Welcome to the step-by-step guide on setting up QuickBooks Online (QBO) mappings in Materio. This tutorial will help you ensure that your QBO and Materio accounts sync correctly so your financial data flows seamlessly between the two.
Before you start:
For the best results, work together with your bookkeeper on these steps.
These steps are optional; the integration also works without customizing.
These instructions assume you are already connected to QuickBooks.
Step 1: Access Account Mapping Settings
Log in to your Materio dashboard.
Click on the Main Menu (top-left corner).
Navigate to QuickBooks in the menu.
Go to Manage Settings.
Step 2: Review Chart of Accounts
Ensure that your QBO is already connected to Materio.
In Manage Settings, Materio will read your QBO Chart of Accounts.
Verify that all accounts from QBO are visible and properly listed.
Step 3: Map Income Accounts
Products (e.g., furniture, construction materials):
Select the appropriate Sales of Product Income account from the dropdown.
Services (e.g., design fees, project management):
Map to the relevant income account (e.g., Service Income).
Shipping and Delivery:
Map shipping-related income to Shipping Income.
Step 4: Map Expense Accounts
Contractor Labor:
Assign this to a specific expense account (e.g., Subcontractor Labor Expense).
If needed, create a new account in QBO and refresh the page in Materio.
Miscellaneous Items:
Map one-off or uncategorized expenses to Uncategorized Income/Expense or an equivalent account.
Step 5: Retainers and Deposits
Map Retainers and Deposits to a Customer Pre-Payments account under Current Liabilities.
Ensure the correct mapping of client transaction fees to an income or fee-specific account.
Step 6: Map Purchasing Accounts
Cost of Goods Sold (COGS):
Products should map to Supplies and Materials under COGS.
Shipping should map to a Freight COGS account.
Vendor Discounts:
Map discounts to an account that offsets COGS.
Transaction Fees:
Assign fees to a Vendor Transaction Fees account.
Step 7: Manage Vendor Sales Tax
Map Vendor Sales Tax to a specific tax account if applicable.
Consult your accountant or tax advisor to determine the appropriate treatment of vendor sales tax.
Step 8: Finalize Accounts Payable
Map Accounts Payable (AP):
Unpaid bills from QBO should sync to the Accounts Payable account in Materio.
Uncategorized expenses should map to an Uncategorized Expense account.
Step 9: Update QBO as Needed
If you create a new account in QBO, refresh the Materio Manage Settings page to pull the updated chart of accounts.
Ensure all mappings are complete and aligned with your business workflow.
Step 10: Verify and Consult
Double-check all mappings for accuracy.
Consult your bookkeeper or CPA for guidance on account selection and compliance with tax and accounting standards.
Notes:
Regularly review your mappings to ensure they align with any changes in your scope of work or financial processes.
Avoid mapping anything without consulting your CPA, especially when dealing with tax-related accounts.
Additional Resources:
Feedback, issues, or questions? Email us at hello@materio.co