TrackMIS integration to Quickbooks Online
Quickbooks Online is a financial software that works well for most businesses. It is able to produce your company’s balance sheet, profit & loss statement and more.
However, due to nature of accounting and finance software – they are usually catered towards users with financial background who understand what they’re doing and so, it’s generally limited in terms of access to those in the finance department.
But, if you are an integrator or IoT provider – you may receive income from your customers that could be for the next 3 months subscription. Or, you could have received income for installation of 50 trackers in advance.
These funds are received, is not your revenue yet. With TrackMIS, we have integration points setup with Quickbooks such that;
- When we have new customers or suppliers created in TrackMIS, we appropriately create them in Quickbooks.
- When an invoice is raised, we book it into the exact chart of accounts setup by our finance team – for equipment, installation and recurring revenue.
- When we request equipment for an order, we move the equipment value into work in progress.
- When the installation is done, we realize the equipment revenue as our income – and expense the cost of sales for equipment issued.
- When we bill our customers, we earn the revenue monthly from the advance payments they made to us.
We have mapped out all the integrations to Quickbooks from purchase orders, to revenue and expenditure.
Are you using Quickbooks Online for your tracking and IoT business? Let’s help you relieve your finance team from doing manual data entry work and focus on the analytics to help you scale your business.
Drop us a line on [email protected] to learn more on how you can get started.