You can reconcile Authorize.Net payments/deposits in QuickBooks in just minutes using PayTraQer. Observe the steps carefully for a sweat-free reconciliation.
Steps to Reconcile Authorize.Net Payments/Deposits in QuickBooks using PayTraQer
Setup QuickBooks for Reconciliation
Step 1: Create a bank account named ‘Authorize.Net Bank Account’ (or any name) in QuickBooks. This account will be used only to record your Authorize.Net transactions.
It is suggested not to use your Checking/Current account to directly record your Authorize.Net transactions to avoid issues at the time of reconciliation.
Step 2: Set up the bank feed in QuickBooks or upload the bank statement in QuickBooks. You can see the downloaded transactions in the bank review section.
Step 1: Install PayTraQer and connect it with QuickBooks. (See how)
Step 2: Connect Authorize.Net with PayTraQer. (See how)
Step 3: Configure the sync setting for Sales, Products & Services, Tax and Payouts. (See how)
Step 4: Sync your Authorize.Net transactions to QuickBooks. (See how)
While configuring the settings, you need to select the same bank account (Authorize.Net Bank Account or created account) for Sales, Products & Services, Tax and Payouts in PayTraQer.
Configure the Sales settings with your Authorize.Net Bank Account.
Configure Authorize.Net settings with your transfer sales account.
QuickBooks Bank Review
Step 1: Navigate to the Banking Section in QuickBooks, you could see that the TRANSFER transactions of "Authorize.Net Bank Account" is matched against your deposits. These TRANSFER transactions won't be created if you have not enabled Payout processing in PayTraQer.
Step 2: Click the "Match" link to accept the transactions.
You can also create TRANSFER transactions directly in the Bank Review screen if it is not available.
Step 1: Click ‘Reconcile’ from the Accounting tab, listed on the left of your screen.
Step 2: Specify your Ending Balance and Ending Date.
Step 3: Click ‘Start Reconciling’ to start the process.
QuickBooks automatically matches the transfers and deposits and marks the transactions as reconciled.
Now your QuickBooks Authorize.Net sales are matched with your checking account.