You can now reconcile Pin Payments payments in QuickBooks in no time using PayTraQer. You just have to spend a few clicks to do so. Observe the steps carefully for a sweat-free reconciliation.
Steps to Reconcile Pin Payments Payments in QuickBooks using PayTraQer
Prepare QuickBooks for Reconciliation
Step 1: Create a bank account named ‘Pin Payments Bank Account’ (or any name) in QuickBooks. This account will be used only to record your Pin Payments transactions.
Do not use the checking/current account to directly record your Pin Payments 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.
Set up PayTraQer
Step 1: Install PayTraQer and connect it with QuickBooks. (See how)
Step 2: Connect your Pin Payments account with PayTraQer. (See how)
Step 3: Configure the sync setting for Sales, Products & Services, Tax and Payouts. (See how)
Step 4: Sync your Pin Payments transactions into QuickBooks. (See how)
While configuring the settings, you need to select the same bank account (Pin Payments Bank Account or created account) for Sales, Products & Services, Tax and Payouts in PayTraQer.
Configure Pin Payments Sales settings with your Pin Payments Bank Account.
Configure Pin Payments Fees settings with your Pin Payments Bank Account.
Configure Pin Payments Payout settings with your transfer sales account.
QuickBooks Bank Review
Step 1: Navigate to the Banking Section in QuickBooks, you can see that the TRANSFER transactions of "Pin Payments Bank Account" are 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 the QuickBooks 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 Pin Payments sales are matched with your checking account.