Robert Ambrogi Blog
The practice management platform PracticePanther is today launching a suite of accounting tools that includes comprehensive integration with QuickBooks Online, including synchronization of all trust and operating payments, expenses, checks, invoices, and contacts from PracticePanther to QuickBooks Online.
New features in today’s release include:
- Support for multiple operating and trust accounts. Users can add multiple bank accounts within PracticePanther and link them to the corresponding accounts in QuickBooks.
- Bank account reconciliation reports. Users can reconcile a bank account within PracticePanther using a new built-in reconciliation report.
- Manage trust accounts in QuickBooks Online. Although QuickBooks Online does not natively support trust accounting, PracticePanther has built a way to support trust account synchronization. It does it by creating a trust account as a trust liability on the balance sheet, and then sending all trust payments from PracticePanther to QuickBooks Online so users can now see their trust account balance by contact and matter inside QuickBooks Online.
- Reconcile your trust account in QuickBooks and have it match up the trust payments in PracticePanther with the trust payments from your bank account.
- Run a profit-and-loss report in QuickBooks that will show you the trust account payments as well.
- Write and print checks directly from PracticePanther, or send the check to be printed from QuickBooks.
- Sync all items and services sold to QuickBooks Online so you can see them as “Products/Services” in QuickBooks and run reports on them.
Setting up the QuickBooks integration takes just a couple of steps from within PracticePanther’s settings page. Once you authorize the integration, you connect your bank and credit card accounts from PracticePanther to QuickBooks. Users can create any number of bank accounts.
Once you’re done setting up, then payments and invoices are automatically synced with QuickBooks. Any updates you make to an invoice in PracticePanther will also update to the QuickBooks version of the invoice. For payments, both trust and operating account payments are synchronized.
These new accounting tools provide several benefits for PracticePanther users, CEO David Bitton told me earlier this week. Most importantly, they will help you know that your books are correct, that you are getting paid, and that you are paying your bills on time. They can also help catch bank errors that could cost you money, he said, and help prevent possible fraud by employees or others.
To read more about PracticePanther, see these posts.