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QBOnline Plugin: Income Account?

I have been getting my QBO/UCRM setup production ready, and I am confused by one thing:

 

My QBO looks at UCRM as a source of truth, and syncs customers/invoices/invoice payments.

 

When my customers pay thier invoices via UCRM/IPPay, IPPay deposits funds our bank account.

 

We have that bank account set up in Quickbooks online. Is this the income account that is specified in UCRM/QBO Plugin setup?

 

Is QBO smart enough to automatically match up the Invoice/Payment/Bank Acocunt deposit seamlessly?

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Re: QBOnline Plugin: Income Account?

@BosCloud,

 

We use QBO extensively for our accounting, but do not use the UCRM plugin, as we have our own customizations.

 

The way I would handle it, as my own plugin, would be for the UCRM plugin to create the payments in the "Undeposited Funds" account in your QBO system and then you would need to manually create a deposit based on the groupings of funds.

 

For example if your received 6 checks in UCRM and 4 credit card payments for the day, the plugin would put each individual payment in your QBO system and then you would create a deposit for all of the checks (if you were planning on depositing them simultaneously or together) and one for the credit card payments, as they would almost certainly batch together at the end of the day.

 

Then the deposits would match both your checks and the separate entry from your credit card company.  We also take it a step further with our Stripe processing and have the "fees" deducted before the deposit, so everything matches the next day.  Our QBO Merchant services, on the other hand disperses the full amount and then charges the "fees" separately later in the month and we just have a QBO automation rule that catches these and puts them in the correct QBO account, like "Bank Fees".

 

As work progresses on our Xero Sync Plugin, I may also likely create another QuickBooks Sync Plugin (based on our method) and allowing two-way syncs.

 

@UBNT-Petr,

 

Can you confirm that if someone was to use the current QuickBooks Plugin for UCRM and they set the income account to that of their "Undeposited Funds" account that the above would work as expected?

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Re: QBOnline Plugin: Income Account?

We used an income account, I think service fees, for our payments. They all show up as undeposited.

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Re: QBOnline Plugin: Income Account?

We’re looking for the easiest way to do this from an accounting standpoint. We switched over to QBO just for UCRM, and we want to run our whole business from UCRM/QBO- One of our biggest pain points is the manual work we’re hostage to around matching the books

 

It may just be a necessary thing we need to create a process, but it would be amazing to figure out a way to make it seamless where an account just needs to do a review occasionally. It’s tough because we have almost 1k customers paying monthly so it becomes very tedious. 

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Re: QBOnline Plugin: Income Account?

One problem we found with using PayPal we get a payment for $100 into UCRM/QBO, but only $97 into the bank. Not able to automatically match those at all.

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Re: QBOnline Plugin: Income Account?

@clarkraymond,

 

Agreed, we have the exact same problem with Stripe.

 

Numerous people have mentioned needing a way to charge a "processing fee" for Stripe and PayPal payments.  I suppose this would solve the problem perfectly, as long as the "processing fee" was exactly what the payment provider charges.

 

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Re: QBOnline Plugin: Income Account?

Can anyone briefly explain to me what exactly the UCRM plugin does to the specified income acocunt?

 

I specified "Undeposited Funds" as my income account in UCRM, it seems to put both invoices and payments into that account. Im guessing I need to change this to go into a "Sales Income" account isntead.

Member
Posts: 308
Registered: ‎01-18-2017
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Solutions: 12

Re: QBOnline Plugin: Income Account?

QBO requires an account to book the invoice to, we use "service fees". The plugin passes the account number along with the invoice. That is all, everything else happens in QBO.

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