Discover how Docyt seamlessly automates revenue accounting for The UPS Store® by syncing with QuickBooks, and how you can ensure smooth, continuous syncing.
Accounts Receivable and House Account tracking is available with select Docyt plans and not available with the Docyt Starter Plan.
Overview:
Daily Revenue: Docyt automatically transfers daily revenue summaries from MPOS to QuickBooks. This data, including Shift4, Amex, Cash/Checks, and EFT deposits collected from MPOS, is posted into QuickBooks to match against your bank deposits.
Sales Tax Collected: Sales tax collected is synced from MPOS to QuickBooks daily and is posted in the liability account "2130: Sales Tax Payable".
House Account Data: Docyt syncs your House Account Customer Invoices, Payments, and Credit Memos from MPOS to QuickBooks daily. At month-end, log into QuickBooks to create and issue Statements to your House Account customers.
Revenue Syncing into QuickBooks:
To pull revenue from MPOS to QuickBooks, Docyt connects to "FRS" to extract business revenue data. The collected data is then posted as revenue in QuickBooks, broken down by payment processors: Shift4, Amex, EFT, and Cash/Checks.
Tracking Revenue Deposited into Bank:
Docyt accesses your bank data directly to fetch live deposit data, which is then posted in QuickBooks as deposits for each payment processor: Shift4, Amex, EFT, and Cash/Checks.
The key Docyt modules enabling this functionality are:
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Banking Accounts: This module automatically pulls live feeds from your bank accounts. If your bank is unsupported, notify our support team to help establish a live feed. Manual uploading of transactions via CSV is an available alternative.
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Reconciliation Center: Powered by Docyt’s AI, this module automatically posts bank transactions pulled by the Banking Accounts module into QuickBooks as deposits. During setup, Docyt's AI is trained to recognize different types of deposits. Once trained, deposits are automatically categorized by the payment processor (Shift4, Amex, EFT, Cash/Checks) and synced with QuickBooks. For each payment processor, Docyt creates these Asset accounts:
- Revenue Receivables - American Express
- Revenue Receivables - Shift4
- Revenue Receivables - EFT
- Revenue Receivables - Cash/Checks
Sales Tax Collected:
Docyt posts the collected Sales Tax information from MPOS into the "2130: Sales Tax Payable" liability account in QuickBooks. Sales Tax payments should be posted to this account.
House Account Data:
House Account invoices or payments that failed to post to QuickBooks due to errors will appear with appropriate error messages in the "QuickBooks Connection Center" within Docyt. You can correct these errors and re-sync the items from this section. The invoices, payments, and credit notes that Docyt pulled from MPOS can be found in the Accounts Receivable module.