Materio can automatically sync all project retainers, deposits, invoices, credits, payments, and payment processing 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)
Payment processing 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 payment processing fees handled?
Materio automatically syncs both client-covered and firm-covered payment processing fees into QuickBooks as journal entries attached to payments. For client-covered fees, two journal entries are attached to the payment (one for the additional income from the client, and one for the expense to the firm); these two journal entries net out to zero. For firm-covered fees, a single journal entry is attached to the payment (for the expense to the firm) and the net proceeds from the payment are adjusted down accordingly. To ensure your synced processing fees are properly categorized, go to the QuickBooks integration page, click "Manage settings", fill out the "Transaction fees" section, then click "Update accounts."