I need help reconciling my cash deposits on my bank statment, with journal enteries that have been made by my R.O. Writer System. The R.O. Writer System inputs the credit card deposits, but the amounts don't reflect the deposits.
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I'm not familiar with R.O. Writer, but reconciling credit card deposits is a common problem. It's likely that your deposits are being done on a net basis (after fees are deducted) instead of gross.
If this is the case, check with your merchant account processor to see if you can be switched to gross deposits, so your bank deposits will match up to your credit card deposits. This will mean that your fees are deducted in a separate lump sum transaction.
I also highly recommend using QuickBooks for merchant services because it integrates perfectly with QuickBooks and eliminates this problem. I also couldn't live without QuickBooks Billing Solutions, which allows your customers to pay you online.
This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, an Intuit Premier Reseller that offers huge savings and expert advice on QuickBooks POS and QuickBooks Enterprise. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks POS and QuickBooks Enterprise and has provided expert QuickBooks help to thousands of businesses all over the world since 1996.
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