I Zettle accounts

Hi

Is there a way of ensuring that Zettle payments and fees are always recorded in the Undeposited Fund Account.  Currently it seems that I have to alter each transaction manually?

I'm happy to see you here, @Doug Mu.

I'd like to provide some details about recording your iZettle payments in QuickBooks Online.

Recording the iZettle payments to the Undeposited Funds account is the best way to track your transaction. This way, when iZettle transfer the balance minus their fee to your bank, you can use the Bank Deposit to move the funds from Undeposited Funds to the bank account.

Know that there's no way to automatically record the payment to the Undeposited Funds account. You'll need to manually receive the payment and deposit it to the said account.

For more details about utilizing the Undeposited Funds account, please see this reference: Deposit payments into the Undeposited Funds account in QuickBooks Online.

I'm also adding here some resources that you can use to help you in categorising and reconciling your bank transactions in QBO:

• Categorise and match online bank transactions in QuickBooks Online
• Reconcile an account in QuickBooks Online

My doors are always open to assist you should you need anything else with payments. Just get back to me in the comments. Take care!

Thanks @BettyJaneB 

There are a couple of other points with Zettle that I'd appreciate some help to clear up.  I've been allocating both payments received and zettle fees to the undeposited funds code as suggested.  I've then been making a deposit as zettle deposits into our bank account.  However, I've had a purchase refunded to a customer and this is obviously showing in zettle as a refund and a reduction in the zettle fees.  I'm unsure how I should caegorize this in Quickbooks.  Can you help?

Secondly, Quickbooks seems to automatically create invoices against which payments received from Zettle are logged.  However, there is now a discrepancy of a couple of pence between the invoice and the payment.  Do you know why this would be and how to resolve it?

Thanks for sharing more details about the Zettle payment, @Doug Mu.

I'll be assisting you with this and give specific details in relevant to my colleague's, @BettyJaneB, response.

Since we cannot match the refund and fees, I suggest excluding them from the For Review tab. When these refunds/fees are associated with the Zettle payments, you can create a bank deposit to add and link these expenses manually to the invoice payment.

You can follow these steps to exclude a few entries:

1. Go to the Transactions/Banking menu and then select For review.
2. Take note of the refunds and fees details like the amount and date.
3. Check the boxes beside the Date column.
4. Hit Exclude.
   

Also, ensure that you deposited the invoice payments to the Undeposited Funds account to link them with the refunds/fees (expenses) before creating a bank deposit and placing them in the bank account. Additionally, I suggest checking your accountant's professional advice on how to categorise refunds and fees.

On the other hand, QuickBooks usually creates an invoice automatically when there's an unapplied payment or a payment transaction that isn't linked to an invoice. Also, the discrepancies between Zettle payments and invoices are due to the refund and Zettle fees. That's why you'll need to create a bank deposit to add refunds/fees manually to link it with the invoice payments.

This way, you can match the Zettle payment with the bank deposit, which contains link transactions that include the invoice payment and refunds/fees.

Here's how:

1. Once you created the invoice, ensure that you deposited the invoice payment to the Undeposited Funds account.
   
2. Create a bank deposit and then select a bank account in the Account drop-down.
3. Check the invoice payment transaction box, then manually add the refund/fees with a negative (-) amount in the Add funds to this deposit section. This will minus the invoice payment amount.
   
4. Click Save and close.

Well done! You can now match the deposit with the Zettle payments under the For Review tab in the Transactions menu.

Feel free to read the articles shared by my colleagues, like how to categorise and match transactions and deposit payments into the undeposited funds' account.

In addition, if you want to remove the transactions in the Excluded tab, simply check the boxes and then select Delete.

You can always place a comment if you need further assistance with linking payments and expenses to match it with your online banking or third-party payments account. We're always here to help. Enjoy your day!