At Zomentum, we understand the importance of streamlined financial processes for our customers. That's why we've designed our payment processing platform to integrate seamlessly with QuickBooks Online (QBO), ensuring that bookkeeping is automatic, accurate, and straightforward. This guide outlines how Zomentum and QBO work together to manage your financial transactions, from customer payments to final bank deposits.

1. Customer Payments and the Undeposited Funds Account

When a customer makes a payment through Zomentum, the transaction is immediately reflected in your QuickBooks Online account. Here's how it works:

  • Payment Creation in QBO: As soon as a payment is made by your customer, a corresponding payment record is created in QBO. This payment is added to the "Undeposited Funds" account, a holding account used to group your incoming payments until you're ready to deposit them into your bank account.

2. Payouts and Bank Account Deposit

Zomentum ensures that the settlement process is reflected accurately in your QuickBooks Online account:

  • Deposit from Undeposited Funds: When Zomentum pays out the settled payment, we automatically initiate a deposit from the Undeposited Funds account to your bank account, as configured in your QBO integration settings. This mirrors the real-world movement of funds from your holding account to your bank account.

All payments due to be paid out on any particular day will be grouped together into a single deposit to your bank account and in QuickBooks Online.

3. Payment Processing Fees

We also take care of the accounting for payment processing fees Zomentum charges you:

  • Expense Recording: Any payment processing fees incurred during the transaction are accounted for as deductions on the deposit transaction. These fees are recorded as an expense against the expense account you've configured in the QBO integration settings. This ensures your books accurately reflect the costs associated with processing payments.

4. Surcharges and Adjustment Fees

For any additional charges you impose on transactions, Zomentum makes sure these are also accounted for:

  • Income Recording: Surcharges or adjustment fees that you choose to pass on to your customers are added to the deposit transaction in QBO and recorded as income against the income account configured in your integration settings. This allows you to keep track of extra income generated through these fees.

Final Outcome

The integration between Zomentum and QuickBooks Online ensures that the amount deposited into your bank account in QBO matches exactly the amount paid out, net of any fees and/or surcharges. This alignment means your financial records are accurate, up-to-date, and reflect the true financial health of your business.

By automating these processes, Zomentum not only saves you time but also reduces the risk of manual errors, ensuring that your financial reporting is precise and reliable.

For more information on configuring your Zomentum and QuickBooks Online integration settings, please refer to our detailed setup guide or contact our support team.