MoeGo's integration with QuickBooks introduces significant advancements designed to streamline accounting processes for businesses.
With an emphasis on multi-location settings and a comprehensive data solution overhaul, this integration targets efficiency, accuracy, and user convenience.
Comprehensive Data Sync Solution within QuickBooks
MoeGo Invoice Data: Includes retail, package, refund, and MoeGo processing fees.
MoeGo Pay Transactions: Uses separate Sales Receipts for transactions generated via MoeGo Pay, with detailed breakdowns for clear display and categorization.
QuickBooks Accounts: Automatically creates and organizes Income, Tax Liability, and Expense accounts in QuickBooks. Sub-income accounts are also set up to differentiate sales revenue, client-specific fees, and tips.
This article guides you through the accounting experience in MoeGo using QuickBooks, enabling better financial management and reporting for your business.
QuickBooks Availability
Currently, MoeGo supports the online version of QuickBooks and is not available for the desktop version.
Data sync solution
How does my data sync from MoeGo to QuickBooks?
In MoeGo invoices, each transaction corresponds to an invoice. Refunds and processing fees will all be reflected in the Accounts Receivable and Bank Accounts in QuickBooks.
How are my accounts created by MoeGo in QuickBooks?
In QuickBooks, we will create two main Income accounts, each with specific sub-accounts to ensure clear separation and organization:
MoeGo Sales Income
MoeGo Pay Received Payment Income
Additionally, an Expense account will be set up to include processing fees associated with MoeGo
The Tax Liability account will track tax payables related to MoeGo transactions.
Accounts
QuickBooks Account (All Users)
Entity | Attributes | QuickBooks Accounts | Credit Account |
MoeGo invoice | Service | MoeGo Sales Income: Sales Revenue (Sub-accounts) | Account Receivable |
| Fee by clients (MoeGo Pay Only) | MoeGo Sales Income: MoeGo Tips (Sub-accounts) |
|
| Tips | MoeGo Sales Income: MoeGo Tips (Sub-accounts) |
|
| Tax | Liability: MoeGo Sales Tax Payable |
|
MoeGo Payments | Payment Amount | N/A |
|
Refund credit memo | Refund amount | N/A |
|
Deposit Account (All Users)
Entity | Deposit account |
MoeGo payment | MoeGo payments (Other Asset Account) |
Refund | MoeGo payments (Other Asset Account) |
MoeGo Pay Account (For MoeGo Pay Users)
Entity | Attributes | QuickBooks Accounts | Deposit Account |
MoeGo Pay Expense | MoeGo Pay processing fee | Expense: MoeGo Pay processing fee |
|
Multi-location settings
Connect with QuickBooks
Go to Settings > Integrations > QuickBooks
Click QuickBooks to connect to the business
Click < Connect business > to select your business, and then click the Connect button to integrate with QuickBooks
Log in to your QuickBooks account > Connect QuickBooks company> Active auto-sync page
Select the sync start time
View the Data and Accounts solution
Confirm and click the Active button
Once connected, the successful page will appear "QuickBooks connected and auto-sync activated"
MoeGo Data & Accounts in QuickBooks
After Connected QuickBooks
Go to Settings> Integrations> QuickBooks
From here, you can view and manage the business sync status.
To edit the time range of the data sync, click the 3 dots under < Action >
Click < Edit sync start time > to adjust the start date for the data sync.
When there is a gap between the newly selected time range and the previous synced data time range, the system will alert you regarding the unsynchronized time range.
If you want to disconnect the data sync, click < Disconnect >.
If you want to connect a new business location to QuickBooks, click < Connect >
Frequently Asked Questions
What happens if I have deleted an account created by MoeGo in QuickBooks?
Deleting accounts created by MoeGo does not impact other data due to data segregation.
However, deleting invoices transferred by MoeGo, which have data sources in Accounts Receivable (A/R) or bank accounts, will affect the data in the income accounts.
How does MoeGo synchronize data with QuickBooks?
MoeGo's synchronization with QuickBooks is based solely on invoices and generated transactions. When a transaction is created, the corresponding invoice is also synchronized in QuickBooks.
Cash movements are reflected in the Accounts Receivable account and Deposit Payment Asset account accordingly. For credit card transactions, the processing fee is recorded and synchronized to the Deposit Payment Asset account.
In case of refunds, the process is recorded in QuickBooks via a credit memo in Accounts Receivable and a refund receipt in the Deposit Payment Asset account, ensuring accurate tracking of payment adjustments.
Why are Bank Account deposits from MoeGo Pay duplicated in QuickBooks?
Duplication occurs when both the deposit bank is connected to QuickBooks and the card processor generates a payout deposit, automatically synchronizing to QuickBooks' Bank Account.
MoeGo synchronizes each payment to the bank account, including MoeGo Pay payments, leading to duplication.
To prevent this, MoeGo Pay payments are transferred to a separate asset account, the MoeGo Pay Receive Payment account, avoiding duplication in the bank account deposits.
What is MoeGo Pay's sales receipt, and what is its purpose?
The MoeGo Pay sales receipt records details of MoeGo Pay transactions, including gross sales, tax, tips, processing fees, and refunds. It provides a detailed breakdown of each transaction, helping users understand the origin of deposits in the deposit bank.
How long does it take for the data to synchronize to the QB for the first connection?
If you are connecting for the first time, our data typically synchronizes with QuickBooks within one hour. The process may take longer if you select a longer synchronization period, but generally, you can expect to see your payment data in QuickBooks within about half an hour.
Therefore, it's normal not to see your payment data immediately after establishing the connection.
Why is the option to sync to the MoeGo deposit account no longer available in the QuickBooks integration settings?
The option was removed to prevent errors caused by accidental user actions that could lead to incorrect data reporting. Previously, users might inadvertently sync all payments to their checking accounts, risking double totals if payout deposits were already synchronized.
Now, all payment data is automatically synced to the MoeGo Payment account, ensuring accuracy and simplifying the process.
How are transactions from the same client across different businesses within a company differentiated in QuickBooks?
To differentiate transactions from the same client across multiple business locations in QuickBooks, we append the respective business name to the client's name.
This approach helps in filtering and easily identifying their transactions associated with each specific location.