All payments created in Pet Sitter Plus will be synchronized to QuickBooks.
In the case of Pet Sitter Plus integration with QuickBooks, payments are presented to the QuickBooks API and the API forms a double entry transaction by doing the following;
- Stores one side of the double entry in an account called undeposited funds. This becomes a record of all payments that you have received and should be reconciled to your bank account.
- It stores the other side of the double entry in an account called Debtors (A/R Account Receivable). This keeps a running total of all invoices and payments received and will tell you when money is owed to you.
Tip: Read more about the basic principles of Double Entry Accounting and Understanding the Chart of Accounts.
Read more about double entry accounting and the Chart of Accounts
Payment on Account
If a client makes a payment before any invoice has been created, this is called a "payment on account." Payments on account recorded in Pet Sitter Plus will be synchronized to QuickBooks as follows.
Payments on account are recorded in the:
- Client Account - as an unapplied payment.
- Chart of Accounts - as Undeposited Funds.
- Chart of Accounts - in the Account Receivable Account.
Client Account
Payments on account also show as an Unapplied Payment in the relevant client account in QuickBooks.
Chart of Accounts
Two payments are shown and separated into "Undeposited Funds" which keeps a record of all payments received:
and the other is added to Accounts Receivable (A/R Register).
Info: Further reading:
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