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Proud Texan

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As most of you probably do, I save my credit card transactions in my machine and batch process them together when guests leave. When you create an INVOICE in QuickBooks, it wants to treat each guest invoice as a separate deposit. Unfortunately, credit card deposits sometimes include multiple transactions.
How can I create individual invoices but still have my deposit reflect the batch amount?
Do any of you handle this differently?
 

Jesse Smith

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When you "Receive Payments", I think there's an option to select multiple invoices that the payment covers. However, you might not want to be creating invoices at all. Invoicing is usually done before after the service is rendered but before payment is received. In your situation, I believe it might be more appropriate to create Sales Receipts, since payment is being made at (roughly) the time the services are rendered. And you could do the same thing and have one payment transaction cover multiple receipts.
But I'm not an accountant, so take this with a dash of salt.
 

muirford

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We do what Jesse said - enter the credit cards as sales receipts. We only create invoices when we have an advance paymnent (in the case of a full house booking) or for some of our business guests who need an itemized receipt marked paid in order to be reimbursed. We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them.
 

Proud Texan

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We do what Jesse said - enter the credit cards as sales receipts. We only create invoices when we have an advance paymnent (in the case of a full house booking) or for some of our business guests who need an itemized receipt marked paid in order to be reimbursed. We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them..
muirford said:
We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them.
Do you record your batch as a deposit? That's the way it goes into our bank account. I guess I need to not think of individual transactions, but rather the batch as a group of transactions and also as the amount that will be deposited and reconcile that using that figure. Does that sound right?
 

muirford

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We do what Jesse said - enter the credit cards as sales receipts. We only create invoices when we have an advance paymnent (in the case of a full house booking) or for some of our business guests who need an itemized receipt marked paid in order to be reimbursed. We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them..
muirford said:
We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them.
Do you record your batch as a deposit? That's the way it goes into our bank account. I guess I need to not think of individual transactions, but rather the batch as a group of transactions and also as the amount that will be deposited and reconcile that using that figure. Does that sound right?
.
That's right - we don't record the batch as a deposit. (Actually my DH does this, and he says it took him a while to find a process that worked comfortably). We enter each customer sale into the sales receipts and that money moves to the undeposited cash account. When we get the credit card statement and the bank statement, he uses those together to reconcile them and move the money into the deposited cash account. He uses the batch processing record from each day to match against the deposits, then he can see which individual transactions should be cleared from the undeposited cash account.
This way wouldn't necessarily work for anybody depending on your cash flow situation. In the early days he had to be comfortable sometimes showing a negative balance in the checking account even though we knew three or four weeks of receipts were really in the bank account but not reconciled in Quickbooks yet. We don't have that problem now but it is something to be aware of.
 

Proud Texan

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We do what Jesse said - enter the credit cards as sales receipts. We only create invoices when we have an advance paymnent (in the case of a full house booking) or for some of our business guests who need an itemized receipt marked paid in order to be reimbursed. We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them..
muirford said:
We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them.
Do you record your batch as a deposit? That's the way it goes into our bank account. I guess I need to not think of individual transactions, but rather the batch as a group of transactions and also as the amount that will be deposited and reconcile that using that figure. Does that sound right?
.
That's right - we don't record the batch as a deposit. (Actually my DH does this, and he says it took him a while to find a process that worked comfortably). We enter each customer sale into the sales receipts and that money moves to the undeposited cash account. When we get the credit card statement and the bank statement, he uses those together to reconcile them and move the money into the deposited cash account. He uses the batch processing record from each day to match against the deposits, then he can see which individual transactions should be cleared from the undeposited cash account.
This way wouldn't necessarily work for anybody depending on your cash flow situation. In the early days he had to be comfortable sometimes showing a negative balance in the checking account even though we knew three or four weeks of receipts were really in the bank account but not reconciled in Quickbooks yet. We don't have that problem now but it is something to be aware of.
.
As one who is mathematically challenged, I thank you from the bottom of my heart. That makes total sense. The little light bulb went on as I read your explanation. I should be able handle that. Thanks!
 

muirford

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We do what Jesse said - enter the credit cards as sales receipts. We only create invoices when we have an advance paymnent (in the case of a full house booking) or for some of our business guests who need an itemized receipt marked paid in order to be reimbursed. We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them..
muirford said:
We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them.
Do you record your batch as a deposit? That's the way it goes into our bank account. I guess I need to not think of individual transactions, but rather the batch as a group of transactions and also as the amount that will be deposited and reconcile that using that figure. Does that sound right?
.
That's right - we don't record the batch as a deposit. (Actually my DH does this, and he says it took him a while to find a process that worked comfortably). We enter each customer sale into the sales receipts and that money moves to the undeposited cash account. When we get the credit card statement and the bank statement, he uses those together to reconcile them and move the money into the deposited cash account. He uses the batch processing record from each day to match against the deposits, then he can see which individual transactions should be cleared from the undeposited cash account.
This way wouldn't necessarily work for anybody depending on your cash flow situation. In the early days he had to be comfortable sometimes showing a negative balance in the checking account even though we knew three or four weeks of receipts were really in the bank account but not reconciled in Quickbooks yet. We don't have that problem now but it is something to be aware of.
.
As one who is mathematically challenged, I thank you from the bottom of my heart. That makes total sense. The little light bulb went on as I read your explanation. I should be able handle that. Thanks!
.
You're very welcome. Glad I could be of help to someone today!

 
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