This guide details the steps to integrate QuickBooks Online (QBO) with Zomentum Payments, including how to configure the financial categories and payment method mappings.


TABLE OF CONTENTS


Step 1: Start the Integration Process

  • Access Zomentum: Log into your Zomentum Payments account and navigate to the Settings -> Integrations menu.
  • Navigate to Integrations: Go to the integrations section and select QuickBooks Online from the list of available options.


Step 2: Connect QuickBooks Online

  • Connect: Click on the 'Connect' button. You will be redirected to the QuickBooks Online login page.
  • Authorize Access: Enter your QBO credentials and authorize Zomentum to access your QuickBooks data to enable synchronization.


For enhanced security and clearer audit trails, it is recommended to create a dedicated user account in QuickBooks Online specifically for use with Zomentum.


Step 3: Configure Financial Categories

After establishing the connection, you need to configure how Zomentum Payments records various financial activities in QuickBooks Online. You may need to create the new items in QBO and refresh this page to list the new options.

  • Vendor and Expense Account:
    • Assign a vendor related to the expense account for easier tracking of fee transactions. This vendor could be Zomentum itself or another service provider as configured in your QBO.
    • Choose an existing expense account or create a new one in QBO to record transaction fees and other related expenses. This helps in tracking costs associated with payment processing.


  • Payout Account: Designate a bank account in QBO where the payouts from Zomentum will be deposited.


  • Income Account for Payments: Select an existing income account or create a new one in QBO where all payments received through Zomentum will be recorded. This account tracks the revenue from sales.


It's advisable to consult with your accountant to ensure that these accounts are correctly categorized according to your financial management practices.



Step 4: Configure Payment Method Mapping

You need to map each payment method used in Zomentum to a specific method in QuickBooks Online:

  • Assign QuickBooks Payment Methods: For each Zomentum payment method, select an appropriate corresponding method in QuickBooks from a dropdown menu.
  • Generic or Specific Mapping: You can opt for a generic mapping where all methods are grouped under one payment method, or specific mapping for detailed tracking. In this example, cards are all grouped together, and Direct Debit is separated, but you could also separate the cards.


Step 5: Save and Test

After configuring all settings, save your configurations and perform a test transaction to ensure that data flows correctly between Zomentum and QuickBooks Online. This test will help identify any potential issues that may need addressing.


By following these detailed steps, you can effectively integrate QuickBooks Online with Zomentum Payments, ensuring accurate and consistent recording of financial transactions in your accounting system.