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New: Journal Entries for QuickBooks Desktop and CSV

by Rob Guenette  |  February 13/2014  |  , ,

Journal Entries

Starting today, you can share all your FreshBooks transactions in the form of journal entries with your accountant to save time during tax season. You don’t have to spend time figuring out which reports to run and your accountant gets the data they need in a format they can use. Yippee!

Huh? What are Journal Entries?

Journal Entries are the building blocks of your financial accounting and are some of the most important records that accountants require when it comes to tax time.  Think of it like a master list of all your business transactions in FreshBooks, including invoices, payments, credits, and expenses. If you’re really keen to know more, check out the Journal Entries FAQs for in-depth info.

What’s in it for me?

With Journal Entries for QuickBooks Desktop and CSV there’s no more annoying back and forth with your accountant during tax-time. You’ll save valuable hours because you can now send your accountant a digital copy of everything they need (aka, your Journal Entries) in just a few clicks.

What’s in it for my Accountant?

Your accountant will receive a file containing all of your FreshBooks financials in a ready-to-use format. The file is available in a QuickBooks Desktop-friendly file format (.IIF), as well as .CSV, so your accountant can easily import it into their accounting software of choice. It will reduce manual entry as they prep your taxes and leave your accountant more time to offer you higher value services that help you build your small business.

How does it work?

Log in to your FreshBooks account and head over to the Reports tab.  Right below the tabs at the top, click on the link that says email Journal Entries to your accountant:

Once you’ve clicked that link, you’ll be prompted to select a date range for your journal entries. You can go as far back as September 2012, but if you’re not quite sure what to choose, check with your accountant to find out which dates they need. Otherwise, hit the shiny, green Next button to keep going.

Journal Entries Step 2

Next, enter your accountant’s name and email address. If you so wish, you can personalize the body of the email message anyway you want. When you’re satisfied, click on Send Email.

Journal Entries Step 3

And voila! In just a few easy steps, you’ve sent your accountant exactly what they need to make tax time a little less hectic.

Ready to give it a whirl?  Send your accountant your Journal Entries now!

With tax time deadlines fast approaching, there’s no time like the present – so go ahead and log into your account to give it a whirl. If you need a hand along the way, don’t hesitate to give us a shout at 1-866-303-6061 or email us at support@freshbooks.com - we’re always listening.

Happy tax time to you!

 


  • Hans

    Nice, but please add journal entries to Freshbooks!! (e.g. I hate dealing with bank interest currently, as there’s no where for it to logically go)

  • FreshRob

    Hi Hans,

    Thanks for the feedback! I can’t really say what the future of this feature will look like, but the Journal Entries foundation now exists to be built upon. Everyone involved with this project is paying close attention to the feedback – the right people are seeing this, so thank you!

  • Dori

    This is great news as I have been considering switching what I use entirely due to the fact that my Freshbooks does not seem to play well with my Corporate Accountant now that I’m incorporated … but now maybe it will!

  • mixxmac

    This is great! I agree with Hans too. If my accountant makes adjusting entries, I’d like to be able to add them to Freshbooks; and would like to be able to reconcile Freshbooks with Quickbooks. I love using FreshBooks over QuickBooks, but wish it wasn’t missing any of the important features that QuickBooks has. Anyway, great news! Thanks

  • FreshRob

    Hi Dori,

    Glad to hear this will help both you and your accountant out!

  • FreshRob

    Hi mixxmac,

    Thanks for the feedback and it’s great to hear that this will help you out! I’d love to hear more specifically about what you consider the most important features that QuickBooks has. If you’d like you can shoot me an email at rob@freshbooks.com

  • Scott Alberti

    My accounting firm is all Quickbooks based, so I’ve been pretty excited about the new Journal feature. We recently upgraded to Quickbooks Online, and after playing around with the new Journal feature today I’m sad to say that it’s not going to help me at all. From what I can tell, the FB exports (IFF files) can only be imported into the desktop version of QB. QB requires QFX, .QBO, or .OFX formatted files for transaction imports.

    I love everything FB is doing for us, I just think that we’re going to have to wait until they really make the two compatible in a future iteration. Like FreshRob says, the foundation is there.

    Then again, we’re still waiting to get project titles on our invoices…

  • BrandonMChu

    Hey Hans,

    Brandon here, I’m the product manager working on journal entries. I hear you re: bank interest. Our accounting vision is to easily allow business owners to capture all the transactions that affect their business, and I humbly acknowledge that bank interest is a place we currently fall short. Know we are working to fulfill this vision.

    In the meantime, to record the interest income in FreshBooks, we suggest creating an invoice periodically for the interest income so that it is at least captured in the system. Journal entries will pickup any type of revenue transaction.

    Best,
    Brandon

  • BrandonMChu

    Hey Scott,

    Brandon from FreshBooks here. Thanks for your comments, and you’re right – at the moment we do not support QuickBooks online, as most of our users’ accountants are still on desktop.

    That being said, QBO users like yourself are not a small minority. If you’re game, I’d love to talk to you about what type of reporting you’re trying to do in QBO with the FreshBooks data – please shoot me an email at brandon@freshbooks.com

    Thanks,
    Brandon

  • mixxmac

    Just to clarify here… I think the things that were important to my accountant, were: 1) ability to import/reconcile banking transactions (I think this is done now) and 2) ability to use journal entries and export to QuickBooks (seems like this is partially done now).

  • Scott Alberti

    Will collect my thoughts and some more specifics, then get back to you Brandon. Thanks!

  • Matthew Davis

    Can we attach W-9′s yet?
    That would be among the the most useful features that I could think of.
    Can you please address this fundamental lack in your service?
    Thanks,
    Matt

  • http://www.larserart.com Lars-Erik Robinson

    I left a message on the great customer service girl, about sending everything! I am not to thrilled about sharing every single job, because I sometimes just declare the jobs that have I have recieved 1099 with and other jobs that have other sub contractors attached.! I am just bieng honest, I am hoping my next year I can check off the jobs I want to claim! I am not saying I do this, I just have heard from other friends :)

  • FreshRob

    Hi Matthew,

    We don’t have a feature to generate W-9s yet, no. I appreciate the feedback though – our product team is keeping a close eye on the comments but I’ll bring it up with them as well!

  • FreshRob

    Hey Lars,

    Thanks for the feedback. Once you upload the entries into QuickBooks you would be able to edit them as you see fit, but you’re right in that there isn’t a way to do it before exporting right now. I’ll make sure our product team sees this feature request though!


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