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



  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


1 Select supplier or vendor

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

2 Select expense account

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

3 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.

4 Select Payout Account

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


How to find or configure this settings in QBO.



1 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:

2 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 into, in order to reconcile payouts and platform fees

Create expense account in QBO:



2 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 into, in order to reconcile payouts and platform fees

Create expense account in QBO:



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


3 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!