multiple deposits to match with single Square deposit

warmpools · ‎June 10, 2024

on a daily basis we have hundreds of transactions that come from Square into QBO through the Square integration app. the app seems to working generally fine, though i have questions on two issues:

1. my workflow allows me to attend to QBO deposits every 2 - 3 days. in that period, 3 - 5 deposits from Square will come in and be matched to Banks Deposits. each Bank Deposit line item will indicate 2 - 6 deposit matches, all with the correct total and date. i have attached a screenshot of one of those deposits that indicates 6 matches. each deposit consists of a couple of hundred of line items so it is quite difficult to determine the distinction in the makeup of each match. the bank account is only receiving a single deposit. what is QBO doing and how can determine the correct match?

2. i have the Square connector app configured to import "Individual transactions" (under Transaction view), "By item name (under Item tracking). i have it configured this way because it important to us be able allocate sales to multiple revenue accounts which are mapped in the Product & Services catalog. given the issue we are having with deposits containing hundreds of line items (see question 1), would a different configuration simplify the deposit, but maintain the ability to allocate to a variety of revenue accounts?

thanks.

MariaSoledadG · ‎June 10, 2024

Let me explain to you how matching deposits and revenue account allocation works in QuickBooks, Warmpools.

QuickBooks Online (QBO) automatically searches for transactions with possible matches and that includes those with the same amount and date. This provides users with more flexibility, a more effortless experience, and better search results.

You'll want to make sure to select the correct deposit. Ensure to open the transaction to see the full details and description, giving you accuracy when matching bank transactions.

On the other hand, properly setting up the Product and Services List, lets you automate accounting and ensure the creation of links to the appropriate details and summary reports. Yes, QBO will still preserve the allocation to revenue accounts on the Products & Services page. This means that the system will automatically use the revenue account assigned to the product.

To give you more details on how you can match your transactions, I've added this resource for your reference: Match Online Bank Transactions in QuickBooks Online.

Moreover, you may also want to utilize the product and services page using the inventory. Read this article, this helps you track all your stocks coming in and out of hand: Set Up and Track Your Inventory in QuickBooks Online.

Post your reply if you have any questions about multiple deposits or when matching your transactions. The Community is always here to cover all your needs. Have a great day ahead!

View solution in original post

IrizA · ‎June 10, 2024

Thank you for providing a screenshot and detailed information about your concern, warmpools. I'm here to help you match the right transaction.

When matching your transaction in QuickBooks Online (QBO), you can click the Deposit hyperlink to view the full details of this transaction and see if you're matching the correct deposit entry. Please know that the revenue will be allocated where your product is saved.

Here's how:

Go to the Transaction menu, then click the Bank Transactions.
From the For Review tab, click the transaction that contains the suggested match.
Beside the date, click the Deposit.
A bank deposit transaction will open. Review and compare it to your bank statement.
You can click the Exit button or Save and Close.
If it's the correct entry, click the Match option. It will be stored in the Categorized tab.

Additionally, you can check this article for more information about categorizing: Categorize online bank transactions in QuickBooks Online.

After you categorize and whenever you're ready to reconcile, you can use this material as a reference since it contains more information regarding reconciling your accounts in QBO: Reconcile an account in QuickBooks Online.

If you have more questions regarding matching your transactions, please leave a reply in the comment section so we can help you further. We're still here to back you up.

warmpools · ‎June 10, 2024

thanks, IrizA, but not really that helpful. i know how to look at deposit details.

my question is why is QB constructing multiple deposit matches. again, with hundreds of line items in each deposit it is very difficult to identify what the distinction of each match is. if anyone in the community is running Square <> QBO integration and has daily deposits consisting of dozens+ (hundreds) of line items and you can share any tips and tricks on how you match/reconile those, i would appreciate input/guidance.

which leads to my second, unanswered question: in the Square connector app configuration, if i modify Transaction view to something other than "Individual transactions" (that is, some sort of daily summary), but continue to track items by item name, will QBO preserve the allocation to revenue accounts defined in the QBO Products &services catalogue?

thanks again.

MariaSoledadG · ‎June 10, 2024

Let me explain to you how matching deposits and revenue account allocation works in QuickBooks, Warmpools.

QuickBooks Online (QBO) automatically searches for transactions with possible matches and that includes those with the same amount and date. This provides users with more flexibility, a more effortless experience, and better search results.

You'll want to make sure to select the correct deposit. Ensure to open the transaction to see the full details and description, giving you accuracy when matching bank transactions.

On the other hand, properly setting up the Product and Services List, lets you automate accounting and ensure the creation of links to the appropriate details and summary reports. Yes, QBO will still preserve the allocation to revenue accounts on the Products & Services page. This means that the system will automatically use the revenue account assigned to the product.

To give you more details on how you can match your transactions, I've added this resource for your reference: Match Online Bank Transactions in QuickBooks Online.

Moreover, you may also want to utilize the product and services page using the inventory. Read this article, this helps you track all your stocks coming in and out of hand: Set Up and Track Your Inventory in QuickBooks Online.

Post your reply if you have any questions about multiple deposits or when matching your transactions. The Community is always here to cover all your needs. Have a great day ahead!

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multiple deposits to match with single Square deposit