For modern commercial real estate businesses, having dedicated property management software like STRATAFOLIO that integrates directly with QuickBooks for accounting is a must. A system that automatically syncs your data and allows easy analysis, fast report generation, and up-to-date visibility for your whole team not only prevents human error, but it also allows you to spot and capitalize on opportunities that otherwise might have gone unnoticed.
But how exactly does a QuickBooks integration work? Which tasks should be performed in which software, and how do they work together as you complete your most important workflows? In this article, we’ll dive into these questions and build in-depth knowledge of how and why QuickBooks and STRATAFOLIO work together so well.
Executive Summary
- STRATAFOLIO and QuickBooks connect property management and accounting. QuickBooks handles financial records, while STRATAFOLIO manages leases, tenants, properties, and portfolio reporting.
- Teams can create rent invoices in STRATAFOLIO, record payments in QuickBooks or STRATAFOLIO, and use information from both systems to complete Common Area Management (CAM) reconciliations, among other tasks.
- QuickBooks Online, Intuit Enterprise Suite, and Desktop all integrate with STRATAFOLIO, but their syncing methods differ.
The Basics of STRATAFOLIO’s QuickBooks Integration
STRATAFOLIO’s QuickBooks integration pairs leading commercial property management software with QuickBooks’ trusted accounting platform. The integration allows data to flow in both directions, meaning that financial details entered and organized in QuickBooks inform lease administration, tenant management, and reporting in STRATAFOLIO, while activities in STRATAFOLIO create financial records in QuickBooks.
STRATAFOLIO syncs with QuickBooks Online, QuickBooks Desktop, and Intuit Enterprise Suite, but be aware that the connection differs slightly between Online and Desktop. The QuickBooks Online integration is a cloud connection that updates automatically. QuickBooks Desktop, on the other hand, integrates with STRATAFOLIO using Web Connector and requires scheduled or manual syncing.
Another important item to note is that STRATAFOLIO displays all financial details on a cash basis, while QuickBooks works on an accrual basis. While this may mean that information looks different between the two platforms, the only difference is the accounting method. Both systems are accurate.
Reference the chart below for a clear view of each platform’s role.
Role of QuickBooks vs. STRATAFOLIO
| Task | Where it is completed |
| Accounting and financial records | |
| Create and manage the chart of accounts | QuickBooks |
| Record general ledger transactions | QuickBooks |
| Categorize income and expenses | QuickBooks |
| Record vendor bills and payments | QuickBooks |
| Reconcile bank and credit card accounts | QuickBooks |
| Prepare accounting records for tax reporting | QuickBooks |
| Properties, tenants, and leases | |
| Set up properties, buildings, and units | STRATAFOLIO |
| Track tenant information | STRATAFOLIO and QuickBooks |
| Track and manage lease terms | STRATAFOLIO |
| Set annual rent rates and scheduled increases | STRATAFOLIO |
| Track lease expirations and renewals | STRATAFOLIO |
| Store leases, insurance records, and documents | STRATAFOLIO |
| Manage maintenance/work order requests | STRATAFOLIO |
| Rent collection and invoicing | |
| Calculate rent charges from lease terms | STRATAFOLIO |
| Create and finalize rent invoices | STRATAFOLIO |
| Transfer finalized invoices to accounting records | Both—synchronized |
| Record rent payments | QuickBooks or STRATAFOLIO workflow |
| Review tenant balances and rent collection status | STRATAFOLIO |
| Operating expenses and CAM reconciliation | |
| Record property operating expenses | QuickBooks |
| Map accounting expenses to CAM categories | STRATAFOLIO |
| Set tenant CAM shares, caps, and exemptions | STRATAFOLIO |
| Review actual expenses imported from QuickBooks | STRATAFOLIO |
| Calculate annual CAM reconciliation | STRATAFOLIO |
| Invoice tenants for CAM shortfalls/deficits | STRATAFOLIO |
| Create credit memos for tenant reimbursements | QuickBooks |
| Loans, investors, and reporting | |
| Track loans, debt metrics, and maturity dates | STRATAFOLIO |
| Manage investor and ownership information | STRATAFOLIO |
| Review property and portfolio cash flow | STRATAFOLIO |
| Analyze net operating income (NOI) | STRATAFOLIO |
| Compare performance across multiple entities | STRATAFOLIO |
| Generate loan-related schedule of real estate owned or debt summary reports | STRATAFOLIO |
| Integration and data management | |
| Sync invoices and financial information | Both |
| Configure QuickBooks expense account mappings | STRATAFOLIO |
| Maintain QuickBooks transaction attachments | QuickBooks |
| Maintain lease and maintenance records | STRATAFOLIO |
| Maintain investor records | STRATAFOLIO |
Tasks Managed in STRATAFOLIO
As a commercial property management software, STRATAFOLIO’s strength is in managing data related to tenants, leases, and assets. Additionally, STRATAFOLIO can use financial information collected in QuickBooks to generate reports and aid in overall portfolio analysis. STRATAFOLIO’s role includes:
- Organizing portfolio assets
- Tenant and lease details, including rates, escalations, renewals, and expirations
- Insurance and document storage
- Maintenance/work order requests
- Tracking loans, debt, and maturity dates
- Investor information and reporting
- Portfolio-wide metrics and reporting, including NOI, cash flow, and debt
Tasks Managed in QuickBooks
As a leading accounting software, QuickBooks forms your business’s financial structure. It both collects and organizes data from STRATAFOLIO, such as recording rent payments, and provides financial data that STRATAFOLIO can then report on at every level, from single unit to entire portfolio. QuickBooks tasks include:
- Creating and managing the chart of accounts
- Recording general ledger transactions
- Categorizing income and expenses
- Bank reconciliation and credit card management
- Tax preparation
Using Both Platforms to Complete Key Workflows
Now that we’ve broken down what specific tasks STRATAFOLIO and QuickBooks are each suited for, let’s look at how they work together. While there are some tasks that fall under only the accounting umbrella or the property management umbrella, most commercial real estate tasks need information or action on both sides.
Monthly rent collection and annual common area maintenance (CAM) reconciliation are two of the most important processes that commercial real estate businesses must regularly perform. Below, explore how STRATAFOLIO and QuickBooks collaborate to accomplish them quickly and accurately.
Example: Collecting Monthly Rent Payments
- Set up lease information in STRATAFOLIO: enter tenant information, lease rates, escalation schedule, and operating expense responsibilities, including exemptions and caps.
- Create the rent invoice in STRATAFOLIO: calculate charges from lease data, review, and finalize.
- Sync the invoice to QuickBooks: The invoice becomes part of your QuickBooks accounting records.
- Record payment in QuickBooks or using a STRATAFOLIO workflow: this can be done directly in QuickBooks or started in STRATAFOLIO and synced to both platforms.
- Review payment status in STRATAFOLIO: once synchronized, STRATAFOLIO will display an updated invoice balance and Rent Collection view.
Example: Operating Expense Tracking and CAM Reconciliation
- Record expenses in QuickBooks: enter expenses in the correct accounts and classes.
- Map QuickBooks accounts in STRATAFOLIO: connect QuickBooks expense accounts to the proper STRATAFOLIO operating expense subcategories.
- Set up tenant CAM obligations in STRATAFOLIO: list applicable expense subcategories and add pro-rata shares, CAM caps, and exemptions.
- Review actual expenses, synced from QuickBooks: ensure that expenses imported from QuickBooks are organized correctly.
- Complete CAM reconciliation using STRATAFOLIO: use STRATAFOLIO’s 1-click CAM reconciliation feature to compare actual spending to tenant payments.
- Make any necessary adjustments: if reconciliation reveals your tenants owe more, use STRATAFOLIO’s invoice system. If you must reimburse your tenants, create credit memos in QuickBooks.
Items that Do Not Sync Automatically
While STRATAFOLIO’s QuickBooks integration is thorough, a few items do not sync between the two platforms. These details are generally only needed in one location, but it is still helpful to know what doesn’t transfer.
Items that remain in QuickBooks:
- QuickBooks attachments
- Credit memos
Items that remain in STRATAFOLIO:
- Lease, tenant, and maintenance data
- Investor records
FAQ
What is QuickBooks Web Connector, and why is it needed to use QuickBooks Desktop with STRATAFOLIO?
QuickBooks Web Connector is a tool that allows third-party applications to exchange data with QuickBooks Desktop. It supports manually initiated updates, unlike STRATAFOLIO’s automatic cloud connection with QuickBooks Online or Intuit Enterprise Suite, where changes are applied in near real time
Can the setup of QuickBooks accounts impact how they work with STRATAFOLIO?
Yes. It’s important to keep accounts for different entities separated, and to maintain an organized class structure within QuickBooks accounts. A clean setup allows data to map accurately into STRATAFOLIO and provide the clearest insights.
STRATAFOLIO: Your Solution for Connected Property Management and Accounting
You shouldn’t have to give up your familiar, reliable accounting system when you take on property management software. Instead, STRATAFOLIO’s QuickBooks integration gives you the best of both worlds, syncing with Desktop, Online, or Intuit Enterprise Suite, ensuring that you can always find, reference, and analyze your accounting and property management side by side.
To learn more about how STRATAFOLIO and QuickBooks work together, and how they can help your business unlock new growth, schedule a free demo today.
