Quickbooks Online Credit/Debit of Sales and Deposits

Fuzzy_Melon

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!

Fuzzy_Melon

Anyone? Bueller?

VD_LS

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.

MakeTheSwitch

If you still need help let me know. Best practice would be to set-up a clearing account in QBO. Max@MakeTheSwitch.biz