Section 2: How RealDesk and QuickBooks Online (QBO) Work Together

introduction and objectives in this section, you'll explore the realdesk brokerage platform and its integration with quickbooks online (qbo) you'll learn the core functionalities of realdesk and how its integration with qbo enhances efficiency by automating accounting entries for all deal related transactions working together, realdesk and qbo simplify your workflow, minimize manual data entry, and ensure accurate financial management learning objectives for this section understand the comprehensive features of the realdesk platform for managing brokerage operations learn the benefits of a cloud based system for accessing and managing data from anywhere discover how realdesk integrates with qbo to automate and streamline financial transactions recognize the current scope and limitations of realdesk in relation to general accounting capabilities what is the realdesk brokerage platform? realdesk is an end to end real estate brokerage management platform it provides all of the key capabilities required for back office operations, including transaction & document management financial management (commission payments, trust accounting, deductions, expenses) entity management (realtors, other brokerages, lawyers) reporting unlike other brokerage management applications, it offers a holistic platform in which deal data and document management are fully integrated with accounting and payments this significantly streamlines workflows by eliminating duplicate data entry, as well as manual copying of data between different applications another key differentiator is that realdesk is fully cloud based, and can be accessed anywhere, on any device with a web browser and internet connection what is quickbooks online (qbo)? quickbooks is an accounting software package created by intuit , which offers solutions for managing personal, business, and tax finances intuit's other products include turbotax and credit karma businesses use quickbooks to automate processes such as invoicing, payments, accounting, and more these features make it easier to manage and track business finances quickbooks is one of the world's most popular and widely used accounting programs, used by over 3 million businesses globally it traces its roots back to 1983 with the initial release of quicken, which became quickbooks desktop in 1998 in 2001, intuit introduced quickbooks online (qbo), one of the first cloud based software platforms qbo has a number of advantages over its desktop counterpart, including like the realdesk platform the ability to work from anywhere, on any device, with no software installation required qbo is able to integrate with many other software packages and apps, and these integrations allow users to manage and automate a wide variety of business processes how realdesk and qbo integrate in describing the relationship between realdesk and qbo, it is most important to understand that realdesk functions as the brokerage's system of record for all deal related information, including all financial components users are able to create, convey, and pay out real estate transactions, including all deposits, payments, deductions, and expenses, completely within realdesk after these financial transactions are created in realdesk, they are then "synced" to qbo this process involves creating accounting entries including journal entries, transfers, invoices, bills, bill payments and so on in qbo that correctly account for each realdesk transaction the primary benefit of this approach is that realdesk users (brokers and administrators) do not need to create accounting entries manually, and can focus on key operational tasks (ensuring paperwork is complete and getting deals paid out) rather than needing to be concerned with accounting principles the realdesk to qbo sync is intended to be a fully hands off system in which no day to day manual work should be required note that the integration between realdesk and qbo is one way; no information from qbo is retrieved or imported into realdesk this is unnecessary since, as above, realdesk functions as the system of record and all transactions (with the exception of certain currently unsupported transaction types, as detailed below) should only be entered into realdesk integration scope and limitations general accounting as realdesk is primarily a transaction management platform, general accounting is currently outside its scope this means that entries for payments not related to real estate transactions must be created manually in qbo some examples include staff payroll office rent and expenses professional expenses (board dues, mls fees) bank service charges and payment processing fees insurance marketing and advertising expenses legal and accounting fees technology and software summary by integrating realdesk with quickbooks online (qbo), brokerages can streamline their operations and automate financial management, reducing the need for manual data entry and minimizing errors this powerful combination allows you to focus more on growing your business and less on the complexities of accounting understanding this integration is essential for leveraging the full capabilities of both systems to enhance your brokerage's efficiency and accuracy