Overview

This section provides information on how MonetizeNow connects with QBO, including information about how different entities are connected between MonetizeNow and QBO

Integration Flow

The following diagram represents how entities in MonetizeNow and QBO are related. Currently we only have uni-directional sync from MonetizeNow to QBO

Overview of Data Synchronization

Given below are the objects that are natively synchronized from MonetizeNow to Quickbooks:

• MonetizeNow -> QBO
  • Account -> Customer
    • Accounts from MonetizeNow are created in QBO as Customer when an invoice gets created in MonetizeNow
    • Account updates from MonetizeNow are synced if there is an associated Quickbooks Customer
  • Invoice -> Invoice
    • Invoices from MonetizeNow are created in QBO as Invoice when an invoice gets created in MonetizeNow
  • Invoice Item -> Item
    • Invoice Item from MonetizeNow gets synced in Quickbooks as Item when an invoice gets created in MonetizeNow
  • Payment -> Payment
    • Payments from MonetizeNow gets synced in Quickbooks as Payment when an invoice gets paid

Connect MonetizeNow Tenant to Quickbooks Company

For data to be synchronized from MonetizeNow to Quickbooks, you need to connect your MonetizeNow tenant to your Quickbooks company

1. Open the MonetizeNow web app.
2. Click the gear on the sidebar and choose Accounting under the Integrations section
3. Click the Connect to Quickbooks button (see the screenshot - Setting up Connection)
4. This will redirect to QBO login page and select the company you would like to sync accounting data to
5. Login to your QBO (see the screenshot - QBO Login Page)
6. On success, you should see ab active connection with CompanyId listed on the UI (see the screenshot - Successful Setup)

Additional Configuration

In order for refunds to sync to Quickbooks, you must create a product in Quickbooks that you would like the refunds to be mapped to and choose the Account that you would like associated.

After this, you will enter the product id in the MonetizeNow configuration. (see the screenshot - Successful Setup)

Chart of Accounts Mapping in QuickBooks

MonetizeNow offers flexibility in how your invoices and payments are mapped to QuickBooks Online (QBO) accounts. Below is an overview of the default mappings and how you can customize them to fit your accounting workflows.

Invoice Line Items Mapping

By default, all invoice line items from MonetizeNow are mapped to the Sales of Product Income account in QBO

Customizing Invoice Account Mapping:

• You can change where invoice line items are booked in QBO by updating the Finance ID field on each product in MonetizeNow.
• Set the Finance ID to match the Account Name in your QuickBooks Chart of Accounts where you want the revenue to be recognized.

For example:

• If you want invoices to flow into Deferred Revenue, set the Finance ID of the product to Deferred Revenue (exactly as it appears in your QBO Chart of Accounts).

Note: The account name you enter in MonetizeNow must match exactly with the account name in QBO for successful mapping.

Payments Mapping

By default, payments collected through MonetizeNow are mapped to the Undeposited Funds account in QBO.

Customizing Payments Account Mapping

• If you want payments to map to a different account (e.g., a specific bank account), we can configure this for you on the backend.

To request a change in payment mapping, contact us here

Best Practices

• Confirm the exact Account Names in your QBO Chart of Accounts before updating the Finance ID in MonetizeNow.
• Work with your accounting team to ensure revenue recognition policies align with these mappings (e.g., Deferred Revenue treatment).
• Plan Name should be same in MonetizeNow and the respective QBO equivalents

Invoicing Flow

Invoice Creation flow

In MonetizeNow, invoice gets created either automatically, through a scheduled batch job or users can manually generate a pending invoice from a bill group. In either of these cases, MonetizeNow publishes a webhook event INVOICE_CREATE that triggers the invoice sync from MonetizeNow to Quickbooks. Listed below is the sync sequence of how data flows from MonetizeNow to Quickbooks when invoice gets created in MonetizeNow.

• Creates Quickbooks Customer from an associated MonetizeNow Account tied to an Invoice
• Populates Contact details from an associated Billing Contacton an Invoice to Quickbooks Customer
• Creates Quickbooks Invoice (open status) for an unpaid MonetizeNow Invoice
• Creates Quickbooks Items from MonetizeNow Invoice Item linked to an Invoice.

Invoice Paid Workflow

When an invoice gets paid either through Credit Card, ACH transfer or manually, MonetizeNow publishes a webhook event INVOICE_PAID that triggers the payment sync from MonetizeNow to Quickbooks. Listed below is the sync sequence of how data flows from MonetizeNow to Quickbooks when invoice gets paid in MonetizeNow.

• Check if an associated Quickbooks invoice exists
  • If yes, create Quickbooks Payment from MonetizeNow Payment entity
  • This updates Quickbooks Invoice to reflect the status to PAID if fully paid
  • If no, it follows Invoice Creation flow first and then syncs Payments to Quickbooks

Account Update Workflow

When an account get updated in MonetizeNow, Quickbooks customer will always reflect those changes if customer exist in Quickbooks

• Go to Accounts in MonetizeNow
• Update Name of an account
• That will trigger an update to Quickbooks Customer if one exists whenever an associated MonetizeNow Account gets updated

Invoice Contact Update Workflow

In MonetizeNow, there is way to change contact on an Invoice after invoice gets created (see the screenshot). Click on Edit Contact Details and change the contact. Changing an invoice contact will send INVOICE_CONTACT_UPDATED webhook event and that will trigger the sync from MonetizeNow to Quickbooks.

• Update Quickbooks Invoice if one exists with updated billing contact details
• This will not change the contact associated with the Quickbooks Customer. The change will only reflect on a particular invoice. If there are other invoices linked to the same customer, they will still have the same contact that is associated with the corresponding Quickbooks Customer.