Should you use Automated Payout Syncing with QuickBooks? YES!!! Here's why and how...

Thank you, Skimmer! Automated Payout Syncing with QuickBooks is a game changer!

Skimmer's new payout syncing update automatically syncs with QuickBooks, creating both an invoice and payment record AND creating a bank deposit that reconciles with the payout. The reconciliation is 98% done for you!

So, how do you set it up?

Set up the QuickBooks integrations settings as shown below or in the video above.

Choose 'undeposited funds' for payment deposit account in QuickBooks for the Skimmer Payouts
Choose ‘banking/credit card merchant fees’ expense account in QuickBooks for the skimmer payout fees

Here’s why:

💳 Online Payment Processing

Skimmer uses Stripe for processing online credit/debit card payments
Stripe takes a fee for processing credit cards, debit cards, and ACH online
The new payout syncing feature helps reconcile the difference between invoice amount and actual deposit
Example: Customer pays $100 - $2 processing fee = you receive $98

🏦 QuickBooks Tips for Setup and Reconciliation (04:51 - 07:22)

Connect business checking and credit card accounts to QuickBooks
Bank transaction feed shows actual transactions in real-time
New Skimmer payout sync feature creates a bank deposit matching the payout
Invoices paid go to undeposited funds, waiting to match with payout
This is why you should always choose “undeposited funds” for payments (not the bank account)

🔍 Detailed Look at Bank Deposit in QuickBooks (07:23 - 08:19)

Bank deposit shows invoices paid through Skimmer online
Processing fees are automatically deducted
Total payout equals sum of invoices minus processing fees
Integration and syncing create this automatically, saving time!

Yes, this can be done manually, but, why would you??

Get back to what you do best! Automate the rest.

Be the first to reply!

Wow!

You are so amazing and helpful!

I would love to see a video on how to divide the products and services income account so I differentiate the payments in QBO.

I’m getting duplicates when it comes to skimmer payouts and check deposits that im physically taking to the bank. Any issues with that?

I’d love some help.

getting duplicates when it comes to skimmer payouts and check deposits how do I fix that

Hi,

At about 1:50 into the video, you mention modifying the income account(s) on the QuickBooks side to get accurate reporting from QBO. Can you please provide more information on that specific process?

Thanks!

Hi,

At about 1:50 into the video, you mention modifying the income account(s) on the QuickBooks side to get accurate reporting from QBO. Can you please provide more information on that specific process?

Thanks!

Sure! @ParsonsPool - When I help clients set up their QuickBooks accounts, I create the following income accounts:

Income - Monthly Pool Service
Income - Pool Repairs
Income - Sales of Chemicals
Income - Sales of Parts

Once I’ve created a new product in Skimmer, I wait for it to sync with QuickBooks, and, then edit the product in QuickBooks to assign the appropriate income account.

Example:

Product in Skimmer is a “pump”

Locate the “pump” product in QuickBooks
Click “edit”
Change the income account to “Income - Sales of Parts” and save.

The next time the pump product is added to an invoice and marked paid in Skimmer, the sale of that pump will show up on the profit and loss report in the “Income - Sales of Parts” report.

When I assign the appropriate income account for each product, my QuickBooks profit and loss now shows the following:

Total Income

Income - Monthly Pool Service
Income - Pool Repairs
Income - Sales of Chemicals
Income - Sales of Parts

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