NOWaccount Help

Need help getting started or have other support needs? We’re here to help! Below is our NOWaccount Quick Start Guide and other tools to help you take full advantage of NOWaccount to grow your business.

Getting Started with NOWaccount for QuickBooks Online

This Quick Start Guide will help you quickly and easily connect your NOWaccount with your QuickBooks Online.

TABLE OF CONTENTS

1. Overview
2. Getting Started
3. How it Works

1. Overview

Many NOWaccount Clients use QuickBooks Online for bookkeeping, accounting, and other back-office management. On occasion, we receive support requests for help with accounting treatment for NOWaccount payments and fees. To solve these support issues and provide users of QuickBooks Online with a fast and easy solution, we have developed a deep integration between NOWaccount and QuickBooks Online, known as the NOW-QuickBooks Sync.

The NOW-QuickBooks Sync allows you to seamlessly:

1. Create invoices in QuickBooks Online for automatic delivery to NOWaccount (no separate submission to NOWaccount).
2. Automatically account for payments from NOWaccount and fees.
3. Automatically account for payments from customers and any charge backs/write-offs.

With the NOW-QuickBooks Sync, you can create an invoice for a Customer in QuickBooks, and that invoice will be automatically submitted to NOWaccount, paid, and accounted for with no further action required

SYSTEM REQUIREMENTS:

1. Any version of QuickBooks Online will work; however, only Essentials and Plus will allow you to create custom invoice forms.
2. You must have fewer than 1,000 customers in QuickBooks.
3. You may not create invoices for future editing before sending. (Once a valid invoice is created, the system will submit it to NOWaccount within 10 minutes).

2. Getting Started

Follow these easy steps to have NOWaccount automatically find and pay your invoices from QuickBooks Online.

1. Login to the NOWaccount App at https://app.nowaccount.com
2. In the menu bar on the left, expand QUICKBOOKS and select CONNECT TO QUICKBOOKS

 

3. When this page loads, click on CONNECT

 

4. Login to QuickBooks

 

5. Once you’ve logged into your QuickBooks, select ENABLE NOW-QBO SYNC

 

6. When the SYNC CONFIRMATION is displayed, choose which account to associate with the NOWaccount fees (most clients choose an expense account such as “Bank Fees”), then select SAVE & ENABLE SYNC

 

7. The final step in the process allows you to sync your Customers between QuickBooks and NOWaccount. There are two options: ADD CUSTOMERS and MATCH CUSTOMERS. Use MATCH CUSTOMERS to link Customers you have in both QuickBooks and NOWaccount. Use ADD CUSTOMERS only when you want to add a new Customer from your QuickBooks to your NOWaccount.

ADD NEW CUSTOMERS:

 

MATCH EXISTING CUSTOMERS:

 

8. You have now completed the setup of the QuickBooks Online integration

3. How it Works

There are two primary accounting methods available for users of the NOWaccount App.

Default Method: AROffset

AROffset was created to allow invoices to remain open to avoid end Customer confusion about the status of their payment. Technically, the invoice was purchased and paid by NOWaccount; leaving the status as open retains an open balance when Customers view their invoices sent by email, or through a third-party app.

AROffset step by step instructions: 

  1. Connect to QuickBooks Online from within the NOWaccount App
  2. When you select Enable NOW-QBO Sync, the following items are created in your QuickBooks account:
    1. Payment Method: NOWaccount
    2. New current asset account: NOWaccount-AROffset
    3. New current asset account: DueFromNOWaccount-PEND
    4. New current asset account: DueFromNOWaccount-APPR
    5. New current asset account: NOWaccount-FundsInTransit
  3. Match your Customers
  4. Create a new invoice for a matched Customer
  5. Every 10 minutes, the NOWaccount App looks for new invoices for your matched Customers. Qualified invoices are submitted automatically to NOWaccount for processing. Invoices that do not meet our terms (those with terms less than 10 days or greater than 90 days), are not picked up by the sync service.
  6. When invoices are submitted, AROffset is decreased by the amount of the invoice and DueFromNOWaccount-PEND increases by the amount of the invoice.
  7. When the invoice is marked “Purchased by NOWaccount”, in QuickBooks the invoice value moves from DueFromNOWaccount-PEND to DueFromNOWaccount-APPR and the fee moves to your chosen fees account.
  8. When we distribute funds to your bank account, the amount distributed will move from DueFromNOWaccount-APPR to NOWaccount-FundsInTransit.
  9. You complete the process by matching the deposit in your checking account to the corresponding amount in NOWaccount-FundsInTransit.
  10. When your Customer pays NOWaccount, this payment will be applied to your open invoice in QuickBooks, completing the process, clearing out your AR account, and clearing out AROffset.

Important Note about the AROffset method: 

Please keep in mind that invoices purchased by NOWaccount are just that, purchased. Although we create a negative asset account as a temporary method to allow your invoices to appear open to your Customers, at no time do you have a liability to NOWaccount for invoices we have purchased (except in the case of a chargeback).

Alternative Method: Pay Invoice

The NOWaccount App alternatively can be used with the Pay Invoice method. Using this method, invoices are marked paid immediately and no offsets or temporary accounts are created in QuickBooks. While this is the correct and preferred accounting method, this may lead to confusion with your Customers if any third-party invoice tools are connected to QuickBooks or if you use the “Save and Send” features in QuickBooks Online. In both of these cases, Customers will see an open invoice marked paid before they submit payment.

Pay-Invoice step by step instructions

  1. Connect to QuickBooks Online from within the NOWaccount App
  2. When you select Enable NOW-QBO Sync, the following items are created in your QuickBooks account:
    1. Payment Method: NOWaccount
    2. New current asset account: DueFromNOWaccount-PEND
    3. New current asset account: DueFromNOWaccount-APPR
    4. New current asset account: NOWaccount-FundsInTransit
  3. Match your Customers (per the instructions above)
  4. Create an invoice for a matched Customer
  5. Every 10 minutes, the NOWaccount App looks for new invoices for your matched Customers. Qualified invoices are automatically submitted to NOWaccount for processing. Invoices that do not meet our terms (those with terms less than 10 days or greater than 90 days) are not picked up by the sync service.
  6. When submitted, the invoice is marked “Paid” using Payment Method:NOWaccount and funds are moved from Accounts Receivable (AR) to DueFromNOWaccount-PEND.
  7. When the invoice is marked “Purchased by NOWaccount”, the invoice value moves from DueFromNOWaccount-PEND to DueFromNOWaccount-APPR, and the fee moves to your chosen fees account.
  8. When we distribute funds to your bank account, the amount distributed will move from DueFromNOWaccount-APPR to NOWaccount-FundsInTransit.
  9. You will complete the process by matching the deposit in your checking account to the corresponding amount in NOWaccount-FundsInTransit.
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