Deposit Accounts Setting for QuickBooks

For merchants using Square and Stripe, Commerce Sync can transfer deposit information into QuickBooks. Commerce Sync first transfers the invoice and payments, typically the following day you will see the deposit transfer. When the deposit is created, it reconciles the payments from Undeposited Funds and adds the fees to the deposit.

Bank Account: Select the bank account that you have in QuickBooks that you want the deposits to be created in. Typically this bank account is named after the bank account that the deposits are actually going into.

Merchant Fees: Commerce Sync will use an expense account to use for your bank fees. The setting can be updated to the account of your choice.

Uncategorized Expenses: Commerce Sync will use an expense account for your uncategorized expenses that are coming from Square or Stripe. A typical uncategorized expense that we see is a Capitol Loan from your point of sale. 

Uncategorized Income: Commerce Sync will use an income account for your uncategorized income. A typical uncategorized expense that we see is when your point of sales owes you a rebate.

Here are the settings in the Commerce Sync Dashboard:

The accounts, items, and customers in your Commerce Sync settings are populated by the information Commerce Sync receives from QuickBooks. Commerce Sync will create place-holder items and accounts to use when you install and connect to QuickBooks.

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