Setting up the Accounting Link

Go to Maintenance > Preferences > Studio Preferences and open the Accounting page.

Studio Preferences – Accounting

Accounting Method - Choose the accounting method that your company uses. If you choose to Post Invoices When They Match the Criteria in a Filter, first go to the Filter Builder and create the invoice type filter. Then select it from the list on the Accounting page in the Studio Preferences.

HERE'S A FLASH FOR YOU!

Spectra gives you three different accounting methods to determine how to invoices are posted. Payments are always posted as soon as you enter them.

Post invoices when paid in full (formerly 'Cash Basis 1') - Invoices will be posted as revenue when the balance due is equal to zero.
Post invoices when paid in full and delivered date is entered (formerly 'Cash Basis 2') - Invoices will be posted as revenue when the balance due is equal to zero AND the product delivery date has been completed on the invoice. Note that if you use this option, Spectra will remind you to enter the delivery date whenever you create a payment that closes out the invoice.
Post invoices when they are created (formerly 'Accrual') - Invoices are posted and counted as revenue immediately when they are generated.
Post invoices when they match the criteria in the following filter - Invoices are posted when they meet the criteria set up in a filter.

Accounting Link - Select how you want Spectra to export to your accounting software. If you select QuickBooks Direct, Spectra will send the general ledger entries into QuickBooks directly without creating a file you need to import. If you use the entries that say just QuickBooks, Simply Accounting, or MYOB, Spectra will create an export file that you need to import into the program you are using. If you're not using external financial software, select None.
Export Path - Select the folder where you want Spectra to export your data. For QuickBooks Direct, this must be the location of those data files.

HOW DOES SPECTRA LINK TO QUICKBOOKS, SIMPLY ACCOUNTING, OR MYOB?

Spectra now has a direct electronic link to QuickBooks. If you select QuickBooks Direct, Spectra will automatically export those general ledger entries into QuickBooks when you post. Make sure that you only post from the computer that has QuickBooks installed on it. Only QuickBooks supports the direct option.

If you want Spectra to create a file to import into your accounting software, select the QuickBooks, Simply Accounting, or MYOB option and Spectra will export a summary of your financial transaction to an export folder. You can then import that data into your accounting software from inside that program. Here's what you need to do to get your Spectra sales data into your external software:

Create a folder for Spectra to export your accounting data to (e.g., C:\SPExport).
On the Accounting page in the Studio Preferences, set the Export Path to the export folder you created.
In the General Ledger Account Number, enter the numbers or names for each line item exactly as they appear in your accounting software.
Go to Tools > Accounting Link and post your data. You'll need to both Post Invoices and Make Deposits to post completely.
Your financial data will now be automatically exported in the proper format to the folder you created.
Go to that folder and make sure your data is there. There should be a text file with either a .txt or .iif file extension.
In your accounting software, use the appropriate menu command to import your accounting data files.

Note: Spectra does not export transaction-level detail to your accounting software (only the summary-level detail) UNLESS you’ve specified transaction-level detail on the Payment Methods Maintenance.

ATTENTION!
Spectra will NOT create a new QuickBooks, Simply Accounting, or MYOB file each time you export your data. Instead, Spectra will add each posting to the same file. Each time you import your data into QuickBooks or Simply Accounting, remove the export file from the folder. Spectra will then create a new export file each time. If you do not move, change, or delete this file, duplicate entries will be created when importing into your accounting software.

Tax Agency - Fill in the name of the tax agency, if needed. Otherwise, Spectra will use a generic "Sales Tax" entry.

Studio Preferences – Accounting (continued)

General Ledger Account Numbers - Enter your account numbers or names for each line item. The accounts that we will be posting to are Customer Deposits or Accounts Receivable, Sales Tax Payable, Shipping & Handling, General Sales, Discounts, and Cash Back.

ATTENTION!
Once an account is created in QuickBooks, it cannot be deleted. Be sure your account names or numbers match before importing into QuickBooks. It would be a good idea to perform a backup in QuickBooks before attempting your first import from Spectra. That way, if things do not go as expected, you can simply restore the backup.

Customer Deposits/Accounts Receivable - The liability account that income from unposted invoices is credited to and then debited from once the invoices are posted.
Sales Tax Payable - An Accounts Payable or Current Liability account for sales tax that is credited when invoices are posted.
Shipping & Handling - The income account for shipping and handling that is credited when invoices are posted.
General Sales - The income account that is credited when invoices are posted for the sale of any items that do not have a GL sales account specified in the price list (see the "Price List Items" topic in the "Working with Price Lists" chapter) or the session type (see “Session Types” for more information).
Discounts - The income account for discounts that is debited when invoices are posted. Line Item Discounts are debited from the Price List Item Discount GL Account. If this is blank, they are debited from the Session Type GL Discount Account. If this is blank, they are debited from the discount account listed in Studio Preferences (See the “Price List Items” and "Session Types” topics for more information).
Cash Back - The account you would use for items like petty cash. When you make a deposit, there is a space for cash back. If you deposit checks and want to get some cash back, it is this account that will be debited the amount of that cash.
Loyalty - A sales account used to track the amount of loyalty rewards that have been redeemed. When a loyalty reward is redeemed, it will be debited to this account, and will therefore show as a negative sale, like a discount.

Accounting Link Options - Enter the Class Code. Check off the Export Automatically During Posting if you want Spectra to create the export file during the posting procedure. If you do not check this option, you will have to go to Re-Export Posting Reports in order to create the QuickBooks file.

HERE'S A FLASH FOR YOU!

By default, all sales data will post to the general ledger account number you enter in Studio Preferences. However, you may have sale items that you would like to post to a different general ledger account number. Spectra has two different ways you can post sales.

Session Types - In Maintenance > Session > Session Types you can specify a general ledger account that you want all sales and discounts from these sessions to go to. Any non-session sales will default to the general sales account set up in Studio Preferences.

Price List - In Maintenance > Price List > Price Lists you can specify a general ledger account for a specific item. Go to the item you want to have post to a different general ledger account. Enter that account number in the GL Sales Account Line. Any sales for items that do not have a GL account will default to the general sales account set up in Studio Preferences.

Item Maintenance

Fiscal Year - Set the month and day that marks the beginning of your fiscal year.

See the "Payment Methods" topic in the "Spectra Maintenance" chapter to complete setting up your accounting link.

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