Integrating your QuickBooks Online account with Moxie will enable automatic synchronization of Clients, Invoices, Payments, and Transaction fees. Additionally, if you have complex sales tax scenarios, Moxie will integrate your QuickBooks Sales Tax rules directly into the invoicing flow to make compliance a breeze.
Note: QuickBooks Self-Employed is NOT supported. QuickBooks doesn't allow any API access to their Self-Employed product.
To begin, click your workspace settings > Integrations > Accounting. Click "Connect QuickBooks Online" and proceed with authenticating with QuickBooks and granting access to Moxie.
Once your QuickBooks Online account is connected, you will need to map your GL accounts to the appropriate Moxie events. (If you don't know what this means, you should ask your CPA for assistance here).
There are 3 fields that require mapping:
Income account - This is the account where payments will be allocated to. Typically this should be mapped to a "Sales" category.
Payment processing expense account - If you accept online payments via either Stripe or PayPal the amount deposited into your account will be less the processing fee amount of Stripe or PayPal. An automated expense will be added to this account to allow for accurate tracking of fees associated with accepting online payments.
Sales tax account - If you have complex sales tax requirements you can build your sales tax profile in QuickBooks and select the option here. The sales tax % on the invoices will be automatically set based on the profile from QuickBooks. Invoices and payments that are sent to QuickBooks will have accurate sales tax identifiers associated with the line items.
Undeposited Funds - IMPORTANT - Please ensure you have the original "Undeposited Funds" account in your QuickBooks Chart of Accounts as that is the account that all payments will be placed into for the clearing account.
Now that your GL and sales tax accounts are mapped, all of your future invoices, payments, and transaction expenses will automatically synchronize with QuickBooks.
What to Expect:
You will begin seeing customer records automatically added to QuickBooks. When you send your first invoice after connecting QuickBooks, Moxie will try to find an existing customer with the same name. If no customer is found, Moxie will create a new customer with the basic information that was entered into Moxie.
Once an invoice or payment is sent to QuickBooks you will see a QuickBooks icon confirming that the synchronization was successful.
If you make any changes to an Invoice or Payment after the initial synchronization, Moxie will update the corresponding records appropriately to keep everything in order.
Notes for your CPA:
Moxie places the payment for invoices into the Undeposited Funds account. Any electronic payment fees are added as an expense into the selected Payment processing expense account. The bank transaction can be matched against the Undeposited Funds and the Payment Processing account to fully account for the deposit.
Important: If a payment is received outside of Moxie, make sure you mark the invoice paid in Moxie before performing any matches within QuickBooks.
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