Connex’s exciting new feature is a deposit matching tool that integrates with Stripe, Shopify, Square and Amazon.
Without the deposit matching tool, you would need to log into your payment processor, add up all the fees, then go into your QuickBooks and match them up.
With a growing ecommerce business, who has time to use a calculator?
Our Founder & CEO, Joe Anderson, created a video tutorial for you to get started with our deposit matching tool.
In the video he covers:
- Prerequisites to use our deposit matching tool
- How our automatic deposit matching tool works
- How you can set up the deposit matching tool for your accounts
Why is it important to use a deposit matching tool?
You must match deposits from your bank with QuickBooks orders. Otherwise, the income is recorded twice. Your merchant account fees will be missing, so you are taxed on an expense.
How do payment processors work?
When you are paid online, a payment processor collects the funds and holds them in a staging area to clear. They typically deposit on a two-day schedule. All of Monday’s sales are direct-deposited into your bank account by Wednesday. Most processors take a commission of about 1-3% per transaction before they deposit. You must add these fees as an expense, so you pay no taxes on them. To add fees, you must match them to a group of orders and deposits from your bank.
How do I connect my bank account to QuickBooks?
QuickBooks has a copy of your bank account’s withdrawals and deposits. Bookkeepers and Accountants match the bank account and the QuickBooks register. You can view this account in QuickBooks by clicking the gear box and selecting chart of accounts. For example, below is a screenshot of a bank register:
Without adding your bank feed, you must add the withdrawals and deposits one-by-one. To add the bank account feed, here are the steps:
- Log into QuickBooks.
- On the left, click banking.
- Follow the on-screen instructions to add a bank account. You should see a button saying nothing has been added if you are a new user. Otherwise, click add account.
QuickBooks will populate a list of deposits and withdrawals from your bank account. You will be asked to accept these transactions. Once you accept, they are moved to your bank account. Here is a sample deposit to match:
What is this deposit that QuickBooks matched?
In this image, you see match deposit. We have already created a deposit manually before connecting the bank account, so we can show you the process. The amount and date in your register are the same as your bank. If you click deposit, you will see this screen:
Without the Connex for QuickBooks match deposit tool, you must locate the orders matching the $3,114.98 deposit. Then, add the fees at the bottom. Connex records the gross sales without merchant processor fees. You can pull a settlement report from your payment processor to locate the fees and matching orders.
Why do I have to match deposits?
If you click accept without matching, QuickBooks will add the $3,114.98 to your bank register. QuickBooks also has the sales, so your income would be reported twice. In QuickBooks, go to reports and click profit and loss. You will see an extra $3,114.98 in your sales account. Without matching, no merchant fees are recorded and will be taxed on this expense.
Can Connex match deposits?
Connex can match deposits, depending on your payment processor. Connex can find matching orders in QuickBooks that match the deposit, then add fees. In the example, Connex could have located the orders matching the $3,114.98 deposit and added the $85.02 in fees. Instead, the deposit was done manually.
Is Connex the Right Tool to Help You Grow Your Ecommerce Business?
Most of our customers sell on multiple e-commerce channels. For example, Woocommerce, Shopify, Magento, and ShipStation, 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.
Why Our Customers Choose Sync with Connex
- Developed specifically e-commerce business owners
- You can scale your business by automatically syncing sales & inventory from multiple e-commerce platforms to QuickBooks Desktop or Online.
- You don’t have to spend your resources manually entering sales, inventory, and customers into your website and QuickBooks accounts.
Recommended by Intuit itself, Connex for QuickBooks will give you peace of mind that your inventory will be updated. You will be free of the frustration of oversells and missed items.
- When your inventory is up-to-date, you can achieve higher customer satisfaction, leading to more positive reviews, and increased sales.
- For phone orders, we can sync sales from QuickBooks to your shipping solution.
- If you sell on multiple channels, you can simplify by using our solution instead of multiple tools.
- Connex integrates QuickBooks with all major e-commerce platforms, such as Woocommerce, Shopify, Magento, Amazon, and e-commerce shipping solutions such as Shipworks, Ordoro, and Shipping Easy.
How can you decide whether Connex is right for your business?
During this introductory call, you will discover how Connex can help you to:
- Eliminate manual data entry into QuickBooks Online or QuickBooks Desktop
- Automatically update your inventory and prevent oversells and refunds
- Manage sales from multiple channels in one app
- Connect your shipping solutions to QuickBooks
- Have accurate financial information in your QuickBooks every day
Are you unsure whether Connex is right for your business?