QB Issue Resolution:

You cannot select from UF as generic amounts; it expects specific transactions that went in to be what went out.

 

Yes, make a bank account for Sales, example:

Sales paid by PayPal go straight into the PP Bank.

Sales paid by VISA and AMEX go straight to your Merchant Account Bank.

Sales paid through Square go straight to the Square Bank.

 

Then, real checking shows Transfers, from Settlement Agent bank to real checking. This is not income, again. Example:

Transfer from Square Bank to Checking, for Square settlement for that date. Then, you also have the provision to enter an Expense Check into the Square Bank for any Square Fees incurred. And you would use their transaction reporting and statement to reconcile, to prove that they are sending transactions and settling to operating bank properly.

Resolution for Issue 'Hi All – I have a client who does 90% of their business on the weekends. because of this their credit card merchants don’t deposit their weekend sales into their account until many days later, however, the total deposits aren’t one for one for each day (same in total but broken up into odd amounts). I want to set up a clearing account to do the sales receipts into and then push those to the bank to match to the actual deposit totals. I know how to set up the clearing account (as a bank account) and how to receive the payments to the clearing account. What i’m struggling with is how to set up the actual deposits (and then tie the bank feed items to those deposits) and then clear the clearing account without doubling up in the actual bank account? THANK YOU' available: Yes (Solved).
Source: Intuit Community forum.

Hi All – I have a client who does 90% of their business on the weekends. because of this their credit card merchants don’t deposit their weekend sales into their account until many days later, however, the total deposits aren’t one for one for each day (same in total but broken up into odd amounts). I want to set up a clearing account to do the sales receipts into and then push those to the bank to match to the actual deposit totals. I know how to set up the clearing account (as a bank account) and how to receive the payments to the clearing account. What i’m struggling with is how to set up the actual deposits (and then tie the bank feed items to those deposits) and then clear the clearing account without doubling up in the actual bank account? THANK YOU: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for Banking
Quickbooks Repair Pro will resolve it efficiently and affordably. Guaranteed resolution of your issue, or you pay nothing!

Error Recovery for Banking [Canada]
E-Tech is the #1 Quickbooks data migration and Conversion service provider.

Get 50% off Quickbooks Online

Click Here for 50% off!

Additional Support Options: