How to Get Credit Card Deposits to Match up to Bank Statements in QuickBooks

Hi Ruth, When I input credit card income, I make a Sales Receipt, mark Method of Payment “Credit,” and type in the individual person’s payment on a single Sales Receipt. However, on my bank statements, the income, if on a single day, appears as ONE amount although there may have been more than one transaction on that day. What is the best way to input credit card income? Thank you!
The best way to handle it is to switch to Intuit’s credit card processing. But if that’s not an option, you need to deposit the sales receipts to undeposited funds and then manually select which transactions make up the deposits shown on your bank statement from the list of undeposited funds that pops up when you select Banking > Make Deposits.

If you use Intuit, QuickBooks will do that for you when you select Banking > Make Merchant Service Deposits.

QuickBooks credit card processing

If you don’t, you’ll probably need your merchant account statement for help. Hopefully your deposits are gross and not net of fees because net deposits will really make it difficult to match them up. The goal is to get your deposits in QuickBooks to match up to the deposits on your bank statement. So if you’ve got net deposits, you should add an additional line to the deposit with a negative amount booked to your merchant account fees account.

If you decide to switch to Intuit let me know because I can get you reduced fees + $150 gift card.

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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.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman

Ruth is the an Intuit Premier Reseller that offers great deals on QuickBooks POS and QuickBooks Enterprise. She has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

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