FlexBooks 101
Overview: How FlexBooks works
Every night at 3 AM FlexBooks scans your MINDBODY Account and gathers all the transactions captured the day before.Then, FlexBooks takes the gathered data and imports it to your QuickBooks Account.
Whenever a sales it made in MINDBODY, FlexBooks creates a Sales Receipt and includes the customer name, payment method, product and services as line items. It also applies the taxes you have set up in QBO and applies it at the per sale level.
Tutorial 1: How to check that FlexBooks worked
Once the first sync takes place, you can review the synced data.
Run a Profit and Loss Report in QBO to see that your income is categorized exactly as it is in MINDBODY
Check your deposits to see how FlexBooks transfers your transactions to sales receipts, invoices, credits, etc.
Review Customers and their balances to identify how we sync all customers and their balances
You can also look at taxes to identify how we separate and withhold tax funds to be paid
Tutorial 2: How FlexBooks Categorizes your Sales
Prior to purchasing FlexBooks, you were most likely categorizing sales with deposits. Without a sophisticated software syncing tool like FlexBooks, people usually record their sales in QBO by categorizing the Deposits from their bank sync as Sales.
FlexBooks is going to provide you with much more detail per transaction. In order to provide you with that added detail and to avoid doubling your reported income, we apply a slightly different process.
FlexBooks categorizes sales with sales receipts and matches them to deposits. Gathering all of the MINDBODY details without doubling the income reported requires two steps:
- FlexBooks automatically enters sales using Sales Receipts
Instead of categorizing your deposits, you need to Match them to the funds FlexBooks has already entered
When you match transactions, you are telling QBO that the deposited transaction is exactly the same as the funds entered. This is how QBO knows not to count them twice.
Not only does this deliver 10 times the detail in your QuickBooks, but it helps you to double-check and reconcile the money you receive to make sure that you're getting everything you're owed.
Tutorial 3: How to Match Your Credit Card Deposits
Because FlexBooks knows when MB approves credit card batches to be deposited and knows exactly what's inside those batches – FlexBooks can automatically create the credit card deposits for you to Match:
Bank > Matching > click Match
Then, you'll have all the detail from your credit card sales entered into QBO AND you've told QBO that the deposit you just synced from the bank feed...is the same transaction.
Tutorial 4: How to Gather and Move Cash and Check Transactions
FlexBooks deposits your cash and check transactions to your Cash On Hand Account. Why? We separate these transactions so that when you are ready to make the deposit, you do not need to individually select each cash transaction - rather, you can enter the total amount.
If you are going to the bank to deposit cash, you'll need to create a bank deposit in QBO and enter the total amount you wish to deposit.
1. Create the deposit
2. Select the account and date at the top
3. Scroll to the bottom and select "add other funds to this deposit"
4. Select the "Cash on Hand" account and add the total amount you wish to deposit
5. Select "Save and New"