What could be better than enjoying a beautiful fall day with my business partner and wife sitting in the middle of our town square. With hot coffees loaded with sweet cream and a mouth watering coconut macaroon dipped in dark chocolate. What a perfect setting to discuss finances. We switched over to HoneyBook over a couple months ago, it has been a journey.  We’ve decided to go paperless for our studio and home, a step to minimalism.

Once the switch was complete we stopped using Square to invoice and began to use HoneyBook. In order to do this I created a way to import the transactions from HoneyBook to Quickbooks. My first attempt made a huge mess to say the least.

With a mess on my hands I decided to speak with both our bookkeeper and CPA (always recommended, since they are the professionals in this matter). We decided that all the personal info from each client wouldn’t need to be entered into Quick Books since it is already kept track of in HoneyBook. After all, what matters is keeping track of what is going in and out.

With all that being said, this post is intended to help creatives translate HoneyBook data to specifically Quickbooks 2015 Pro Desktop.

 

Here is my method:

Note to keep it shorter I abbreviated HoneyBook (HB) and Quickbooks (QB).

Financial Process for end of month for HoneyBook

• Download HB Report
• Open it in Numbers or Excel
  • There are some columns that are not necessary for me so I delete/hide them:
    • Event Name
    • Event Date (delete/hide)
    • Vendor Info (delete/hide)
    • Client Info (delete/hide)
    • Invoice (delete/hide)
    • Status (delete/hide)
    • Payment Name (delete/hide)
    • Payment Method
    • Amount Due
    • Tax
    • Total Amount Paid
    • Net Amount
    • Due Date (delete/hide)
    • Charge Date

• Insert Column after “Amount Due” Title it “Due without Tax”
  • In this column the formula should be [=“Amount Due” – “Tax”]

• Insert Column before Tax (this is not necessary but I do it to double check) title it “QB Tax”
  • In this column the formula should be [=“Amount Due” / 1.07] (this 1.07 is because I have a 7% sales tax if yours is 8 make the amount 1.08 and so forth)

• Insert column after “Net Amount” title it “HoneyBook Fee”
  • In this column the formula should be [=“Total Amount Paid” – “Net Amount”]

• This will all set you up for when you are in QB to go a little quicker

• Open Bank Account online
  • Do Search for  all HB deposits for the month (need to know the date of deposit)
  • Or download your month’s bank statement

• Open QB Pro 2015 Desktop
  • In QB we have a Customer “HoneyBook Sales” this way I don’t have to re-enter all the actual client’s info into QB since it is already in HB. I just need to keep track of the financial part of money coming in and going out.
  • I manually “Receive payments” from each HB Sales for that month and in the memo line I just make note of the clients name for my own piece of mind.
    • This does take some math here so I let my Numbers sheet do it, and I just enter the formulas.(remember the formulas from above)
    • Under the actual amount for the payment received I enter the “amount due”
  • Make Deposit for each “received Payment”
    • Under the deposit click on the specific received payment just entered and then under that line I manually enter a line item called “Credit Card Fee”
    • enter the “HoneyBook Fee” that calculated in the Spreadsheet earlier
    • IMPORTANT: Make sure the date is the same as what is seen on bank statement (NOTE: some payments might be received at the end of the month might not be deposited until the beginning of the next month)
    • Complete deposit
  • Do this per payment & Deposit received
• Make An ONE new invoice for “HoneyBook Sales” for the whole month
  • Put a line item for EACH “payment received” from each customer (write name of client to help keep track)
    • Only put the payments that were reflected as deposited in the current month on bank statement
    • (NOTE: if a payment was received on 30th of month and deposited on 2nd of next month put that one into the following months mass invoice)
  • For the amount put the “Due no Tax” from the spreadsheet.
  • Be sure that each items is a Taxable item
  • QB will calculate the tax needed to apply.
  • Then apply all the “received payments” entered earlier, invoice should be PAID after all payments are applied.

I have also included a PDF and Excel doc of an example spreadsheet.