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Join nowI use Quickbooks POS and link it to my desktop. I have two stores, but when I do a financial exchange, the POS sends a consolidated deposit for all credit card transactions for both stores to undeposited funds. Is there a way, maybe by using classes or departments, to have the POS send over two separate deposit transactions one for each store?
I'm here to share insights as to how you can consolidate deposits when doing a financial exchange in QuickBooks Point of Sale (POS), @Diana_SB. This way, you're able to have two separate transactions for each of your stores.
QuickBooks Desktop POS tracks your daily point-of-sale business transactions like purchasing, receiving, and selling merchandise as well as tracking inventory and customers. When you do Financial Exchange, the deposits of your two stores will be consolidated for all credit card transactions to undeposited funds in QuickBooks Desktop (QBDT).
QuickBooks Desktop (QBDT), on the other hand, helps manage your cash flow and run financial reports. From there, you can set up and use the location or class tracking feature. Then, you'll have to manually assign them to your deposits to separate your income for each store.
Then, run and customize your financial report (i.e., Profit & Loss by Class) to separate and categorize your data. You can refer to this article for the complete details: Filter, sort, or total reports by Class.
There are two methods of handling bank deposits in QBDT after a Financial Exchange. To know more about them, you can visit this article: Handle bank deposits in QuickBooks Desktop after a Financial Exchange.
Also, to know more about how Financial Exchange shares information between QBDT and QB POS, I'd recommend checking out this article: Financial Exchange Help Articles.
Let me know if you have other concerns about financial exchange and questions about managing deposit transactions in QuickBooks POS. You can drop a comment below, and I'll gladly help. Take care, and I wish you continued success, @Diana_SB.
Thanks for the response. I can see how using class tracking at the time of deposit would be helpful. The problem is that my bank feed separates the credit card transactions for each store. So there is way to match that to the one deposit in undeposited funds. My only option is to delete the deposit from undeposited funds and manually create the two deposits at which point I can match them.
I'm having so much trouble making deposits after the financial exchange for all my platforms. I wish POS would exchange data to other accounts besides Undeposited funds like a clearing account. I sell on many different platforms and having to match my deposits with undeposited funds is impossible. Any ideas?
Hello @Diana_SB,
Thank you for getting back to us regarding the feature you need. Allow me to chime in and provide clarification about the Financial Exchange process.
Undeposited Funds is the default account mapping for Check, Credit Card, and Debit Card. My colleague is right about the deposits consolidating to the specific account.
Right now, you can only choose one account for a specific transaction type like Credit Card. From your POS, you have the option to configure the account mapping preferences to a different one.
Here are the steps:
Since there are limitations to the exchanging of the data, I recommend using your workaround temporarily. The process ensures your books are accurate and error-free.
While we assess this feature, I recommend sending feedback to our product engineers. They might include this in the future updates of the program. Please follow these steps to send feedback through QuickBooks Desktop:
Additionally, you can use this article to transfer bank deposits between accounts after a financial exchange: Handle bank deposits in QuickBooks Desktop after a Financial Exchange.
Reach out to me anytime by clicking that Reply button for any questions about exchanging QuickBooks data. Have a great day ahead.
I realized I can't delete the deposit because it's linked to a sales receipt that lists all my daily sales. So on the sales receipt I have my total sales, next line is the sales tax, the next line subtracts out the portion of my sales that are cash and links that to Cash on hand account and the last line subtract out my credit card sales and links that to the undeposited funds account. I guess that's the was POS sends over summarized data.
So I'm to where I started. How do I match two deposits in my bank feed to one deposit in undeposited funds?
Hello, Diana_SB.
You've got me here today to help share some information regarding matching multiple deposits via the QuickBooks Desktop.
Matching multiple deposits in the register to one bank deposit isn't possible at this time. You can only match multiple transactions to the open invoice and payments that are in the Undeposited Funds.
To do that here's how:
You can get more details in this article: Add and match Bank Feed transactions.
For additional help, you can also reach out to our QuickBooks Desktop Support.
Drop a comment below and let me know if you're able to successfully match your transactions. I'll always be here to help. Stay safe!
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