Create/Record Authorize.NET Payments
With Authorize.net, credit card/ACH payments typically reach the bank on the next day after they are processed (might be after a certain cutoff time). Because the money is not directly entered into the bank on the day the payment is excepted (usually the day after), our best practice (see Prerequisites above) is to have your fee items be setup to go first into an account called “Undeposited Funds”, a holding account until the money is deposited into the bank. At that time, a journal entry can be made that takes the money from Undeposited Funds and records it as a deposit in your bank account. This also gives opportunity to record the name of the batch that the deposit is associated with. With Authorize.net as your processor, you will use your batch report from Authorize.net to view the deposit. From the Authorize.net batch you will create the Deposit in GrowthZone You will create your journal entry for each deposit.
- Best Practice: We recommend checking for deposits every day and creating the appropriate journal entry accordingly.
Create an Authorize.net Deposit:
- Select Billing in the left-hand navigation panel.
- Click the Deposits tab.
- Create Deposit
- Review your deposit report from Authorize.Net to know what was deposited on a particular day and find those deposits on the Add Deposit screen.
- Select the desired payments that were deposited on a particular day. TIP: Clicking the Type column will sort the deposits by Credit Card or Check which might help get your deposit amounts grouped together better.
- Enter the Deposit Date.
- (Optional) Enter any Notes to help you recall what this deposit was for – anything special included etc.
- Click Done.
Create the Journal Entry for the deposit in your QuickBooks software.