Make yours and your accountant's life easier by automatically syncing all of your project income and expenses into your Quickbooks account. With the Wethos Quickbooks integration, you can avoid manual data entry and inputing duplicate transactions, as well as automate account reconciliation by having your transactions automatically sync into your QuickBooks account.
Once you link your Wethos Payments Account as a Bank Account to your QuickBooks, you’ll see all of your transactions sync to QuickBooks, and you’ll be able to have all of your business transactions live in one place!
How to get started:
Login to your QuickBooks account and click into the Bookkeeping section.
Once you’re in the Bookkeeping section, click Transactions, then select Bank transactions to get to the Connect Account screen
Click Connect Account, and search for Wethos. It'll look a little something like this:
After selecting Wethos, you’ll be prompted to enter the phone number associated with your Wethos Payments Account. You’ll receive a text message with a verification code, and then you’ll need to enter your verification code into QuickBooks
Once you’ve successfully entered your verification code, you’ll be prompted to select the account you want to link. The account shown will be your Wethos Payments Account:
Determine how far back you want QuickBooks to sync your transactions. You’ll have the following options in the drop down:
Today
This Month
This Year
Last Year
Custom
If you want to sync your transactions from 2023 onwards, you can select the This Year option. You can always use the Custom date option to sync transactions starting from a specific date of your choosing.
Once you select your date range, you’ll be prompted to select the type of account your Wethos Payments Account is. You’ll want to select Checking from the drop down list
Once you make it through the Bank Linking flow and click Connect, your Wethos Payments Account will be successfully linked to Quickbooks. All of your Wethos Payments Accounts transactions (both income and expenses) for the selected time frame, including future transactions, will be visible in your QuickBooks account.
Now that you’ve successfully connected your Wethos Payments Account to your QuickBooks account, you can begin categorizing your transactions! More on this below.
What Information Syncs to QuickBooks?
When you connect your Wethos Payments Account to QuickBooks, you will be able to see all of your transactions, including both invoice payments and any project expenses you’ve paid for using your Wethos Debit Card, in one central location.
All of the transactions that are processed in your Wethos Payments Account for the selected time frame will automatically be synced to QuickBooks, making it easy for you to track your finances.
However, it's important to note that the following information will not be synced to QuickBooks:
Project Information
Invoice information
Client information
Any Stripe fees associated with credit/debit card invoice payments*
*Processing fees associated with Invoices that are paid via credit or debit card are processed by Stripe. While your invoice card payment (minus any fees) will by synced to QuickBooks, Stripe fees will not. You can always view the fees associated with any Invoice Payments by heading to your “Payments” tab in the Payments Account section of the platform and reviewing the fees column.
Categorizing Transactions
After connecting your Wethos Payments Account to QuickBooks, QuickBooks will try to automatically categorize your expenses and income, ensuring that your financial records are accurate and up-to-date. You’ll have the opportunity to manually review anything that is automatically categorized to ensure everything is done so correctly, as well as manually categorize any transactions that QuickBooks might not be able to do so automatically.
The available category options in QuickBooks are:
Sales
Cost of Sales
Other Income
Other Expenses
Banking and Credit Card Charges
Deposits
Transfers
By categorizing your income and expenses, you'll be able to see where your money is going and coming from, and it’ll be easier for you to make informed decisions about your business's spending and budgeting.
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Still have questions? We're happy to help!
Contact us at [email protected].