QuickBooks and Xero general ledger accounting solution integrates with LEAP providing the tools to operate your business in terms of:
- General Ledger Transactions
- Financial Reporting
- Tax Reporting
- Payroll
- Operating Account/Firm Based Expenses
- Operating Account Bank Reconciliation
LEAP utilizes the general ledger or chart of accounts from QuickBooks/Xero. When a payment or expense is entered into LEAP, LEAP sends this information to QuickBooks/Xero to be included in the operating account bank reconciliations, and to be classed as an income or expense on the chart of accounts. The information is sent as general journals to QuickBooks/Xero which only contains financial information. How journals are sent depends on how you are reporting your business activity statements. No detailed information of clients, invoices or staff members is sent to QuickBooks or Xero.
There are 2 ways of doing your accounting:
Accrual (non-cash) Accounting Basis
If you use this accounting method, you’ll be reporting on what you have invoiced regardless of whether the monies have been received from the client. This allows you more control over the accounting procedure – such as defining security groups who can modify and/or finalize invoices.
LEAP will post a journal to QuickBooks/Xero as soon as the invoice is finalized. This is your income.
Cash Accounting Basis
When reporting using a cash accounting basis, you will only be reporting on what you have received.
Invoices will not be exported from LEAP to QuickBooks/Xero using a cash accounting basis. Only payments and expenses will be exported, i.e., when you enter a transaction which directly affects your bank account. You will be able to modify invoices up to and after you have applied payment to them.
- The General Ledger Link screen provides different options in relation to the general ledger transactions that can be exported to QuickBooks/Xero. The default view of the screen shows those transactions that haven’t been exported or that have generated an error in attempted to export to QuickBooks/Xero.
- An option to manually export the outstanding journals to QuickBooks/Xero.
- An option to view transaction with other statuses, e.g., Hold, Error, Warning, Success.
- An option to view transactions for specific periods or a date range.
- Right-click menu options to open a journal entry (if there is an error), set the journal as not exported, hold/unhold the journal.
The Xero Link screen, accessed from the LEAP Menu > Accounting > Xero Link option on the LEAP Matter List, provides different options in relation to the general ledger transactions that can be exported to Xero:
- The default view of the screen shows those transactions that haven't been exported or that have generate an error in an attempt to export to Xero.
- An option to manually export the outstanding journals to Xero.
- Press the Send all unexported journals to Xero button to export ALL unexported journals.
- An option to view transactions with other statuses, i.e., Hold, Error, Warning, Success.
- Change the Export Status drop down to view transactions with a different status to those currently being viewed.
- An option to view transactions for specific periods or a date range.
- Select Custom from the Date Range drop down and enter the From and To dates required, then press the Reload button.
- Options to open a journal entry to view.
- Press the Insert Picture of Icon here button to the right of the journal in the list to view the journal.
- Set the journal as not exported, hold/un-hold the journal.
- Tick the journal/s whose status you wish to change, then press the Change Status button. Select the status you wish to apply from the drop down in the window that appears and press the Apply button to apply that status to the journal/s.
- Apply button to apply that status to the journal/s.
