Cash application in QuickBooks Desktop
Learn how Centime posts payments and deposits to QuickBooks Desktop.
Step 1: Payment Authorization
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The customer submits a payment, applying credits and early pay discounts if applicable.
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Centime posts the payment to the Undeposited Funds GL for all invoices included in the transaction.
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If applicable, Centime also posts:
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A journal entry to the Discount GL
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A journal entry to the Surcharge GL
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Step 2: Settlement Posting
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Centime creates a Deposit for the full amount paid by the customer.
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On the next line, Centime records the settlement fees:
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Received From: Bank Fees Vendor
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From Account: Your Fees & Charges expense account (e.g., Bank Fees or Merchant Fees)
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Amount: Enter the fee as a negative value (e.g.,
-3.00
)
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The net deposit total should match the actual amount deposited into your bank account (e.g.,
$97.00
).