports

The following iClassPro financial reports may be useful in reconciliation:

• Program Deposit Split Report (FIN-4)
• Tax Reconciliation Report (FIN-16)

NOTE: As iClassPro only synchronizes entries that were created in iClassPro, manually adjusting or creating entries in QuickBooks Online may cause discrepancies when reconciling.

Reconciling Journal Entries with the Program Deposit Split Report (FIN-4)

The top part of the Journal Entry is for Payments received.

• Merchant Settlement Account:
  • Credit Card Payments CNP, CP, and CC External will match individually
  • eCheck Payments will match eCheck
• Undeposited Funds
  • Cash, Physical Checks, and Custom Payment Types will match individually
• Discounts and Credits
  • House, Other, and Coupon will match individually
• Unapplied Payments (Credits - Upper entry)
  • The total of all payments received for the sync period will be entered as a credit to "Unapplied Payments"

The middle of the Journal Entry is for Program totals.

• Unapplied Payments (Debits - Lower entry)
  • The total of all payments applied to Programs for the sync period will be entered as a debit to "Unapplied Payments"
• Program Totals
  • The credit to each income account will be equal to the Total less Taxes for each Program on the Program Deposit Split Report
• If there are any "Adjustments Made to Payments Received Prior" to the sync period, this will be reflected in the credit to the income account

NOTE: If there are multiple Locations, there will be a separate line for each Program Total per Location.

The end of the Journal Entry is for Gift Cards.

• Totals for Gift Card sales will be debited from the income account of the appropriate Program
• Gift Card sales will be credited to "Gift Card Holding"
• Gift Card sales will be debited from "Gift Card Holding" and credited to "Unapplied Payments" upon the Payment creation in iClassPro
• Any Gift Card multiplier will be credited to "Unapplied Payments" and will debit "Discounts and Credits"

Reconciling the Balance Sheet with the Program Deposit Split Report (FIN-4)

Assets

• Merchant Settlement Account
  • Will include CNP, CP, CC External, eChecks
• Undeposited Funds
  • Will Include Cash, Physical Checks, and Custom Payment Types

Liabilities

• Gift Card Holding – Total for Gift Cards sold, but the payment not yet created
• Taxes – shows a total for each Tax Rate in iClassPro
  • Total can be matched with Program Deposit Split Report (FIN-4)
    • NOTE: Be sure to select the option to show "Show Total tax for program and charge category"
  • To match individual totals, use the Tax Reconciliation Report (FIN-16)
    • NOTE: Be sure to select the option to show "Totals For Each Tax Rate"

Unapplied Payments

• This is the total of outstanding credits on family ledgers since the "Go Live" date and will equal the sum of:
  
  • "Unapplied Payments"
  • "Unapplied Failed Payments"
  • "Unapplied Refunds"
  • "Unapplied Deleted Refunds"
  • "Unapplied Payments" from "Adjustment Made To Payments Received Prior To" section of the Program Deposit Split Report (FIN-4)

Reconciling Profit and Loss with the Program Deposit Split Report (FIN-4)

NOTE: When generating the Profit and Loss Report in QuickBooks Online, use the "Display Columns By" option:

• Total: Shows a single total for all accounts reported within your QuickBooks Online account.
• Classes: Displays totals in separate columns for each iClassPro Location.
  • NOTE: Credit payments are not assigned to a specific Location within QuickBooks Online. Items on your Profit and Loss statement without an assigned class will appear in the "Not Specified for Classes" column.

Income

• Discounts and Credits
  • This will include  House, Other, Coupon, and the Gift Card multiplier.
    • NOTE: Calculating the Gift Card multiplier involves manually subtracting the amount collected for Gift Cards from the total Gift Card payment type.
• Programs
  • Each Program will be reported in a unique income account.
    
    • Program totals can be reconciled by subtracting Taxes from the Program total
    • Any amounts reported in the "Adjustment Made To Payments Received Prior To" section on the Program Deposit Split Report (FIN-4) will be reflected in the income reported