ll third party applications that work with QuickBooks online are required to use the Software Development Kit (“SDK”) which is included in the QuickBooks software. Unfortunately, for whatever reason Intuit does not provide support for all transaction type and features.
One request we see a lot is how do I import deposits into QuickBooks via a third party application if the QuickBooks SDK does not support it? We suggest that you import these transactions as sales receipts or journal entries. You will probably need to either make changes to your QuickBooks company file and/or the import file.
Importing Deposits as Sales Receipts
A sales receipt in QuickBooks is a cash sale which increases your cash balance and most times an income account. However, the difference between a deposit and a sales receipt is that deposits use accounts and sales receipts use items.
So what you need to do in QuickBooks Online is to set up items that correspond to the income accounts that you want to post to. Lets say all your deposits need to be posted to the income account, Services, in QuickBooks Online. Access your product and services list and create a new service called, Services, and then map it to the income account, Services.
Then if all of your deposits will be going to the same income account on the Transaction Pro Importer mapping screen you can type in the word Sales next to the QuickBooks field, Item and in the static value column.
If you have multiple income accounts you can either do separate imports for each income account or modify your import file and your product and services list to accomodate the multiple income accounts.
Import Deposits as Journal Entries
Before you import your file you will need to modify two things within the import file. First you will need to convert the deposit amounts to a negative amount (see the blue area in the screen shot below) so that they will be reflected as a credit in the journal entry. The other thing that you will need to do is to provide a line in the journal entry for the debit to the cash account (see the yellow area in the screen shot below).
You can test this out by downloading a free trial of the Transaction Pro Importer for QuickBooks Online here.
If you have any questions on this post or have any other transactions that are creating import challenges please post below or email us.