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Cash application in QuickBooks Desktop

Learn how Centime posts payments and deposits to QuickBooks Desktop. 

Step 1: Payment Authorization

  • The customer submits a payment, applying credits and early pay discounts if applicable.

  • Centime posts the payment to the Undeposited Funds GL for all invoices included in the transaction.

  • If applicable, Centime also posts:

    • A journal entry to the Discount GL

    • A journal entry to the Surcharge GL

Step 2: Settlement Posting

  • Centime creates a Deposit for the full amount paid by the customer.

  • On the next line, Centime records the settlement fees:

    • Received From: Bank Fees Vendor

    • From Account: Your Fees & Charges expense account (e.g., Bank Fees or Merchant Fees)

    • Amount: Enter the fee as a negative value (e.g., -3.00)

  • The net deposit total should match the actual amount deposited into your bank account (e.g., $97.00).