Forget about matching deposits manually to various transactions from a long list of undeposited funds during reconciliation. Synder has got you covered.<\/p>\n\n\n\n
The answer is easy and includes several points:<\/p>\n\n\n\n
Synder was designed to mirror your real-life money flow<\/strong>. Your bank doesn\u2019t 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\u2026 basis). Your checking account in QuickBooks\/Xero shouldn\u2019t 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.<\/p>\n\n\n\n Example:<\/strong> Let\u2019s 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\u2019s take Stripe as an example) clearing account \u2013 \u201cStripe (required for Synder)\u201d. At the end of the day Stripe transfers the net amount (about $950) to your bank account as one \u201clump\u201d of money, in other words, Stripe makes a payout<\/em> (a transfer, or deposit of funds) to your bank. Synder records a transfer from \u201cStripe (required for Synder)\u201d 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.<\/p>\n\n\n\n