Overview
When you click “Sync Now” in SwipeSimple, your transactions are sent to QuickBooks Online and appear in the account you chose during setup. We recommend syncing to “Undeposited Funds” (also sometimes called “Payments to deposit”), which you can change at any time under “Sync Settings.”
Syncing is only the first step. Once your transactions are in QuickBooks Online, they wait in a holding account until you match them to the real deposits that arrive in your bank account. Matching transactions to deposits is called reconciliation, and it is what keeps your books accurate.
Why each step matters
Your merchant service provider combines many individual sales into a single bank deposit. “Undeposited Funds” acts like an envelope that holds each synced sale until you group the sales that make up a deposit. When you match those sales to the deposit in your bank feed, QuickBooks Online confirms that the money you recorded equals the money you received. If the deposit is smaller than your sales total, the gap is usually the processing fee your provider deducted, which you can record in QuickBooks Online as well so your books balance.
Before You Start
- You have connected SwipeSimple to QuickBooks Online and completed the setup.
- Your sync destination is set to “Undeposited Funds” or “Payments to deposit”.
- You know which bank account receives deposits from your merchant service provider.
Steps at a Glance
- Step 1: Sync your transactions in SwipeSimple
- Step 2: Find your transactions in QuickBooks Online
- Step 3: Go to Bank Transactions and find your deposit
- Step 4: Select the records that belong to this deposit
- Step 5: Resolve any difference and match
- Step 6: Repeat for each deposit
Step 1: Sync your transactions in SwipeSimple
Before heading to QuickBooks Online, make sure your latest transactions have been synced.
1. In SwipeSimple, scroll down the left menu to App Marketplace and click QuickBooks Online Sync.
2. Click the blue “Sync Now” button at the top of the page.
3. Wait for the green checkmark. This confirms your transactions synced successfully.
| Important Note: Syncing is on demand and does not happen automatically. Sync your transactions whenever you want them sent to QuickBooks Online. |
Step 2: Find your transactions in QuickBooks Online
After syncing, your transactions are waiting in QuickBooks Online. Verify they arrived correctly before moving to Bank Transactions.
1. In QuickBooks Online, click Sales in the left menu, then Sales Transactions.
2. Confirm your synced transactions appear here. Once they do, you are ready to match them to a deposit.
Step 3: Go to Bank Transactions and find your deposit
Now head to the bank feed to find the deposit from your merchant service provider.
1. In QuickBooks Online, click Accounting, then Bank Transactions.
2. Select the bank account where your merchant service provider sends deposits.
3. Click the “Preview” tab.
4. Find a deposit from your merchant service provider and click “Match.”
Step 4: Select the records that belong to this deposit
After you click “Match” on a deposit, the match screen shows all unmatched records from QuickBooks Online: Sales Receipts, Receive Payment records (for paid invoices), and Invoice records. Check the box next to each record that belongs to this deposit.
Deposits arrive after sales occur, and the exact schedule you receive your deposit varies by merchant service provider and by when your daily batch closes. Understanding your own funding schedule is critical so you know which sales to expect in each deposit and is essential for accurate reconciliation. If you are unsure of your funding schedule, please contact your merchant service provider for more details.
1. Check the box next to each transaction record that belongs to this deposit.
2. If you collect payment against invoices, also check any Receive Payment records that belong to this deposit.
3. Watch the selected amount at the bottom; it should move close to the deposited amount from your merchant service provider.
| What is a “Difference of $0.00”? Two amounts appear on this screen: the deposit amount and the sum of the boxes you check. Your goal is to make the sum of the checked boxes equal the deposit amount. When they match, the “Difference” at the bottom of the screen shows $0.00. |
Step 5: Resolve any difference and click Match
After you select your records, check the “Difference” at the bottom of the panel. If it shows $0.00, click “Match.” If any difference remains, resolve it first. A difference usually appears because your merchant service provider deducts processing fees from each deposit, so the amount deposited is slightly less than your sales total.
If your Difference is not $0.00
1. Click “Resolve difference” (shown as “If needed, resolve the difference”).
2. A new row appears. In the “Category” field, select your merchant fee expense account. The amount fills in automatically. Confirm the Difference now shows $0.00.
| Note: You must have a designated expense account in QuickBooks Online, if you don’t have one, you’ll need to create it to accurately track your processing fees. You can name it something like “Merchant Account Fees” or “Bank Charges & Fees,” it’s up to you. |
3. Click “Match.” The deposit moves out of “Pending”, and the matched records clear from “Undeposited Funds” (if that is where they were sent when you synced them).
In this example, a Receive Payment record for $44.10 is checked. The $0.90 difference is resolved by selecting the merchant fee expense account, bringing the total to $45.00, which exactly matches the deposit.
Step 6: Repeat for each deposit
Go back to the “Pending” tab on Bank Transactions and repeat these reconciliation steps for each deposit from your merchant service provider. When the tab is clear of outstanding deposits, your books are up to date.
Common Questions
How often should you do this?
Most merchants receive a deposit every few business days. Completing the matching step regularly prevents a backlog and keeps your books accurate.
Using SwipeSimple or QuickBooks invoices?
When an invoice is paid through SwipeSimple and synced, QuickBooks Online creates a Receive Payment record. That record appears on the match screen alongside your Sales Receipts. Select it the same way: check the box and include it in the total for that deposit. Learn more about invoice matching.
| Note: Scheduled or recurring payments sync as Sales Receipts and are not automatically applied to open invoices in QuickBooks Online. If you bill with invoices, review these records when matching. |
Taking cash payments?
Cash sales sync to QuickBooks Online as Sales Receipts too, but your merchant service provider does not deposit cash. Match cash Sales Receipts to the physical cash deposit you make at your bank, using the same steps shown above.
Participate in Dual Pricing or Surcharging programs?
If you use Dual Pricing or surcharging, your SwipeSimple sales total may not match the deposit because the customer-paid adjustment is included. Add a row for your merchant fee expense account when matching so the Difference reaches $0.00.
Helpful Terms to Know
Sales Receipt — A record QuickBooks Online creates for a completed sale that was not billed on an invoice.
Undeposited Funds (Payments to deposit) — A holding account where synced payments wait until you match them to a bank deposit.
Bank Deposit — The combined amount your merchant service provider sends to your bank, often made up of many individual sales.
Bank Feed / Bank Transactions — The area in QuickBooks Online where downloaded bank activity appears for review.
Match — Linking one or more QuickBooks Online records to a downloaded bank transaction so the amounts agree.
Reconciliation — Confirming that the transactions in your books equal the money that moved through your bank account.
Difference — The gap between the deposit amount and the records you selected. A $0.00 Difference means they agree.
Have More Questions?
Visit the QuickBooks Online Sync FAQ, or click the Help button in SwipeSimple to contact our team.
| Please note: The SwipeSimple support team are not QuickBooks Online experts. For questions specific to using QuickBooks Online, please contact Intuit Customer Support. |