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Nazcar
October 1, 2022
Question

How to account for Revel System POS transactions

  • October 1, 2022
  • 1 reply
  • 32 views
Invoices, Payments and Deposits out of sync

1 reply

N
NazcarAuthor
October 1, 2022

Just to clarify the question: Revel POS software is linked to QBO and uploads daily transactions as an Invoice (A/R) with matching payments (Undeposited Funds, Employee Tips, Cash on Hand). Unfortunately, the payments recorded by the POS do not match the bank deposits: 1) dates are off by several days, and 2) deposits amounts may vary from recorded payments (due to fees, refunds, etc.) 

At this time, my Invoices are showing as Paid but not Deposited and my bank deposits are showing up as duplicate sales. 

How can match the uploaded payments with the appropriate deposit and account for any additional fees?

 

Any help is greatly appreciated!

L
lin_jcaj
Level 9
October 1, 2022

I've got the steps you'll need on how to handle these transactions and match them in QBO, Nazcar.

 

You'll have to create a Bank deposit from the payment, add the fees as a negative value then manually Find a match.

 

Let me show you how to accomplish it:

 

  1. Click the + New button.
  2. Choose Bank deposits.
  3. Select the payment you want to deposit.
  4. Enter the amount of the fee charge as a negative amount in the Add other funds to this deposit section.
  5. Select the appropriate expense account to track the fees.
  6. Click Save and close to record the transaction.

 

Check out this article for additional details: Enter a bank service fee while using a third-party merchant service.

 

You can now match the entries to the correct ones. You can refer to this link to see the process: Match and categorize online banking transactions.

 

If QuickBooks can't find a match, it may be due to the date that is off by several dates.

 

Regarding duplicate sales, you can exclude them from your account. Check this article for detailed steps: Exclude bank transactions you downloaded into QuickBooks Online.

 

Once done, please click this article to view detailed steps on how you can reconcile your accounts: Reconcile an account in QuickBooks Online.

 

Let me know if you have additional questions about matching transactions in QuickBooks Online. I'd be happy to help.

N
NazcarAuthor
October 2, 2022

Glinette,

 

Thank you for your response!

 

It helps getting closer to the answer, but the part that is not clear to me still is how do I match the 'Payments' to Undeposited Funds created by the POS integration with the actual 'Deposits' from my bank feed.

 

1) Bank Feed Review: How do I process the actual bank deposits: Categorize, Find Match or Transfer? I don't seem to be able to match these with the deposits with the payments as they don't show up as an option

2) If I attempt a new Bank Deposit, all I see are the 'Payments' from the POS, not my actual deposits

 

Thanks again for your help and happy to provide additional details if helpful,

 

Nazcar 

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