Quickbooks Online Reconciliation
Your step-by-step guide for accurate reconciliation with Quickbooks Online.
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Your step-by-step guide for accurate reconciliation with Quickbooks Online.
Last updated
Was this helpful?
This step-by-step guide walks you through reconciling payments in QuickBooks Online. It covers the options partners have depending on their set-up to accurately match bank transactions to invoices and keep your financial records well-organized.
When you integrate with Quickbooks Online, deposit creation is disabled by default within Alternative Payments. This default setting assumes that partners prefer to manually reconcile deposits using QBO's AI capabilities, particularly when their bank account is connected to QBO via Plaid. Below are the options available for managing reconciliation:
Manual Reconciliation (Default): If your bank account is connected to QBO via Plaid and you prefer to manually reconcile deposits using QBO's AI: - No action is required. - You do not need to select a bank account for deposits or enable the deposits toggle.
Automatic Reconciliation (Optional): If you prefer QBO to automatically reconcile deposits: - Select a bank account for deposits within your integration preferences. - Enable the "Create Deposits" toggle.
For partners who do not have their bank account connected to their Quickbooks Online, deposits must be manually sent for successful reconciliation. To enable this:
Click on Set Up Accounts and select a bank account in the deposit dropdown within the Integrations section of the dashboard.
Enable the Create Deposits toggle: Within the Quickbooks Online module, click the three dots and select Preferences. Enable the toggle and click on Confirm.
This process is applicable if you have your bank account connected to Quickbooks Online and use their AI to reconcile the deposit to the payments.
1. Under bank transactions, the QBO API will display the payments associated with the deposit. Select Match if you see the correct payment being displayed.
If this screen is not displaying the correct match, click “Find other matches” in order to find the payment to match with the deposit that’s been recorded by QBO (refer to step 2).
2. After clicking Find other matches, filter by “Receive payments” and select the applicable payment that has the same transaction ID to match with the deposit.
By following these steps, you can streamline your reconciliation process and maintain accurate financial records. If you need further assistance, don’t hesitate to reach out to our Customer Experience team at customersuccess@alternativepayments.io or by sending us a message via the Live Chat within your partner dashboard.
