Where the FS are necessary to determine the financial position of a business and to take economic decision regarding a business, categorization is the process which makes this financial information meaningful and chart of accounts are the categories that gives each and every transaction it name and determines the purpose of it.
Expensify is one of the cloud expense manager that allows your company expenses to get categorized and make your report meaningful and determines the purpose of your different business expenses. Expensify is one of the solution used by number of QuickBooks Online user which have expenses and Vendors as the main part of their business, Expensify also allows you to categorize all of your employees related expenses and reimbursable expenses in a real time. One of the major and important thing is that it is a cloud based application and follows real time processing of the transactions and your employees may like it most as it refund all of their reimbursable expenses very next day, (you have to choose preferences for that).
Expensify allows you to create an invoicing policy with that you can send expense invoices to different vendors even if they don’t have Expensify account, you can make recurring invoices with a single click and all that is available in Expensify.
QuickBooks and Expensify
Well the main purpose of this article is to tell you guys that how to integrate your QuickBooks Online with Expensify or vice versa so you can use Expensify to see your only expenses reports and all the management related to that.
Expensify also deals with all of your Payroll obligations if you are using QuickBooks Payroll, Expensify have the feature of expense authorization in which it allows a user (Accounts Manager) to authorize expenses up to a certain amounts before they are submitted.
I think I have told you a lot of reasons of why a business is using Expensify and I am sure that there are lot more than that of using QuickBooks Online so let’s talk about the real agenda which is QuickBooks Online integration with Expensify so your business expenses are categorized as they incurred and submitted and reimbursed to employees on time and automate a lot of back office stuff for you.
Expensify automatically generates Chart of Accounts (Categories) into your QuickBooks if you allows it to, otherwise you have to make chart of accounts, I will prefer to make my own chart of accounts and let the Expensify to allocate the expense into them accordingly.
Expensify works for both QuickBooks desktop and QuickBooks Online version, for all of the integration process Expensify itself provide support and information on how it will be integrated. Both of the software QuickBooks and QuickBooks online can be easily connected with Expensify through connection tab present in the Home of Expensify when you login it.
Procedure of Integration with QuickBooks Desktop
In this section you can connect QuickBooks desktop select “Connect with QuickBooks Desktop” and download “Expensify Sync Manager”, after that Run the “Expensify Sync Manager” installer and after the installation get back to the Expensify screen and select Next.
Copy the Token and Paste it into the required field.
Now Exit the Sync Manager and Press Connect in the Expensify screen.
After making a connection of Expensify with QuickBooks Online, develop your preferences on how the expenses are imported in Expensify.
- Chart of Accounts (automatic) as Categories
- Classes as Tags or Report Field
- Customers/Jobs as Tags or Report Fields
- Locations as Tags or Report Fields
- Items as Categories
- Tax as Expense level tax tracking
QuickBooks Online accounts will be automatically added into Expensify as Categorize, you can see that in Admin >> (Policy Name) >> Categories
For QBO simply select the QuickBooks Online and Sign in to your QBO admin login and follow the steps like you did for any other simple app to download in QuickBooks Online Installing and Authorizing the app you can simply use it.
Although QuickBooks also provide a great solution for all the stuff regarding Expenses Management but is any business needs more precision in its expenses and needs to make more reports and need to manage the expenses more frequently than Expensify is the best solution to this.
What things that integration of both of the Softwares brings up to you
As I have discussed that Expensify is explicitly used for Expenses Management and it is quite brilliant in it and QuickBooks is Financial Head of your Business so these two platforms must be integrated because anything which happens in Expensify can also be seen in QuickBooks in real time otherwise technology is not of a good use if it is not giving us a true picture in real time, so the integration of these two Cloud based platforms or QuickBooks desktop will bring a Real Time processing of information you track, pay and manage all of your expenses through Expensify and integration can reflect that whole picture into your Financial Department which is QuickBooks.