QuickBooks Online is a cloud-based accounting software designed for small and medium-sized businesses to efficiently manage their finances. It offers a range of features including invoicing, expense tracking, bank reconciliation and tax preparation. With its user-friendly interface and accessibility from anywhere with an internet connection, QuickBooks Online enables users to stay organized, collaborate effectively and make informed financial decisions in real-time.
Syft and QuickBooks Online
Syft Analytics seamlessly integrates with QuickBooks Online and transforms your accounting data into financial reports and insights. The Syft and QuickBooks Online integration unlocks all functionality available in Syft including reports, visualizations, consolidations, forecasts, budgets, valuations and benchmarks.
How to connect a QuickBooks Online entity to Syft
To connect your QuickBooks Online entity to Syft follow this step-by-step guide:
Click “Add Entity” at the top right of your screen.
You’ll now be redirected to the accounting provider setup, where you can click on “QuickBooks Online”.
You’ll be redirected to the Intuit login page where you will fill in your user email address and password.
Select the entity you would like to connect to Syft and click “Next”.
While your company is being set up, you can classify your company for enhanced reporting. To classify your company, start typing your industry in the bar provided.
Click “Complete Setup”.
Your QuickBooks Online entity has now been added to Syft. This allows you to transform your accounting data into financial reports and insights.
📓 Note
CoA changes in QuickBooks Online require new transactions to be posted for these changes to reflect in Syft.
Additional Information
Shared Data
QuickBooks Online shares the following data with Syft:
Accounts
Contacts
Invoices
Journals
Bank Transactions
Available Countries
The QuickBooks Online integration is available in the following QuickBooks Online regions:
Australia
Canada
United Kingdom
United States
Launching Syft from QuickBooks Online
To successfully launch Syft from QuickBooks Online, you must ensure that your email address is verified in your Intuit account. To check whether this requirement is met, navigate to your profile within QuickBooks Online and look for the 'Verified' tag next to the email address field.
📓 Note
Only the "Primary admin" and "Company admin" QuickBooks Online user roles will be able to connect third-party applications. Additionally, they will be able to grant other users access to the app’s features.
Syft admin rights and refreshes
Only one user can hold the authentication details for a QuickBooks Online entity - this is referred to as the admin user. This is typically the user that most recently added the entity to their Syft organization, by means of the "Add entity" process. Should a new user attempt to add the entity using their QuickBooks Online credentials they will be prompted to inherit the admin rights from the current user, who will be notified via email that the admin rights have now changed hands.
As the admin user holds the authentication details for the entity, the continuation of the automatic data refreshes once every 24 hours is dependent on this user's details remaining validated. If the time stamp is older than one day and/or does not update to the current date after clicking “Refresh Data”, the entity needs to be re-authenticated to restore the connection. To re-authenticate, click “Add Entity“ and proceed with QuickBooks Online and follow the steps above to connect an entity.
QuickBooks Online classes and budgets
Syft recognizes parent classes and sub-classes, but anything deeper than the second level is not selectable for divisional analysis of your financials (QuickBooks Online allows up to five levels of classes - the parent level and four sub-classes).
If you have made classes inactive in QuickBooks Online, any values still associated with those classes will not be available in Syft for divisional analysis of your financials. If you re-activate said classes, please reach out to Syft's support team for assistance in getting the values associated with these classes to appear for divisional analysis of your financials.
Syft will only bring through entity level budgets created in QuickBooks Online. Any subdivided segments of a budget will not be available for selection, but rather only the full budget.
QuickBooks Online and segments
Segment entities can be created from QuickBooks Online classes, to enhance your divisional reporting and analysis. If after a segment has been created from a single class and the name of a class in QuickBooks Online is then changed, the segment will no longer function - this is a limitation of the QuickBooks Online API. Changing the class' name back to what it was at the time of the segment's creation will restore the functionality of the segment. Otherwise, a new segment will have to be created from the renamed class.
A segment containing multiple classes will remain functional so long as at least one class name remains unchanged, even if all other classes are renamed. The renamed classes will no longer pull through to the segment, which can easily be rectified by reselecting them in the entity options menu of the parent entity.
Multi-connect entities to Syft
Syft has built a chrome extension to allow you to connect multiple QuickBooks Online entities to Syft all at once! Follow the steps below to learn how you can do this:
Click on "Add entity" at the top right of your screen on Syft and click on the "Get the multi-connect Chrome extension" link.
In the tab that opens, click "Add to Chrome" and then in the pop-up click "Add extension".
Navigate back to Syft and click "Add entity" again.
Click on QuickBooks Online in the add entity page.
Fill in your Intuit login details.
Click on the extensions button in the Chrome toolbar and click on the Syft QuickBooks Multi-Connector extension. It is important to note that you must be within the QuickBooks Online (Intuit) URL to use the extension (this will occur if the steps described are followed). In other words, the extension cannot be used from any other URL to connect entities to Syft.
Select a firm and then you can multi-select the companies that you would like to connect to Syft. After this, click "Connect".
📓 Note
We recommend connecting a maximum of 10 entities at a time, using the multi-connector, to ensure all entities are successfully connected to Syft.
QuickBooks Online product bundles
In QuickBooks Online, product bundles are a feature that allows businesses to group multiple products and services together to sell as a single package, streamlining the sales process and simplifying inventory management.
At this time, product bundles in your QuickBooks Online entity will not be recognized in Syft's customer and product-based analysis. Any transactions containing a product bundle will be correctly recognized by the financial statements in Syft - so your core financials will be correct - but product bundles will not show up as a distinct item in product-based visualizations and analysis. When analyzing customer sales, the total value of any transactions involving product bundles will be correct, but the details relating to the product bundle line items will not pull through.