Integrating QuickBooks Online

NOTE: We recommend that you create a back-up of your QuickBooks Online (QBO) data before integrating with any third party application, including MONE$Q. Depending on the version of QBO your firm uses, you may be able to create a data file back-up directly from QBO.  If the version of QBO you are using does not offer this feature, there are several solutions available online. 

MONE$Q Integration Overview

Integrating QuickBooks Online (QBO) with MONE$Q is fast, easy, saves time, and reduces the potential for errors. QBO Integration extends the power of MONE$Q and enables you to manage all invoicing and payment workflows from a single platform without manual duplicate entries in multiple systems to keep them in sync.

Integrating MONE$Q Invoicing and payment activity with QBO also enhances the financial reporting accuracy of QBO.

MONE$Q invoice and payment activity syncs one way to QBO. Once payments reach the 'Cleared' status, they sync automatically to QBO. 

IMPORTANT: Any invoice and payment activity recorded directly in QBO will not sync back to MONE$Q. Therefore, after completing this integration, you will need to use MONE$Q to manage contacts, invoices, and payments.  

Let’s get started!

Step 1:

Importing Contacts

When you link your QBO account in MONE$Q, all Clients from your QBO account will automatically be imported into MONE$Q as new Contacts in MONE$Q. This import saves time and reduces the need for manual data entry.   After the initial import is complete, we will only sync new Contact (Client) data from MONE$Q into QBO. New Clients (Contacts) created in QBO, will not automatically be added to MONE$Q. We strongly recommend that MONE$Q become the system of record for managing Contact (Client) data once the QBO integration has been setup.

Noteworthy - MONE$Q supports Clients that are both Individuals and Entities. It is not uncommon for MONE$Q users to send invoices to billing Contacts within an organization being represented by the law firm -- i.e., the entity is the Client. All Clients are Contacts, but not all Contacts are Clients. MONE$Q uses the term “Contact” for all Contacts, including those Contacts that are Clients.

When the initial synchronization is complete, a summary screen will appear to confirm the number of Contacts that were successfully added to MONE$Q as well as the number of Contact records that failed the automated import. After the QBO Integration process has been completed, you can manually add missing Contacts to the MONE$Q system if necessary.

Click 'Continue' to advance to Step 2 or 'Cancel' if you wish to cancel the integration setup.   

Noteworthy - If you intend to use the Trust Accounting features in MONE$Q, you must first setup QBO integration.

Step 2:

Mapping Bank account & Service items

To ensure that invoicing and payment transactions in MONE$Q are automatically recorded in the correct GL accounts in QBO, please complete the following mappings:

Map to Operating Account

For MONE$Q invoices and payments going to the Law firm Operating account, please select the appropriate bank account in QBO from the drop-down list on the right. If you do not see the Law Firm operating bank account in the dropdown menu, verify that the account exists in the QBO Chart of accounts. If the Law Firm Operating account does not appear in the QBO Chart of Accounts, you must first link your bank account with QBO before continuing with the MONESQ integration setup.  

If the account exists in QBO but does not appear in the drop-down menu, please contact customer support at support@monesq.com

Map Invoice Service Item

Select the service item in QuickBooks Online associated with invoices

Step 3:

Mapping Refunds & Merchant fees

Mapping Refunds

Depending on your accounting practices, you may already have a Service Item defined in QBO devoted to handling Refunds.  If this is the case, please select the Refund Service Item from the drop-down list on the right.

If you do not have a dedicated Refund service item in QBO, please select the Service Item against which Refunds should be applied.

If you are unsure which service item to select or would like to set up a Refund service item in QBO please contact your accountant or QBO customer service for guidance.

Mapping Merchant Fees

When Contacts pay invoices using eCheck or credit card payment methods, a merchant processing fee is applied to those transactions. Please select the expense account to which these fees will be charged. 

If the account exists in QBO but does not appear in the drop-down menu, please contact customer support at support@monesq.com

When finished, click 'Continue' to advance to Step 4 or 'Cancel' if you wish to cancel the integration setup.   

Step 4:

Trust accounting Integration

Map Trust Bank Account

Use MONE$Q Trust Accounting features to help you manage your IOLTA Trust account. MONE$Q currently supports only one linked Trust bank account.

Select your firm’s IOLTA bank account from the drop-down list on the right.

If you do not see your IOLTA bank account in the drop-down menu, verify that the account is linked with QBO. For help linking your IOLTA account to QBO, please contact your accountant or QBO customer support.

If the IOLTA account is linked but does not appear in the drop-down menu, please contact MONE$Q customer support at support@monesq.com for additional assistance.

Trust Deposit Service Item

MONE$Q supports the ability to create Trust Deposit Invoices to collect client trust deposits into the Trust account. Since trust deposits do not belong to the firm, each deposit has a corresponding liability. Typically, firms have a “client Deposits Liabilities” GL account (or something similar) in QBO to offset the funds received into Trust.

Select your “Trust Deposit” Service Item. If your firm already collects Trust Deposits, chances are you already have a similar ‘Deposit’ item set up in QBO. If so, please select it from the drop-down menu to the right.

If you do not yet have a ‘Deposits’ Item defined in QBO, you will need to do so before completing this integration.

For assistance in creating a new Item in QBO that links to a liability account,  please contact your accountant or QBO customer support. 

Liability Account for Trust Deposits

Payments or deposits of any kind into a Trust account must be offset by a  liability account – typically an account called ‘Client Deposit Liability' or something similar.    Please select this liability account from the dropdown list on the right.   

If you have not yet created a ‘Client Deposit Liability’ account in QBO, you will need to do so before completing this portion of the integration.

For assistance, please contact your accountant or contact QBO customer support.