Spectra/myStratus Desktop | Setting up the Accounting Link

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Home > Accounting > Setting up the Accounting Link - QuickBooks Online
Setting up the Accounting Link - QuickBooks Online

NOTE: This feature is available in the Professional and Enterprise versions of both Spectra and myStratus Desktop.

Watch video and/or follow the instructions below to set up the accounting link in the 2021 and higher versions of Spectra/myStratus Desktop.

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

Accounting Method - Choose the accounting method that your company uses. If you choose either option to Post invoices when paid in full, then the software is using Cash Basis accounting. If you choose to Post invoices when they are created, then the software is using Accrual accounting. 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 Company (Studio) Preferences.

HERE'S A FLASH FOR YOU!

Posting invoices locks invoices into the system so that they cannot be changed. Invoice postings will export all sales tax payable and income information to a file that can be imported into your accounting software.

The software 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 (also known as Cash Basis accounting) - 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 (also known as Cash Basis accounting) - 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: if you use this option, the software will remind you to enter the delivery date whenever you create a payment that closes out the invoice.
Post invoices when they are created (Also known as Accrual accounting) - 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 the software to export to your accounting software.

None - Select if you're not using external financial software.
QuickBooks Indirect, Simply Accounting or MYOB - The software will create an export file that you will need to import into the program you're using
QuickBooks Direct - the software will send the general ledger entries into the QuickBooks Desktop directly.
QuickBooks Online - the software will prompt you to log into your Quickbooks Online account and send the general ledger entries directly into that account

Export Path - Select the folder where you want Spectra/myStratus Desktop to export your data. For Quickbooks Desktop Direct, this must be the location of those data files.

HOW DOES THE SOFTWARE LINK TO QuickBooks Desktop, QuickBooks Online, Simply Accounting, OR MYOB?

Spectra/myStratus Desktop now has a direct electronic link to QuickBooks Online as well as QuickBooks Desktop.

If you select Quickbooks Direct, Spectra/Stratus Desktop will automatically export those general ledger entries into Quickbooks Desktop when you post. Make sure that you only post from the computer that has Quickbooks Desktop installed on it and that Quickbooks Desktop is open prior to beginning the posting process.

If you select QuickBooks Online, the software has a process that will require you to Connect to QuickBooks Online, and will pass the entries automatically.

If you want the software to create a file to import into your accounting software, select the Quickbooks Indirect, Simply Accounting, or MYOB option and Spectra/myStratus Desktop 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/myStratus sales data into your external software:

Create a folder for Spectra/myStratus Desktop to export your accounting data to (e.g., C:\SPExport).
On the Accounting page in the Company (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/myStratus Desktop do 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/myStratus will NOT create a new Quickbooks Indirect, Simply Accounting, or MYOB file each time you export your data. Instead, the software will add each posting to the same file. Each time you import your data into Quickbooks Desktop or Simply Accounting, remove the export file from the folder. Spectra/myStratus 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, the software will use a generic "Sales Tax" entry.
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 (Cash Basis) or Accounts Receivable (Accrual), Sales Tax Payable, Shipping & Handling, General Sales, Discounts, and Cash Back.

ATTENTION!

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

PATHWAYS TO SUCCESS...

Here is an example of how the accounting workflow relates to the General Ledger Accounts within your accounting software. Depending on which accounting method you use, expand the example below. To set up using Cash Basis accounting vs. Accrual accounting, see the Accounting Method section in the Company Preferences - Accounting tab. See also: Setting up the Accounting Link

Cash Basis Accounting

This is an example of a Cash Basis accounting method in Quickbooks Desktop. It is used when invoices are posted as soon as the invoice is paid in full.

A client has a $100 invoice.

The client makes a $25 down payment and pays with cash.

The payment posting to the accounting software for that day would be this:
      Bank Account – Debit $25 (This GL account is pulled from the Cash Payment Method)
      Customer Deposit Account – Credit $25 (This GL account is pulled from the Company Preferences - Accounting tab)

The Customer Deposit Account represents the deposit (or partial payment) the client has made. This is a liability account type. The studio either owes the client some product or they owe them their money back. Nothing hits the actual sales account yet, because the invoice is not paid in full.

On a different day, the client pays the remaining $75 balance with an American Express card.

The payment posting to the accounting software for that day would be this:
      Bank Account – Debit $75 (This GL account is pulled from the American Express Payment Method)
      Customer Deposit Account – Credit $75 (This GL account is pulled from the Company Preferences - Accounting tab)

The invoice is now paid in full, so the invoice posting to the accounting software would be this:
    Customer Deposit Account – Debit $100 (This GL account is pulled from the Company Preferences - Accounting tab)
      Sales Accounts – Credit $100 (This GL account is pulled from the various Item Maintenance records used on the invoice. If items on the invoice are not set to use General Ledger Accounts, the sale will be credited to the General Sales Account from the Company Preferences - Accounting tab)

Accrual Accounting

This is an example of an Accrual accounting method in Quickbooks Desktop. It is used when invoices are posted once they are initially created.

A client has a $100 invoice.

The client makes a $25 down payment and pays with cash.

The payment posting to the accounting software for that day would be this:
      Bank Account – Debit $25 (This GL account is pulled from the Cash Payment Method)
      Accounts Receivable – Credit $25 (This GL account is pulled from the Company Preferences - Accounting tab)

This accounting method posts invoices once they are created, so the invoice posting to the accounting software for that day would be this:
     Accounts Receivable - Debit $100 (This GL account is pulled from the Company Preferences - Accounting tab)
     Sales Account - Credit $100 (This GL account is pulled from the various Item Maintenance records used on the invoice. If items on the invoice are not set to use General Ledger Accounts, the sale will be credited to the General Sales Account from the Company Preferences - Accounting tab)

The Accounts Receivable Account represents the partial payment (or deposit) the client has made. This is a liability account type. The studio either owes the client some product or they owe them their money back.

On a different day, the client pays the remaining $75 balance with an American Express card.

The payment posting to the accounting software for that day would be this:
      Bank Account – Debit $75 (This GL account is pulled from the American Express Payment Method)
      Accounts Receivable – Credit $75 (This GL account is pulled from the Company Preferences - Accounting tab)

Accounting Link Options - Enter the Class Code. Check off the Export Automatically During Posting if you want the software 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 Desktop file. This is a little used function of QuickBooks - if you don't know what is, chances are you don't need it in myStratus.

HERE'S A FLASH FOR YOU!

By default, all sales data will post to the general ledger account number you enter in Company (Studio) Preferences. However, you may have sale items that you would like to post to a different general ledger account number. Spectra/myStratus have 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 Company (Studio) Preferences. See also: Session Types

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 Company (Studio) Preferences. See also: Price List Reference

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

See Payment Methods to complete setting up your accounting link.