Recording Deposits in QuickBooks Online
1. What It Is
When using MaidCentral with QuickBooks Online (QBO), most of the accounting integration is automated. As you complete jobs in MaidCentral, invoices are automatically created and marked as paid in QBO when the customer's credit card is successfully charged. These payments are then recorded in the Undeposited Funds account within QBO.
However, there's one final manual step that remains: recording deposits. This means telling QBO when the funds collected by your credit card processor are actually transferred into your bank account. It’s a simple task—but an essential one—for keeping your books accurate.
2. Why It Matters
✅ Accurate Financial Records
Recording deposits ensures your income in QBO reflects what has actually hit your bank account. This accuracy is crucial for financial health, forecasting, and preventing overspending.
✅ Reduces Risk
Properly tracking deposits gives you visibility into your accounts receivable. MaidCentral also provides helpful reports and tools to assist with collections.
✅ Tax Compliance
Well-documented income is key to calculating your tax liability and staying compliant with IRS or local tax regulations.
✅ Prevents Errors
Regular recording prevents duplicate entries or missed deposits, helping maintain data integrity.
✅ Simplifies Reconciliation
It streamlines bank reconciliation by aligning what’s in QBO with your actual bank deposits.
✅ Improves Cash Handling
When you track every deposit, it reduces the risk of lost or mishandled funds—especially important for any cash payments.
✅ Enables Financial Insights
Accurate data supports better budgeting, forecasting, and analysis of income trends over time.
✅ Builds Confidence
Whether you're reporting to partners, lenders, or future investors, clean deposit records demonstrate a well-run, trustworthy business.
3. How To Do It
What You’ll Need
An internet connection
QuickBooks Online login
A deposit summary from your credit card processor (Stripe, Authorize.net, or Paystri)
Step-by-Step: Recording Deposits in QBO
Login to QBO.
Click “+ New” in the upper left.
Select “Bank Deposit” under the Other column.
Your Undeposited Funds will appear, listing all unmatched payments.
Use your credit card processor’s deposit summary to match transactions in QBO.
Scroll down to enter additional information:
For Paystri:
Fees are deducted at the end of each month, so no adjustment is needed.
For Stripe:
Under “Add funds to this deposit,” choose your merchant service vendor in the “RECEIVED FROM” field.
Select your merchant fee expense account in the “ACCOUNT” field.
Enter the fees amount in the “AMOUNT” field.
The QBO deposit total should now match your Stripe payout total.
For Authorize.net:
Fees are already deducted, so no adjustment is needed.
Ensure the deposit amount in QBO matches your processor's total.
Click Save or Submit.
Understanding the Undeposited Funds Account
Undeposited Funds is a temporary holding account for payments that have been received but not yet deposited into your bank account. MaidCentral handles assigning payments to this account automatically.
Why It’s Useful:
Segregation of Funds: Lets you collect multiple payments and deposit them as a batch.
Easier Reconciliation: Ensures your QBO records match your actual bank statement.
Cash Flow Accuracy: Helps track money that’s been collected but not yet deposited.
The Three Types of Reconciliation (and Why They Matter)
Deposit Reconciliation
The process you’re performing here—matching processed payments to your deposit summaries.Revenue Reconciliation
MaidCentral automates this by syncing your production data directly to QBO, ensuring invoice and revenue alignment.Bank Reconciliation
This is the final check—verifying that your QBO bank balance matches your actual bank balance. It:Detects errors and fraud
Provides a clear view of your cash
Simplifies year-end close and tax preparation
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