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Integrate Lopay with QuickBooks
Integrate Lopay with QuickBooks

Automatically add your Lopay transactions to your QuickBooks accounting software.

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Written by Chris Tilsed
Updated over a week ago

QuickBooks Online is a cloud accounting software that makes it easy to manage your finances anytime on multiple devices. For more information, please visit QuickBooks.

How to connect your Lopay account with QuickBooks

  1. Open up the Lopay app on your phone.

  2. Navigate to the “More” tab, scroll down to the Integrations section, and tap on the “Connect to QuickBooks” option.

3. This will open a new window. Tap the “Connect to QuickBooks” button.

4. Enter your QuickBooks login details, then select which QuickBooks organisation Lopay can access and click “Authorise.” Note that you can only connect one Lopay account to one QuickBooks organisation.

5. Connect your Lopay accounts to your QuickBooks accounts (see the “Account mapping” section below for more details).

6. Choose a start date for when you want to retroactively export your sales data.

7. Click 'Save'.

If everything is set up correctly, you will see your Lopay data in QuickBooks the following day.

Unsupported plans

Certain QuickBooks plans are not supported on Lopay because of their limited functionality. Only QuickBooks Essentials and QuickBooks Plus are supported. Make sure you’re on one of the supported plans in order to connect to Lopay.

Not supported on Lopay:

  • QuickBooks Self-Employed for sole traders

  • QuickBooks Simple Start for sole traders

  • QuickBooks Simple Start for limited companies

How does the integration work?

Lopay lets you import your sales and payment data daily into your QuickBooks account. The integration is easy and simple to set up, and once you've connected your QuickBooks account, Lopay will automatically import your data into the bookkeeping accounts of your choice.

In order to get a better understanding of your Lopay payments and fees, we suggest that you create separate bookkeeping accounts for each set of data, making it easier to get a clear overview of transactions going in and out of your Lopay account and your bank account.

The guide below is a suggestion on how to set up your connection with QuickBooks in the most straightforward way.

QuickBooks account type mapping

In order for the data to be imported, specify which Lopay data goes into which QuickBooks account. Each transaction type can have a dedicated account in QuickBooks.

Lopay data

QuickBooks account

Lopay sales

Income, Other Income

Lopay refunds

Income, Other Income

Lopay tipping

Current Liability, Non-current Liability, Income, Other Income

Lopay fees

Direct Costs, Overhead, Cost of goods/Expense

Lopay taxes

No VAT, VAT (5%), and VAT (20%) are automatically mapped to the following QuickBooks VAT rates (Lopay -> QuickBooks):

No VAT -> No VAT

VAT (5%) -> 5.0% R

VAT (20%) -> 20.0% S

Currently only supported in the UK

Lopay payouts

Bank account

Lopay clearings account

Bank account, Nominal account.

Cannot be the same as the deposit account.

Lopay cash payments

Cash at bank and in hand

Cannot be the same as the deposit account.

Lopay Working Capital

Current Liability, Non-current Liability

QuickBooks Customers and Suppliers

Lopay will create a customer "Lopay" and supplier "Lopay (Supplier)" that will be used to book all transactions related to the integration.

If you have previously used a Lopay integration you may need to ensure these customers and suppliers are not archived within QuickBooks before successfully setting up the configuration. To do this, navigate to the ‘Customers to Supplier’ section in QuickBooks, then in the list view select the settings cog and check the box to "include inactive". For an inactive, you will be given the option to "Make active". Select this before attempting to set up your integration again.

FAQs

Can I connect multiple Lopay accounts to QuickBooks?

You can only connect one Lopay merchant to one QuickBooks organisation.

When does the import happen?

When you set up the integration, you can select any date in the past to start the import. This will retroactively import data from Lopay to QuickBooks for each day since the date selected. We recommend selecting a date within your current fiscal year in order to not alter any data in the period before the last closing of your books.

Lopay automatically imports data to QuickBooks once every night. Once you set up the integration, the first Lopay data will appear in QuickBooks the next day.

Can I change the start date after setting up the integration?

After the first successful data import between Lopay and QuickBooks, you cannot change the start date, as it would result in duplicated data for overlapping days.

The data sync has stopped and I’m missing Lopay data in QuickBooks. What can I do?

Open up the Lopay app, navigate to the “More” tab, and scroll down to the “Integrations” section. Tap on “Connected to QuickBooks''. Verify that your connection to QuickBooks is still active, if not, your connection to QuickBooks has been deauthorised – usually due to a password or permission change – and you’ll have to connect again.

If your connection is active, navigate to the QuickBooks settings page and verify that you have a valid account selected for each required field. If an account is missing or has become archived in QuickBooks, you will see an error message. Make sure to select a new account and save the new settings. The integration will automatically backfill data for the missing period with the new settings from the next day.

If all settings look good on the QuickBooks page in Lopay, please check your QuickBooks account and make sure that your subscription is active.

If you’ve carried out the checks above but the issue still persists, please contact our support.

Account mapping

Lopay sales

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.

How this data appears in QuickBooks

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.

Lopay refunds

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.

How this data appears in 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 tipping

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.

How this data appears in QuickBooks

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

Lopay fees

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.

How this data appears in QuickBooks

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.

Lopay payouts

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:

  • Lopay clearing account is a Bank Account or a Nominal Account on QuickBooks

  • Lopay payout account is always a Bank Account on QuickBooks.

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.

How this data appears in QuickBooks

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

Lopay clearing 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.

How this data appears in QuickBooks

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.

Lopay Working Capital account

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.

How this data appears in QuickBooks

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.

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