In this very article, you will find all the Synder must-know things, so when it comes to utilizing the app, you will be up in arms. Stay tuned and find out what the Synder app can do for you: sync the most popular e-commerce and payments platforms like Shopify, Amazon, Stripe, etc., to QuickBooks Online on the auto-pilot, close open invoices, help you with reconciliation (and not just that!).
So let’s stick to the point.
How does it work?
Synder app takes all the transaction info from your payment platform and transfers it to QuickBooks Online company, thus eliminating a need for manual entries and simplifying the reconciliation process. Here are the main points to know:
- The app creates a Sales Receipt/Invoice for the total amount of the sale and the Expense for the payment processor fee. This works for each sales transaction.
- Discounts, taxes, tips, shipping costs are captured as well
- To match and reconcile synced transactions with your bank feed, make sure you have Payouts synced, as only they can be reflected in your banking section.
- Products information is being brought over to your accounting company.
- The process is the same with Customers – if Synder finds a matching Customer in QuickBooks Online, it applies a transaction to this Customer.
How does it work with new Customers and Products that are missing in your company?
- If no matching Customer is found in your QuickBooks Online, Synder creates a new customer based on the settings.
- If no matching Product is found in your QuickBooks Online, Synder also creates a new Product based on the settings.
What objects are created on the QuickBooks Online side after the sync?
It depends on the type of transaction being synced, as we create:
- Sales Receipts/Invoice+Payment (based on what was initial transaction on payment processor side);
- Expenses (Fees you pay to Stripe/PayPal/Square + PayPal expenses);
- Payments (if you need them to be matched up with existing open invoices, otherwise they will go in as Sales Receipt);
- Transfers (Payouts).
See Images 1-4 below as an example of objects created after the sync of Stripe payment:
Image 1 – Sync log in Synder app reflecting objects that were created during sync.
Image 2 – Expense (Stripe Fees) recorded on QuickBooks Online side.
Image 3 – Sales Receipt created on Quickbooks Online side.
Image 4 – Customer created during sync (customer from Stripe transaction didn’t exist in QuickBooks Online company at the moment of sync and was created automatically by Synder).
How does it help with reconciliation?
Make sure you enabled the Payouts feature in the Synder settings and sync them along with regular transactions (Payments, Invoice Payments, etc.). Payouts will not duplicate your bank feed records.
Once you have Payout synced, you need to Match it in the For Review tab of the Banking section in your QuickBooks Online with an outstanding bank feed record from your Bank – and you are done.
What are the possibilities for transactions categorization?
- If a Product name from your Stripe\PayPal\Square transaction matches the product name in your QuickBooks – the transaction will be applied to this product and its income account, and thus will be categorized automatically.
- Use our Rules feature in Synder settings to categorize Expenses (PayPal only) into different accounts
- Apply Classes to your Sales transactions (Stripe).
Send Invoices to your clients with Synder.
You can send your open QuickBooks Online invoices to your customers through the Synder app, so they would be able to pay them with a credit card in just several clicks! Learn more about the invoicing features in this article.
Now, as you know all the Synder must-know things and the full potential of the app, it’s time to see it in action!
Challenge our support and reach out to us with any questions you might have so far – we are always happy to help you.