How to Reconcile a Deposit with Floorzap Payments

In this article, you'll learn how to add a deposit using the payout summary in the Merger portal and match it with your actual bank deposit in QuickBooks.

Step 1: Navigate to the Finance section in the Merger portal.

Step 2: Here, you'll find the payout summary.

This summary includes details like net settlement, payment volume, transaction fees, and any other relevant fees.

Step 3: Open QuickBooks and create a new bank deposit.

Make sure the account name, deposit date, and other details are correct.

Step 4: Select all the transactions for this deposit.

In this example, the total payment volume is $18,744.79.

Step 5: Add an expense line item for merchant fees.

This should be a negative amount that matches the transaction fees. In this example, it's $562.34.

Adding this negative line item deducts the merchant fees from the total payment volume, giving us a total of $18,182.45. This amount should match the net settlement.

Step 6: Click on Save and Close.

Step 7: To match this transaction with the actual deposit, navigate to the Transactions section.

Here, you'll find a bank transaction.

Step 8: Click on Match.

This action links the deposit you created in QuickBooks with your actual bank deposit. And that's it! You've successfully added a deposit using the payout summary and matched it with your actual bank deposit.