Import Commissions into QuickBooks

This guide will walk you through the process of exporting commission data and importing it into QuickBooks which allows you to efficiently track and manage commissions directly in your accounting software.

IMPORTANT NOTE: This feature is only applicable to systems that use QuickBooks for processing commission payments.

Step-by-Step Guide:

1. Close the Commission Period - Before exporting, make sure that the commission period you want to export is closed. This typically means you have finalized the commission calculations and are ready to move the data into QuickBooks.

2. Export Commission Data

a) Login as an Admin> Go to Custom Reports > QuickBooks Export in your system. This is where you can pull commission data specifically formatted for QuickBooks.

b) Choose the commission period you want to export. This will typically match the period you've closed in Step 1.

c) Enter Bank Account Name and Expense Account Name. Input the bank account name that has been set up in QuickBooks.

c) Select Export to IIF. IIF (Intuit Interchange Format) is the file type QuickBooks uses to import data.

d) Choose a location on your PC to save the IIF file. Make sure you can easily find it later (e.g., your desktop or a specific folder for QuickBooks imports).

3. Import the File into QuickBooks

a) Launch your QuickBooks software.

b) Navigate to Utilities > Import > IIF Files from the menu.

c) Click the Browse button and find the IIF file you saved earlier (in Step 2).

d) Select the IIF file and hit Open to begin importing the commission data into QuickBooks.

4. Review and Print Checks in QuickBooks
- After the import is complete, go to the Check Register in QuickBooks to review the imported transactions. You can then print the checks directly from QuickBooks if you're paying out commissions via checks.

5. Use QuickBooks Reports to Track Commission Data
- QuickBooks allows you to take advantage of its reporting features. After importing the commission data, you can generate reports to analyze and track commission payments and related expenses, making your accounting even more efficient.

Tips:

Ensure Accounts are Properly Configured in QuickBooks:

1. Double-check that the bank account and expense account names you enter match the ones you have set up in QuickBooks to avoid errors during import.

2. Test the Process. If it's your first time exporting, consider doing a test export with a small commission period to make sure everything works smoothly.

That's it! With these steps, you’ll be able to efficiently close your commission periods and integrate commission data into QuickBooks, saving time and reducing the risk of errors.

We hope this guide helps you navigate the process of exporting and importing commission data into QuickBooks. If you have any questions or need further assistance, please don't hesitate to reach out to the Commissions Team. We're here to help!