How do I match deposits in bulk and with multiple payment processors?

Introduction

Connex can separate orders by payment method. You can place refunds and sales into separate asset accounts. You can make a deposit by subtracting amounts from the account.

What is my scenario?

Here is the scenario:

  1. Orders are paid by Stripe and PayPal.
  2. You need to sync refunds to QuickBooks.
  3. You have at least 100 sales per day.
  4. The settlement report for your payment processor contains no list of order numbers in QuickBooks.

What are my challenges?

Here are your challenges:

  1. QuickBooks Desktop's undeposited funds account has no support for negative deposits. This means no refunds can sync directly.
  2. You have several hundred orders to match. You have no desire to check 100 - 150 sales one by one per day.
  3. You need a way separate the orders by payment method. 

How do I separate orders by payment method?

You need to create a bank account in QuickBooks for each payment method:

  1. In QuickBooks, press CTRL + A.
  2. Click account.
  3. Click new.
  4. Choose bank as the type.
  5. Enter the payment method name, such as PayPal.

Next, add rules:

  1. Login to Connex.
  2. Click rules on the right.
  3. For each payment method, add a rule to change the deposit account. Here is the one for PayPal:
    rule.png

How do I sync the refunds?

Create a bank account called refunds. Instruct Connex to create checks for refunds:

  1. Login to Connex.
  2. Click manage.
  3. Expand refunds.
  4. Click create checks.
  5. As check deposit account, choose the refunds asset account.
  6. Click save.

The checks will subtract an amount from the refunds account that you created. 

How do I match the deposits?

Now that Connex is syncing data to the proper accounts, the last step is to match deposits:

  1. On the QuickBooks home page, click bank deposits on the bottom right.
  2. Close the popup window.
  3. Enter the amount of the sales from your settlement report.
  4. Enter the merchant fees.
  5. Enter the amount of refunds.
  6. Click save.

Here is the end result:

deposit.png

$1,000 is credited from the PayPal account and its value will drop to $0. The refunds account has a negative balance of $200. By subtracting $200, the balance will say $0.

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