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One of the recurring headaches for finance teams in QuickBooks Desktop is deposits that never quite line up with what the bank shows. AR Merchant Service providers deduct fees before funds hit your account, leaving QuickBooks with the gross payment while your bank only reflects the net. That mismatch means manual reconciliations, extra spreadsheets, and wasted time.
Centime changes that dynamic by posting deposits in a way that mirrors the actual settlement. Here’s how it works in practice.
Step 1: Payment Authorization
A customer makes a payment through Centime. If they apply credits or take an early-pay discount, Centime automatically captures it. The gross payment is posted to the Undeposited Funds GL, tied to all invoices in the transaction.
Behind the scenes, Centime also takes care of the details accountants usually need to adjust for manually:
- Discounts flow into the Discount GL.
- Surcharges (if passed on) flow into the Surcharge GL.
Everything is clean and accounted for upfront.
Step 2: Settlement Posting
This is the moment that saves your team hours. Centime creates a Deposit for the full amount paid by the customer. On the next line, it automatically records the settlement fee:
- Received From: Bank Fees Vendor
- From Account: Your designated expense account (e.g., Bank Fees or Merchant Fees)
- Amount: Negative value (e.g., -3.00)
Now, QuickBooks Desktop reflects the real transaction:
Customer pays $100 → Centime posts $100 deposit – $3 fee = $97 net deposit.
That $97 is what lands in your bank account, and it’s what you see in QuickBooks. Reconciliation becomes a quick checkbox instead of a manual chase.
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Why This Matters
If you’ve ever spent an afternoon chasing a $3 discrepancy across multiple transactions, you know how costly small inefficiencies become. For many businesses, this difference means the ability to reconcile daily instead of letting it pile up.
It’s not just faster—it’s more accurate. Your GL, your bank, and your merchant services finally tell the same story, without you playing middleman.
A Practical Example
Let’s say you process 200 customer payments a month, with average fee deductions around $3. Without Centime, you’d be reconciling 200 mismatched deposits every cycle—200 chances to make a mistake and 200 interruptions in your close process.
With Centime accounts receivable, QuickBooks Desktop now matches your bank exactly. Gross in, fees out, net settled. Books closed faster, fewer adjustments, less frustration.
Ready to See It in Action?
See How Centime Simplifies QuickBooks Desktop. Book a demo today.
Already a Centime customer? Talk to your CSM to learn how to take advantage of merchant services posting in your QuickBooks Desktop environment.