Setting up Rave Integration with QuickBooks in 8 easy steps
QuickBooks is a cloud accounting software that enables individuals and enterprises to take control of their cash flow by entering bills from vendors and paying them only when they are due and also schedule recurring payments to save time. This software enables small businesses to track their expenses, manage their business on the go and know where their business stand through the help of customizable reports and dashboards.
Why Integrate Rave with QuickBooks?
- Merchants get payments into an added bank account on QuickBooks while awaiting an agreed-upon settlement. This is not technically a loan but an advance against future receivables.
- Merchants can select a credit account for receiving payments and a debit account for releasing payments for transactions done when awaiting an agreed-upon settlement.
- Get accurate and efficient balancing of accounts with a reduced deficit on all accounts statements.
- Rave + QuickBooks integration gives merchants access to easy cash flow reconciliation of marketplaces transactions all at a glance.
- Track the amount Rave owes you.
- Track the fees Rave charges you.
How to Configure QuickBooks on Rave.
Sync the information from your Rave account to QuickBooks to keep track of your sales and the money Rave owes you. You can select the appropriate accounts from your Chart of Accounts to track sales and Rave fees.
To get started, follow the link: https://plugin.flutterwave.com.
Step 1: Log in to your Rave account to sync transactions on Rave. Simply fill in login details of your rave account to proceed.
Step 2: Connect to QuickBooks.
Step 4: Connect the QuickBooks plug-in to Rave.
Step 5: Configure plug-in to sync Rave transactions with QuickBooks.
Step 6: Select appropriate credit and debit account to track fees and sales and save. Click on“Back to Dashboard” to return.
Step 7: Sync Rave transactions with QuickBooks.
Step 8: Go to QuickBooks at the Chart of accounts section to view credited and debited payment in the appropriate accounts selected in the previous step.
Credit Account on QuickBooks after syncing with Rave.
- Is Integration available on all QuickBooks accounts? No. Integration is only available on QuickBooks Plus account.
2. Are there any settings related to synchronizing? For successful synchronizing, a home currency for rave transactions must be the same as that on QuickBooks Plus account.
3. How do I navigate to the integration and disconnect QuickBooks?
- On QuickBooks configuration settings page, click on“Disconnect from QuickBooks”.
- On the following page, click on“Leave Rave Integration” to exit integration.
4. When and how does data sync occur? Data sync occurs when“Manual sync process” button is clicked at the configuration settings page to obtain real-time data. It also occurs automatically at 12:00 am daily.
5. Is data sync manual, automatic, on login, in real-time? Data sync is manual, automatic and occurs at real-time when the button is clicked. Automatic sync occurs irrespective of the login status of the user.
6. When does data Sync process fail? Data sync fails when home currency on Rave and QuickBooks are not concurrent.
7. Is Setting up multi-currency on QuickBooks reversible? No. Multi-currency set-up on QuickBooks is irreversible.
How to Set-up Multi-Currency on QuickBooks
Step 1: On QuickBooks plus account, go to accounts and settings.
Step 2: Go to Advanced settings.
Step 3: Scroll down to“Currency” section. Toggle multi-currency button to“on” and select the preferred home currency.
It is highly recommended that user is absolutely sure and totally convinced of the benefits of setting multi-currency before activation as the process is irreversible.