How does FlexBooks handle other Payment Methods?

How does FlexBooks handle Payment Methods other than Credit Card, Cash, or Check?

Outside of Credit Card, Cash, or Check – MindBody comes with several other default Payment Methods (for example 'Comp/Guest' and 'Other') and also has the ability to create custom Payment Methods (for example 'Groupon' or 'Perkville').  These payment methods can be considered either cash or cash equivalents and so FlexBooks records them as current assets in QBO.

What is "Comp/Guest"?

Comp/Guest is a Payment Method in MBO meant for giving client free services or products.  MBO will record the income from the sale even though no funds are collected in real life.

What is "Other"?

"Other" is a Payment Method in MBO to be used for anything.  MBO still records the income from the sale, even though no funds are collected in real life.

How does FlexBooks Handle "Comp/Guest", "Other", and any other custom MBO Payment Method?

Whenever you make a sale in MBO using "Comp/Guest", "Other", or another custom Payment Method, in QBO, FlexBooks will:
  • Create an Other Current Asset account in the name of that Payment Method (if it doesn't already exist in your Chart of Accounts)
  • Create a Sales Receipt that:

    • Record the income from the sale to the appropriate Income Account (which will show on the Profit & Loss report) 

    • Deposit the funds to the Other Current Asset account with the name of the payment method (which will show on the Balance Sheet)

How do I account for the income from these other payment methods?

If the payment method is a cash equivalent (i.e. Comp/Guest, Other, Groupon, Perkville) this is definitely a question for your tax account and it will depend on what the payment method is/how it can be converted to cash.

If the payment method is actual cash (i.e. Paypal, Venmo, or Zelle) then all you need to do is "Transfer" your QBO Bank Feed deposits to the appropriate Other Current Asset account:

  1. From your QBO Bank Feed, click on your MB Payments deposit
  2. Select "Record as Transfer"
  3. Select the appropriate Other Current Asset account from the "Transferred from" dropdown menu

  4. Select Add

    Once, you're comfortable with this process, we recommend you create a rule to "Record as Transfer" of this payment method's deposits to the appropriate account automatically.

How can I remove the income from Comp/Guest from my Profit & Loss report?

So the appropriate way to do this is to recognize the income, then remove the income using a contra-income account. That way your P&L shows you the detail of what type of thing was "Sold", then shows you the detail of what type of discount was discounted. By doing this you're not recording any income but you also get detail into what's really happening.  
EXAMPLE P&L:
--- Product 1      +$50
--- Product 2      +$75
--- Product 3      +$25
--- Comp/Guest -$150
TOTAL INCOME 0
In order to do this, all you'd need to do is do a monthly Journal Entry where you move all "Comp/Guest" Assets to a "Comp/Guest" contra-income account.

How can I see when I've used "Comp/Guest", "Other", or any custom payment method in MBO?

  • In MBO, click on the Reports tab, then the Sales tab on the left.
  • Click on the Sales report
  • Set the date range to your preference. 
  • In the Payment Method filter, uncheck "All Payment Methods", then check the Payment Method(s) you'd like to see
  • Click Go. 

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