How to connect QuickBooks with Upmetrics?

By integrating Upmetrics with QuickBooks Online, you streamline the process of incorporating your accounting data directly into your finance forecasting module. This dynamic connection refreshes your financials automatically, providing a real-time basis for comparing actual results with your projections in Upmetrics.

Check out this article for a step-by-step guide on how to connect QuickBooks Online with Upmetrics.

Setting Up QuickBooks Online:

TIP: For users who already have an existing QuickBooks account, They can skip this step. There's no need to go through the account setup again.

To start using QuickBooks Online with Upmetrics, you first need to have an active QuickBooks Online account. If you don't already have one, you can sign up and create your account. After signing up, set up a company profile in QuickBooks Online for your business.

Upmetrics is compatible with various versions of QuickBooks Online, catering to a range of business needs.

NOTE: The QuickBooks Self-Employed version is not compatible with Upmetrics. However, all other versions such as QuickBooks Simple Start, QuickBooks Essentials, QuickBooks Plus, QuickBooks Advanced, and QuickBooks Online Accountant can be integrated seamlessly.

Steps to connect QuickBooks Online with Upmetrics:

1

Log in to your Upmetrics account. If you haven't already set up a workspace, Create a new one.

2

Navigate to the finance forecast module in Upmetrics and click on the "Actual" option. Then, select QuickBooks Online as your accounting system and click on the "Connect to QuickBooks" option.

3

A popup will appear prompting you to connect. Click on the "Connect to QuickBooks" button, which will take you to the QuickBooks Online login page. 

Enter your QuickBooks Online credentials to proceed.

Once an organization is selected, click on the Connect option.

4

Once you log into QuickBooks Online, you'll be redirected to the Upmetrics finance forecast module. Next, the mapping page will appear. To proceed, simply select one of the Financial Streams -- like revenue, cost of sales, or expenses.

5

On the mapping screen, you’ll see the QuickBooks Online charts of accounts on the left and the corresponding Upmetrics forecast categories on the right. Categories that have not been mapped will be displayed as  'Unmapped'. 

Click on an 'Unmapped' category to view options to map it with the appropriate QuickBooks Online Chart of Accounts (COA). The system automatically saves the data in real time, eliminating the need for manual saving.

Understanding Mapping Options in Upmetrics with QuickBooks Integration:

• Choosing an Existing Finance Stream of Upmetrics:

Upon reaching the mapping section, the System will show the first finance stream created in Upmetrics. To link this finance stream, click on it, and it will automatically map to your QuickBooks account.

• Exclude from Forecast:

When you select "Exclude from Forecast" for a specific finance stream or financial account from QuickBooks, the system will not include this data in the comparison between your actual data and your planned data within Upmetrics. This option is useful if the particular data does not relate or contribute to your current forecasting needs, allowing you to maintain clarity and relevance in your financial analysis.

• Add New Stream:

Upmetrics offers an "Add New Stream" option. This lets you create a new financial stream directly within Upmetrics. The name of this new stream will match the selected Chart of Accounts (COA) name from QuickBooks. This feature is especially useful when you find a new financial source in QuickBooks that isn't already included in your Upmetrics financial plans.

6

Ensure that the  "Show Actual Data" option is enabled to allow comparison of your QuickBooks data (Actual data) with your Upmetrics planned data. If it is not enabled, you can enable it by clicking on "Go to Actual Settings."
Once enabled, the "Show Actual Data" option will be visible in your graphs and reports within Upmetrics, facilitating a comprehensive comparison between actual performance and forecasts.

Disconnecting from QuickBooks Online:

1

Open the Finance Forecasting module, go to the Actual tab, and click the Disconnect From QuickBooks link in the mapping section.

2

A confirmation popup will ask if you're sure. Click Yes, Disconnect to confirm.

3

The system will disconnect QuickBooks and take you back to the Connect section where you can reconnect if necessary.

QuickBooks is now disconnected. This adjustment allows you to manage your financial data independently until you decide to reconnect, providing flexibility in how you handle your accounting tools.