Heads up!
There is a serious flaw in the integration of Quickbooks Merchant Services for Terminals.
In my business, I issue QB sales receipts to customers at checkout when they pay with a credit card. Because I track inventory the entry at time of sale would be:
Dr. Undeposited Funds Cr. Sales Dr. COGS Cr. Inventory
The expected entry upon download of the merchant payment would be
Dr. Cash Cr. Undeposited Funds
Unfortunately the entry is
Dr. Cash Cr. Sales
So as you can see Sales is doubled and Undeposited Funds is uncleared.
After more hours than I care to admit on the phone with Integrated Merchant Services (the company Intuit aquired for merchant services) as well as with Intuit, the answer I got is that I'm doing something exotic (tracking inventory) and that there are no plans to fix what they say is not a bug. Their suggestion is to do a GJE to clear Undeposited Funds and corrected the doubled sales. Hmmm, that's why I went with an integrated solution, so I didn't have to do GLE's.
The simple fix would be to allow me, the customer, to choose which account I wish to credit. But the pulldown menu doesn't allow that. There are no plans to modify the program to allow it.
I've spoken to the "Office of the President" at Intuit and have been promised call backs which never happened. I am of the impression that the "Office of the President" is really just a higher level of support. Could be wrong, but that's my impression as a customer.
It's a shame I was never able to speak to someone who was in the position to do something about this issue, but it never happened no matter how hard I tried.
Just to let everyone know, run - don't walk away from Intuits Merchant Services for Terminal. This was a integration that was just slammed together. I wouldn't be suprised to see the offering go away. Intuit appears to be focusing on Merchant Services for POS which requires the vendor to purchase POS equipment from them.
Not this customer, I just requested a refund from Intuit and am purchasing PeachTree. They don't have an integrated merchant solution, but they don't say they do...
For what it's worth...