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Integrating MC Trade with QuickBooks Online

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John Mackenzie
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Introduction

Integrating MC Trade with your QuickBooks Online system allows you to easily keep the two applications in sync with each other. Once connected, MC Trade will be your system of record for revenue transaction detail and QuickBooks Online (QBO) will remain your overall accounting package.

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Overview of Integration

To integrate your MC Trade database with QuickBooks Online, you will need your administrative login credentials for QuickBooks, and have administrative access in your MC Trade database.

Connecting the two systems is a three-part process:

  1. In MC Trade, add an Accounting Package for QuickBooks Online.
  2. In QuickBooks Online, authorize MC Trade to push information to QuickBooks.

If account codes were setup prior to this integration then you will need to delete all previously created account codes before importing and then, after importing, re-map your revenue items, payment types, and adjustment types in MC Trade to the appropriate account code.

  1. Import your account codes from QuickBooks Online to MC Trade.

After that, you will need to set up revenue items, payment types, and adjustment types in MC Trade (mapping each item to the accounting package and account codes). MC Trade will then have the ability to post Summary Journal Entries to QuickBooks Online, so that both systems share the information.

The steps below walk you through the process of integrating MC Trade to QuickBooks Online.  If you are using the QuickBooks desktop version then click here for instructions.

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Adding an Accounting Package

  1. Click on the Admin menu and then Global Settings.
  2. Click on the Accounting Packages tab.
  3. Click Add an Accounting Package.

  1. Enter a name .
  2. For the type, click on the drop down list, and choose QuickBooks Online.

Sync Posting Batches should remain checked if you want the journal entries in MC Trade to be automatically posted to QuickBooks Online. This should only be unchecked if you wish to manually enter the information in QuickBooks Online.

  1. Click Sign in to your QuickBooks Online Account.

A browser popup will appear, prompting you to log in to your QuickBooks account:

  1. Enter your Email, User ID, or Phone Number associated with QuickBooks Online, and click Sign In.
  2. Enter the password and click Continue to log in and authorize MC Trade to connect to QuickBooks Online. If you have multiple companies in QuickBooks then you will need to choose one of them to complete the integration, and click Next.
  3. When prompted to connect WebLink Integration to your company (in the example below, the company is called Pegasus), click Connect.

  1. In MC Trade, click Save.

You are now connected to your QuickBooks Online account!

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Importing Account Codes

If account codes were setup prior to this integration then you will need to delete all previously created account codes before proceeding with this import.

  1. Click on the Admin menu and then Manage Codes.
  2. Click on the Revenue Codes tab and click Account Codes.

  1. Click Import Accounts in the top right corner.
    • Please note: Enabling Account Numbers for your General Ledger Account Codes are required to use the integration. If you recognize revenue on an accrual basis, you must create a NEW receivables account with an account type of "Other Current Asset" to integrate with MC Trade. 
  2. Select the same package that you edited in the previous section (step 4) and click Get Accounts.

  1. Select the accounts that you want to import or update and click Import Accounts.

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Mapping Items to Account Codes

Create the following in MC Trade and map each to the QuickBooks Online accounting package and account codes: Revenue Items, Payment Types, and Adjustment Types.

Also, if you use classes in QuickBooks, you will need to map your revenue items to those as well.

Once you complete that, you are ready. Now, whenever you post transactions to the QuickBooks Online accounting package, a journal entry will be created for each day, with the balancing debit/credit, unless you disabled the option to Sync Posting Batches.

If you do not see the features in this article, please contact our sales team to get it enabled.

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