Should I put money deposited in my bank account from my clover station that reads clover sales in its own "INCOME" chart of account or in my checking account?

noblemobilecorp · ‎June 08, 2020

Clover sales numbers are generated as an invoice. Now, whatever cash I receive that day I take straight to the bank and deposit it. What do I categorize it as? Do I put it directly in my checking account category or do I have to make a seperate income account and put all deposited fund generated by clover sales in that account. The problem that I run into then is an inflated income in my profit and lose statement. I have a feeling I am supposed to put it in my bank account. Please let me know.

MarshallA · ‎June 08, 2020

Hello,

It all depends on how Clover brings the sales into QBO.

If it creates invoices, then Clover has already hit your income account and accounts receivable. You take the money and record it as a payment against the invoice. That will lower the AR and put the money in your bank account or in Undeposited Funds. If Undeposited Funds, then record the money going to your bank as a Bank Deposit.

Again, the key to this whole thing is recognizing how Clover is importing the sales into your QBO.

Lisa CA · ‎October 05, 2020

I'm not answering this question. I am wanting to know what do you do when the clover deposits into undeposited funds don't match the deposits on the bank statements?

Nick_M · ‎October 05, 2020

Hi there, Lisa CA.

Thanks for dropping by the Community, I have a quick question, are you using QuickBooks Payments? If not I would highly recommend it. In the meantime, I'm happy to show you how to manually record the deposits from clover so they match your Undeposited funds.

Step 1: Put transactions into the Undeposited Funds account:

If you haven’t already, put the invoice payments and sales receipts you want to combine into the Undeposited Funds account. This account holds transactions before you record a deposit.

Step 2: Record a bank deposit in QuickBooks to combine payments:

Each bank deposit creates a separate record. Make deposits one at a time for each of your deposit slips.

Select + New.
Select Bank Deposit.
From the Account drop-down▼menu, choose the account you want to deposit the money into.
Select the box for each payment you want to combine. Make sure the deposit total and selected payments match your deposit slip. Use your deposit slip as a reference. Remember, only select payments you need for each deposit.
Select Save and close or Save and new.

You can find these steps and the next steps at the following link: Record and make deposits in QBO. If you have any other questions, feel free to post down below. Thank you and have a nice afternoon.

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Should I put money deposited in my bank account from my clover station that reads clover sales in its own "INCOME" chart of account or in my checking account?