Create Quickbooks Online Rules to Enable MarginDriver Deposit Matching

Create Quickbooks Online Rules to Enable MarginDriver Deposit Matching

Within a few hours after a deposit appears in a user’s bank account and, subsequently, their Quickbooks Online bank feed, MarginDriver transfers it as a credit into GL Account 1270-MD, a MarginDriver- established general ledger clearing account. From there the deposit is matched to the appropriate sales channel and/or payment gateway and automatically transferred as a credit to the matching accounts receivable account. 

To faciliate this process, users just need to create Rules in their QBO account that automatically direct all deposits to 1270-MD Deposit Matching Account. This requires users to create a unique rule for each type of deposit, e.g., Amazon, Amazon Payments Intl, Shopify, eBay, Walmart, Etsy, etc. 

Instructions for Creating 1270-MD Deposit Matching Account Rules

In the Accountant View of your Quickbooks Online account, go to Banking > Rules.  

Select New Rule.

Create a name for the new rule. To reduce confusion, name each rule according the following convention:
  1. MD *Deposit Name* to 1270
  2. For example, if the deposit is from Shopify Payments US, name the rule MD Shopify Payments US to 1270.
In the next section (Apply this to transactions that are) make the following selections:
  1. Money In
  2. All Bank Accounts
Under and include the following, select:
  1. All
  2. Description
  3. Is Exactly (Contains may be more appropriate if the descriptor includes unpredictable variables)
  4. Enter the deposit description name exactly as it appears in the bank feed, e.g., Shopify

If you need a more specific description in your bank feed in order to distinguish your deposits, you may be able to customize this value in your ecommerce store or marketplace admin. For example, Shopify allows sellers with multiple stores to customize their Shopify payout statement descriptors for each store. 

Next, assign the identified transactions to the following account:
  1. Transaction Type: Deposit
  2. Category: 1270-MD Deposit Matching Account


Finally, enable Auto-add under Automatically confirm transactions this rule applies to.


Click Save.

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