Hi Ruth. At the end of the day, the credit card sales for the day transfer over from QuickBooks POS to QuickBooks Financials, and are put in the “Payments to Deposit” screen under the Home Page Icon that reads “RECORD DEPOSITS”. When I first began QuickBooks POS, my QuickBooks advisor indicated that these items are posted to the check register each month when I reconcile the bank statement. I am supposed to reconcile these transactions against the statement and then send them over to the register. This does not make sense to me, as if I have to wait to the end of each month when we reconcile statements (or the middle of a new month when I receive the statement for the previous month), then the check register is constantly out of balance because it is not reflecting the current credit and debit card transactions. Do most people transfer this info over daily?
Also, it is very hard to compare these totals with our bank statement, as the totals we receive can be several days worth of credit card transactions, with no distinction between visa, mc or amex. I do know that debits come over separately, This creates an inordinate amount of extra work trying to match up the credit card undeposited funds with what comes in on my bank statement. Any advice and instruction is appreciated! Thank you!
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Most people make their deposits more often than once a month. Personally, I make my deposits each morning after checking online to see what actually deposited.
The payment type is one of the columns on the Payments to Deposit screen. It makes it a little easier if you change View payment method type to American Express (deposits alone) or Mastercard/Visa/Discover (deposits together).
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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