In this article, you will learn how to automatically reconcile your Workiz Pay payouts with your QuickBooks Online account.
When processing credit card payments with Workiz Pay, you’ll notice that the payouts you receive to your business bank account come in batches. If you’re completing multiple jobs and processing multiple payments in a single day, this means a single payout could include payments from various transactions.
This may make it difficult and time consuming to reconcile your QuickBooks Online account, which requires funds to be tied to specific transactions. When reconciling, you’re making sure that the records you’re keeping in QuickBooks match the individual transactions processed in Workiz Pay.
With the QuickBooks Online integration in Workiz, you can now do all of this automatically, saving you lots of time and money in accounting fees.
How it works
- Workiz creates a bank deposit in your QuickBooks Online account for each Workiz Pay payout
- New deposits are linked to all relevant client payments (e.g., estimates, invoices, etc.) for each account
- Those payments are added to accounts receivable, and can then be added to a checking account of your choice
- Workiz creates a new vendor called Workiz Pay to account for any processing fees
Workiz can only automatically reconcile payments that were collected for invoices. Payments collected for estimates or directly to jobs will not be reconciled automatically.
Enabling automatic reconciliation
In order to automatically reconcile all of your Workiz Pay credit card payouts in QuickBooks, you will first need to enable the integration from the Marketplace.
To learn more about enabling the integration, please see this article.
- From the navigation bar, select > Settings
- Under Integrations, select QuickBooks integration
- From the Settings tab, select Reconcile Workiz Pay payouts
- Select Turn on sync
- Select the bank account that should receive deposits from Workiz Pay
What you’ll see in QuickBooks Online
After setting up automatic reconciliation in Workiz, the payouts you receive in QuickBooks Online will be deposited with all of the relevant details — such as individual payments and fees. You can verify this from two different pages in QuickBooks Online: Chart of Accounts and Audit Log.
Please be aware that QuickBooks may temporarily categorize your deposit as a transfer. This may be the result of a missing payment source.
Once Workiz creates the bank deposit, the transfer label will go away. Please do not make any changes to this deposit during this process.
Chart of Accounts
From the sidebar navigation in QuickBooks Online, open your Chart of Accounts and select the account you chose in Step 4 above (e.g., the account that should receive deposits from Workiz Pay).
The deposits on this page will be broken down by the payouts from Workiz Pay. Hovering over the -Split- listing under PAYEE ACCOUNT for a specific deposit will provide you with a breakdown of all of the individual payments (e.g., estimates, invoices, etc.), as well as the Workiz Pay processing fee.
From your main QuickBooks dashboard, select Settings > Audit Log.
Your audit log will feature every event that took place within your QuickBooks account — including the deposits for Workiz Pay payouts.
Selecting one of these deposits will provide you with a more detailed breakdown of the relevant payments, including payment type and payment date.