Everything looks good with a haircut.... ɐuıɥɔ ɯoɹɟ pɹɐoqʎǝʞ ɐ ʎnq ı ǝɯıʇ ʇsɐl ǝɥʇ sʇɐɥʇ
Thanks for trying Imoww. I'll try their online community
Seems like QBO doesn't like the format of the transaction download .csv from Suncorp bank.
So after a lot of trial & error adjusting the formatting, I got it to where it would accept the file and enter the missing transactions.
Quickbooks has a 70% off sale for first year of subscription... gonna give it a try ... 4.95 per month for "simple start" ... (then $15 per month)
Currently with MYOB ... paying 45 per month
ive been using mine for a financial year and love it....automatic feed from the bank into the accounts ,stable the invoices ( even take a pic of the petty cash ones ) job done...bas time takes mins ,hardest part is paying the bill lol....being cloud based a lot of it can be done while you waiting at customer house lunch/tea break down time weather etc...when i get home its just beer o clock now .....the key to this programme is connecting with you bank account ...
I've just ordered a Square Card Reader. It says if the client pays a $100 invoice, $98.10 will appear on my bank statement.
How do I reconcile that payment with the $100 invoice in QBO? Seems like the $1.90 balance will stay there in the customers account to haunt me forever.
If the payment appeared on my statement as a $100 entry, and then another entry of $1.90 square fees.... that would be easy, but it doesn't sound like it does.
I've seen a few different ways but simplest is something like this
https://quickbooks.intuit.com/commun...es/td-p/151275
Thanks Chris. I think I understood the suggestions given. Hope I get it right when I receive a payment.
I just had to do a similar thing today with a PayPal fee from selling equipment on eBay
This link is a bit clearer:
https://quickbooks.intuit.com/commun...ant/m-p/185704
Also I think you have to use desktop site. I tried to add bank deposit with negative line on my Samsung tablet but couldn't find that function (can add the $100 invoice and receive payment into undeposited funds though)
Once 100 payment received to undeposited funds then :
To get to deposit screen click the '+' on top right of screen then ''bank deposit"
Select the existing 100 deposit at top, add the negative amount under bank fees or similar (select correct GST - probably GST free)
Then accept that.
Then when the 98.10 amount shows in downloaded bank feed you can match that deposit to the above transaction
Also to clarify when you initially create the $100 invoice, select receive payment as the next step and accept that transaction... then proceed to the 'add deposit' step...
Thanks again Chris.
If I'm looking in the right place, mine doesn't seem to have the + in top right of page.
But if I go- Accounting > Chart of Accounts > Undeposited Funds > Account History, I see "Add Deposit" at the top left of the list of transactions.
I think that will let me do the same thing, but it won't be linked to the specific deposit(which doesn't really matter) I think if I deposit a $-1.90 there, it will reduce Undeposited Funds to $98.10 which will match the bank deposit.
Main thing is I get the $$$ as it's up to over $1500 now. Who would of thought it would be so hard to get paid by a huge Multi National Company- Corporate Card payment only.
Depositing to undeposited funds is actually different to recording a bank deposit... but see how you go once you go to process the payment.
Bloody annoying chasing up payments!
Especially big companies forwarding around invoices by email...
Hi guys. Sorry I've been AWOL for a while, but thought my input on this might be useful.
Merchant facilities and merchant fees....There are a few way to skin this cat.
My preference -
1. when you take a payment on invoice, receive/bank this to Unsettled Funds 'bank' type account for the full value that the client paid.
2. When the funds clear and are received in your transaction bank account, then trfr from Unsettled Funds to transaction account the total value of sales that was settled (there can be many). This 'Clearing' type account should reset to nil after each settlement.
3. You can now reconcile the deposit in your 'real' bank account with the settled sum. The difference will be merchant fees. Enter this discrepancy as Bank Fees. Remember that Merchant Fees have GST (if you are registered for GST)
Method 2 -
If you are using a simpler accounting method (cash accounting) that doesn't track invoicing, you could just -
1. count as income the amounts actually received to bank plus cash (total receipts), then
2. each month (or quarter) check your reports for the total merchant fees that you were charged. Claim this value as an expense and add the exact same value to your total sales figure.
Let me know if my expanation is easy to follow
David
Mr Sparkle Car Spa