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Kmbrlee
Feb 27, 2023 6:39 PM UTC
Question

Old invoices

Hi,

I use QBO, and I got very behind in connecting my deposits to outstanding invoices.  I have no outstanding invoices for last year, so is there a way to mark them all as paid without matching them?

 

Thanks for the help,

Kim

    5 replies

    AileneAModerator
    Moderator
    Feb 27, 2023 8:19 PM UTC

    Hello, Kmbrlee. 

     

    From what I'm getting, the deposits are downloaded bank transactions and are added to QuickBooks instead of having to match them to the old invoices, and this step leaves those invoices open. 

     

    The only way to mark those old invoices as paid is to record a Receive payment transaction for each of them.   

     

    However, this step will double your cash-ins/deposits. Therefore, our better option is to unmatch/undo the downloaded deposits and then match them to the invoices. 

     

    To undo bank transactions: 
     

    1.  Go to Banking.
    2. Select the tile for the bank or credit card account you downloaded the transaction.
    3. Press the Categorized tab.
    4. Find the transaction you want to unmatch.
    5. Choose the blue transaction link in the Added or Matched column to see the matched transaction.
    6. Tap Undo from the Action column.

     

     

     

     

     

    Then let's match the undone transactions to the invoices. You can refer to this article for detailed steps: Categorize and match online bank transactions in QuickBooks Online. 

     

    Once everything is set, you can start reconciling your account to ensure your books are accurate. Reconcile an account in QuickBooks

     

    Feel free to place a comment below if you have any other questions in mind. I'll get back to you as soon as I can. Have a great day!

    KmbrleeAuthor
    Feb 27, 2023 8:40 PM UTC

    Hi,

    Thank you for your response.  I was reading another way, something about making a credit memo.  I was trying to match some of them up, but things weren't adding up.  Trying to make my life easier.

     

    Thanks for your help!

    Kim

    RCVQuickBooks Team
    QuickBooks Team
    Feb 27, 2023 9:58 PM UTC

    Thanks for coming back, Kmbrlee.

     

    Yes, you can also create credit memos and apply them as payments to those old invoices. This will offset the reported income from the invoices, which was already realized when you added the deposits. You can monitor your Profit and Loss report as you create credit memos. Here's how: 

     

    1. Click the + New Plus icon. 
    2. Select Credit memo.
    3. In the Customer dropdown, select the customer's name.
    4. Enter the credit memo details, such as the date and the amount. You can create a custom credit service item so you can quickly add it to credit memos as a single line item.
    5. When you're done, press Save and close.

     

    If you turn on the auto-apply credits, QuickBooks will apply the credit for you. If you turn it off, here's how to manually apply a credit memo to an invoice.

     

    1. Click the + New Plus icon.
    2. Select Receive payment.
    3. In the Customer dropdown, choose the customer.
    4. In the Outstanding Transactions section, select the open invoice you want to apply the credit memo to.
    5. Choose the credit memos you want to apply in the Credits section. 
    6. For the open invoice in the Payment column, enter how much of the credit you want to apply.
    7. Leave the Payment method, Reference no, Deposit to, and Amount received fields blank.
    8. Fill out the rest of the form, including the Payment date.
    9. Make sure the total is correct after applying the credit memo. Then Save and close.

     

    The steps above will help you apply the credit to your customer’s open invoices. For your reference, you may check out this article: Create and apply credit memos or delayed credits in QuickBooks Online. You can also visit our Reports and accounting page for QuickBooks Online to learn some tips on managing your report.

     

    Also, in case you want to export your report to MS Excel, you can read this article for the detailed steps: Export your Reports to Excel from QuickBooks Online.

     

    Know that our door is open 24/7 in case you need further assistance with this. You can also mention me in the comment section below. This way, I'll be notified and can help you right away. Take care always.

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