With Anchor, your invoices can be automatically sent to QuickBooks and synced with all of the necessary details.
What’s in This Article?
Preliminaries for a Successful Sync
For an Anchor invoice to be synced with QuickBooks, you need to make sure that the following is in place;
Invoice status - One of the following statuses appear on the invoice: ‘Issued’, ‘Paid’, ‘Paid externally’ or 'Voided'
Services mapping - The services in the invoice are mapped to the appropriate QuickBooks services
Contacts mapping - The contact in the agreement is mapped to the correct contact in QuickBooks
Accounts mapping - Bank account, expense account, and clearing account are mapped
💡 It is recommended to map everything via the Integrations page on your first connection to QuickBooks Online. Mapping instructions can be found in this article.
Only when the invoice is in status 'Paid', it will be considered ready for a full sync with QuickBooks (full sync = invoice is created in QuickBooks > payment recorded > payout & expense recorded).
Automatic Invoice & Payout Sync
By default, the Automatic Invoice Sync is enabled when connecting to QuickBooks Online.
If services and contacts are mapped appropriately, the sync should occur as soon as an invoice receives the 'Issued' status, without any additional work on your end.
You can toggle the option off if you’d like, and then the sync will need to be handled manually. Continue to the step-by-step guide below to learn how to handle a manual sync.
💡 Auto-sync is only applicable to invoices issued after the integration has been enabled, and after auto-sync has been toggled on. Past invoices will still require a manual sync as described below.
Let's review the steps to sync an invoice from Anchor to QuickBooks manually.
Invoice & Payout Manual Sync: Step by Step
Click on the invoice you'd like to sync from the Invoices page. The invoice will be displayed under the relevant Invoices tab.
Step 1: Sync the invoice in Anchor
When the invoice is in status 'Issued', click on the 'Sync' button.
Once clicked the invoice will receive the status 'Pending invoice sync' under Sync status in the Invoices table:
When the sync is completed successfully, the following message will appear on the invoice - 'Invoice recorded in QuickBooks Online':
In QuickBooks, an invoice is created. It includes the same invoice number and invoice total amounts as in Anchor (Displays below as; ANC00006):
Step 2: Invoice in status 'Collected'
You do not need to take any action here. When an invoice status is changed to 'Collected', it means that the payment is now in your Anchor wallet and is ready to be recorded as a payment in QuickBooks.
In the Invoices table, the Sync Status will show 'Payment recorded':
At this point, a payment is created in QuickBooks. (Displays below as; PMANC00006).
On the Invoices page in QuickBooks, the invoice status will change to 'Paid':
Step 3: Invoice in status 'Paid'
As soon as the funds arrive in your bank account, the invoice status will change to 'Paid'. You do not need to take any action here.
In the case of using Undeposited Funds as a clearing account, the invoice status on the Invoices page in QuickBooks will now show 'Deposited'.
Otherwise, the invoice will still show the status 'Paid'.
Step 4: Sync the payout from Anchor
You will see the payment on the Payouts page in Anchor once it has reached your bank account. A single payout may include several invoices, so it is important to review the QuickBooks sync status before syncing a payout.
In order for a payout to be successfully synced with QuickBooks, all of its invoices must also be successfully synced.
To sync a payout, click the 'Sync' button:
Once synced, the message will change to - 'Deposit recorded':
If you use Undeposited Funds as a clearing account, the payment will sync as a bank deposit.
If you use a clearing account type of 'Other Current Assets', the payment will be synced as a journal entry.
Recording Expenses
The expense - Anchor's fees and credit card processing fees - (if you absorb them) will be recorded as part of the bank deposit or the journal entry (depending on the clearing account used).
Journal entry including Credit Card and Anchor fees:
Bank Deposit including Anchor fees:
The payment has now been fully synced to QuickBooks - from the invoice all the way to the payout! 😎
Reach out to us for a private walkthrough or if you have any questions! 💜