WinFactor’s Quickbooks Interface

With WinFactor’s QuickBooks export, you can save time by exporting all factoring related transactions from WinFactor to QuickBooks. This saves time as well as reduces the chance of entry error. WinFactor creates 5 different .iif files (QuickBooks import files) based on the type of transaction you are exporting.

Transaction: .iif File Name:  What gets created in QuickBooks:
Advance  Advance.iif  Check with all splits, fees, etc.
Additional Advance  Addadv.iif  Check
Deposit  Deposit.iif  Deposit Record
Settlement  Settle.iif  Journal Entry
Rebate  Rebate.iif  Check

Here are the steps to setup the interface:
1) Setup necessary accounts in Quickbooks
2) Setup the generic customer: “Factoring Customer”
3) Setup these same accounts in the WinFactor Account screen
4) Designate in WinFactor which accounts are the bank account, receivables, etc.
5) Start exporting transactions

1) Setup necessary accounts in Quickbooks                                                                                                                           You will need to setup 5 accounts in QuickBooks (some may already be setup.)

Common Name QuickBooksType Description and Notes
Checking Bank This is the account you draft check from for advances and rebates.
Factoring Receivables Other Current Asset The is the A/R account for the invoices you are purchasing. It is important that you do not setup this account as the type of “Accounts Receivable” Otherwise it will not allow you to import transactions into that account.
Factoring Reserve Other Current Liability This account holds the reserve balance held back when you purchase an invoice.
Fees Income This is where transaction and time based fees are posted
Rebate Other Current Liability This is a liability account that holds the rebate balance for a client until you pay the rebate.

In addition, as time goes by you may setup up various other revenue or contra-expense accounts that you use to post “Other Charges” to like Fed Ex Fees, Wire Transfer Fees, etc.

2) Setup the generic customer: “Factoring Customer”

Go to customers and add a customer called “Factoring Customer.” This will be the generic customer that transactions are posted under. Keep in mind that checks that are issued to Clients for Advances and Rebates will come in under their name, but customer info is not tracked specifically. If you need that level of detail reports, it is available in WinFactor customer reports.

3) Setup these same accounts in the WinFactor Account screen

From the main menu, go to Tables/Setup, then Account Numbers
There are already some sample accounts setup there. Your best bet is to edit the first 5 lines with the accounts you setup above. It is easiest to make the account Description the same as your Quickbooks Account name, but you do not have to. The most important step here is that you use the exact account name spelling in the “Quickbooks Account Name” column as you did in Quickbooks. If you misspell an account name, when you import a transaction, QuickBooks will create a new account with the misspelled name instead of using the one you have already setup.

4) Designate in WinFactor which accounts are the bank account, receivables, etc.

From the Main Menu, go to Tables/Setup, then Company Info, then click on the tab “Quick Books.” For the 6 account types on that screen, select the account you setup from the pulldown. Most people both the Trans Revenue Account and the Fee Revenue Account to the same account in QuickBooks.

5) Start exporting transactions

Now you are ready to start exporting transactions. From Posting Screen, select the type of transaction you want to export. Next, you will be presented with a list of all transactions that have not been exported before. Select the ones you want to export by putting a check mark next to each one (or use autoselect). Then click on create iif file. WinFactor will create the iif file and put it in the directory you have specified under company info as your quick books export directory. Then start QuickBooks, select file, (utilities) import and select the file just created (i.e. advance.iif) then click on OK. QuickBooks will import the contents of the file. After you have verified that everything went into QuickBooks, switch back to WinFactor and click on ‘Mark as Exported’. That will mark all items selected as exported.

The first few times you import transactions, you should make a backup copy of your QuickBooks file in case something is not setup correctly. An example is if you misspelled an account name in WinFactor, when it gets imported, QuickBooks will not recognize the account so it adds it and post the transactions to this new account. The problem is that after items have been posted to an account, you can not change its type.

If you select to use account numbers in QuickBooks, do not include those numbers in the Account Name in WinFactor.