Revenue accounts and importing into Quickbooks

This article covers how to create and configure revenue accounts, and how to import financial information into QuickBooks Desktop and Online.

Why are revenue accounts used?

Revenue accounts track the flow of sales and payments over time, creating the basis for financial reporting. Revenue accounts are not required in MC Professional, but are strongly recommended — they make financial reporting easier for your accountant or bookkeeper.

Configuring revenue accounts

Configuring revenue accounts correctly organizes transactions in MC Professional and ensures accurate exports to your financial system of record.

How to access

Go to Financial > Invoicing, then select Revenue Accounts in the top-right corner.

Adding a revenue account — QuickBooks Desktop

1. Select Add new revenue account.
2. Name the revenue account to match the account name in QuickBooks.
3. From the Dues Revenue dropdown, select whether this account is used for dues revenue:
   • On: Transactions tied to this revenue account are excluded from the Aged Receivables graph on the Admin Dashboard.
   • Off: Transactions are included in the Aged Receivables graph.

4. Select Accrual or Cash to control how transactions are exported from the Transaction Report. This should align with your accounting methodology — if you're unsure, ask your accountant.

   Note: The following transactions are exported as journal entries in the IIF file for each account type:

   • Accrual: Each sale, discount, or refund (sale debit and sale credit); each payment or settlement (payment debit and payment credit).
   • Cash: Payment or settlement transactions only (sale credit and payment debit).

5. Enter your sale and payment credit and debit accounts to control which accounts the Transaction Report exports for IIF files. Use the exact account name from QuickBooks to ensure transactions import correctly. Use the table below as a guideline.

   MC Professional account	Accrual account type	Cash account type
   Sale Debit	Accounts Receivable	No option
   Sale Credit	Income	Income
   Payment Debit	Cash/Checking	Cash/Checking
   Payment Credit	Accounts Receivable	No option

6. If you use Classes in QuickBooks, enter the associated QuickBooks class. Otherwise, leave this field blank.
7. Enter a description for this revenue account. If your QuickBooks account structure uses account numbers and you haven't included them in a previous field, add the account number here.

Sample accrual account:

Sample cash account:

Adding a revenue account — non-QuickBooks users

1. Select Add new revenue account.
2. Name the revenue account to match the account name in your accounting software. Depending on your software, you may want to include the account number in this field.
3. From the Dues Revenue dropdown, select whether this account is used for dues revenue:
   • On: Transactions tied to this revenue account are excluded from the Aged Receivables graph on the Admin Dashboard.
   • Off: Transactions are included in the Aged Receivables graph.
4. Select Accrual or Cash to control how transactions are exported from the Transaction Report. This should align with your accounting methodology — if you're unsure, ask your accountant.

5. Enter your sale and payment credit and debit accounts to control which accounts the Transaction Report exports for each transaction. Use the table below as a guideline.

   MC Professional account	Accrual account type	Cash account type
   Sale Debit	Accounts Receivable	No option
   Sale Credit	Income	Income
   Payment Debit	Cash/Checking	Cash/Checking
   Payment Credit	Accounts Receivable	No option

6. Enter a description for this revenue account. Depending on your accounting software, you may want to include the account number here if you haven't included it in a previous field.

Sample accrual account:

Sample cash account:

Reporting on revenue

The Transaction Report (Financial > Transactions) is where you report on revenue. It lets you report on sales, payments, credit memos, refunds, and discounts within a specified date range, with filters for: Revenue Account, Transaction Type, Transaction Status, Payment Type, and Credit Card Type.

Exporting the Transaction Report as a CSV includes all transaction details, including the corresponding debits and credits for each invoice line item. QuickBooks users can also export an IIF file from the Transaction Report for import into QuickBooks.

How to update your accounting software

QuickBooks Desktop

Use the Transaction Report to create an IIF file (Intuit Interchange Format) and import it into QuickBooks Desktop. The file includes transaction and customer-level detail for MC Professional transactions. Use the IIF export only if you want transaction and customer-level detail in QuickBooks.

If you're unfamiliar with the IIF import process, see the QuickBooks support article.

QuickBooks Online

QuickBooks Online pulls payment information from the linked bank account automatically, so you only need to import sale, discount, and refund transactions from MC Professional. Before downloading the CSV, filter the Transaction Report by transaction type.

Use the Transaction Report to export a CSV and import it into QuickBooks Online via a third-party tool. Many MC Professional customers use Transaction Pro Importer; other options are available in the Intuit App Store.

This process requires mapping fields from the CSV to fields in QuickBooks Online within the third-party tool. Here's an overview of the basic process with Transaction Pro Importer:

1. Export the sale and discount transactions from MC Professional, then make the following formatting adjustments to the CSV:
   • QuickBooks Online identifies customers by first and last name. Combine these columns using Excel's CONCATENATE function and name the new column Customer Name.
   • Format the Transaction Date column as mm/dd/yyyy.
   • Save your changes.
2. In Transaction Pro Importer, map the following fields:
   • Import Type: Invoices
   • RefNumber → Invoice ID (from MC Professional CSV)
   • Customer → Customer Name (the combined column created above)
   • txnDate → Transaction Date
   • LineItem → Revenue Account
   • LineDesc → Description
   • LineAmount → Amount
3. Import credit memos separately using the same process.

Non-QuickBooks users

Use the Transaction Report to export a CSV and import it into your accounting software. The file includes transactions with their debits and credits, and customer-level detail. Some accounting programs — such as Microsoft Dynamics GP — require a third-party tool to import from a CSV.

You may need to adjust the CSV formatting to meet your accounting software's requirements.