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Opandt
August 8, 2021
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I Zettle accounts

  • August 8, 2021
  • 1 reply
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We have just got an I Zettle machine and received our first payment.

Obviously the payment to the bank is less than the invoice total.

How can I reconcile this?  At the moment the bank account is not connected to Quickbooks.

Thank you for any help

Best answer by DivinaMercy_N

Welcome to the QuickBooks Community, @Opandt.

 

I'm here to share steps so you can enter the payment you received and reconcile your account later.

 

To start, you can record and deposit the payment to the undeposited funds account. Here's how:

 

  1. Navigate to the +New button and select Receive Payment.
  2. Choose the customer's name, then choose the payment method.
  3. Select Undeposited Funds Account on the Deposit to field. 
  4. Enter the amount of the payment and then Save & Close.

 

Next, you can create a bank deposit to add the deducted amount to the payment.

 

  1. Select the +New button and click Bank Deposit.
  2. Choose the Account you want to put the money into.
  3. Select the payment created earlier that is assigned to the Undeposited Funds account.
  4. Then, go to the Add Funds to this Deposit section and then enter a negative amount for the deduction.

 

Also, to further assist you with this, I recommend reaching out to your accountant. This is to ensure that your account for your transactions is accurate and to avoid messing up your books. If you're not affiliated with one, feel free to use our Find an Accountant tool to look for one near you.  

 

Once everything is set, you can now reconcile your account.

 

In case you want to have a list of all payments and invoices for each of your customers, you may pull up the Invoices and Received Payments Report. Then, customise it so it will only show the data you need.  

 

Feel free to get back here if you need further assistance recording payments and reconciling your account. I'm always around to help. Have a good one. 

1 reply

DivinaMercy_N
DivinaMercy_NAnswer
August 8, 2021

Welcome to the QuickBooks Community, @Opandt.

 

I'm here to share steps so you can enter the payment you received and reconcile your account later.

 

To start, you can record and deposit the payment to the undeposited funds account. Here's how:

 

  1. Navigate to the +New button and select Receive Payment.
  2. Choose the customer's name, then choose the payment method.
  3. Select Undeposited Funds Account on the Deposit to field. 
  4. Enter the amount of the payment and then Save & Close.

 

Next, you can create a bank deposit to add the deducted amount to the payment.

 

  1. Select the +New button and click Bank Deposit.
  2. Choose the Account you want to put the money into.
  3. Select the payment created earlier that is assigned to the Undeposited Funds account.
  4. Then, go to the Add Funds to this Deposit section and then enter a negative amount for the deduction.

 

Also, to further assist you with this, I recommend reaching out to your accountant. This is to ensure that your account for your transactions is accurate and to avoid messing up your books. If you're not affiliated with one, feel free to use our Find an Accountant tool to look for one near you.  

 

Once everything is set, you can now reconcile your account.

 

In case you want to have a list of all payments and invoices for each of your customers, you may pull up the Invoices and Received Payments Report. Then, customise it so it will only show the data you need.  

 

Feel free to get back here if you need further assistance recording payments and reconciling your account. I'm always around to help. Have a good one. 

D
Doug Mu
September 10, 2021

Hi

 

Is there a way of ensuring that Zettle payments and fees are always recorded in the Undeposited Fund Account.  Currently it seems that I have to alter each transaction manually?

BettyJaneB
BettyJaneB
September 10, 2021

I'm happy to see you here, @Doug Mu.

 

I'd like to provide some details about recording your iZettle payments in QuickBooks Online.

 

Recording the iZettle payments to the Undeposited Funds account is the best way to track your transaction. This way, when iZettle transfer the balance minus their fee to your bank, you can use the Bank Deposit to move the funds from Undeposited Funds to the bank account.

 

Know that there's no way to automatically record the payment to the Undeposited Funds account. You'll need to manually receive the payment and deposit it to the said account.

 

For more details about utilizing the Undeposited Funds account, please see this reference: Deposit payments into the Undeposited Funds account in QuickBooks Online.

 

I'm also adding here some resources that you can use to help you in categorising and reconciling your bank transactions in QBO:

My doors are always open to assist you should you need anything else with payments. Just get back to me in the comments. Take care!

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