Switched to HoneyBook Balance? This guide will walk you through the next steps after signing up for HoneyBook Balance to ensure seamless integration with QuickBooks. Here's what we'll cover:
Setting up your HoneyBook Balance account in QuickBooks
Creating and managing savings buckets in QuickBooks
Recording funds transferred to/from HoneyBook Balance and savings buckets
Updating your QuickBooks Dashboard in HoneyBook for accurate payment syncing
Handling payments made to your HoneyBook Balance account before setup
Setting Up HoneyBook Balance in QuickBooks
Link Your HoneyBook Balance Account
In QuickBooks, navigate to Transactions > Bank Transactions.
Click Link Account in the top-right corner.
Search for "HoneyBook," select it, and follow the prompts.
Enter the phone number associated with your HoneyBook account and the verification code sent to you.
Once verified, select Checking as the account type, choose a starting transaction date, and click Connect. Your HoneyBook Balance account is now linked to QuickBooks.
Set Up Savings Buckets
In QuickBooks, go to Transactions > Chart of Accounts.
Click New on the top-right corner.
Enter a name for your bucket (e.g., HB Finance - Tax Savings Bucket).
Select Bank under Account Type and Savings under Detail Type.
Click Save. Repeat for all buckets created in HoneyBook.
Recording Transfers Between HoneyBook Balance and Savings Buckets
Recording Transfers to Savings Buckets
Navigate to Transactions > Bank Transactions.
Locate a transaction labeled "bucket withholding" from your HoneyBook Balance account.
Click the transaction, select Record Transfer, and choose the relevant savings bucket (e.g., HB Finance - Tax Savings Bucket).
Click Record Transfer.
Recording Transfers from Savings Buckets
Locate a transaction labeled "bucket withholding" from your HoneyBook Balance account.
Click the transaction, select Record Transfer, and choose the relevant bucket under Transfer From.
Click Record Transfer.
Verifying Savings Bucket Balances
Go to Transactions > Chart of Accounts.
Locate the savings bucket and compare its QuickBooks balance with your HoneyBook records.
Updating Your QuickBooks Dashboard in HoneyBook
Navigate to Finance > Payments > QuickBooks in HoneyBook.
Under Choose a default QuickBooks account to link with incoming deposits, select your HoneyBook Balance account from the dropdown.
If it’s not visible, click Sync Your Accounts to refresh the connection, then select your HoneyBook Balance account.
Your accounts are now linked, ensuring all future payments flow correctly from HoneyBook to QuickBooks.
Matching Pre-Setup Payments in QuickBooks
If a payment was made to your HoneyBook Balance account before setup, you’ll need to manually update it:
In QuickBooks, navigate to Sales > All Sales.
Find the relevant payment and click View/Edit.
On the Receive Payment screen, select the deposit under the client name to open the deposit screen.
Update the bank account to your HoneyBook Balance account, then click Save and Close.
Return to Transactions > Bank Transactions, locate the payment, and click Match.
‼️ Important: Avoid adding unmatched payments directly, as this can create duplicates and overstate your income. If no match appears, refresh QuickBooks or use Find Other Matches to locate the correct one.
Now that your HoneyBook Balance account is fully set up, you can enjoy the seamless benefits of HoneyBook’s QuickBooks integration!