Reconciling Deposits: Navigating Chase, Toast, and QuickBooks with Ease
Reconciling your settled batches of card deposits from your POS system with QuickBooks (or any other accounting software you use) might sound complicated, but it's a key part of keeping your restaurant’s finances on track. Don’t worry—it’s not as hard as it sounds, and we’re here to walk you through it step by step. Just for fun, let’s imagine we’re working with a client who, by sheer coincidence, uses Chase as their bank, Toast as their POS system, and QuickBooks for accounting. How convenient! This process ensures that all your transactions are accurately accounted for, so your bank statements and accounting records match up perfectly.
Step 1: Get Your Documents Ready
First things first, grab your favorite cup of coffee and let's gather our materials:
Chase Bank Statement: Download your Chase business bank statement in excel format, it’s easier to search and sort. It's like the blueprint of our financial activity.
Toast Settled Deposits Daily Breakdown Report: Head over to your Toast POS system and download the settled deposits daily breakdown report also in excel format. This report shows all the settled batches from Toast, neatly organized by date.
Step 2: Let's Play Matchmaker... with a Twist!
Now, open up your Excel sheets, along with QuickBooks, and let's play a little matching game. Pull up your Chase bank statement and the Toast settled deposits daily breakdown report side by side in Excel. Simultaneously, have QuickBooks open. As you tick off transactions in Excel, match and close them in QuickBooks. This way, you can ensure you've covered everything and matched every penny to the last detail. It's like a satisfying puzzle coming together!
Step 3: Squash Those Discrepancies
Uh-oh, did we spot some deposits that don't quite match up? Don't panic! Weekend transactions often throw a curveball, but we've got this. Take a closer look, adjust the sales journal entry if needed, and make sure everything lines up nicely.
Friendly Reminder – Consider a Helping Hand
Hey, we're all about teamwork, right? If this reconciliation process starts feeling like a full-time job, it might be time to bring in some reinforcements. Consider hiring a friendly bookkeeper to lend a hand.
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