Payment Terms & Clearing Accounts

Overview

Configure payment terms and clearing accounts to streamline your QuickBooks integration. Payment terms define when invoices are due, while clearing accounts control where payments are deposited in QuickBooks.

Accessing QuickBooks Settings

Navigate to Integrations > QuickBooks to access all QuickBooks configuration options.

Payment Terms

Payment terms (Net 15, Net 30, Net 60, etc.) define when invoices are due. Monk pulls payment terms directly from your QuickBooks account to ensure consistency across both systems.

Pulling Payment Terms from QuickBooks

Your QuickBooks payment terms are automatically synced to Monk. To manually refresh the list:

1. Find the Payment Terms section

2. Click Pull from QuickBooks

3. Wait for the sync to complete

Clearing Accounts

Clearing accounts determine where payments are deposited in QuickBooks when invoices are marked as paid in Monk.

What are Clearing Accounts?

A clearing account is a temporary holding account in QuickBooks. When Monk syncs a payment to QuickBooks, it deposits the payment into the specified clearing account. This allows you to:

• Route payments from different sources to different accounts

• Match your internal cash management workflows

• Simplify reconciliation by grouping payments by source

Default Behavior

If you don't configure clearing account mappings, payments are deposited to your QuickBooks Undeposited Funds account.

Configuring Clearing Account Mappings

Map customer sources to specific QuickBooks clearing accounts:

Step 1: Add a Mapping

1. Navigate to Integrations > QuickBooks

2. Scroll to Setup QuickBooks Clearing Account Mappings

3. Click Add mapping

Step 2: Select Customer Source

Choose the customer source from the dropdown:

Step 3: Select Clearing Account

Choose the QuickBooks clearing account where payments for this customer source should be deposited.

Step 4: Save Your Mappings

Click Save to apply your clearing account mappings.

Multiple Mappings

You can create mappings for each customer source independently. Each mapping routes payments from that source to the specified clearing account.

To add additional mappings, click Add mapping again and configure the new source-to-account relationship.

Troubleshooting

Payment terms not showing

Cause: Terms haven't been pulled from QuickBooks.

Fix: Click Pull from QuickBooks in the Payment Terms section.

Payment terms showing as inactive

Cause: The term is marked inactive in QuickBooks.

Fix: Activate the term in QuickBooks, then pull terms again.

Payment going to wrong account

Cause: Customer source mapping not configured or incorrect.

Fix: Verify the customer's source type and ensure a clearing account mapping exists for that source.

Payments going to Undeposited Funds

Cause: No clearing account mapping exists for the customer source.

Fix: Add a clearing account mapping for the relevant customer source.