Mapping Default accounts with QuickBooks

When you make your connection to QuickBooks, you will be able to assign your “defaults” in Knowify. This controls where in the chart of accounts of QuickBooks that Knowify will sync the transaction(s). We categorize this three ways, listed below in the order of our hierarchy

1. Catalog defaults
2. Income/Expense Defaults
3. Company Defaults

Catalog Defaults

Whenever an item is referenced on an expense, bill, or invoice, the default income/expense account of that item will always take precedence. This is the most detailed method to map transactions from Knowify to QuickBooks because with an item default, we can technically sync one expense/invoice to multiple accounts in QuickBooks based on the item referenced.

To set these, navigate to the catalog defaults section of your accountant tab

and select an income/expense account for the item:

You can set the company default at the top so Knowify will use these accounts automatically for any new item added (unless otherwise updated):

Income/Expense Defaults

In the accountant tab, you will have the ability to set a default for each client or vendor. This is 100% optional as Knowify will always revert to the company default at the top of the page if this is blank:

We will only want to set a default for a customer/vendor if we want these transactions to go to a different place than the company default at the top. Knowify will reference this default when an item is not referenced on the invoice

Company Defaults

The company defaults are technically the only required defaults because if an item is not referenced, and a default is not set for the client or vendor, Knowify will use these defaults as a fallback option. These company defaults are the same ones referenced in our initial mapping tutorial

1. Default service for income - When selecting a default income, it's not actually choosing a default account but is instead looking for a default product/service. We would need to start typing in the name of a service from our item list and select one from the resulting drop down menu.

This is because QuickBooks requires us to set something in this column if no item is selected on the contract/invoice:

1. Default account for payments (income) - A payment account that payments logged in Knowify (of money received from a customer/GC) will be synced to in QuickBooks. This is typically set to a bank account so that Knowify payments can be matched to the associated bank feed in QuickBooks. Payments logged in QuickBooks will not use this default.
2. Default expense account - This will be our default expense account referenced for transactions that do not reference an item and do not reference a specific account for the vendor in question
3. Default account for payments (expenses) - Typically we see people use the same payment account as the default for income as this is the same concept except it is designed for payments made to your vendor (instead of money received)
4. Default service for syncing labor - This is for cases where we want time entries to sync from Knowify to QuickBooks for payroll purposes. This default is (similar to the income default) choosing an existing product/service to be filled into the “Service item” section of QuickBooks, unless specified otherwise on the job phase
5. Default income account for items - The default income account to be set by default for a new item/service added to Knowify
6. Default expense account for items - The default expense account to be set by default for a new item/service added to Knowify