Setting up PayTraQer and configuring its settings is very simple. Configuring these settings will make your bookkeeping easier and hassle-free.
PayTraQer Setting Overview
You can customize the following settings in PayTraQer.
- Sales Settings– Choose your bank account and the mode of payment here.
- Products and Services Settings– Create/sync products automatically in QuickBooks Online without manual effort.
- Tax Settings– Record tax information of Braintree transactions into QuickBooks Online.
- Payout Settings – Manage your payout preferences here.
Let us see how to configure each setting in detail.
After setting up your PayTraQer, you can have your hands on the advanced settings. You can navigate these settings by clicking the gear icon on the top right of the screen and selecting ‘Settings’, listed under Sync Settings. Here you can manage your Sales, Products and Services, Tax and Payout preferences.
Sales Settings
Bank Account -Select the bank account to record your sales. This deposit bank account is used to create Sales Receipts in QuickBooks Online. You can also type an account name to create a new account in QuickBooks Online.
It is suggested to use the clearing bank account named "Braintree Bank Account" instead of using a direct checking account for a mess-free reconciliation. To know what a clearing account is, read this article.
Payment Method - Choose a payment method to track your Payments, Sales Receipts, Refund Receipts and Expenses. It is suggested that you use the payment method named Braintree for easy identification.
Auto-Create Customer - Turn on this setting to automatically create the customers in QuickBooks Online using the names available in the transactions, if the customer information is not available.
Common Customer Name - If you don't want to track sales by customers, you can select the default customer for all your sales. All your sales will be recorded with the selected customer.
Location/ Department Name - Choose a common location or department name for all the sales, if you want to track locations for your invoice/sales receipt.
Product and Service Settings
Auto-Creation
Turn on this feature to automatically create and sync products/services (Items) in QuickBooks Online from Braintree. PayTraQer brings the Name, Description, and rate information from Braintree to QuickBooks Online.
Product/Service Type - Choose the type of product for auto-creation when the information is not available in QuickBooks Online. You can choose either Non-Inventory or Service.
Income Account - Select the Income Account for the auto-created Products/Services. PayTraQer creates Items with this income account in QuickBooks Online.
Common Item
If you don't want to create items in QuickBooks Online as exactly as in Braintree, you can turn ON this option to record all your sales to a default product/service.
You have to switch off Auto-Creation to enable this feature.
Common Product/Service - You can choose a default Item to record all your sales in QuickBooks Online. The Product details from Braintree will be ignored and the provided item will be used in Invoices and Sales Receipts.
Match Products
You can either choose to match your products by name or SKU (Stock Keeping Unit).
Tax Settings
For QuickBooks Online US
Enabling Tax Processing - Turn ON this setting to let PayTraQer set the tax amount to your transactions according to the tax information available in Braintree.
If you turn it OFF, the tax amount will be added to the transaction amount.
Default Tax Percentage - Choose a default tax percentage for all the sales transactions. This tax percentage will be applied for transactions when the tax information is missing in the transaction.
Shipping Tax – Choose the default tax percentage for shipping for all the shipping enabled transactions.
For Global QuickBooks Online (CA, UK, AU, IN, SG & Other Countries)
Enabling Tax Processing - Turn ON this feature to let PayTraQer set the tax amount to your transactions according to the tax information available in Braintree.
If you turn it OFF, the tax amount will be added to the transaction amount.
Inclusive Tax – Turn ON this feature to apply the inclusive taxes for your transactions during the sync when the tax information is missing in the transaction.
Common Tax Code - Set a common Tax Code for all your transactions to use when the tax information is missing in the transaction.
Common Shipping Tax Code– Choose the common shipping tax code to use for all your shipping enabled transactions.
Exempt Tax – There could be non-taxable or exempted items in your sales. To sync these item details accurately, you need to select the Exemption/Zero tax, Tax Code.
Payout Settings
Payouts from Braintree are accurately synced into QuickBooks Online using this feature. PayTraQer records these transactions as ‘Transfer’ in QuickBooks Online.
Enable Payout Process – Turn ON this setting to sync the payout transactions from Braintree into QuickBooks.
Turn OFF this feature to manually create a transfer or deposit.
Transfer Account – Choose the checking /current account where the payout money has been posted by Braintree. The account you choose here will be used for reconciliation.