It is time to Enter the Month End Journal entries from Aspire into Quickbooks
Online.
After a month has ended and it is time to enter the Month End Journal Entries from Aspire, the revenue
and cost of goods in Quickbooks should be $0. All of this information will come from Aspire.
When Aspire and Quickbooks are Sync’d, the following accounts are set up to send information from
Aspire to Quickbooks:
Accounts Payable - QB Online GL Acct #
Accounts Receivable - QB Online GL Acct #
Deposit Account
- QB Online GL Acct # (this is the checking account used for A/R deposits)
Material Account - QB Online GL Acct # (Balance Sheet Account for Inventory Holding-Materials)
Equipment Account - QB Online GL Acct # (Balance Sheet Account for Inventory Holding-Equipment)
Sub Account - QB Online GL Acct # (Balance Sheet Account for Inventory Holding-Subcontractors)
Other Account - QB Online G Acct # (Balance Sheet Account for Inventory Holding-Other)
The information coming from Aspire will automatically go into Quickbooks Online (QB) as follows:
Customer Deposits – When a deposit has been created in Aspire, it will automatically be entered into
QB Online. The entry will be a Debit to Undeposited Funds and a Credit to the Accounts Receivable
Account. The Debit to Accounts Receivable will be created when you enter the journal entry* from the
‘Revenue’ tab on the Month End Journal Entry report from Aspire.
Vendor Bills – When a purchase receipt has gone through the Invoice Approved process, the bill will
automatically be entered into QB Online. The entry will automatically be a Debit to one of the following
balance sheet accounts: Inventory Holding-Materials, Inventory Holding-Equipment, Inventory HoldingSub or Inventory Holding-Other and a credit to Accounts Payable. These accounts are holding accounts
until the journal entry** from the ‘Expense’ tab in the Month End Journal Entry report from Aspire.
Payroll - The information from the Paychex payroll summary will be entered into QB as a journal entry.
The direct labor employees gross payroll and direct labor payroll taxes will be coded to an account in QB
called Accrued Payroll-Paychex. The indirect labor and general & administration (g&a) employees gross
payroll and payroll taxes will be coded their indirect and g&a GL account #. The Accrued Payroll-Paychex
account is a holding account until the journal entry*** from the ‘Labor’ tab in the Month End Journal
Entry report from Aspire.
When it is time to enter the Month End Journal Entries from Aspire, you will go to the Reports Icon and
click it. At the top left, click Standard Reports. Then chose End of Month Report. You will see 3 tabs.
One for Revenue, one for Expense and one for Labor. At Date Range, you can chose any date range
you need to close the month or any date range for any time period you want to view.
For entering Month End Journal Entries for one month, chose the date range for that month. Once that
date range has been chosen, it will be applied to all tabs.
Revenue* tab - This is the revenue earned for that month by branch and by division. The A/R amount
will be a debit to Accounts Receivable. The Branch and Division revenue will be a credit to the correct
revenue account, then coded to the branch and division (called ‘Class’ in QB). Credit Memos and
Invoice adjustments will be a debit to revenue. The Over/Under will be coded to an account on the
Balance Sheet called Billed Revenue Greater than Earned (current liability account) or Earned Revenue
Greater than Billed (current asset account). Or it can be called Work-In-Progress.
Expense** tab - This is the cost of the materials, equipment, sub or other expenses on the earned
revenue. Under the heading for each ‘Branch Expenses’ you will see the division and under each division
you will see materials, equipment, sub & other. The $ amounts for each of these will be a debit to the
correct direct expense account and then coded to the correct branch and division (called ‘Class’ in QB).
Then you will see Holding (or inventory), Inventory Adjustments (Based on Qty Changes) and Inventory
Adjustments (Based on Purchase Cost). Under each of these you will see material, equipment, sub and
other. The $ amounts for each will be either a debit or credit to the balance sheet account called
Inventory Holding-Materials or Inventory Holding-Equipment or Inventory-Sub or Inventory-Other.
All of these entries can be done on the same journal entry. Some of the accounts will have $0.
Labor - This is the cost of labor, labor burden, Overtime premium cost and overtime premium burden
cost on the earned revenue. Under the heading ‘Branch Expenses’ you will each division. The $
amounts for each will be coded to the correct direct expense account and the total will be a credit to the
Accrued Payroll-Paychex account.