Expensify QuickBooks Integration: 5 Easy Steps

on Accounting Software, data management, QuickBooks, QuickBooks Tools • November 18th, 2021 • Write for Hevo

Expensify QuickBooks Integration: Featured Image

Expensify and QuickBooks are two different business tools that have very beneficial features in managing small or large businesses. Both these tools offer different features like Expensify manages businesses and QuickBooks has applications in managing accounts.

In businesses, both these features i.e. management and accounts are extremely important but they cannot be operated simultaneously. Expensify integrates smoothly with QuickBooks to provide receipt and mileage monitoring, expense reporting, and corporate card reconciliation. Expensify is the sole expenditure management partner of the AICPA and CPA.com and is designed for both accountants and employees.

This article will introduce you to Expensify and QuickBooks. Moreover, it will explain the step-by-step method using which you can easily set up the Expensify QuickBooks Integration. Furthermore, the article will discuss the features and benefits of combining these 2 tools. Read along to understand the Expensify QuickBooks Integration and its implementation!

Table of Contents

Introduction to Expensify

Expensify QuickBooks Integration: Expensify Logo
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Expensify is a software startup that creates a personal and business cost tracking solution. Expensify Ventures, a venture financing arm of Expensify, is also active. Expensify classifies and labels each receipt, then submits company expenses for approval and payment automatically. Expensify saves time for organizations of all sizes with capabilities like corporate card reconciliation, multi-level approval workflows, and direct syncs with all major accounting software.

Expensify’s main advantages

  • Receipts and costs can be tracked and submitted.
  • Reimbursement by direct deposit the same day
  • GPS tracking and mileage
  • Importing credit cards automatically
  • Receipts in any currency can be used.

To learn more about Expensify, visit here.

Introduction to QuickBooks

Expensify QuickBooks Integration: QuickBooks Logo
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QuickBooks is the most widely used software for accounting in small businesses for measuring financial health and managing income and expenses. Customers can be billed, bills paid, reports made, and tax returns completed. QuickBooks has a wide range of products that may be utilized by anyone, from a freelancer to a small business. QuickBooks has various options, but for most new businesses, we recommend QuickBooks Online. QuickBooks Online offers a 30-day free trial that does not require a credit card.

The QuickBooks application will enhance your accounting and will enable you to manage your business optimally. Moreover, you don’t have to be an expert in accounting to keep your business books in order. QuickBooks allows you to easily create an invoice and follow it with various invoice management tools. It also provides dozens of financial reports that can help you in tracking your business progress.

To learn more about QuickBooks, visit here.

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Steps to Set Up the Expensify QuickBooks Integration

Expensify QuickBooks Integration: Integration Logo
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Follow these simple steps in order to integrate Expensify with QuickBooks:

Step 1: Log Into Expensify

The Expensify QuickBooks Integration begins from the Expensify application. Enter the required credentials and log in to your Expensify account as shown in the below image. 

Expensify QuickBooks Integration: Expensify Logo
Image Source: Self

Step 2: Choose an Expensify Plan

Make sure your pricing plan is a ‘Collect’ or ‘Control’ Pricing plan. Deciding this before setting the Expensify QuickBooks Integration will ensure that you never go over budget.

Expensify QuickBooks Integration: Expensify Plans
Image Source: Self

Step 3: Choose a Policy Package

Once the pricing plan is final, go to settings, choose policies and select a package that you want to get.

Expensify QuickBooks Integration: Expensify Policies
Image Source: Self

Then choose your company name under the group Section. This will open more settings on the left. Choose your policy name. After that select the connections option on the left. 

Expensify QuickBooks Integration: Expensify Policies
Image Source: Self

From connections select QuickBooks Online. This will initiate your Expemsify QuickBooks Integration.

Expensify QuickBooks Integration: Account integration
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Step 4: Complete the Expensify QuickBooks Integration

Select the connect option. 

Expensify QuickBooks Integration: Connecting Expensify to QuickBooks
Image Source: Self

Expensify will ask you to connect to QuickBooks once you’ve logged in, and once you’ve done so, it’ll open the sync options as shown in the below images.

Expensify QuickBooks Integration: QuickBooks Homepage
Image Source: Self
Expensify QuickBooks Integration: QuickBooks Accounts
Image Source: Self
Expensify QuickBooks Integration: Advanced Features QuickBooks
Image Source: Self

Step 5: Save your Expensify QuickBooks Integration

Click save and your connection will be finished. That’s it! Your Expensify QuickBooks Integration is ready.

Features of the Expensify QuickBooks Integration

Here’s a brief overview of the features that are part of this Expensify QuickBooks integration:

  • Simplified Connection Setup: Set up the policy once and export your reports to QBO without having to specify which accounts to export to, the export type, or anything else.
  • Flags: From Expensify to QBO, billable flags are passed.
  • Fields: Expensify imports classes and locations as report fields.
  • Preferences: Export preferences can be set up based on the type of expense (reimbursable vs. non-reimbursable)
  • Reports: The Expensify report submitter automatically matches employee and vendor records.
  • QuickBooks Online: In just two clicks, connect your Expensify policy to QBO as shown in the below image.
Expensify QuickBooks Integration: QuickBooks Online Sync Options
Image source

Benefits of Expensify QuickBooks Integration

The Expensify QuickBooks Integration can add the following benefits to your business:

  • Snapshot Recognition: A snapshot of your receipt with the Expensify mobile app, and proprietary SmartScan technology automatically recognizes the merchant name, date, and the amount and transcribes it onto an expense report.
  • Credit Card Reconciliation: For personal or business cards, Expensify pulls in the credit card feed and auto-merges each transaction to the matching receipt. Admins can handle all corporate cards from a single location for automatic reconciliation.
  • Multi-Layer Approval Workflows: Route expense reports through various layers of approval, allowing multiple managers to readily approve reports.
  • Transactions: For company card transactions, vendor matching is required. Once the Expensify QuickBooks Integration is in place, you can look up any corresponding Vendors in QuickBooks Online using the merchant name from the Expensify transaction. If none exist, you can assign a “Credit Card Miscellaneous” vendor to you for later mapping.
  • Export Preferences: It’s now possible to choose your export preference for reimbursable and non-reimbursable transactions, which has been one of the most popular features of the Expensify QuickBooks benefits.
  • Invoices: Billable flags have now been successfully exported. With the click of an Export button, you can quickly create client invoices in QuickBooks Online.

Conclusion

This article introduced you to Expensify and QuickBooks and provided a step-by-step guide for setting up the Expensify QuickBooks integration. Moreover, it listed the various features and benefits associated with this integration.

The Expensify QuickBooks Integration is extremely helpful in order to perform all business tasks on one platform. By following these few simple steps the main tasks of business management and accounts management work simultaneously without any inconvenience. As no single tool is sufficient for business management neither Expensify nor QuickBooks, therefore, their integration provides a convenient combo to perform all business tasks.  

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