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 without manual effort.
- Tax Settings– Record tax information of Pin Payments transactions into QuickBooks.
- Fee Settings - Manage how Pin Payments fee details get recorded in QuickBooks here.
- 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, Fee and Payout preferences.
Bank Account -Select the bank account to record your sales. This deposit bank account is used to create Sales Receipts in QuickBooks. You can also type an account name to create a new account in QuickBooks.
It is suggested to use the clearing bank account named "Pin Payments 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 Pin Payments for easy identification.
Auto-Create Customer - Turn on this setting to automatically create the customers in QuickBooks 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.
Skip the Sales - Turn ON this feature to sync and process only the associated fee detail. By doing so, PayTraQer will skip the Invoice and Payment from syncing.
Turn OFF this feature to import invoices and payments along with the fees.
Product and Service Settings
Turn on this feature to automatically create and sync products/services (Items) in QuickBooks from Pin Payments. PayTraQer brings the Name, Description, and rate information from Pin Payments to QuickBooks.
Product/Service Type - Choose the type of product for auto-creation when the information is not available in QuickBooks. 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.
If you don't want to create items in QuickBooks as exactly as in Pin Payments, 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. The Product details from Pin Payments will be ignored and the provided item will be used in Invoices and Sales Receipts.
You can either choose to match your products by name or SKU (Stock Keeping Unit).
For Global QuickBooks (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 Pin Payments.
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.
Payee or Vendor - Select the vendor who receives the payment fees. It is suggested that you name it Pin Payments for better clarity.
Category Account - Select a fee category to record expense transactions in QuickBooks.
Bank Account - Select the bank account to apply the Pin Payments fee. It is mandatory to use the same bank account specified in the Sales Settings.
Inclusive Tax for Fees - Configure the Tax Code to add the inclusive tax for your fees. This is applicable only for Global QuickBooks versions. Ignore this if you don't want to record tax in your fees.
Class - Select a common class name for all your fee.
Location/Department - Select a common location or department name for all your fee.
Skip Fee Detail - Turn ON this feature to skip the fee detail from syncing. By doing so, the transaction will be recorded without the fee.
Turn OFF this feature to import invoices and payments with the fee.
Payouts from Pin Payments are accurately synced into QuickBooks using this feature. PayTraQer records these transactions as ‘Transfer’ in QuickBooks.
Enable Payout Process – Turn ON this setting to sync the payout transactions from Pin Payments 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 Pin Payments. The account you choose here will be used for reconciliation.