Why does Skimmer suggest choosing undeposited funds for payment deposits?
Because it will save you frustration and headaches in QuickBooks!
Choosing undeposited funds simplifies the reconciliation process and avoids confusion when checking transactions and reports in QuickBooks.
How I reconcile Skimmer online payouts with QuickBooks
Watch the video to see an example of the process I use to reconcile the payout received summary and payout detail reports matched to the bank deposit to update QuickBooks. Once you do it a couple of times, the process if quick and easy to do.
Regardless of the payment source--credit card or ACH via Skimmer, cash, or checks---select “undeposited funds” when receiving payment.
NOTE:
- Check your settings by going to Integrations>QuickBooks Online.
- Make sure that the “Payment to Deposit Account” is “Undeposited Funds” (or whatever you have Undeposited Funds named in your QuickBooks Online account)
The steps I use to reconcile online payments in Skimmer:
- In Skimmer, go to Billing > Billing Reports > Payouts Received Summary
- Check to see if there is a payout that you have not yet recorded in QuickBooks.
Make sure it says, “Paid Out”; If it says “in transit,” wait until it changes to “Paid Out” to record in QuickBooks. - Copy the payout information and paste into the memo of a new Bank Deposit in QuickBooks (Access the Bank Deposit by clicking the “+ New” button in the upper left in Quickbooks.)
- Return to Skimmer and go to Billing > Billing Reports > Payouts Received Detail
- Identify the customer payments with the matching Payout ID you copied previously. There’s a print or download option in the upper right that you can also use to make it easy to identify all customer payments with a matching Payout ID.
- In QuickBooks, checkmark the identified customers listed on the Bank Deposit.
- Manually add the Stripe processing fee as a negative number at the bottom of the Bank Deposit in the “Add Funds to this Deposit” section. (See video and below screenshot for reference.)
- The totals for gross payment received - processing fee should equal the payout amount deposited to your bank account.
- Save and Close
Finally, trust me. Choosing Undeposited Funds will save time and prevent headaches in the future.
If this didn’t make sense or you have additional questions, don’t hesitate to message me.