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My credit card payments come in bulk minus fees into my bank account. What is the best way to reconcile it?

 
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Best answer 05-10-2019

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QuickBooks Team

Re: My credit card payments come in bulk minus fees into my bank account. What is the best way to...

You're welcome. I see what you're saying now regarding the bank fees. Initially I was under the impression that these fees were added separately, rather than as a deduction from the lump-sum deposit. In that case, you'll have to go about this slightly differently. 

 

When you receive the bulk deposit in your Bank Feed in QuickBooks Online, there's an option to "Find Match". To see this option, simply click the Banking tab on the left navigation menu, locate your bulk deposit of $490, and click on it to expand its details. Click the Find Match button, then select each payment that's included in the bulk deposit.

 

If the total amount of selected payments is more than what's reflected in the bank feed, QuickBooks Online will give you the option to "Resolve Difference". This will essentially create a $10 expense for this deposit, accounting for your bank fees. 

 

I hope this helps and if you need any further clarification, please let me know. 

 

 

3 Comments
QuickBooks Team

Re: My credit card payments come in bulk minus fees into my bank account. What is the best way to...

Hello, 

 

Reconciliation is the best way to stay on top of your bookkeeping and keeping organized.

 

If your credit card payments are reflected in your bank account as a lump sum, it's not going to match your individual transactions in QuickBooks Online. Don't worry, there's a way around this that can work for you, as explained below. 

 

When recording payments on your invoices/sales receipts, mark the payments as going to 'Undeposited Funds' as a temporary holding place. Here's how to do that: How to record payments as undeposited funds.

 

When you finally see the "bulk" deposit in your bank account, reflect this by making a bulk deposit of these funds in your QuickBooks Online account.

 

To do this:

1. Click the Create (+) menu.

2. Select Bank Deposit.

3. Select the payments you'd like to include in this deposit.

4. Click Save and Close

 

Now, you'll see a bank deposit of a lump-sum amount appearing in your reconciliation screen. You can then match this to the bulk amount appearing in your bank account. 

 

Let me know if you have any other questions! 

 

Have a great day.

Community Explorer **

Re: My credit card payments come in bulk minus fees into my bank account. What is the best way to...

Hi! 

Thanks, that helps a lot.

However, if my payment coming in say $490 because my credit card fee of $10 is taken off, 
how do a adjust it to match my $500 in invoices?

QuickBooks Team

Re: My credit card payments come in bulk minus fees into my bank account. What is the best way to...

You're welcome. I see what you're saying now regarding the bank fees. Initially I was under the impression that these fees were added separately, rather than as a deduction from the lump-sum deposit. In that case, you'll have to go about this slightly differently. 

 

When you receive the bulk deposit in your Bank Feed in QuickBooks Online, there's an option to "Find Match". To see this option, simply click the Banking tab on the left navigation menu, locate your bulk deposit of $490, and click on it to expand its details. Click the Find Match button, then select each payment that's included in the bulk deposit.

 

If the total amount of selected payments is more than what's reflected in the bank feed, QuickBooks Online will give you the option to "Resolve Difference". This will essentially create a $10 expense for this deposit, accounting for your bank fees. 

 

I hope this helps and if you need any further clarification, please let me know.