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Setting up your QuickBooks bank accounts

How to assign your QuickBooks deposit and charge accounts

Daniel Little avatar
Written by Daniel Little
Updated over a week ago

For each settlement you receive from a sales channel, Link My Books creates a journal entry.

Since journal entries need to balance debits and credits, they can't be left with the balance of the settlement as a total - the amount must be also allocated to an account so that the journal entry can balance to zero.

If the balance of a settlement is negative, the sales channel will charge your card on file.

If the balance of a settlement is positive, the sales channel will deposit the funds into your chosen bank account.

In order for us to know where to allocate these charges and deposits we need to know which bank account and credit card you have on file for each of the marketplaces you sell in.

During your initial account set up or on the QuickBooks Bank Accounts settings page, you can select these accounts, as shown below:

A screenshot of "Step 5: QuickBooks Bank Accounts" in the "Account & Tax Groups Wizard" within a financial integration application.  The page asks three main questions:  "Which bank account does Amazon deposit your funds into for Amazon.co.uk payouts?"  Below this, a dropdown labeled "Bank Account" is set to "Demo Bank Account."  To the right, there's a toggle switch labeled "ALLOW ASSET ACCOUNTS," which is currently off.  "Does Amazon use this account for payouts from all Amazon Europe marketplaces?"  A dropdown labeled "Choose an Answer" is set to "Yes."  "If your seller balance becomes negative which bank account or card do Amazon charge?"  A dropdown labeled "Bank Account/Credit Card" is set to "Demo Credit Card."  In the top right corner, "Amazon EU Demo" and "AMAZON EUROPE" are displayed, with a dropdown arrow next to them.

These can be updated at any point by heading to Accounts & Taxes > QuickBooks Bank Accounts;

A screenshot of the "LINK MY BOOKS" application interface, specifically the "Accounts & Taxes" section. The main content area prompts the user to "Select the bank accounts where your Amazon funds are deposited and where any negative balances are charged from."  At the top, the "Accounts & Taxes" menu is open, displaying options: "Account & Tax Mappings," "Account & Taxes Wizard," and "QuickBooks Bank Accounts."  Below this, a list of Amazon Marketplaces is displayed, each with a corresponding flag:  Amazon.ae (UAE flag): "Positive Balance Deposit Account" is "Select" and "Negative Balance Charge Account" is "Select." Both are highlighted with a red border.  Amazon.co.uk (UK flag): "Positive Balance Deposit Account" is "Current" and "Negative Balance Charge Account" is "Current."  Amazon.de (German flag): "Positive Balance Deposit Account" is "Current" and "Negative Balance Charge Account" is "Current."  Amazon.es (Spanish flag): "Positive Balance Deposit Account" is "Current" and "Negative Balance Charge Account" is "Current."  Amazon.it (Italian flag): "Positive Balance Deposit Account" is "Current" and "Negative Balance Charge Account" is "Current."  Amazon.fr (French flag): "Positive Balance Deposit Account" is "Current" and "Negative Balance Charge Account" is "Current."  In the top right, there's a toggle switch labeled "ALLOW ASSET ACCOUNTS."

If you want to use an asset account on the balance sheet rather than a bank account to clear the funds through then toggle on the "Allow asset accounts" toggle.

If you have any questions about this article or feedback on how we could make it better please reach out to the support team via the blue chat icon on the bottom right of the page or via email to [email protected].

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