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creatationdecor
March 7, 2020
Question

How deposits work

  • March 7, 2020
  • 1 reply
  • 0 views

Hi all, 

 

I use a 3rd party app which imports all the sales Ive made via Etsy.  Each sales receipt shows up but I am wondering when I get paid in my bank, it is a lum sum.  What is the appropriate way to code this? I am noticing that my sales seems to be super high and am wondering if it is counting the money deposited as well as the sales receipt.  

 

Thanks for any guidance in advanced!

 

1 reply

A
AndréB12
March 9, 2020

Hey creatationdecor,

 

Using a 3rd party app is a convenient way to integrate all sorts of time saving features so you can personalize your QuickBooks Online experience. It's a simple and cost-effective way to integrate the features most important to your business. With the addition of the system's powerful reporting capabilities, you automatically gain powerful insight into your financials. In order to take full advantage of this, it's crucial to record sales accurately. I'll be happy to help sort this out.

 

QuickBooks Online treats deposits in a few different ways. You can easily select multiple payments from the Undeposited Funds account to include them in a deposit, which has the effect of transferring those amounts between accounts. This has no impact on your sales number, as it only marks the payments as deposited into your bank account. Alternatively, you can affect your sales accounts by entering them manually (usually in the Add funds to this deposit section or the Banking tab).


If adding these deposits from the banking tab, it's important to match them with your existing transactions. If the app you use only records your sales receipts, the easiest way is to have these received into your Undeposited Funds account. You'll be able to record these as deposited from + New > Bank Deposit. You can even deduct fees by entering a negative amount. Here's an example of what this would look like: 

 

 

If the app is recording both the deposit and the sales receipt, your best bet would be to contact the app developer to make sure everything is mapped correctly. Otherwise, I'd like to take a closer look to see exactly what's going on. Please choose from the methods below to get in touch with an agent. 

 

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Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)

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Don't hesitate to reach out! I'm confident we'll get to the bottom of this.

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