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italianlane1211
February 13, 2025
Question

1 Wholesale Platform, Multiple Vendors, Multiple Deposits

  • February 13, 2025
  • 1 reply
  • 0 views

We are a small business that sells on Faire, a wholesale website. We receive multiple orders from different businesses each day.  Each business pays us separately, and the money is deposited directly into our checking account. We do not send them an invoice, since it is all automated from within Faire.  So, I have 2 options:

 

1. Set up each payment as a separate invoice. That means, creating on average 5 to 25 invoices in QBO a day. And then when the payments hit our bank account, I can easily "accept/assign" because there's a match. This takes a long time because I am creating many invoices each day.

 

So, I started doing this - Way #2. Total up the income for for the day it will be deposited and create 1 invoice for "Faire/Multiple Vendors". When the 5 to 25 deposits hit the bank, I take each transaction and match it to the 1 invoice.

 

However, I feel like there needs to be a better/quicker way!  When I have all 25 transactions in QBO, ideally I want to check those and assign them to a specific invoice. But it looks like I need to do each one of those individually.

 

I'd love to hear suggestions on ways to make this a quicker process!

1 reply

C
Chrea
February 13, 2025

The best option is having an inventory management app and a connector for QBO.

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FateCandylaneT
February 13, 2025

Streamlining payment and invoice processing requires an individual entry for every deposit, italianlane1211. However, the seamless way QuickBooks can efficiently help you is the current approach you're having.

 

In QuickBooks Online (QBO), manually creating invoices for each customer and matching their payment once paid is the standard processing the program offers. With that, you can continue doing the usual workflow you've mentioned in option two for smooth and ideal invoicing.

 

On the other hand, I suggest reaching out to Faire and seeking guidance in integrating their platform into QBO. Doing so will help alleviate your invoice processing and won't require you to enter sales entries in the online program.

 

However, if you still want an easier method, I recommend visiting our app market to look for third-party providers that can help manage your customer sale transactions. You may also follow these steps in finding applications within your QBO account:

 

  1. Sign in to your QBO account.
  2. Select Apps from the sidebar menu, then go to the Find Apps tab.
  3. Enter a keyword in the search bar or click the Browse category button to filter the results.

 

Once everything looks good, here's how to record customer-paid invoices and review these entries to ensure they always match your bank and credit card statements:

 

 

Additionally, you'll want to seek additional guidance from our Live Expert Assisted team to help you keep track of your overall transactions.

 

For any queries that come to mind when managing invoices in your account, you can always reply on this thread. Our team is here to help. Stay safe.

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