Summary
Efficient synchronization of expenses in ConnectWise PSA is crucial for accurate financial management. To streamline this process, consider the following best practices:
Best Practices
Map Members with Middle Initials:
- To prevent conflicts with QuickBooks Online Payroll, ensure that members are mapped with their middle initials. This will eliminate possible conflicts when syncing expenses for your team.
Pre-Approval of Expenses:
- Prioritize the approval of expenses before batching. This helps in maintaining financial control, preventing errors, and ensuring that only approved expenses are included in the synchronization process.
- Disable “Sync Unapproved Expenses” in Mobius. By default, unposted, unapproved expenses in ConnectWise Manage will not be batched into QuickBooks Online.
- Verify the Billing Setup Tables (System > Setup Tables > Billing) Invoice defaults for Service tickets and Projects match your setup in Mobius.
Enable Transfer Expenses as Bills in Mobius:
- Utilize Mobius for transferring expenses as bills. Verify the Accounting Package “Transfer expenses as bills” option is disabled. Enable “Transfer expenses as bills” in Mobius.
Configure GL Mappings:
- Configure General Ledger (GL) mappings to establish a clear link between expense categories and corresponding GL accounts. Proper configuration ensures that expenses are accurately reflected in financial statements.
- Define expense offset accounts in the GL Account Setup table for each payment account and method mapped in ConnectWise PSA. This step is vital for tracking both internal and external expenses effectively.
- Ensure that the revenue-expense mapping is established for all billable expenses. This practice aligns revenue recognition with associated expenses, providing a comprehensive view of profitability and project financials.