Automated Deposits

Recur360 can now automatically write RECUR360PAY deposits to QuickBooks! If you visit Settings->Payment Processors and have RECUR360PAY selected, first you must have ACH NSF/Chargeback NSF Invoices set to create under the Payment Transaction Sync area. (Read more about NSF setup here: https://learn.recur360.com/recur360pay-nsf-automation-setup/) After that is enabled, along with all ACH NSF/Chargeback NSF Invoice Settings filled out, you can enable a new setting for Automated Deposits near the bottom.

The first setting asks what date you wish to begin syncing deposits into QuickBooks. On the next RECUR360Pay sync it will create deposits beginning with that date.

Choose the bank account you would like deposits recorded into.

Recur360 will also record the monthly merchant fees that are deducted from your account. Set which Vendor (we recommend you set up a "Fullsteam" vendor for this) you would like the expenses linked to and the expense accounts you would like recorded on the deposit for those fees. Fullsteam will make 2 withdrawals for your monthly merchant fees, one for ACH fees and another for Card fees.

For QuickBooks Online we will record a negative deposit similar to this each month

After enabling the feature, when a deposit syncs over to RECUR360 during a RECUR360PAY sync, new deposits that are funded will automatically write to QuickBooks based on your settings. The deposit will link each payment that makes up the total deposited on that day. This will match what the MerchantTrack Funding Detail report shows. The Funding Id from MerchantTrack shows in the Memo field of the deposit.

ACH Returns/Chargebacks: When an ACH is returned or credit card is chargedback Recur360 will follow the NSF process you defined in Settings>-Payment Processors. To record that on deposits we will use the account specified in the Returned Check Item/Card Chargeback Item

you will need to set the payment method and class, if you are using classes, to be used when recording the return on the deposit.

Refunds: If a refund is processed in MerchantTrack it will be recorded on the deposit using these settings.

For QuickBooks Desktop, Deposits cannot be negative. In the case where there is a negative RECUR360PAY deposit, an additional line will be added to the QuickBooks deposit pointed to a clearing account zeroing out the deposit. A bank transfer will then also be written to QuickBooks transferring the negative amount between the clearing account and bank account appropriately. 

Deposits Report: For customers on RECUR360PAY, RECUR360 will now sync over deposits from RECUR360PAY and QuickBooks. There is a new Deposits report in the Reports section where you can view information about these deposits.

If the new automated deposits feature is enabled, you can also choose to write over any previous RECUR360PAY deposits to QuickBooks that have already synced over to RECUR360.

RECUR360PAY Deposit Notifications: For customers on RECUR360PAY, if your login has access to the Deposits report you can enable a new Notification in Settings->Notifications allowing you to get an email anytime a new Deposit from RECUR360PAY is detected by RECUR360. You can view high level details about the deposit(s) in the email or click into the Deposits Report and click on any Funding Id to view more details.