QBO integration for Merchants
Just getting started?
A good first step is to watch the integration overview video embedded below before proceeding through the setup instructions.
The intent of this post is to provide an overview of the integration and the steps required to enable this feature for your account.
1. Overview
- Create and update customer records.
- Create and update customer sales receipts.
- Create and update customer invoices.
- Create payments.
- Create expenses.
- Match transactions.
2. Example transactions
- Sales invoices and sales receipts generated by Share A Refund are created inside of QuickBooks in near real-time.
- Payments applied to sales documents are attached to these sales documents in near real-time.
- Deposits made by Stripe to the bank account are matched to sales documents daily.
- Stripe fees subtracted from the Deposits are created as expenses and matched to deposits daily.
- Invoices and sales receipts settled in foreign currencies are managed with bank transfers between bank accounts.
3.Key features
- Fault-tolerant integrations that ensure that no transaction is missed..
- Sum checks verify transaction for accuracy in line item amounts.
- Pertinent metadata is included within reference fields on the documents created.
- Eliminates common mistakes in bookkeeping.
- Saves time by creating and updating transactions automatically.
- Delivers precision in bookkeeping by creating every single transaction.
- Ensures best practices are used in accounting workflows.
- Costs nothing. A free add-on provided to Merchants.
4. Setup instructions
1. Select a QBO Online Plan.
Choose Essentials or Plus.
2. Tap Free Trial for 30 days.
3. Complete the setup process, follow the account creation instructions.
4. Import the required accounts.
5. Follow the guide below to create products.
6. Install the Share A Refund QBO App.
7. Enable QBO Sync from inside your Merchant Account settings.
5. Account creation instructions
6. Import accounts
Alternatively, accounts can be created manually. To do so, open the file above, note the columns as properties of each account that needs to be created, and proceed through creating each account within the QuickBooks Online Create account page.
7. Create products
Transactions are posted to the products and expenses defined below. Creating these products and expenses is required for the sync to work properly.
Each number is a product or expense that needs to be created within your QuickBooks Online Company.
1. Name: CAO Service Fee
CAO :: Carrier agreement optimization
Type: Service
Income Account: Direct Customer Revenue
2. Name: DHL Refund Service Fee
Type: Service
Income Account: Direct Customer Revenue
3. Name: FedEx Refund Service Fee
Type: Service
Income Account: Direct Customer Revenue
4. Name: UPS Refund Service Fee
Type: Service
Income Account: Direct Customer Revenue
5. Name: Purolator Refund Service Fee
Type: Service
Income Account: Direct Customer Revenue
6. Name: Lost/Damage Claim Service
Type: Service
Income Account: Direct Customer Revenue
7. Name: Discount
Type: Service
Income Account: Discounts
8. Name: Stripe Payment Processing Fees
Type: Service
Income Account: Stripe Payment Processing Fees
8. Create payment terms
The default payment terms built into your Share A Refund Merchant Account include more options than are provided in QBO by default. This step adds the missing payment terms. Doing this ensures that all transactions sync properly.
1. Tap Gear Icon Top right > Lists > All Lists
2. Tap Terms
3. Create all the terms listed below
- Due on receipt
- Net 7
- Net 10
- Net 15
- Net 30
- Net 45
- Net 50
- Net 60
- Net 90
9. Enable multicurrency
1. Tap Gear Icon Top right > Account and Settings
2. Tap Advanced
3. Enable Multicurrency
4. Add Currencies
- Name: AUD – Australian Dollar
- Name: AUD – Australian Dollar
- Name: CAD – Canadian Dollar
- Name: GBP – British Pound Sterlinge=”font-size: 21px;” aria-level=”1″>Net 30
- Name: EUR – Euro
10. Add bank accounts
Transactions older than 90 days can be imported into QuickBooks using valid webconnect files: .qbo (QuickBooks), .qfx (Quicken) and .ofx (MS Money).
11. Settlement bank accounts
1. Name: AUD Settle
Type: Bank
Detail Type: Cash on hand
Currency: AUD
2. Name: CAD Settle
Type: Bank
Detail Type: Cash on hand
Currency: CAD
3. Name: GBP Settle
Type: Bank
Detail Type: Cash on hand
Currency: GBP
4. Name: EUR Settle
Type: Bank
Detail Type: Cash on hand
Currency: EUR
12. Enable the sync
- Login to your account as an admin.
- Tap Settings in the left sidebar menu.
- Navigate to the Quickbooks Sync Settings integration card.
- Tap Enable within QuickBooks Sync Settings card.
- Tap Connect with specified QuickBooks Client Id. card.
- Authenticate connection to your QuickBooks Company.
Ensure you have the correct privileges on your user account by contacting your Merchant account administrator.
13. Quick help
Frequently asked questions and answers related to the sync and the getting started process are defined below.
- Login to your Merchant account.
- Navigate to the Edit Invoice view for the transaction.
- Tap the Sync to QuickBooks button on the top right.
- The integration is near real-time.
- Search for the transaction in QuickBooks.
- Look for an error email, if the transaction is not in QuickBooks
A: Share A Refund is a comprehensive business automation service and accounting is a key part of any successful shipment auditing business.
A: Navigate to the Merchant Settings page in your account, and tap on the Accounting Sync card to see the status of the configuration with your account. If enabled, audit a recent sales transaction through the entire reconciliation process to be sure that all transactions are created and matched accordingly.
- Login to your Merchant account.
- Navigate to the Edit Invoice view for the transaction.
- Tap the Sync to QuickBooks button on the top right.
- The integration is near real-time.
- Search for the transaction in QuickBooks.
- Look for an error email, if not found.
A: Yes, enabling this feature within your Merchant Account will send transactions to your existing QuickBooks Online Company.
A: The existing chart of accounts in place determines if transactions and related accounts are commingled with existing transactions. Stripe fees are routed to the Stripe Processing Fees account name. If this account existed prior to enabling this feature within your Share A Refund account, historical transaction and future transactions will be allocated to that same account. If not, then all transactions will be allocated to new accounts within the chart of accounts, and show up on financial statements as new line items accordingly.
A: Yes, all transactions are created following best practices. This enables both accrual and cash based companies to leverage the features within this integration.
A: No. The mapping is done according to, in part, the name of the products and accounts within a QuickBooks Company. As such, these names must match the items defined above.
A: Absolutely not. This feature is provided as part of the Share A Refund service. Typical fees by third-parties (e.g. Stripe, QuickBooks) will apply.
A: Navigate to the Merchant Settings page in your account, and tap on the Accounting sync card to see the status of the configuration. If enabled, audit a recent sales transaction through the entire reconciliation process to be sure that all transactions are created and matched accordingly.
A: All transactions within your Share A Refund account will be synced to QuickBooks. If you are just now adding the Accounting Sync to your Merchant account, then all previous transactions will be created and matched within your QuickBooks Online Company.