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Setting up your Ledgible account to automatically sync to your QuickBooks Online account is quick and straightforward. Just follow the steps below!
Connect Ledgible to your QuickBooks Online Account
- While logged into your Ledgible account, click the Integrations tab on the navigation bar at the top of the page.
- On the Integrations page, click the green Connect to QuickBooks button on the bottom right.
- Enter your QuickBooks Online account log-in credentials, then click the blue Sign In button to authenticate.
Note: This should be the same log-in information that you use to access any Intuit product associated with your business.
- Click the green Connect button to authorize Ledgible to view and update your QuickBooks Online data.
Set Up Mapping of Transaction Types to your QuickBooks Online Instance
After granting Ledgible access to your QuickBooks Online account, you will be directed to the Account Mapping Setup wizard. The wizard will guide you through choosing the following:
- The Default Asset Account, the QuickBooks Online balance sheet account where crypto activity from Ledgible will be sent by default.
- The Default Income Account, the QuickBooks Online account where inbound Ledgible Account entries will be sent by default.
- The Default Expense Account, the QuickBooks Online account where outbound Ledgible Account entries will be sent by default.
- The Default Fee Account, the QuickBooks Online account where fees generated by your blockchain transactions will be sent by default.
- The Default Suspense Account, the Quickbooks Online account where exchange order data will be sent by default.
- For each account type, click the Select Account dropdown menu to show the list of options to map to from your QuickBooks Online account.
- Make mapping selections for all five account types, then click the Next button.
- Click the Close button on the confirmation screen to exit the mapping wizard.
Set a Minimum Value Threshold for Sending Entries to QuickBooks Online (Optional)
On the settings page for your QuickBooks Online integration in Ledgible, there is an option to set an Asset Value Filter.
As many cryptocurrency transactions occur at prices which are immaterial - even, in some cases, well below a single US cent ($0.01) - you may wish to exclude these from the activity you import into QuickBooks Online.
This can be achieved via the following:
- Click the slider icon to the right of Asset Value Filter in the Integration Options section.
- To edit or set the minimum asset value for the filter, click the pencil icon.
- Type in the USD value which you would like to set the filter at, and click the green check mark to save your entry.
Your asset filter value threshold has now been set - you can always return to modify the setting, or disable the filter, at your leisure.
Set the Sync Mode for How Entries are Posted to QuickBooks Online (Optional)
Under the Integration Options heading, you will also see a setting called Sync Mode. This setting controls how Ledgible posts your account data to QuickBooks Online during the daily update.
The default sync mode for the QuickBooks Online integration in Ledgible Crypto Accounting is Summary mode, which posts your account data via daily Journal entries to QuickBooks Online. Summary mode posts a rollup of your data on a daily basis. One summary per mapped account is posted to QuickBooks Online each day that there are associated transactions in your Ledgible account. This mode provides a high level view of your cryptocurrency transactions in QBO.
Alternatively, you can opt to use Transaction mode, which posts your Ledgible data to QuickBooks on a per-transaction basis (also updated once daily). Transaction mode will post each transaction and all of its associated data from your Ledgible account to QuickBooks Online. This option includes more transaction detail than Summary mode and adds the flexibility to sort based on each transaction's attributes (such as contacts, type, etc) in QBO.
You can change your Sync Mode to Transaction mode through the following steps:
- Log in to your Ledgible account.
- Select the Integrations tab from the top of any page.
- Select the Manage button under QuickBooks Online.
- Click the down arrow to the right of Sync Mode under the Integration Options heading.
- Select the radio button (circle) next to Transaction to select transaction mode for your QuickBooks Online sync. If this is your first time changing this setting, the default is Summary mode.
- Click the Save button to save your changes. You can also choose the Cancel button to cancel any changes to the sync mode. Once you select the Save button, a green circle with a check mark will display to the right of the Integration Options heading to indicate that your changes were saved.
Create Wallet-Specific Mappings (Optional)
If you have multiple wallets, or multiple assets or tokens tracked within a single wallet, you may not wish to direct all of your crypto activity to the same accounts in QuickBooks Online. You can create custom mappings for a wallet, which override the defaults you set up via the account mapping wizard, using the Wallet Mappings section below Default Accounts.
- In the Wallet Mappings section, click the arrow on the right side of the panel pertaining to the wallet you want to create custom mappings for.
- Click the blue Edit button on the mapping section that opens.
- As with the mapping in the Account Mapping Setup wizard, simply select the QuickBooks Online accounts that you would like this wallet or asset to map to. When you are satisfied, click the green Save button to save your changes.
- Transaction information is synced beginning at the time the integration is configured. To sync historical data, please see Importing Historical Transaction Data to QuickBooks Online from Ledgible.
- General Ledger integrations (including QuickBooks Online) are available to customers on the Silver and higher plans.
- If you are the account owner, you can view and request an upgrade for your plan by going to the Settings button on the upper right. Other Team Members may view but not edit the Current Plan, which will be listed on the General tab under the Subscription & Billing heading.
- The account owner can edit your subscription by contacting us.
- If you need to access to the QuickBooks Online integration but the Subscribe button is grayed out, please contact your account owner to authorize an upgrade to your current subscription plan.