Objective
This SOP explains how to connect a P company to QuickBooks Online, map the correct financial fields, and run a sync so property KPIs in P stay accurate. It is designed to reduce double entry and ensure property-level reporting reflects the latest QuickBooks data.
Key Steps
1. Confirm the QuickBooks setup meets integration requirements 8:47
Verify the company already uses QuickBooks Online to store financial data.
Confirm the QuickBooks plan supports class tracking.
Required plans mentioned: QuickBooks Online Plus or Advanced.
Make sure each property is represented by a class in QuickBooks.
Ensure class names match the property/address format used in P.
2. Understand what the integration does and does not do 9:45
The integration is designed to pull data from QuickBooks into P.
It helps keep KPIs in P accurate and reduces duplicate data entry.
It does not:
Create classes in QuickBooks
Post expenses to QuickBooks
Write any data back to QuickBooks
Use this integration only if QuickBooks is already the system of record for financial activity.
3. Connect the correct P company or legal entity to QuickBooks 13:32
In P, go to Settings → General to connect QuickBooks for a single company setup.
If your business has multiple LLCs or legal entities, go to Companies and open the specific company you want to connect.
Click QuickBooks for that company.
Select the correct QuickBooks company during the OAuth login flow.
Approve the connection when prompted.
4. Validate the QuickBooks connection 15:08
After connecting, use the Validate option to confirm the integration is active.
If validation fails, recheck:
The selected QuickBooks company
User permissions in QuickBooks
Whether class tracking is enabled
Do not proceed to mapping until the connection is confirmed.
5. Map P fields to the correct QuickBooks accounts 15:26
Open the field mapping area for the connected company.
Match each P field to the correct QuickBooks account or class-based category.
Common mappings shown in the transcript include:
Actual rehab cost → QuickBooks COGS / contractor / job supply-related accounts
Holding costs → interest, utilities, insurance
Agent fees → selling-related costs after a property is sold
Make sure you understand which QuickBooks accounts represent:
Balance sheet activity while a property is being rehabbed
Profit and loss activity after a property is sold
6. Combine multiple QuickBooks accounts into one P field when needed 16:25
If several QuickBooks accounts should roll up into one P field, map them all to the same P field.
Example:
Interest paid
Utilities
Insurance
These can all map to Holding Costs in P.
P will sum the mapped QuickBooks values into the single field.
This helps simplify reporting while preserving detailed bookkeeping in QuickBooks.
7. Save mappings and reuse them for other legal entities 17:10
After creating or editing mappings, click Save.
If you manage multiple entities with similar accounting structures, use the copy from another legal entity option.
This avoids rebuilding the same mapping setup for each company.
Review copied mappings before using them to ensure they still match the new entity’s QuickBooks structure.
8. Review property KPIs before syncing 19:05
Open a property record in P and review the current KPI values.
Compare values such as:
Actual rehab cost
All-in cost
Net profit
Use this as a baseline so you can see what changes after the sync.
If values look outdated or incomplete, the QuickBooks sync may correct them.
9. Run a manual sync when immediate updates are needed 20:05
Go to the connected company’s QuickBooks settings in P.
Click Sync Now if you need updated data immediately.
Use this when:
QuickBooks has been updated recently
You do not want to wait for the nightly sync
You need current KPI data for a decision or review
Expect the sync to take longer if the company has many properties.
10. Confirm that synced data updated the property record 20:58
Refresh the property record after the sync completes.
Compare the updated values against the previous values.
Confirm that P now reflects the QuickBooks totals for the mapped fields.
Use this step to verify that the integration is working as expected.
11. Understand how QuickBooks data overrides P data 11:46
If both P and QuickBooks contain values for the same mapped field, QuickBooks wins.
If QuickBooks has a value and P has a different value, P will be updated to match QuickBooks.
If QuickBooks has no value for a field, P’s existing value is left unchanged.
If a property address does not match a QuickBooks class, that property is skipped without causing an error.
12. Know when the automatic sync runs 11:23
The sync runs automatically every night at midnight Central Time.
This keeps property KPIs updated without manual intervention.
Use the nightly sync for routine updates and the manual sync for urgent updates.
Make sure your team knows the sync timing so they do not expect instant changes unless they run a manual sync.
13. Apply the integration to other property types and use cases 24:21
The integration is not limited to flipping.
It can also support other workflows such as:
Assigning fees
Concessions
Other property-related expenses tracked in QuickBooks
Map those expenses into the appropriate P fields so reporting stays accurate across business models.
14. Avoid common setup mistakes 25:05
Do not use QuickBooks plans that lack class tracking.
Do not name classes in a way that does not match the property/address in P.
Do not expect the integration to create or post accounting entries back to QuickBooks.
Do not assume the sync will fix unmapped accounts; unmapped or unmatched properties may be skipped.
Cautionary Notes
Class tracking is required. If your QuickBooks plan does not support classes, the integration will not work properly.
Class names must match property names/addresses used in P. Inconsistent naming can cause properties to be skipped.
This is a one-way sync from QuickBooks to P. It does not write data back to QuickBooks.
QuickBooks data overrides P data for mapped fields, so confirm QuickBooks entries are correct before syncing.
Unmatched properties are skipped, so review your class setup if a property does not update.
Balance sheet vs. P&L treatment matters. Make sure your accounting structure is set up correctly before mapping fields.
Tips for Efficiency
Use copy from another legal entity when multiple companies share the same chart of accounts structure.
Run Sync Now only when you need immediate updates; otherwise let the nightly sync handle routine refreshes.
Standardize property/class naming across teams to reduce mapping errors.
Keep a simple mapping document for your team so they know which QuickBooks accounts feed each P field.
Review a few sample properties after setup to confirm the sync is producing accurate KPI changes before rolling it out broadly.