Deposit Reconciliation with QuickBooks Desktop

Deposit Reconciliation - QuickBooks Desktop

Automated reconciliation and best practices with QuickBooks Desktop

FlexPoint automatically reconciles bank deposits, payments, and fees in QuickBooks Desktop. This eliminates manual reconciliation work and keeps your accounting system accurate and up to date.

Important: Avoid Manual Updates in QuickBooks Desktop

If an invoice was paid through FlexPoint, do not:

• Manually mark the invoice as Paid in QuickBooks Desktop.
• Manually create a bank deposit using payments processed via FlexPoint.

Doing so will interfere with FlexPoint’s automated reconciliation process and result in failed deposit syncing.

How It Works

1. Payment is Made in FlexPoint

When a customer makes a payment through FlexPoint:

• The corresponding invoice in QuickBooks is automatically marked as Paid.
• The payment is temporarily held in Payments To Deposit.

ACH payments mark invoices as Paid one day later.

2. Deposit Is Sent to Your Bank

Once funds are sent for deposit:

• A bank deposit is programmatically created in QuickBooks Desktop.
• Any associated fees are recorded in the LendARR fees account created automatically by FlexPoint.
• The payment clears from Payments To Deposit.

Deposits are recorded using the invoice deposit account you selected in FlexPoint settings.

Best Practices

• Do not mark invoices as Paid in QuickBooks Desktop.
• Do not manually create deposits for payments.
• Do not edit the fees account (LendARR).

  You may add it as a subaccount if needed for your chart of accounts.

Summary

Action	Automation	Handled by FlexPoint?
Payment made in FlexPoint	Invoice marked as Paid in QuickBooks Desktop	✔
Payment made in FlexPoint	Recorded in Payments to Deposit	✔
Funds sent for deposit	Bank deposit created	✔
Funds sent for deposit	Fees recorded in LendARR Fees account	✔

Frequently Asked Questions

Do I need to manually mark invoices as Paid?▶

No — FlexPoint automatically updates invoice statuses for you.

Where are fees recorded?▶

All fees are recorded in the LendARR account created by FlexPoint.

Can I edit or rename the LendARR account?▶

You cannot edit it, but you may add it as a subaccount for organizational purposes.