I sell online and my sales receipts are the gross sales revenue, then the payment processor keeps their fees and deposits the net sales revenue into my bank account. Often, a single deposit will correspond to several sales receipts. For example, let’s say that on Monday of last week five customers each bought a $50 membership, so I’d have five sales receipts each for a $50 membership. The payment processor collects the $250, deducts their fees, and deposits $233.75 into my bank account. If I simply confirm the deposit, then my books will be inaccurate because they’ll show a revenue of $250 worth of memberships plus a revenue of $233.75 from my payment processor. So, I need to match the deposit to the sales receipts before I confirm the deposit. Thus, I select “Find match” and on the match screen, I tick the boxes next to the five relevant sales receipts. The sales receipts total $250, which is greater than the deposit amount of 233.75, so I then toggle the “resolve difference” button, and add a resolving transaction where I set the Payee as Stripe (the payment processor), categorize it as a Cost of Goods Sold expenditure, and set the expense as -26.25. That resolves the difference, and allows me to track gross sales, fees, and net sales. That’s wonderful.
However, I cannot do this when a single deposit corresponds to a single sales receipt, because QBO apparently has a cap that prevents matching a deposit with a sales receipt of greater value. Multiple lesser-value-than-the-deposit receipts can be matched to the deposit, combining to a greater value than the deposit; but a single receipt of greater value is simply blocked from even being an option for matching. For example, let’s say that on Wednesday of last week I only had one sale, such that one customer bought a $50 membership, so I have one sales receipt for a $50 membership. The payment processor collects the $50, deducts their fee, and deposits $44.75 into my bank account. Again, if I simply confirm the deposit, then my books will be inaccurate because they’ll show a revenue of $50 worth of memberships plus a revenue of $44.75 from my payment processor. So, I need to match the deposit to the sales receipts before I confirm the deposit. Thus, I again select “Find match” because I want to match the deposit to the $50 sales receipt, add the reconciling transaction as a COGS expense of -5.25. That would allow me to accurately track gross sales, fees, and net sales. Instead, however, when I get to the match screen, QBO refuses to even show me any sales receipts that have a greater value than the deposit amount—even though there’s an option to add a reconciling transaction to resolve the difference!
This is a huge problem, as many deposits correspond to only one sales receipt, which are greater value than the deposit value, and thus QBO will simply not allow me to match them – meaning that I cannot accurately track gross sales, fees/COGS, and net sales revenue.
Simply adding a line item to the sales receipt to deduct the fee from the order is not a solution, because A) doing so inaccurately misrepresents the actual gross amount of the sale, and B) it fails to track the fee as a COGS expenditure I paid to the payment processor. The correct/accurate accounting is to match the deposit (net sales revenue) to the sales receipt (gross sales revenue) and add a resolving transaction for my COGS expenditure (fees).
Please help! Is there a way fix the QBO software to allow us to match deposits to ANY sales receipt, even if the receipt value is greater than the deposit value?
