Thinkific Integration
Acodei automates the transfer of financial data from Thinkific to QuickBooks. Sales, refunds, fees, and payouts sync automatically to eliminate the need for manual data entry, saving time and ensuring accurate accounting.
Scope of the Integration
All transactions from the Thinkific-QuickBooks integration sync in real time. Our service covers the following aspects of Thinkific Payments data:
| Thinkific Action | Integration Action |
|---|---|
| Sale | Sales made in Thinkific are reflected in QuickBooks using Sales Receipts. |
| Refund | Refunds made in Thinkific are reflected in QuickBooks using Refund Receipts. |
| Payout | Depending on your settings, Thinkific payouts are synced into QuickBooks using Bank Deposits or Transfers. |
| Fee | Depending on your settings, Thinkific processing fees are recorded in QuickBooks using Sales Receipts or Expenses. |
| Tax | Thinkific remits tax on your behalf. Tax can be included with other Thinkfiic fees or as a standalone expense. |
In the Thinkific-QuickBooks app settings, you can customize customer data according to your preferences. You can import customer name, email, and billing details, choose some portion of that data, or sync a default customer name like Thinkific Customer. Customer names are synced to QuickBooks in the Display Name field and are matched by existing customer names.
Holding Accounts
By default, Acodei creates a holding account for you. This holding account tracks your Thinkific Payments Balance in QuickBooks. In the default setup, transfers (from holding to checking accounts) are created in QuickBooks to represent the payout. If you prefer a bank deposit containing all your sales and refunds, please change your holding account to an Undeposited Funds asset type.
Products and Accounts
Products in QuickBooks refer to a business's individual items or services. In the context of Thinkific, these are courses or other products a merchant sells. Account in QuickBooks refers to a financial account used in bookkeeping that is more general than a Product. For example, multiple products could feed into the “Sales” income account, which is represented on your Profit/Loss Statement.
During onboarding, you will be asked to select a general account, such as Sales, to accept revenue. Then, Acodei will automatically create a corresponding product. Later, you can see the products and accounts on the account configuration page. You can also manually create a product in QuickBooks and map it to an account for Sales, Refunds, or Fees.
Not Included Features
Invoice Syncing: Since Thinkific does not utilize or necessitate invoices, there is no requirement to monitor invoices and payments. Instead, all sales are recorded using sales receipts.
If you have questions about the Thinkific-QuickBooks integration or need specialized support, please contact us directly at [email protected].
Updated about 1 month ago