Clearing Account Settings for QuickBooks

When you are using Commerce Sync, an invoice is created first to represent your sales and then the invoice is paid with the payments that were tendered in your point of sale or payment system. These payments are associated with the invoice and land in a clearing account or bank account in QuickBooks.

Here is the setting in the Commerce Sync Dashboard:

Undeposited Funds is a QuickBooks clearing account, it literally is an account that holds your payments, allowing you to reconcile them from this account and track this action.

  • When a payment lands in Undeposited Funds, you will need to deposit these payments based on the actual deposit that happens at the bank.
  • For Square and Stripe merchants using Commerce Sync, the credit card payments will always land in Undeposited Funds. This way Commerce Sync can create the deposit the following day, using the payments in Undeposited Funds.

If you select a bank account as the clearing account for payments, please know that QuickBooks will see this payment as a deposit when it is created directly in the bank account.

The accounts, items, and customers in your Commerce Sync settings are populated by the information Commerce Sync receives from QuickBooks.

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