This document describes how to connect QuickBooks Online as an accounting software for Zomentum Payments.

Pre-requisites

 You need to have a QuickBooks account and valid credentials to make this connection.

Integration Process

Once your KYC verification is completed, perform the following steps to connect the accounting software:

TABLE OF CONTENTS

• Pre-requisites
• Integration Process
• Configure QuickBooks for payout reconciliation
  • 1 Select supplier or vendor
  • 2 Select expense account
  • 3 Select Income Account
  • 4 Select Payout Account
• How to find or configure these settings in QBO.
  • 1 select supplier or vendor.
  • 2 Select expense account
  • 3 Select Income Account

1. Navigate to Settings > 3rd Party Integrations > QuickBooks and click on Connect.
   
   
2. Enter your QuickBooks credentials to finish the integration.
   

From now on we sync invoices from Quickbooks to payments and update QuickBooks when the invoice is paid

Note: refresh this page first to edit the QBO settings!

Configure QuickBooks for payout reconciliation

Select Supplier or Vendor

Select the supplier that represents Zomentum Payments in QuickBooks Online to reconcile payouts and platform fees.

Select Expense Account

Select the Expense Account where Zomentum Payments can book its processing fees, in order to reconcile payouts and platform fees.

Select Income Account

If you are making use of the surcharges feature, please select the Income Account where Zomentum Payments can book these additional transaction fees as income.

Select Payout Account

Select the QuickBooks account to which your payouts will be credited.

Configure Settings in QBO

Select Supplier or Vendor.

Create a Supplier/Vendor in QBO e.g. Zomentum Payments - this is used for recording transaction fees

Create vendor in QBO:

Select Expense Account

Create an Expense Account in QBO e.g. Zomentum Payments Fees - this is used for recording transaction fees.

Select the Expense Account where Zomentum Payments can book its processing fees, in order to reconcile payouts and platform fees.

Note: This is an example for the expenses account, talk with your accountant for the correct configuration!

Select Income Account

If you are making use of the surcharges feature, please select the Income Account where Zomentum Payments can book these additional transaction fees as income.

Create an Income Account in QBO e.g. Zomentum Payments Surcharges - this is used for recording income from transaction surcharges.

Note: This is an example for the income account, talk with your accountant for the correct configuration!