QuickBooks Point of Sale & QuickBooks Enterprise

As many of you already know, reconciling your merchant account can be confusing and even downright impossible.  This is because most merchant accounts remove the discount fee before depositing your sales into your checking account, so the amount you have in undeposited funds never matches up to your deposits.

Many simply enter the difference as the merchant account fee, but this defeats the purpose of reconciling your account–which is meant to help you make sure you’ve received all the cash you’re entitled to.  If you’re mathematically inclined, you could calculate the discount fee yourself but there’s usually different rates for in-person vs. over the phone or Internet sales, which just adds to the confusion.

The easiest way to reconcile your merchant account is to use QuickBooks Merchant Services which has built-in tools that help you reconcile your account.  But many people already have a merchant account they’re happy with and don’t want to switch.  In this case, simply call them up and ask them to switch your account to “gross daily settlement”.  Once you do this, 100% of your sales will be deposited into your checking account and all the discount fees will be debited from your checking account once per month.  If properly managed, this will also help your cash flow-just make sure you have the funds in your account to cover the monthly fees when the time comes!

If your merchant account provider refuses to switch your account, it’s probably time to reconsider using them.  QuickBooks Merchant Services offers QuickBooks ProAdvisors like me special rates so if you’re interested in switching, contact me at ruth@theQBspecialists.com for a free consultation.

Written by +Ruth Perryman, CMA, CFE, CFM, MBA

Ruth is the president of The QB Specialists, Inc. and has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.

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