When my customers pay for invoices sent to them, the payment gateway will collect the payments and deposit the cumulative amount into my bank account. I find it difficult to match that deposit with the corresponding invoices. What should I do?

Let us assume that you have associated the Authorize.Net payment gateway and have to get paid for 5 invoices. Let us also assume that the invoices are for $100 each. Whenever you receive payments online or record payments manually, you may select the Deposit To field as a bank account(Example: CITI) that you have set up in Zoho Books.

Once your customers pay for the invoices through the Authorize.Net payment gateway, the money will be held up with Authorize.Net for a short interval after which it will be deposited into your CITI bank account as $500.

Now, to match the five customer payments to a single deposit:

  • Add a new Bank Account in Zoho Books and name it as ‘Authorize.Net Clearing Account’.
  • Categorize the feed of your bank account (CITI Bank)
  • When you categorise your feed from bank account as a “Transfer Fund” from “Authorize.Net clearing” account, it will automatically post a “Credit” entry in the Authorise.Net Clearing account as well.
  • You would not require to make any manual entry in the clearing account at all.

With the bank rules, this can be further automated leaving much lesser work for reconciliation.

Was this document helpful?
Thank you for your feedback!
Want a feature?