Materio can automatically sync all project retainers, deposits, invoices, credits, payments, and platform fees into QuickBooks Online, ensuring your books are always accurate and up-to-date.
How Invoice Syncing Works
After you connect to QuickBooks Online, every time you send, receive payment on, or delete a retainer, deposit, invoice, or credit in Materio, Materio will automatically take the equivalent action in QuickBooks for you. The sync will include following information for each invoice:
Client
Project
Document number
Document transaction date
Line items
Item description
Unit price
Quantity
Subtotal
Taxed / Nontaxed classification
Subtotal
Tax total
Grand total
Memo to client (up to 1,000 characters)
Retainers applied as payment
Deposits applied as payment
Credits applied as payment
Payments received
Payment date
Payment amount
Payment reference number (up to 21 characters)
Payment private memo (up to 4,000 characters)
Platform fees (both client covered & firm covered)
FAQ
How can I defer revenue recognition until work is completed?
To defer revenue recognition, collect prepayments using Materio Retainers or Deposits (learn more here). Then upon work completion, recognize revenue in Materio using an Invoice. Materio will sync the original prepayments as liability, then will trigger revenue recognition and sales tax when the final invoice syncs. Learn more here.
How are transaction fees handled?
Materio automatically syncs all MaterioPay transaction fees to QuickBooks as journal entries attached to the relevant payment. Each entry represents an expense to your firm, with the net payment proceeds adjusted down accordingly.
If you choose to cover the cost of online payments in full or in part by charging your client a platform fee, Materio automatically syncs an additional journal entry to QuickBooks attached to the same payment. This journal entry represents income to your firm, with the net payment proceeds adjusted back up accordingly.
To ensure proper categorization, go to the QuickBooks integration page, click "Manage settings", fill out the "Client transaction fees" section, then click "Update accounts."