Managing Deposits with ChamberMate
In this video, we will learn how Chambermaid uses deposits to help you successfully categorize your transactions on the Profit & Loss (P&L) statement in your financial software.
Creating Deposits
Let's start by clicking on the Deposits tab. In ChamberMate, payments are grouped into deposits. The expectation is that you'll create your deposit slip from within ChamberMate every time you go to the bank to make a deposit. Additionally, due to our tight integration with Stripe, ChamberMate automatically creates deposits for you as Stripe informs us of the payout.
Adding a Manual Deposit
Click Create Deposit.
All payments posted against invoices that have yet to be deposited will be displayed.
Select the payments you are taking to the bank and proceed to create the deposit.
Once the deposit is created, click on the amount to view the details of this deposit.
The deposit summary includes multiple payments and offers a summary of the activity by category at the top. This helps when splitting the deposit into different income categories in your financial system.
Syncing with QuickBooks Online (QBO)
If you use QuickBooks Online, ChamberMate will add this deposit to your QuickBooks bank register, correctly split across the appropriate income categories.
Syncing Deposits
Navigate to the Deposit screen.
On each row, use the three dots on the right to initiate the sync to QuickBooks Online.
To sync all deposits within a period at once, select all desired rows and use the batch action option to sync them to QuickBooks Online.
Once the sync is complete, the column on the right called QBO Deposit Number will populate with a sync ID, indicating which deposits have been synced.
After syncing, if you return to the invoices screen, you'll notice that the transactions awaiting deposit have changed to $0. These shortcuts also appear on the dashboard.
If you have any questions, please let us know. Thank you for watching!