- Overall flow of the app
- Step by step process of reviewing your transactions in Bank feeds
- Useful tips on managing the reconciliation flow
Overall flow of the app
Once you set up LawPay QuickBooks Desktop integration, the app will create a LawPay Bank Account inside your QuickBooks Desktop Chart of Accounts. This account will represent your LawPay in your books and will be used by the app to store all income transactions there.
When you would like to reconcile, you are to create deposits to move money from the LawPay Bank Account to your Checking account for reconciliation.
Note: to check if everything works properly, you can compare the Total volume of the LawPay account for the period of synchronization to the ending balance of the LawPay Bank Account in Chart of Accounts. If you have started synchronization right from the beginning of the month, then Month-to-Date total should be equal to what you have in QuickBooks.
LawPay Total volume (Month-to-Date)
QuickBooks Desktop Chart of Account -> Ending balance of the LawPay Bank Account
Step by step process of reviewing your transactions in Bank feeds
Follow the steps below to see what you need to do for successful reconciliation:
1. Go to Banking -> Bank Feeds -> Banking Center, open the Transaction List of your Checking account.
2. Identify all the LawPay transactions for the period needed. If needed tick “Show Bank Memo” field to see the memo coming from the bank.
3. For all the LawPay transactions select LawPay Bank Account in the account field -> Batch Actions -> Add/Approve.
*Do not worry about selecting a payee, you already have the customer names in the Sales Receipts created by the app in your Customer Center in QuickBooks, so you will be able to track income by customer.
Congratulations! That is it, all the LawPay income is now reviewed and ready for reconciliation.
Useful tips on managing the reconciliation flow:
- How to check if everything is good?
You should be able to see your LawPayment Bank Account balance going down with each deposit added from the Bank Feeds, and the balance of Checking account going up in your Chart of Account in QuickBooks. Once you added all the deposits for the period, LawPay bank account balance should go to 0.
- If you do not have bank feeds you can upload it to QuickBooks first and then follow the steps above or you can create deposits manually. To do so go to Banking tab on the top menu -> Make Deposits and enter “From Account” as LawPay Bank Account and specify the amount needed. Click Save and Close.