Note: In order to connect Koinly with Quickbooks Online (QBO), you are going to need a Koinly Business account. Please get in touch with [email protected] if you would like your Koinly account to be upgraded to a Business account.
Connecting to Quickbooks
To set up the connection, go to your Settings and click on Accounting. Here you will see the option to connect to either Xero or Quickbooks but keep in mind that a single Koinly account can only connect to one of these accounting platforms.
Click on Connect and follow the login process to set up the connection.
After connecting to your Quickbooks business, you will need to set up the accounts so that Koinly knows how you want your transactions to be synced.
If you are unfamiliar with the chart of accounts, see these articles from Quickbooks:
How you connect your accounts is up to you, but a common practice is to create specific accounts for each Koinly category, such as “Koinly Realized P&L”, “Koinly Fiat assets”, etc.
After creating new accounts on Quickbooks, you will need to click on Refresh Accounts on Koinly in order to see them.
After selecting all the accounts, your connection is set and you are ready to start syncing transactions!
Note: Please make sure that the ‘Base Currency’ on Koinly is set to the currency as your main fiat currency on Quickbooks
How to sync transactions to Quickbooks
There are two ways to sync your transactions from Koinly.
The simplest way is to select Sync all txns to Quickbooks from the Accounting page. This will sync all transactions in your Koinly account, upto a maximum of 1000. We are working on increasing this limit but at this time, the maximum limit for a sync is 1000 transactions.
If you only want to sync some of your Koinly transactions then you can also go to the Transactions page, select the transactions that you want to sync, and then click on Send to Quickbooks. This option allows you to select the exact transactions to sync to Quickbooks so you can easily exclude transactions that should not be synced.
You can see which transactions have been synced by using the special Quickbooks filter on the Transactions page.
Viewing your synced transactions on Quickbooks
You can see the synced journal entries by navigating to the Reports section and opening the Journal Report