Credit Card to Bank Account Reconciliation

Hello,We have a very active ecommerce site and process about 400 transactions every month. We use authorize.net as our payment gateway.I can download all sales transactions for the month of March from authorize.net and import them into QuickBooks (which is a pain in itself since I have to go through every sales receipt and assign the correct product item).Here's the problem: it usually takes 2-3 days before I see the deposit in our checking account. Also, deposits are batched by day, type of credit card and may include charges and refunds at the same time. So for example, the sales transactions of 3/31 are included on my sales report and download file from authorize.net but do not show up in my checking account until April. This makes reconciling March almost impossible.There has to be a better solution but I can't seem to see it - do you have any words of wisdom? Thanks,Tom

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4 Replies

karlirvin2

Allstar

04/02/08 10:05am PDT

Can you download a file of orders from your website? Some shopping carts can do this and some export in a QuickBooks format that is readily importable. This might help some.

I recently did some research for a client and found that there are some shopping carts that integrate closely with QuickBooks and QuickBooks merchant services.

When using one of theses shopping carts, order information and the related credit card transaction ID is downloaded to QuickBooks.

Then, credit card settlements are downloaded from QuickBooks merchant services and the settlements include the same credit card transaction ID that was downloaded with the order.

Then when you go into the make deposits screen, QuickBooks automatically matches the credit card settlement with the individual charges. Very slick. Also, credit card fees are automatically imported in QuickBooks.

My client decided to stick with their existing shopping cart (which can't do the matching) because they didn't have time to switch to a new cart. So I don't have any actual user results but I did like what I saw at http://www.pdgsoft.com/ (I am not affiliated with them). Somewhere on the Merchant services website they have a listing of shopping carts that integrate in the manner noted above. There are several other carts listed on that webpage. ProStores is listed on that webpage but we found that the automatic matching process did not work when we tested it.

Karl Irvin
Certified QuickBooks Advisor
Intuit Gold Developer
www.q2q.us

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txm1004

New Member

04/02/08 12:23pm PDT

Yes, we can download and import our sales from our online store and we can also download and import our deposits on our checking account.

The problem is, they do not match for any given month because of the 2-4 day lag in deposits...I was hoping to avoid a manual reconciliation of every line item - there has to be a better way.

Has anyone tried using a 'clearing account' to record web sales and then offset the deposits in the checking account against it?

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jw4570

New Member

07/17/08 9:48am PDT

Tom, running into similar issues trying to reconcile. Question for you. How do you handle a refund in Authorize.net? The default puts a refund in to Accounts Receivable and I am not sure what to do with it there. What are you using for Quickbook Download Report Settings for credit memo?
Thanks. Jim

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dburke

Allstar

07/17/08 4:28pm PDT