Working with liabilities and Quickbooks

If you're using Quickbooks Online, it's important to make sure your gift voucher and customer credit liability accounts are set up in Quickbooks Online. This makes sure your invoices and payments sync successfully.

Note: When customer credit or a gift voucher is redeemed, this will reduce the amount of liability in your mapped liabilities account. Gift voucher or customer credit redemptions are never treated as revenue. Instead, they simply add to or reduce, your liability.

For Gift Vouchers:

To get started, make sure you've set up a Current Liability account so you can sync gift voucher sales and redemptions from Timely.

  1. Then head to Setup >  Add ons  and Configure Quickbooks. 
  2. Click Edit settings and select the account you wish to map your Liability account for gift  vouchers to:
  3. Click Save to update and apply.

For Customer credit:

  1. Head to Setup >  Add ons.
  2. Click Configure next to the Quickbooks Online integration.
  3. Click Edit settings button.
  4. Select the account you wish to map your Liability account for customers credits  to
  5. Click Save to update and apply.

Not sure how liabilities work?

Checking out this handy guide:

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