If you process credit card transactions using Point-of-Sale Merchant Service, and perform a Financial Exchange with QuickBooks, you can reconcile your Point-of-Sale transactions in QuickBooks.
Note: If you have both QuickBooks Merchant Service and Point-of-Sale Merchant Service, you will only see your Point-of-Sale deposits in the Record Deposits workflow, not the Merchant Service Deposits workflow.
You will see these transactions in the Payments to Deposit window, although they may appear slightly differently than your other transactions.
If you upgrade an existing Point-of-Sale Merchant Services company file, your existing Point-of-Sale Merchant Service credit card transactions will appear at the top of the Make Deposits window, not batched by date or card type, while the credit card payments accepted after the upgrade will be batched by date and card type.
If you want your Point-of-Sale deposits to be batched properly, you should close your batch before you do a financial exchange with QuickBooks. If a batch does display multiple days, individual date stamps will appear in the same grouping in the Payments to Deposit window, but the date of the batch will be the date that a credit card transaction is first put in the batch.
Q: What types of transactions can be transferred as deposits from Point of Sale to QuickBooks?
A: Point of Sale transactions are typically sales receipts, but may also be invoices, credit memos, received payments, or journal entries.
Q: How are credit card transactions grouped in the Payments to Deposit window?
A: JCB transactions are included with the Visa/MasterCard batch. Diners Club and JCB are grouped with Visa/MasterCard. American Express transactions are grouped in their own batch, as are Discover transactions.
Q: Can I get funding status for Point of Sale transactions?
A: You cannot get the funding status for Point of Sale transactions, so if you are displaying only Point of Sale deposits, the Get Funding Status does not appear. However, if you display a mixed batch of transactions that includes both Point of Sale and QuickBooks Merchant Service transactions, the Get Funding Status button will appear and you will be able to get the funding status of the QuickBooks Merchant Service transactions.
If you don't close your batch ("batch out") at the end of every business day, your transactions may span multiple days.
Q: Where do my Point of Sale transactions go in QuickBooks?
A: Point of Sale deposits are transferred to your Undeposited Funds account in QuickBooks. Optionally, you can set up customized account mapping between Point of Sale and QuickBooks.
Q: What if I have multiple accounts, including both Point of Sale and QuickBooks Merchant Service accounts?
A: If you have a combination of Point of Sale and QuickBooks Merchant Service accounts, you will see a Select Merchant Account drop-down list on the Payments to Deposit Screen, from which you can select the account for which you want to view deposits.
Detailed Financial Exchange versus Summary Financial Exchange
Transactions are batched in the Payments to Deposit window differently for Detailed Financial Exchange (DFE) and Summary Finance Exchange (SFE), as shown in the table below.
Each line item may include multiple transactions and different batches.
All receipts paid by cash, credit/debit/gift card, and gift certificate for a particular day are consolidated and sent to QuickBooks as a single receipt for the total amount of sales in each type.
If you send sales receipts to QuickBooks, one sales receipt is created in your financial software listing all of your cash, credit/debit/gift card, and gift certificate transactions per day.