This is really exciting news, thanks for the update! Just curious, will this feature update include tracking refunds as well or is it mainly focused on the service fees?
We still are avoiding refunds for the time being. Yes, I know - that stinks! - and we agree that refunds need to get in there, but QB really screwed us on how they implement refunds (eg. credit memos, changing invoice balances, etc) so it makes it really difficult to implement refunds by a sync.
We decided that it was really important to get Deposits and Fees synced over, and we should push forward on that as we had a clean design for that instead of dithering any longer. We've held off on QB work for far too long already.
PS. So if you have a deposit that includes refunds in it, OwnerRez will send you an alert that that deposit was skipped and has to be recorded manually in QB. Looking at the data, we think that this will still help most users with 95% of their deposits as refunds tend to occur <5% of the time. And often, refunds are in their own standalone deposits and not included in a regular booking/payment deposits.
It is very exciting that progress is being made on QBO integration.
I'm not an accountant or QBO expert, but I do use the OR to QBO feature all the time. I'm a little bit confused about what is happening here. I guess the best way to clarify my confusion is by asking: How does this part of the app look in this new world? Specifically, i'm asking about the links at the bottom
What I'm guessing is happening is that we have an invoice with payments like in the screenshot above, and the way we add "fees" in QBO is by adding a third "thing,"...the deposit, This deposit is going to have the payments and the fees. does that sound about right? assuming the answer is yes, does it mean the deposit is going to be linked to the app (talking about the screenshot here)?
For all of you watching this QuickBooks topic, take a look at our new Deposits & Fee syncing, just released this past week. There's no product update post about it yet (it will be included in the August 2024 edition), but you can see a support article here that is partially finished:
https://www.ownerrez.com/support/articles/quickbooks-deposits
We're super excited about this new deposit syncing option and hope we have some QB users here that will turn it on and let us know what they like/dislike.
This will now give you to-the-penny deposits in QB with matching payments and fees (ie. adjustments) included. This new deposit syncing requires you to use our Deposits feature to track your incoming payouts and deposits - it's based on that. If you use Airbnb, Stripe, and/or Lynnbrook, deposits are created automatically for you. If you don't use those, you need to manually record deposits in OwnerRez which then flow over to QB via this new syncing option.
PS. For those of you wondering, it does not include refunds. So if you have a deposit that includes a refund, that deposit will be skipped.
PS 2. We are working on adding automatic deposits for Authorize.Net and Converge, so that you get those deposits automatically as well.
Would this combine multiple payments sent by Airbnb into a single deposit?
Would this combine multiple payments sent by Airbnb into a single deposit?
Yep! That's the entire point - to take deposits that contain multiple different payments and fees and properly group them together and produce a single to-the-penny "bank deposit" in QuickBooks. Then, when your bank transactions come into QuickBooks, you can match them up with a single click.
Note: you have to have Airbnb "transaction sync" running already in OwnerRez for your Airbnb payouts to automatically come into OwnerRez as deposits. If you don't use Transaction Sync, make sure to turn that on first.
Look at Tools > Deposits in OwnerRez to see your current list of deposits. Whatever is listed there is what will sync to QuickBooks. If they don't come in there automatically (like Airbnb, Stripe, Lynnbrook), then you need to use the Manually Record button to create them yourself. However, even if you have to manually record each deposit, it is much easier to do that on the OwnerRez side, where you have booking and payment data, than in your QuickBooks account, where you don't know which lump sum deposits go with which invoices.
I noticed that you asked this previously, then removed it:
The dropdown for fee expense doesn't open any choices - is that portion not ready yet?
That's a good question, so I wanted to answer it for others that might be wondering the same thing. The drop-down of expenses comes from your Chart of Accounts in QuickBooks. So if the drop-down is empty, it means you need to use Refresh References to get a new list of accounts to use. Refresh References does a live check against your QuickBooks account, pulls the list into OwnerRez, and then you can update your OwnerRez settings.
Can you look at our account and see why the manual deposit sync is not pushing? I'm hoping we can sync prior deposits as I am very far behind on bookkeeping because I hate doing the deposits so much!
Can you look at our account and see why the manual deposit sync is not pushing? I'm hoping we can sync prior deposits as I am very far behind on bookkeeping because I hate doing the deposits so much!
I do see deposits syncing in your account. Here is the latest deposit, for instance. You can see the QuickBooks Sync succeeded and links to the bank deposit on the QB side:
Previous (historical) deposits may not sync automatically until you turn them on. This is so QB is not flooded with new transactions for deposits that were already reconciled.
You should use the manual "Action" button on older deposits to sync them manually. Each deposit in OwnerRez has new QuickBooks fields and an Actions button next to it.
I noticed you said "manual" deposit sync in your comment, so maybe you already know this and have tried it? If so, and there's a specific deposit that won't sync, write to our help desk with the specific deposit so we can take a look.
Thanks for the update Paul!
This is great news, Paul! We have been sync'd with Quickbooks and doing manual deposits (specifically for the Airbnb fee discrepancy). Can you tell me if anything will change as of today if we are with Converge?
I saw that you said Converge and Authorize.net are coming soon but in the meantime, do these updates help anything or should I continue doing our same manual Airbnb fee adjustment process until Converge is supported?
I'm looking forward to the day when it's all sync'd up and bookkeeping gets really easy!!
I saw that you said Converge and Authorize.net are coming soon but in the meantime, do these updates help anything or should I continue doing our same manual Airbnb fee adjustment process until Converge is supported?
Converge and Authorize.Net are not supported as automatic deposit yet, but you can certainly do manual deposits for Converge or Authorize.Net. Just go to Tools > Deposits > Manually Record and create deposit records, using the Converge payments that show there. Any deposits that are created - whether automatic or manually - can be synced to QB.
Also don't forget about Airbnb. Regardless of your Converge CC payments, you still have Airbnb payouts coming through, and those are fully automated including the deposit.