Integrate with Quickbooks

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

How does the integration work?

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

In order to get a better understanding of your iZettle 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 iZettle 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.

How to connect your iZettle account with Quickbooks? (step-by-step)

  1. Sign in to your iZettle account at my.izettle.com
  2. Go to your Applications page (Menu > Settings > Applications)
  3. Click "Connect" on the Quickbooks application. A window will open up where you need to insert your Quickbooks login details. Please select which Quickbooks organisation iZettle can access and click "Authorise". You can connect only one iZettle account to one Quickbooks organisation.
  4. In order for the import to work seamlessly, you need to specify which iZettle data goes into which Quickbooks account. Each transaction type can have a dedicated account in Quickbooks.

Quickbooks account type mapping

iZettle Account

Quickbooks Account

iZettle sales

Revenue

iZettle refunds

Revenue

iZettle tipping

Current Liability, Non-current Liability

iZettle fees

Direct Costs, Overhead, Expense

iZettle payments (card, cash, invoice, online card, PayPal, mobile)

Current Asset, Bank Account

Cash Advance

Current Liability, Non-current Liability

Can I connect multiple iZettle accounts to Quickbooks?

You can only connect one iZettle business account 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 iZettle 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.

iZettle automatically imports data to Quickbooks once every day at 00:00 GMT. Once you set up the integration, the first iZettle 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 iZettle and Quickbooks, you cannot change the start date, as it would result in duplicated data for overlapping days. In case you would like to import iZettle data to Quickbooks for a time period before the selected start date, please reach out to iZettle Support, we can manually backfill data for you.

What data is shared between iZettle and Quickbooks?

When you authorise the connection between iZettle and Quickbooks you give permission to Quickbooks to read your iZettle sales and financial data. You also give permission to iZettle to read your Quickbooks company, accounts, tax rates, customers, suppliers, invoices, bills, payments, balance sheets and bank statements.

How can I avoid double-counting purchases if I am using a POS other than iZettle and have already integrated with Quickbooks?

If you are using a point of sale other than iZettle that is already connected to Quickbooks, switch off the “‘Synchronise sales data” option in order to avoid double-counting. In this case, you only need to sync iZettle fee data to Quickbooks. You can do this by selecting an account for “iZettle fees” to record fees as an expense (bill), and you should also select an account for “iZettle Card Payments” to record payments for the expense. The iZettle fees are subtracted from card payments upon payout from iZettle to your bank account.

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

Log in to the iZettle back office and navigate to the Applications page (Menu > Settings > Applications). Verify that your connection to Quickbooks is still active, if not, your connection to Quickbooks has been deauthorised – usually due to password or permission change – and you 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 on the field. 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 iZettle, please check your Quickbooks account and make sure that your subscription is active.

In case all of the above checks up, but the issue persists, please contact our support.

How does the data mapping work exactly?

iZettle Sales

Account mapping
Switch on to sync iZettle sales data in Quickbooks if you are using iZettle Go as your point of sale. Switch off if you are using another point-of-sale system (e.g. Lightspeed, The Good Till, Revel) that already syncs sales data in Quickbooks to prevent double counting. With the daily sales recording switched off, the iZettle integration needs only to record the fees and fee refunds (see below).

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


 

How does this data appear in Quickbooks?
iZettle pushes a single sales invoice to Quickbooks Online 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.

Rounding
Discounts in iZettle are applied to the total of the purchase once all the items have been summed up rather than at an item level. As we are splitting out items into VAT Percentage across all sales for the day discounts need to be applied at the item level which may lead to slight rounding discrepancies compared to applying the discount at the summed level.

As per the advice of most accounting packages, we add an invoice line which will be ± 0.01 to bring the total in line with the correct total.

iZettle Refunds

Account mapping
Refunds are also booked on a nominal account of type “Revenue”. It is typical to select the same account as for the iZettle 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
iZettle pushes a single refund receipt to Quickbooks each day. This invoice represents all refunds made over the course of that day. The refund receipt 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.

iZettle Tipping

Account mapping
Your customers can add an extra amount to their bill when taking payments via an iZettle reader. Tips (also known as a gratuity) are booked on a nominal account in the “Liability” category. You can select an existing account from the dropdown, 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
Gratuity is pushed to Quickbooks as part of the daily sales invoice as a separate line item.

iZettle Fees

iZettle take a percentage commission on every card transaction processed by the iZettle card reader. iZettle also charges fees for iZettle invoice payments and Cash Advance, if these are applicable to you. The fees affect the amount deposited in your bank account, as they are subtracted from the card payment amounts upon payout. Due to this, the current asset (iZettle card payments) account would not be zero after completing reconciliation against the bank feed. The integration, therefore, creates a purchase invoice in Quickbooks to account for iZettle fees. The payment for iZettle fees will be applied to the account used for iZettle card payments.

Account mapping
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, 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
iZettle pushes a single Bill to Quickbooks Online each day. This bill represents all fees taken by iZettle over the course of that day. The bill can have more than one line if there are different types of transactions that occur throughout the day.

Fee Refunds

How this data appears in Quickbooks
A single Bank Deposit is pushed each day representing all fee refunds processed that day.

iZettle Card Payments

Account mapping
iZettle supports bank accounts for all payment accounts. You can select an existing bank account from the dropdown, if you don’t have an account available, you can register a new account from the iZettle interface.

The account configured for iZettle card payments represents the iZettle liquid account.

How this data appears in Quickbooks
iZettle pushes a single payment to Quickbooks per day per payment type which has been used that day. So if you process ten card payments and twenty cash payments in one day, two payments are pushed. These payments are recorded against the daily sales invoice.

iZettle Invoice

Account mapping

  • Invoice payments account – This is a bank account where payments against iZettle invoices are received. As invoice payments are handled by iZettle, this account should represent the iZettle liquid account, and thus be the same as the card payment account.

  • Invoice fees account – This is a nominal account of type "Expenses", and will appear on the expenses section of a profit and loss report. Payment fee transactions will be reconciled against this account.

How this data appears in Quickbooks
An invoice is pushed to Quickbooks as normal when an invoice purchase is made, however, a payment is not immediately pushed against the invoice, so the invoice is displayed with an outstanding balance.

When the customer has made a payment against the invoice, a payment is pushed against the original invoice. This payment is booked against the Invoice payments account, which should match the iZettle liquid account as this is where invoice payments are paid into. If the payment pays the invoice in full, at this point the invoice will be marked as paid in Quickbooks.

Invoice fees are pushed in a similar way to standard iZettle card fees (see "Fees" above). A bill is pushed with a single line item with the expense account set to the Invoice fees account. A single payment is simultaneously pushed for the full payment of the bill, representing the transfer of money out of the liquid account to pay the fees. This payment is taken from the Invoice payments account.

iZettle Cash Advance

Account mapping

  • Cash Advance account – a nominal account of type “Current Liability”. This account will appear in the Liabilities section of a balance sheet report. The value of this account represents the amount of the loan principal that is yet to be repaid.

  • Cash Advance Fees account – a nominal account of type “Expense”. This account will appear in the Expenses section of a profit and loss report. Transactions pushed to this account represent fees on the advance paid to iZettle.

  • All flows of cash are pushed to the account configured for iZettle card payments, as this represents the iZettle liquid account. These cash flows are attributed to the iZettle contact (configured as part of the sales/fees sections of the config).

How this data appears in Quickbooks
The advance transaction is pushed to Quickbooks as a “receive money” transaction into the card payment bank account (the liquid account). This transaction is reconciled to the Cash Advance liability account, and thus increases the value on that account.

Repayments of the advance are pushed as “spend money” transactions into the card payment bank account (the liquid account). These transactions are reconciled to the Cash Advance liability account, and thus decrease the value on that account (representing the outstanding principal going down).

Advance fees are likewise pushed as “spend money” transactions into the liquid account, but are reconciled against the Advance Fees expense account, representing a one-off cost to the business.

Need more help?

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Call us on: 0203 699 9934

Need more help?: help.uk@izettle.com