Forget about matching deposits manually to various transactions from a long list of undeposited funds during reconciliation. Synder has got you covered.
Why Can’t I Sync My Online Payments to Undeposited Funds with Synder?
The answer is easy and includes several points:
- All the transactions from all sources rest in Undeposited funds, which makes it time-consuming to handpick and match only those invoices needed to the payout (deposit).
- Bookkeeping is cleaner when you have all the transactions from Stripe in “Stripe (required for Synder)”, from PayPal in “PayPal (required for Synder)” and so on.
- The flow of money from the real world is reflected only when the clearing account is used, and payouts are happening to your checking account the same way they happen in real life.
The Synder Way
Synder was designed to mirror your real-life money flow. Your bank doesn’t know detailed information about the customers who paid you or fees, it has only a lump sum of money coming from your payment processor (on a daily/weekly… basis). Your checking account in QuickBooks/Xero shouldn’t either. Instead, you have a clearing account in your Chart of accounts (created by Synder), each sale/expense/fee is sitting there with all the details, and only a bulk transfer (payout) from this clearing account to your checking account is visible in your checking, and it is automatically pre-matched by QuickBooks/Xero for one-click reconciliation.
Example: Let’s say, you received 10 payments for $1000 in total from different customers. Synder deposits all of these 10 sales receipts along with 10 expenses for processing fees in your payment platform (let’s take Stripe as an example) clearing account – “Stripe (required for Synder)”. At the end of the day Stripe transfers the net amount (about $950) to your bank account as one “lump” of money, in other words, Stripe makes a payout (a transfer, or deposit of funds) to your bank. Synder records a transfer from “Stripe (required for Synder)” to your checking account for $950 which leaves the clearing account empty (showing 0 balance) and allows you to reconcile checking with no manual transactions matching.
Reach out to the Synder Team via online support chat, phone, or email with any questions you have – we’re always happy to help you!