This post provides an overview of how to import royalty payments into QuickBooks using Transaction Pro Importer. From within the Transaction Pro Importer, you can easily import QuickBooks transactions or lists from any Excel file. Easy configurable field level mapping gives you complete flexibility and control in importing your data. Transaction Pro will even enable you to edit your data prior to sending it into QuickBooks.
Phase 1: EasyRoyalties Preparation
Step 1.1 Configure the Accounting external system ID fields
For Transaction Pro to import royalty payments each author account needs to be mapped to its corresponding QuickBooks vendor account. The recommended way to do this is to copy the (or import) the QuickBooks vendor name into the Author/contributor details record > Administrative tab > Accounting or external system ID field.
Step 1.2 Configure the default GL accounts
The next step is to configure the default GL accounts used for the EasyRoyalties payment records. In the Lists > Category: Authors/Contributors > GL Accounts > enter the QuickBooks account numbers (or names) for each general ledger account. Use the lowest level account number or account name. When you calculate royalties the software will automatically assign these accounts to each newly created payment record.
Phase 2: Export Royalty Payment Records
After calculating royalty statements, export payment records from EasyRoyalties go to the Data & functions > Royalty payments view. Filter the record list to show only the payment records that you want to export. Press the Export icon at the top of the screen. Then select the fields to export.
For payment files with no withholding taxes the fields that most users export are:
Author/contributor foreign system ID
- Author/contributor foreign system ID
- Payment For
- Payment Number
- Net Payment (i.e. the payment amount)
- Gross payment GL account (royalties payable account)
- Net payment GL account (royalty payable account)
Phase 3. Import Royalty Payments into QuickBooks
Step 3.1 Open your QuickBooks file. Backup the QuickBooks file.
Step 3.2 Open the Transaction Pro software. Select the royalty payments file, select the worksheet to import, and specify import type as Bill.
Step 3.3 Map the EasyRoyalties fields to the QuickBooks fields, press Next, then press Finish.
In the field mapping example below the memo field is a concatenation of the Title (My Red Pony) and the Payment for (Statement of 6/30/2017) fields. This will display “My Red Pony Statement of 6/30/2017” in the vendor bill memo field. Some users also may this concatenated field to the expenses memo field.
Step 3.4. QuickBooks Review
After importing the payment records compare the QuickBooks > Reports > Vendors & Payables > A/P Aging Detail report total for the imported records against the total royalty payments amount.