Introducing Payment Terms Mapping for Shopify and QuickBooks Online
Overview
Managing cash flow well is important for businesses, especially when they have agreements with suppliers to pay later. Most businesses don’t have enough cash to pay for everything right away. They need time to sell their inventory and often wait for their customers to pay before they can pay suppliers. To make this work, suppliers and buyers set payment terms that work for both sides.
With our new Payment Terms Mapping feature, you can now seamlessly map payment terms between Shopify and QuickBooks Online, ensuring that financial records remain accurate and up to date.
Key Benefits
Ensure payment schedules are accurately reflected in your accounting system.
Setting Up the Feature
Kindly enable the "Net Terms" column by navigating to Sales and then Orders. Please refer to the GIF below.
Follow these steps to get started:
In Webgility Online, navigate to Sync Settings, then go to Orders, and look for “Set the Payment Terms as”
Select "Sales Channel Payment Terms" and then click on "Map Payment Terms"
This will open a popup where in you can map the payment terms between Shopify and QuickBooks Online. Once done, then click on Save.
Once done, then Save the main Order settings configuration.
How It Works
While posting the order, Webgility Online will detect the Payment terms information available on the order and will use the QuickBooks Payment term on the transaction as per the respective mapping configured. In case an order does not have payment terms, then the default payment terms set will be used.
Note: This feature is available only for Shopify and QuickBooks Online.