Connecting to QuickBooks
By Mary Cooper
updated 11 days ago
TaxDome helps you streamline the end-to-end flow of your entire accounting process. If you're used to using QuickBooks Online, you can link your TaxDome and QuickBooks accounts. Once they’re linked, you'll see all payments and details made through TaxDome in your QuickBooks account.
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- What Data Is Transferred?
- Connecting to QuickBooks Online
- Moving TaxDome Transactions to the QuickBooks Bank Account
- Setting Up the Account for a Stripe Fee
- Changing Your Default Currency
- Navigating to QuickBooks Payments from TaxDome
- Manually Syncing Your TaxDome Clients with QuickBooks
- Disconnecting from QuickBooks
What Data Is Transferred?
Once the QuickBooks connection is set up, the following information from TaxDome will be available in your QuickBooks account:
Payment details, such as transaction date, transaction amount, source, and payment ID.
Details of the invoice covered by the payment, such as ID, and amount. Invoices paid from user’s credit balance are also marked as paid in QuickBooks.
Details of the credit card transaction fee (if any).
Details of the customer who made the payment.
Connecting to QuickBooks Online
To sync TaxDome and QuickBooks:
1. Go to Settings in the left sidebar, select Payments in the menu bar, go to QuickBooks, then click the Connect to QuickBooks green button.
2. Enter your QuickBooks credentials, then click the green Sign In button.
3. Click Connect to give TaxDome access to use your QuickBooks Online data.
The connection is established, and you’re redirected to TaxDome.
Moving TaxDome Transactions to the QuickBooks Bank Account
All TaxDome transactions (payments and refunds) go to the Undeposited Funds account in QuickBooks. The Undeposited Funds is an internal other current asset account created by QuickBooks to hold funds until you are ready to deposit them. These transactions are not counted in your QuickBooks balance until you move them over to the bank account in QuickBooks (read more on this here).
Once payment is added in TaxDome, you can see it on QuickBooks Online under All Sales subsection of the Sales section.
If data from bank transaction received by QuickBooks matches the data from the transaction which was added as a payment on TaxDome, QuickBooks will group them. Navigate to For review tab of the Banking section, then click Match to process them.
For credit card payments, you will also need to set up the account for a Stripe fee in TaxDome. Otherwise, QuickBooks will not be able to match your transactions (see below).
The transaction will appear in the Reviewed tab. It will be also counted in your QuickBooks balance.
You will also be able to see that the transaction was matched by reviewing its details. Go to All Sales subsection of the Sales section, then click the transaction. For TaxDome transactions that have been moved to the bank account in QuickBooks, you will see the corresponding information.
Note that if a payment that have been moved to the bank account in QuickBooks will later be refunded through TaxDome, the refund will go to this bank account, too.
Setting Up the Account for a Stripe Fee
When your clients pay online, Stripe processing fee is deducted from a payment. Thus, the payment amount in your bank statement is less than the payment amount on QuickBooks's Undeposited Funds account where your payments from TaxDome go. Because of this, QuickBooks may not find correct transactions to match unless you specify a QuickBooks account for stripe fee in TaxDome.
To do so, navigate to Settings, click on QuickBooks in the menu bar, select in the Stripe Fee list the QuickBooks account name you use for your Stripe payments, then click SAVE.
A Stripe processing fee for your online payments will be sent as a separate entry to a selected bank account in QuickBooks going forward. To see your split payments, go Accounting, then to Bank Account in QuickBooks. The screenshot below shows a split payment for $100.
Changing Your Default Currency
You can only change the default currency settings if they match in TaxDome and QuickBooks. When you first registered your firm with TaxDome, you chose a default currency. If your default currency in QuickBooks doesn’t match your currency in TaxDome, you’ll get an error message.
To change your currency setting in QuickBooks:
1. Click the gear icon at the top right of the window, then select Account and Settings.
2. Navigate to the Advanced tab, then click the pencil icon to the right of the Currency setting. Select the currency that matches the one in your TaxDome account, then click Save.
Navigating to QuickBooks Payments from TaxDome
Once your TaxDome and QuickBooks accounts are synced, the data for payments and bills is automatically transferred to QuickBooks.
To get information about any transaction sent to QuickBooks, navigate to the Billings section, find the bill or payment you need to see, and then click the link in the Sync column. The bill or payment page in QuickBooks will open.
Manually Syncing Your TaxDome Clients with QuickBooks
TaxDome bills and payments can be automatically synced with QuickBooks only if your TaxDome client's data matches their QuickBooks data. If these don’t match, you will be prompted to sync the client manually.
When a bill or payment is created for a client whose data can’t be automatically found in QuickBooks, you’ll see a notification in Settings showing the number of issues that need to be addressed.
Go to Settings in the left sidebar, select Payments in the menu bar, go to QuickBooks, select the client’s name in Client Sync section, then click SUBMIT. If you can't find a match in this list or if there are no mismatched clients in QuickBooks, select Create new client option.
The bills and payments for that client will now be synced with QuickBooks going forward.
Disconnecting from QuickBooks
To disable syncing with QuickBooks, go to Settings in the left sidebar, select Payments in the menu bar, go to QuickBooks, then click the DISCONNECT button in the QuickBooks Connection section.