I am using SuperManager Lite & QuickBooks 2007 Retail
I have just imported my first orders into QB from SMLite and now as I look at my undesposited funds account in QB I realize that I have a dilemma. My Merchant account fees are automatically deducted for Visa & MC out of the transaction, and I see in the SM store set up where you can have the merchant fees automatically deducted (which is great!!) but my fees vary according to if it is a debit card or a credit card. So if I set it up to automatically deduct the fees- it will still not match up since the fees vary.
Any ideas on a fix, or how to work around this??
Kara
Kara,
Actually these settings to automatically deduct fees come out of the batch export, not the order export. So it really won't even apply these fees to individual orders you export. The way it is intended to work is that you would export a group of orders that your merchant account lumps together into one payment to you. Then you create a deposit to group these orders together into the lump payment from the merchant account and add a line item at the bottom to subtract the fees they collect as a part of that. This deposit is the transaction that moves the funcds collected from the orders from "Undeposited Funds" to deposited funds in one of your bank accounts.
Currently SuperManager does not make the deposit for you since it kind of takes a bit of human touch to group these together in the same way as your financial institution.
Does that make sense?
Thanks,
David
It makes sense. I really should be batching my orders, rather than doing them individually. I'll have to work on that this evening.
I like that SM does not actually make the deposit since the deposit does not happen immediately into my account.
Thanks for all of the help!
Kara
If I start now to run batches is it going to mess up anything siince I have been doing orders individually. Is there anything I need to watch for as I run my first batch??
Kara
Kara,
Switching to batches will not really mess anything up. You just need to make sure that if an order is included in a batch you export that you do not export it as an invoice/sales receipt as well. (If you do - you can just delete it).
Previously you were probably exporting each order, then creating a deposit with all the orders for a particular batch, which your merchant account deposits in your bank account. So basically you just need to make sure that you do not duplicate a full batch (as order exports and batch exports) and that you don't have any extraneous funds waiting to be deposited in undeposited funds.
Good Luck!
David
Just a side note here .....
I would recommend contacting your merchant bank and request that the fees be taken out at the end of the month in lump. This way you can deposit your batches like normal and just enter a 'check' in QB's for the fees at the end of each monthh .... much easier to reconcile this way too.