Opened a HoneyBook Balance Checking Account? This guide walks you through next steps after signing up for the HoneyBook Balance Checking Account to ensure seamless integration with QuickBooks. We'll cover how to:
Set up your HoneyBook Balance Checking Account in QuickBooks
Create and manage savings buckets in QuickBooks
Record funds transferred to and from HoneyBook Balance and savings buckets
Update your bank details and QuickBooks dashboard in HoneyBook for accurate payment syncing
Handle payments made to your HoneyBook Balance Checking Account before setup
Set up HoneyBook Balance in QuickBooks
Link your HoneyBook Balance Checking Account
In QuickBooks from the navigation menu, select Transactions > Bank transactions
Select 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 your mobile phone, then select Continue
Once verified, select Checking as the account type, choose a starting transaction date, and select Connect. Your HoneyBook Balance Checking Account is now linked to QuickBooks.
Set up savings buckets
In QuickBooks, it's necessary to create any savings buckets you've associated with your HoneyBook Balance Checking Account. As money from payments received goes into these buckets, it'll need to be recorded as transfers in QuickBooks.
In QuickBooks from the navigation menu, select Transactions > Chart of accounts
Select New in the top-right corner
Enter a name for your bucket, for example, "HoneyBook Balance - Tax savings bucket"
Select Bank under "Account type" and Savings under "Detail type"
Select Save, then repeat for all savings buckets created in HoneyBook
Record transfers in QuickBooks between HoneyBook Balance and savings buckets
Record transfers to savings buckets
In QuickBooks from the navigation menu, select Transactions > Bank transactions
Find your HoneyBook Balance Checking Account and within it, any transaction labeled "bucket withholding" in the description or name
Select the transaction > Record as transfer
Under "Transferred to," choose the appropriate savings bucket, for example, "HoneyBook Balance - Tax savings bucket"
Select Record transfer
Record transfers from savings buckets
In QuickBooks from the navigation menu, select Transactions > Bank transactions
Find your HoneyBook Balance Checking Account and within it, any transaction labeled "bucket withholding" in the description or name
Select the transaction > Record as transfer
Under "Transferred from," choose the appropriate savings bucket
Select Record transfer
Verify savings bucket balances
In QuickBooks from the navigation menu, select Transactions > Chart of accounts
Find the appropriate savings bucket, then compare its QuickBooks balance with your HoneyBook records
Update HoneyBook Balance as your payment account in HoneyBook
Once your HoneyBook Balance Checking Account has been set up in QuickBooks, it’s time to ensure it's been properly updated in 2 places in HoneyBook, to link your accounts and ensure all future payments flow correctly from HoneyBook to QuickBooks:
In your bank details within company settings
In your QuickBooks dashboard within HoneyBook Finance
Update HoneyBook Balance in bank details
In HoneyBook from the navigation menu, select Settings > Company settings
Select Bank details
Under "Bank account," select View and edit to update with your HoneyBook Balance Checking Account
Update HoneyBook Balance in your QuickBooks dashboard
In HoneyBook from the navigation menu, select Finance > QuickBooks
If it appears, select Connect to QuickBooks and follow the prompts
Under “Choose a default QuickBooks account to link with incoming deposits,” select your HoneyBook Balance Checking Account from the dropdown
If you don't see your account, select Sync your accounts to refresh the connection, then choose your account
Match pre-setup payments in QuickBooks
If a payment was processed before setting up HoneyBook Balance in QuickBooks and HoneyBook, you might still see the green QuickBooks logo next to the payment in your HoneyBook Payments dashboard but wonder why there’s no match shown in QuickBooks, even after setting up your HoneyBook Balance Checking Account in QuickBooks.
If payments were made directly to your HoneyBook Balance Checking Account before QuickBooks and HoneyBook were set up, you'll need to manually update in QuickBooks the receiving account from the bank account that was previously set up in your HoneyBook Balance Checking Account.
In QuickBooks from the navigation menu, select Sales > All sales
Find the appropriate payment, then select 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 Checking Account, then select Save and close
From the navigation menu, select Transactions > Bank transactions, then find the payment and select Match
🔥 Stop
Avoid adding unmatched payments directly, as this can create duplicates and overstate your income. If no match appears, refresh QuickBooks or select Find other matches to find the correct one.
Now that your HoneyBook Balance Checking Account is properly set up in QuickBooks and HoneyBook, you can enjoy the seamless benefits of HoneyBook’s QuickBooks integration!
Still have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!