You can make accounting easy with WeTravel by simply downloading a QuickBooks-compatible CSV file that you can upload directly to QuickBooks.
You can access the CSV file through Transactions Reporting. To access the transactions reporting feature, simply find "Payments" on the menu. After that, choose "Transactions Reporting" on the left side.
Here, click on QuickBooks CSV to download it.
Steps in Quickbooks
Disclaimer: these are just suggested rules. Please feel free to use the CSV how it best fits your business.
Step 1 - Add new accounts to Chart of Accounts
WeTravel account - under Cash on hand/bank account
Sales discounts → component of Income. This will be for Refunds.
Disputed Sales - sub-account under Income
Note - Your business bank account should already be in your Quickbooks chart of accounts.
Step 2 - Import data into Quickbooks as Bank Data using CSV file download
As an example, we will create a new bank account in Chart of Accounts for “WeTravel Account”. Choose Tools and "Import data".
Upload the CSV file here:
Select your WeTravel Account:
Mapping of Data. Follow below fields to populate the corresponding fields:
Date - Choose in this format dd/MM/yyyy
Description - Type
Amount - Net
Step 3 - Set up Rules to properly classify transactions. The below rules are suggestions from the WeTravel team. Please feel free to use rules as applicable to your organization’s internal accounting.
Payment
Name of Rule - Revenue
Apply to transactions - Money In to “WeTravel Account”
Description Contains Exactly “Payment”
Category “Sales”
Refunds
Name of Rule - Refunds
Apply to transactions - Money Out in “WeTravel Account”
Description Contains Exactly “Refund”
Transaction Type - “Expense”
Category - “Discounts/Refunds Given”
Payout → Transfers from WeTravel Bank to Own Bank Account
Name of Rule - Payout
Apply to transactions - Money In to “Wetravel Account”
Description Contains Exactly “Payout”
Transaction Type - Transfer
Account - Cash on Hand
International Wire Transfer → Transfers from WeTravel Bank to Own Bank Account
Same rule as Payout
Top-Up
Name of Rule - Top-Up
Apply to transactions - Money In to “WeTravel Account”
Description Contains Exactly “Payout”
Transaction Type - Transfer
Account - Cash on Hand
Disputes
Name of Rule - Dispute
Apply to transactions - Money Out in “WeTravel Account”
Description Contains Exactly “Dispute”
Transaction Type - Expense
Account - “Disputed Sales”
Tagged Transactions based on rules will appear as below:
Rules setup will be prospectively applied. In order to change the rule/tagging of a specific transaction, here are the steps:
Categorized → Select the transaction/s then click “Undo”. These transaction/s will be moved to the “For Review” tab.
Change the Rules
The new rule/s should be applied to the “For Review” items.
Sample P&L
Shows Revenue, refunds and disputes as an expense
Vs. The total amount collected in WeTravel - the difference is the amount of fees paid to WeTravel
Sample Balance Sheet
WeTravel account in QuickBooks reflects the amount available in WeTravel. Disputes are treated as a reduction to WeTravel accounts.
