Question

Merchant Deposit Not Matching Register

Forum|Forum|5 years ago
May 4, 2021
1 reply
0 views

We switched to a new POS system last month, and so had to switch payment processors. We found out that the cutoff times for our daily sales were defaulting to Eastern Standard Time rather than our timezone, so our daily sales with our payment processor (daily deposits) vs. our daily register sales are not matching.

We have fixed the batch cutoff issue, but in trying to reconcile the deposits with daily sales for when this issue was still active, I am unsure of what to do.

Our process is usually this: We have a customer labeled DAILY DEPOSITS, where we create invoices for all our daily sales (products & services). Then we record a payment from DAILY DEPOSITS for the day the payment hits our bank account. Next, we manually record the deposit in quickbooks, so that when the deposit actually hits our account, we can match the transactions.

But, because the deposits do not match our register sales, should I just record the deposits as sales of product income, and not tie the deposit to the register sales previously entered? Am I making ANY sense? Thank you for any insight you can provide!

QuickBooks Online

DivinaMercy_N

I appreciate you providing details of your concern, @SH_PA.

I'm here to provide some info about your issue. First, you'll need to make sure that you don't add the transaction as income on the Banking page. This is to avoid resulting in duplicate sales. Also, you just have to use the Find match option. However, if the find match does not work, you'll need to do the Resolved Difference to allocate and record the cause of the difference.

For your additional reference, please see this article: Fix QuickBooks Payment deposits that don't match your bank statement.

Also, QBO has several ready-made reports that you can access to view your sales transactions and data. Just simply go to the Reports tab and type the "sales" keyword and click whichever customer report you'd like to open.

Feel free to post again here if you have further concerns about matching your sales in QuickBooks. I'll be always around to help, Keep safe.

S

SH_PAAuthor

Thanks for your response. We don't do actual product and service sales through QB Online, we use another software for our POS transactions, which is why I have to manually enter the sales in QB Online. The products don't talk to each other.

So I'm still needing to know how I should label the deposits that we receive to our bank account (which automatically import into QB online), since they do not match the daily sales we put (manually) into QB Online.

As I said, the batch times for our register sales have been adjusted, so this problem won't come up again in the future, however, I do need to edit about half the month of April.

Thank you.

G

Giovann_G

Hi there, SH_PA.

I'd like to share some insights about matching POS transactions.

You'll need to make sure that both transactions have the same amount in order for you to match them. You can either edit the amount in QuickBooks or you can exclude the imported transaction. Then, you can manually clear them on your bank register. I'll show you how.

Here's how to Exclude:

1. Click the Banking or Transaction menu.

2. Select Banking.

3. In the For Review tab, checkmark the imported transaction

4. Hit Exclude selected.

Here's how to manually clear the bank register:

1. Click the Accounting menu.

2. Select Chart of Accounts.

3. Locate the bank account, then click View register.

4. Choose the bank transaction, then click until C(cleared) appear.

Adding some helpful materials for your reference:

Reply to this post if you have further questions about bank feeds. I'm always here to help. Take care.

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