If QuickBooks finds a clear match between the Clubspot-generated journal entry in Undeposited Funds, click “Match.”
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This deposit is now matched, and the transaction amount is now cleared from the Undeposited Funds Account.
This article walks through how to reconcile your deposits in quickbooks. Each club may have a preference in setup however this article 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 are any transactions that are processed and paid out through Clubspot and the payment processor Stripe. The most common are card and ACH transactions. They are paid out net of fees in batches that may include multiple payments. Most clubs will have these payouts directly debit their 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
Offline payments are payments not made or paid out through Clubspot and Stripe. Examples are cash, check, Zelle, or any other payment processed outside of Clubspot. Offline payments recorded in Clubspot will debit your Undeposited Funds account.
When you deposit checks or other offline payments to your bank account you will need to match or categorize those deposits against the offline payments recorded in Clubspot. This ensures that all of the cash and checks recorded against members’ accounts in Clubspot matches what you have deposited in your bank. Matching is preferred when actioning these deposits however Quickbooks might not always be clever enough to do a partial match. In that case you can categorize that deposit to Undeposited Funds.
When you have recorded the same amount of checks in Clubspot as you have deposited in your bank and matched/categorized to Undeposited Funds, you are fully reconciled. Having a zero balance in Undeposited Funds in Quickbooks indicates that you have correctly deposited all funds you have recorded as received in Clubspot. If the balance 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.
<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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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.