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Setting up your Ledgible wallet to automatically sync to your QuickBooks Online account is quick and straightforward. Just follow the steps below!
Step 1: Connect Ledgible to your QuickBooks Online Account
1. While logged into your Ledgible account, click the 'Integrations' tab on the navigation bar at the top of the page.
2. On the Integrations page, click the green 'Connect to QuickBooks' button on the bottom right.
3. Enter your QuickBooks Online account log-in credentials, then click the blue 'Sign In' button to authenticate.
Note: This should be the same log-in information that you use to access any Intuit product associated with your business.
4. Click the green 'Connect' button to authorize Ledgible to view and update your QuickBooks Online data.
Step 2: Set Up Mapping of Wallets to your QuickBooks Online Instance
After granting Ledgible access to your QuickBooks Online account, you will be directed to the Account Mapping Setup wizard:
The wizard will guide you through choosing the following:
- The "Default Asset Account", the QuickBooks Online balance sheet account where crypto activity from Ledgible will be sent by default
- The "Default Income Account", the QuickBooks Online account where inbound Ledgible Account entries will be sent by default
- The "Default Expense Account", the QuickBooks Online account where outbound Ledgible Account entries will be sent by default
- The "Default Fee Account", the QuickBooks Online account where fees generated by your blockchain transactions will be sent by default
For each of these account types, clicking the 'Select Account' dropdown will open a list of options pulled from your QuickBooks Online instance to map to:
1. Make mapping selections for all four account types, then click the 'Next' button
2. Click the 'Close' button on the confirmation screen to exit the mapping wizard:
Step 3: Set a Minimum Value Threshold for Sending Entries to QuickBooks Online (Optional)
On the settings page for your QuickBooks Online integration in Ledgible, there is an option to set an 'Asset Value Filter'.
As many cryptocurrency transactions occur at prices which are immaterial - even, in some cases, well below a single US cent ($0.01) - you may wish to exclude these from the activity you import into QuickBooks Online.
This can be achieved via the following:
1. Click the slider icon to the right of 'Asset Value Filter' in the Integration Options section:
2. To edit or set the minimum asset value for the filter, click the pencil icon:
3. Type in the USD value which you would like to set the filter at, and click the green check mark to save your entry:
Your asset filter value threshold has now been set - you can always return to modify the setting, or disable the filter, at your leisure.
Step 4: Create Wallet-Specific Mappings (Optional)
If you have multiple wallets, or multiple assets or tokens tracked within a single wallet, you may not wish to direct all of your crypto activity to the same accounts in QuickBooks Online. You can create custom mappings for a wallet, which override the defaults you set up via the account mapping wizard, using the 'Wallet Mappings' section below 'Default Accounts'.
1. In the Wallet Mappings section, click the arrow on the right side of the panel pertaining to the wallet you want to create custom mappings for.
2. Click the blue 'Edit' button on the mapping section that opens.
3. As with the mapping in the account wizard, simply select the QuickBooks Online accounts that you would like this wallet or asset to map to. When you are satisfied, click the green 'Save' button to save your changes.