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March 6, 2020
Question

Finding a matching invoices / credit memos for a bank entry

  • March 6, 2020
  • 10 replies
  • 75 views

I have a supplier that provides individual invoices and credits.  They then group multiple of these and do an EFT.

 

I've added the individual records as Bills and Credit Memos under this supplier.  I'm now matching the banking entry to these, however I don't see the credits on the list to select ("Match Transaction" screen).  If I try to "Resolve" the difference on this screen by manually adding the credits again, they become deposits and I can't select an asset account (I need to send it to "Food Inventory").  

 

How do I resolve this?

10 replies

QuickBooks Team
March 6, 2020

Thanks for posting in the Community, @Bookeeping101. I'm here to lend you a helping hand with matching invoices and credit memos to your bank entry. 

 

You're on the right track in matching the bills to your bank transaction. Since you've already created credit memos, let's first open them so you can determine the appropriate account you used for them. The transactions might have selected to an incorrect account. That's why you're unable to choose a Food Inventory account when manually adding the credits in the Match transactions screen. I'll guide you how. 

  1. Go to the Search (Magnifying Glass) icon at the upper right. 
  2. Use dollar amounts when searching for credit memos. 
  3. Open each credit memo. 
  4. Verify the account. 
  5. If necessary, change the asset account to Food Inventory. 

 

For more information, see the Tip #4 through this article: Tips for Working in QuickBooks Online’s Bank Feed: Matching Transactions

 

Once done, go back to the Match transactions window. Then, manually add the credit memos in the Add resolving transactions section. You'll be able to select the Food Inventory account in the Category column. View the screenshot below for your visual reference. 

 

If the same issue persists, I'd suggest deleting the bills and credit memos for your supplier. Just open each transaction and click Delete from the More button. This lets you remove them from your books to ensure there are no duplicates in QuickBooks Online (QBO).

 

After that, you can assign, categorize, and edit your banking entry. This can be done by going to the For Review tab. Once done, click Add so it will be added to your register. To learn more about this process, check out this article: Categorize online bank transactions in QuickBooks Online.

 

Additionally, it's a great idea to reconcile your account monthly. Doing so will ensure the account in QBO matches your bank statement. For more details, visit this article: Reconciling An Account

 

I'm just a comment away if you need further assistance. Have a great rest of your day, @Bookeeping101.

March 8, 2020

Thank you for your help.  I validated that the credit memos are set to the "Food Inventory" account (see below).  I was expecting them to show up in the table at the top of the screen under the "Select Transactions to Match" portion of the screen, no?  Credit memo doesn't appear as a type available for filtering on this table.