You first want to make sure Essentials has your correct chart of accounts listed. To make sure those are entered, you want to go to Admin-Accounting-Accounts and make sure every account has the correct General Ledger account name or number assigned to it. What you have in Essentials has to match what you have in your accounting software. If the General Ledger numbers or accounts don't match, you may receive errors when importing into your accounting software.
Now that all of our accounts are correctly entered into Essentials, you want to bring those numbers over from Essentials to your accounting software. From Admin-Reports, you will find General Ledger reports to generate and export from Rental Essentials. You want to generate the report in the accounting method in which you report your income.
If you're not for sure what method you account for income, see our methods listed below. Once you select the accounting method to import, you will not want to change this method. If you change the accounting method in the middle of exports, your numbers will be off and some things could possibly be accounted for twice or not at all.
Cash (Closed): Income is accounted for when transaction has been completely paid in full AND items have been received.
Cash (Opened): Income is accounted for when transaction has been completely paid in full and items have NOT been received.
Accrual: Income is accounted for when items are out on rent and payments have not been taken. Partial payment taken with items out on rent will be considered as Accrual accounting.
If you are using QuickBooks as your accounting software, please use the reports designed specifically for QuickBooks. Accounting software programs other than QuickBooks will use our general General Ledger reports. (*If you're using QuickBooks Online, please contact Support for further instructions on how to get this set up.)
Once you generate the report for your accounting method by entering the dates in which you want to import, you will have an option to download the report into the appropriate file for your accounting software. If you're not certain which format to export the report into, you will need to go into your accounting software and look at the file extensions to find out. Once the file has been exported, you now want to save it on your desktop. Once saved, you want to go into your accounting software and import the saved file.
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