What is the QuickBooks Online integration?
The QuickBooks Online integration automatically syncs your payroll and employee information between QuickBooks and your Betterment 401(k) plan. This means less manual data entry and fewer chances for errors when processing payroll contributions.
We use a secure third-party service called Finch to connect the two systems. Finch acts as a bridge, safely transferring information like employee details, contribution amounts, and loan repayments between QuickBooks and Betterment.
How do I set up the integration?
Here's what to expect during setup:
- Start the connection: Go to the Payroll tab in your Betterment dashboard and click "Start setup"
- Authorize access: You'll be redirected to a secure login screen where you'll enter your QuickBooks Online credentials and grant permission
- Wait for authorization: The connection can take up to 72 hours to finalize. We'll email you if there are any issues
- Review employee information: Once connected, you'll see a task to review the employee data we've received from QuickBooks. You'll need to review each group of employees before we can start syncing data
- Confirm the initial check date: Our team will set an internal date to begin tracking your payroll cycles
- Turn on the integration: After reviewing all employee data, you'll have a final task to activate the integration. This creates the Betterment deduction items in QuickBooks Online
The entire setup may take up to 24 hours to fully reflect in QuickBooks Online.
What happens to my existing 401(k) deductions in QuickBooks?
When you activate the integration, QuickBooks will automatically remove your old 401(k) deduction items and create two new ones:
Betterment Traditional 401(k)
Betterment Roth 401(k)
Important: Please verify that only the new Betterment deductions are active for your employees. If you see any other 401(k) deductions without "Betterment" in the name, you should deactivate them to avoid confusion.
How do I process payroll after the integration is set up?
Simply run payroll in QuickBooks Online as you normally would. Here's what happens automatically:
- We'll receive contribution data on the pay date or within 24 hours
- You'll get an email notification asking you to review and approve the contributions in your Betterment dashboard
- Once approved, the funds will be invested according to your employees' selections
The initial connection is taking longer than expected. What should I do?
The first connection can take up to 72 hours to complete. If you haven't heard from us after 3 days, or if you received an error message, please contact our support team for assistance.
I got an email asking me to reconnect. What does that mean?
This usually happens if your QuickBooks Online password was changed or if the connection was interrupted. To reconnect:
Log in to your Betterment dashboard
Look for a task asking you to reconnect
Follow the prompts to authorize the connection again
This should restore the integration automatically. If you continue to have issues, please reach out to our support team.
The employee or payroll data looks outdated. Is something wrong?
Data from QuickBooks syncs once every 24 hours, so information in your Betterment dashboard may be up to a day behind what you see in QuickBooks. This is normal and expected.
If you notice data that's more than 24 hours old, please contact our support team so we can investigate.
Can I use this integration with QuickBooks Desktop?
Unfortunately, this integration only works with QuickBooks Online. If you're currently using QuickBooks Desktop, you won't be able to connect it to your Betterment 401(k) plan at this time.
Who can I contact if I need help?
Our support team is here to help with:
- Walking you through the connection steps
- Reviewing employee data in your dashboard
- Approving payroll contributions
- Reconnecting if needed
If you encounter an issue that requires technical investigation, please reach out to Betterment support for assistance.