Materio can automatically record bank deposits in QuickBooks Online for every batch of online payments you process through Materio. This works the same whether you are using Stripe or MaterioPay, and ensures your books are accurate and up-to-date while saving you time on bank feed reconciliation.
When you accept online payments, the funds get deposited into your firm's bank account in batches, typically once daily. For instance, if you accept 3 online payments of $1,000 each in a single day, then on a subsequent day you will see a single batch deposit into your firm's bank account of $3,000 minus any processing fees. Each such batch deposit is called a Payout.
Because of processing fees, the final payout amount may not always match the total of all of the payments included in it. This in turn can prevent QuickBooks Online from automatically suggesting matches for your bank feed transactions.
To solve this problem, Materio can automatically record each payout in QuickBooks, with a record of which invoice payments are included in it and which processing fees were deducted from it. When you use this feature, QuickBooks Online will be able to automatically suggest a match for each payout to the correct transaction from your bank feed.
Turning on Bank Deposit and Fee Syncing
To turn this feature on:
Go to the Materio QuickBooks page
Click "Manage settings"
In the "Bank account" section, choose the bank account where you receive the proceeds from online payments. Then click "Update accounts" to save.
Toggle "Sync bank deposits" to the ON position.
That's it! Each future payout will automatically sync from Materio into QuickBooks, with a record of which online payments were included in it and which fees were deducted from it. You will no longer need to do this reconciliation process manually.
FAQ
Does the sync cover offline payments (such as checks received)?
No. This sync only covers online payments done through through Stripe or MaterioPay.
Does the sync cover other payments to my firm through Stripe?
This sync exclusively covers payments facilitated by Materio. Other payments through your connected Stripe account (for instance if you manually create a payment link directly in Stripe) are not recorded. To ensure the sync is accurate, use Materio for all your invoicing and payments, or use a separate Stripe account for external payments.
Does the sync cover refunds issued through Stripe?
No, any refunds you issue through Stripe would need to be manually recorded in QBO. For this reason, prefer issuing credits to issuing refunds.