This article walks through how to reconcile your deposits in quickbooks. This guide walks through the most common setup of separating out online, versus offline deposits. If you would like your offline payments further separated out to different accounts by payment method, reach out to [email protected] to have that configured.

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Online Payments

Online payments are any transactions that are processed and paid out through the payment processor, Stripe. The most common are card and ACH transactions and Pre-authorized debits in Canada. Payouts are net of processing fees and by default run daily. Clubspot recommends that payouts be mapped directly to your Operating Account. Clubspot times these transactions (a credit to Cash in Transit and a debit to your Operating Account) to match the estimated time that the deposit hits your bank account and is pulled in by Quickbooks. This ensures an easy 1-to-1 match. Once you match you have reconciled your online payments!

Offline Payments

Offline payments are payments not made or paid out through Clubspot and Stripe. Examples are cash, check, but could be any payment not processed through Stripe. Offline payments recorded in Clubspot will debit your Undeposited Funds account.

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To reconcile, you need to match or categorize the deposits of those cash and checks to this undeposited funds.

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You will have successfully reconciled when your undeposited funds account is zero, indicating that the same amount of cash / checks were recorded in Clubspot as was deposited and matched / categorized to undeposited funds.

How it works

When you have recorded the same amount of cash / checks in Clubspot as you have deposited in your bank and matched or categorized to Undeposited Funds, you are fully reconciled. If the balance of undeposited funds does not zero then you have either recorded offline payments in Clubspot that you have not yet deposited, or you have deposited funds in the bank that you have not recorded in Clubspot.

Step-by-Step Guide for Recording Offline Payments in QBO

<aside> 💡 This is the process for recording offline payments when your bank account is linked to QBO (so deposits are automatically pulled into QuickBooks, rather than being manually added). If your bank account is not linked to QBO, you’ll manually enter each deposit through the +New → Bank Deposit flow.

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1. Navigate to the Bank Transactions Screen

• In QBO, navigate to Transactions → Bank Transactions.
• You will automatically land in the “For review” selection, where all of your unmatched or categorized deposits will be.

2. Match the Deposit

• If QuickBooks finds a clear match between the Clubspot-generated journal entry in Undeposited Funds, click “Match.”

  

• This deposit is now matched, and the transaction amount is now cleared from the Undeposited Funds Account.