As part of integrating your Lopay account with your Quickbooks account, you will need to specify which Lopay data goes into which QuickBooks account type. Each transaction type can have a dedicated account in QuickBooks. Below are our suggested mappings with supporting detail.

Sales are booked on a nominal account in the “Income or Other Income” category. You can select an existing account from the dropdown, or if you don’t have an account available, you need to create an account in QuickBooks for this purpose.

Lopay pushes a single sales invoice to QuickBooks each day. This invoice represents all sales made over the course of that day. The invoice will contain one line item for each tax rate the merchant trades in, with this line item representing the total of all sales at that tax rate. If no sales have been made for a given tax rate on that day, the corresponding line item will be omitted.

Refunds are also booked on a nominal account of type “Income or Other Income”. It is typical to select the same account as for the Lopay sales account (see “Sales” above). However, a different account could be used if you want to report refunds separately within QuickBooks.

Lopay pushes a credit memo into QuickBooks each day. This credit memo represents all refunds made over the course of that day. It will contain one line item for each tax rate the merchant trades in, with this line item representing the total of all refunds at that tax rate. If no refunds have been made for a given tax rate on that day, the corresponding line item will be omitted.

Lopay supports current and bank accounts for all payment accounts. You can select an existing account from the dropdown, or if you don’t have an account available, you need to create an account in QuickBooks for this purpose.

Tipping (also known as gratuity) is pushed to QuickBooks as part of the daily sales invoice as a separate line item.

Lopay takes a percentage commission on every card transaction processed by us. Lopay also charges fees for instant payouts, subscription links, and payment links, when applicable to you. The fees affect the amount deposited in your bank account, as they are subtracted from the card payment amount upon payout. Due to this, the current account would not be zero after completing reconciliation against the bank feed. The integration, therefore, creates an Expense in QuickBooks to account for Lopay fees. The payment for Lopay fees will be applied to the account used for the Lopay clearing account.

Fees are booked on a nominal account of type “Expenses” and will appear in the Expense section of a profit and loss report. You can select an existing account from the dropdown, or if you don’t have an account available, you need to create an account in QuickBooks for this purpose.

Lopay pushes a single expense to QuickBooks Online each day. This expense represents all fees taken by Lopay over the course of that day. The expense can have more than one line if there are different types of transactions that occur throughout the day.

Payouts are the revenue from your sales after deducting any fees owed to Lopay.

When your funds are paid out, your bank will process and deposit it in your bank account. You must reconcile the Lopay deposit transaction against the deposit amount from your bank statement on QuickBooks.

On the QuickBooks integration, payouts can take place where:

The Lopay clearing account and the Lopay payout account mappings cannot be the same.

Please ensure that the account selected as the Lopay payout account represents your real bank account where funds are to be paid out.

It will show up as a transfer from the Lopay clearing account to your business's bank account.

The account configured for Lopay payments.

You can assign your clearing account to either a bank account or a nominal account in QuickBooks. For best accounting consistency, we recommend using a QuickBooks bank account. Your payment data will appear in the current assets section of the balance sheet report. If you don’t have an account available, you need to create an account in QuickBooks for this purpose.

Lopay pushes a single payment to QuickBooks per day per payment type which has been used that day. For example, if you process 3 card payments and 5 cash payments in one day, two payments are pushed. These payments are recorded against the daily sales invoice.

A nominal account of type “Liability (current or non-current)”. This account will appear in the Liabilities section of a balance sheet report. The value of this account represents the amount of the advance principal that is yet to be repaid.

The advance transaction is pushed to QuickBooks as a “receive money” transaction into the clearing account. This transaction is reconciled to the working capital liability account and thus increases the value on that account.

Repayments of the advance are pushed as “spend money” transactions into the Lopay clearing account. These transactions are reconciled to the Working Capital liability account, and thus decrease the value on that account (representing the outstanding principal going down).

If you want to ask any questions, please do so through the chat icon on the top right-hand side of the Lopay app.