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From TUIO to QuickBooks (and other software)

In this article, we offer guidance and tips on how the TUIO data can be used to prepare financial statements in an accounting software. We use QuickBooks (QB) for this example because that is what a lot of our clients use, but the same applies to other tools.

Why Importing Invoices May not be Best

New TUIO clients often feel the urge to import all their TUIO invoices into QuickBooks and proceed from there. However, as many of our seasoned clients are aware, this process is unnecessary and can be both time-consuming and error-prone on QuickBooks' part.

QuickBooks is both a billing and a bookkeeping software.

When you handle billing outside of QuickBooks, as you do with TUIO, there's no need to concern yourself with QuickBooks invoices. This is because QuickBooks invoices merely serve as an input for their financial statements module (the output). Therefore, if TUIO provides all the detailed information you require (such as parent name, student name, program, transaction fee, etc.), duplicating this detail in QB is unnecessary double entry work.

Additionally, the process is manual and susceptible to mistakes since importing into QB is not very intuitive and will probably necessitate reviewing and making adjustments.

Instead, what you could is the following:

  1. Use your TUIO Export data to compute your Revenue and Transaction Fees (see here for a guide).
  2. Create a customer account in QB the same way you would for a new family at your school or daycare. This will be the account that you use in order to recognize the revenue coming from TUIO; you could call this account 'online payments', 'TUIO payments', or whatever name that suits.
  3. Next, create an invoice for this customer account, and make it for the amount of revenue that you have computed in TUIO for whatever time period you are working on (month, quarter, year etc.).
  4. Similarly, you can create a Supplier/payee and create an expense to reflect the Transaction Fees that you paid from the Revenue collected.

The benefit of this process is that whether you have 10, 100, or 1,000 families, you will end up with only 1 QB invoice, and 1 QB expense, saving you the trouble of recreating all the data already present in your TUIO account, which you can download on demand at any given time.