Reallocating GoPayment credit card transactions

dobleremolque · ‎February 21, 2022

Is there an easy way to reallocate credit card payments made with GoPayments from "Quickbooks Payment sales" to another dedicated income account?

As an experiment, we used GoPayments for credit card processing instead of Square for a flea market our organization held. We have an income account for flea market sales. Each GoPayments credit card sale is listed as "custom amount" because, hey ... it's a flea market so inventory is not useful or practical.

QBO tells me I have to back out the original GoPayments deposit that is composed of EACH of several hundred individual Custom Amount credit card transactions processed during the sale.

Square allows me enter its total sales tally as a sales receipt and allocate the total directly to the dedicated flea market account. Is there a way to batch reallocate or do I have to change each of several hundred transactions one at a time, to reallocate from "Quickbooks payment sales" to our dedicated flea market income account?

DivinaMercy_N · ‎February 21, 2022

Hi there, @dobleremolque.

I just got here the steps to ensure you can reallocate your QuickBooks Payments sales to the dedicated flea market income account.

To start, you can change the account where QuickBooks Payments deposit the money. I'd be happy to show you how:

In your QuickBooks Online (QBO) account, select the Gear icon.
Next, go to the Account and settings option.
Then, click the Payments tab.
From there, edit the direct deposit information.

This will be only applied to the transactions moving forward. For your reference about the process, please see this article: How do I change where QuickBooks Payments deposits my money?.

For the old transactions, you can create a journal entry so they will be reallocated to the dedicated flea market income account. However, it's best to reach out to your accountant in doing this process. This is to ensure that your books are accurate and to avoid messing up your data. If you don't have one, feel free to use our Find an Accountant tool to look for one near your area.

I've also added this helpful article to provide you information on how QuickBooks Payments deposits work in QBO: Common questions about payments deposits in QuickBooks Online.

I got your back if you have any other concerns about reallocating your sales transactions. Don't hesitate to leave a reply below. Thanks for dropping by.

View solution in original post

DivinaMercy_N · ‎February 21, 2022

Hi there, @dobleremolque.

I just got here the steps to ensure you can reallocate your QuickBooks Payments sales to the dedicated flea market income account.

To start, you can change the account where QuickBooks Payments deposit the money. I'd be happy to show you how:

In your QuickBooks Online (QBO) account, select the Gear icon.
Next, go to the Account and settings option.
Then, click the Payments tab.
From there, edit the direct deposit information.

This will be only applied to the transactions moving forward. For your reference about the process, please see this article: How do I change where QuickBooks Payments deposits my money?.

For the old transactions, you can create a journal entry so they will be reallocated to the dedicated flea market income account. However, it's best to reach out to your accountant in doing this process. This is to ensure that your books are accurate and to avoid messing up your data. If you don't have one, feel free to use our Find an Accountant tool to look for one near your area.

I've also added this helpful article to provide you information on how QuickBooks Payments deposits work in QBO: Common questions about payments deposits in QuickBooks Online.

I got your back if you have any other concerns about reallocating your sales transactions. Don't hesitate to leave a reply below. Thanks for dropping by.

dobleremolque · ‎February 21, 2022

Thank you! I'll delegate fixing it to our accountant. Just the words "journal entry" makes certain old bookkeeping scars throb, LOL!

And thanks for the GoPayments tip. That'll solve that situation, too.

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