Quickbooks Online Credit/Debit of Sales and Deposits

Fuzzy_MelonFuzzy_Melon Member Posts: 14
edited July 17 in Feedback

OK,


Lightspeed>Lightspeed Accounting>Quickbooksonline

Sales Transaction with credit card = debit "Undeposited Funds", credit "Sales" in the Quickbooks journal entry.

Lightspeed Processing>Bank Deposit>Quickbooks = debit "Cash", credit "Sales" in the deposit journal entry.


Shouldn't the auto bank deposit be crediting "Undeposited Funds" and not crediting more to "Sales"?

If so, what change do I make in Quickbooks to adjust? I have exhausted hours just looking for anything anywhere that mentions this scenario, if its correct and if not, how to fix it.


Then there's the whole reconciliation between what the credit card amount was at sale and what the processor deposit provides (net of fees).


Thank you so much in advance for your assistance!


2 comments

  • Fuzzy_MelonFuzzy_Melon Member Posts: 14

    Anyone? Bueller?

  • VanessaDVanessaD Moderator, Lightspeed Staff Posts: 704 moderator

    Hey @Fuzzy_Melon


    Here's a community article post from Quickbooks to better describe what happens when the funds get sent to Quickbooks from Retail post-mapping.

    You can absolutely manually make the corrections as you go, as mentioned in that article. It would be the best alternative to this particular hurtle.

    ———


    If you have any further questions Please do not hesitate to contact LightSpeed support or check out our Support Page.


    All the best!

    Vanessa

    Lightspeed Retail Support

    866-932-1801 ext. 2 (Toll-Free)

    514-907-1801 ext. 2 (Montreal)

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