Using Helcim Accounting Sync
Helcim Accounting Sync is only available for Canadian businesses.
Helcim Accounting Sync is currently in beta mode and available to a select group of merchants only. Merchants who signed up for Helcim after June 1, 2020 will have access to Helcim Accounting Sync shortly.
Helcim Accounting Sync helps merchants who process payments with Helcim import information into QuickBooks Online. You can use Helcim Accounting Sync to streamline the process of getting your payments data for a specific batch into a CSV format that can be exported from Helcim and then imported to QuickBooks Online for bookkeeping and accounting purposes.
By recording both the sales and payments fees from your Helcim account into a QuickBooks Online clearing account, you can match your batches to the net deposits.
Accounting Sync works best for businesses with one sales tax rate and who do NOT track inventory or sales data by customer in their QuickBooks Online account. If you are using QuickBooks Online to track invoices and customers or have multiple tax rates please review the bottom section of this article for additional details specific to you.
How to Set Up Your Accounting Sync Center
- You first need to set up a QuickBooks clearing account
- Next, if not already done so, in Quickbooks Online, set up a sales/income account for where you would like all sales to be recorded and a bank fees/expense account for where you would like Helcim processing fees to be recorded.
The account name and default tax code used here in Step 2 will be needed for Accounting Sync.
- You can now proceed to configuring the Accounting Sync Center settings in your Helcim account by selecting the
Actionsbutton from the Accounting Sync landing page, then
Now you can select either
Tax Code Mappingoptions from the menu on the right-hand side of your screen.
Tax Code Mapping: Use the textbox to enter the tax rates applicable to your business. When entering the Tax Code, ensure you use the default tax code from QuickBooks Online in step 2 above.
Account Mapping: Use the textboxes to enter your sales and payment fee information. Ensure this information matches the settings in your Quickbooks Online account.
Sales: Use exact wording here that you used for your generic sales item name from QuickBooks Online in Step 2 above.
Payment fees: Use exact wording here that you used for your generic sales item name from QuickBooks Online in Step 2 above.
Default Tax Code: Choose the appropriate default tax rate. The tax codes are populated from the fields entered on the Tax Code Mapping page.
How to Generate a Data Download from the Accounting Sync Center
You need to complete the setup instructions detailed above BEFORE you can proceed to running a data download from your Helcim account.
- Begin on the
Accounting Synclanding page.
- Confirm the details of the data you want to download by using the drop-down menu to select the date range.
Data is generated one business day after a batch has been closed, if the data does not appear right away please check again later. If you need additional support, please contact the Helcim Gurus at email@example.com.
- Once your date range is confirmed, select
Generate. Select Reload Table to view the most recent downloads in your Helcim account. You will be able to view the current status of each download on the main landing page.
The statuses are as follows:
In progress - data is being generated
Ready - data is available for preview
Reconciled - data was marked reconciled
Downloaded - CSV was successfully downloaded
Data not available - data has not been calculated
- You can preview information before downloading the CSV by clicking on a data download then toggling between the Sales tab and Payment Fees tabs on your screen.
If you need to edit the data after exporting it, you can do so in the CSV file itself.
- To begin the download, click
Download CSV. Two CSV files will now be generated, one for your sales data and one for the payment processing fees. They can be found in your device’s downloads.
If you are using Chrome, you may receive a pop-up on the top left hand corner of your browser requiring you to allow two files to be downloaded.
- Next, you can import the CSV files and reconcile them to your QuickBooks Online clearing account.
Additional Use Case
Accounting Sync for Businesses with Multiple Sales Tax Rates or that Track Individual Invoices in QuickBooks Online
If your business has multiple sales tax rates or is recording sales in Quickbooks Online at an invoice level, continue to enter or import this information as per usual, then utilize Accounting Sync to import your payment fees into Quickbooks Online.
Follow the same steps above, but only import the payment fees CSV. You can reference the
Bank Deposits details under
My Business to view which invoices and fees are included in each deposit received to then easily reconcile your bank accounts in Quickbooks Online.