Matching Deposits Across Multiple Selling Channels Can Be Reconciled
Normally, you would need to manually enter all the orders onto your selling channel and Quickbooks. This can cause errors in customer data, sales numbers and inventories.
Connex can separate orders by payment method, even if you have multiple selling channels. Thus, you can place refunds and sales into separate asset accounts. In addition, you can make a deposit by subtracting amounts from the account.
Reconciling Refunds Through Multiple Selling Channels
Example with Stripe and Paypal
- Orders are paid by Stripe and Paypal
- You need to sync refund to Quickbooks
- You have at least 100 sales per day
- The settlement report for your payment processor contains no list of order numbers in Quickbooks
Sources of Errors in QuickBooks Desktop
- QuickBooks Desktop’s undeposited funds account has no support for negative deposits. This means no refunds can sync directly.
- You have several hundred orders to match. Probably, you have no desire to check 100 – 150 sales one by one per day.
- You need a way separate the orders by payment method.
How do you separate orders by payment method?
You need to create a bank account in QuickBooks for each payment method:
Step 1: In QuickBooks, press CTRL + A.
Step 2: Click account.
Step 3: Click new.
Step 4: Choose bank as the type.
Step 5: Enter the payment method name, such as PayPal.
Next, add rules:
Step 1: Login to Connex.
Step 2: Click rules on the right.
Step 3: For each payment method, add a rule to change the deposit account. Here is the one for PayPal:
How do you sync the refunds?
Create a bank account called refunds. Instruct Connex to create checks for refunds:
1: Login to Connex.
2: Click manage.
Click create checks.
As check deposit account, choose the refunds asset account.
The checks will subtract an amount from the refunds account that you created.
How do you match the deposits?
Now that Connex is syncing data to the proper accounts, the last step is to match deposits:
Step 1: On the QuickBooks home page, click bank deposits on the bottom right.
Step 2: Close the popup window.
Step 3: Enter the amount of the sales from your settlement report.
Step 4: Enter the merchant fees.
Step 5: Enter the amount of refunds.
Step 6: Click save.
The End Result with Reconciled Books
$1,000 is credited from the PayPal account and its value will drop to $0. The refunds account has a negative balance of $200. By subtracting $200, the balance will say $0.
Can Connex Help Your Business To Reconcile Sales and Inventory with QuickBooks?
We know that choosing the right tools for managing your sales and inventory is essential for the growth of your business.
Most of our customers sell on multiple ecommerce channels, such as Woocommerce, Shopify, Magento, and Amazon, just to name a few.
They want to grow their business, and they also value the peace of mind from knowing their books are always up to date and they can serve their customers.
The reason our customers love Connex is that their sales and inventory from multiple ecommerce sites are automatically synced with QuickBooks.
So, how can you decide whether Connex can help your business?
-Full functionality for 14 days
-Sync up to 500 sales to QuickBooks Desktop or Online
-Integrate with major ecommerce platforms such as Woocommerce, Shopify, Magento, and Amazon
-Integrate with major ecommerce shipping solutions such as Shipworks, Ordoro and Shipping Easy
-Complimentary email support during your free trial
Are you still unsure whether Connex is right for your business?