Overview
- This guide will cover how to reconcile BigCommerce transactions with the bank feed in QuickBooks Online for those using the BigCommerce + QuickBooks Online integration.
- Allocate your payment deposits recorded in BigCommerce to the clearing accounts.
Reconcile BigCommerce clearing accounts by allocating payment deposits
For each payment type, you need to take note of what clearing account it has been mapped to. Then, you’ll need to go through the following steps for each payment type to complete the bank reconciliation process. To view the clearing accounts mapped to the payment types, follow this guide on accounts mapping.
For example, a Stripe payment has been recorded in BigCommerce. The integration syncs the payment to the clearing account assigned to the Stripe payment type. When Stripe transfers the payout to your bank account, you must allocate this to the same clearing account, e.g. BigCommerce Stripe Clearing.
Follow these steps to reconcile the Stripe payment type with BigCommerce + QuickBooks Online:
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Log in to QuickBooks Online.
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Click the Stripe deposit related to BigCommerce. You can follow the sample details below:
Payee – BigCommerce Stripe Payout
Category – “BigCommerce Stripe Clearing” or the mapped clearing account if you changed the default mapping.
Tax – This should be 0% (e.g. Out of Scope or Tax Exempt) since the tax amounts have already been recorded into the synced invoice.
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Click Add.
What is a clearing account?
Clearing accounts are temporary accounts that hold a record of payment received as per POS/eCommerce app before the money is deposited by the payment service into your bank account. This means your sales and payments data are always up-to-date. Allocating the actual deposits to the clearing accounts will offset the amount on the clearing account that has the temporary balance and post it to a permanent account.