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Example: FormBay Pty Ltd (They issue both an Invoice and a Bill with each Sale.)
- Sales Invoice #54 for $100 to customer FormBay, is entered into QBO under the Customer's file.
- Bill #123 for $10 from supplier FormBay, being for Payment Processing Fees deducted from the customer FormBay's payment, is entered into QBO under the Supplier's file.
- Payment of $90 from FormBay is received into the bank account. (This is the post-fee payment.)
Problem:
- How do I connect both the Sales Invoice #54 for $100 and the Bill #123 for $10 to the one $90 payment transaction, so that both the Invoice and Bill are connected to each other and so the Bill #123 is searchable, i.e. using the magnifier to search for the Bill number 123?
Considerations:
* Using the "Resolve Difference" in the Reconcile screen by adding in an Expense, is not a suitable solution, as there is no provision to enter in the Bill reference number #123 and therefore not searchable.
* Our bookkeeping process is to enter the Bill and not an Expense.
* We need to know which Bill went with which Invoice.
* As we process a lot of these transactions, I need to be able to search QBO for Bill numbers to see if any are already entered into QBO.
Solved! Go to Solution.
I have a suggestion that can help you record the transactions, AMKASE.
Instead of entering a bill for the merchant fee of $10, we can add the transaction as an expense in the bank deposit section. This is to match the transactions you have in the banking section and to reconcile the account.
The first thing that we need to do is record the Invoice #54 for $100. Then, create a receive payment for the same amount. Let’s make sure that this is deposited to the Undeposited Funds account.
Here’s a sample screenshot of the payment.
Once done, we will record a deposit including the merchant fee.
Here’s how:
I'm including this sample screenshot for reference.
Finally, let's match the transactions by going to Banking, and clicking Match in the For Review section.
For reconciling the account, here's an article for the steps: How to reconcile accounts.
If there's anything else you need about customer transactions, please let me know and i'll get back to you. Thanks.
I have a suggestion that can help you record the transactions, AMKASE.
Instead of entering a bill for the merchant fee of $10, we can add the transaction as an expense in the bank deposit section. This is to match the transactions you have in the banking section and to reconcile the account.
The first thing that we need to do is record the Invoice #54 for $100. Then, create a receive payment for the same amount. Let’s make sure that this is deposited to the Undeposited Funds account.
Here’s a sample screenshot of the payment.
Once done, we will record a deposit including the merchant fee.
Here’s how:
I'm including this sample screenshot for reference.
Finally, let's match the transactions by going to Banking, and clicking Match in the For Review section.
For reconciling the account, here's an article for the steps: How to reconcile accounts.
If there's anything else you need about customer transactions, please let me know and i'll get back to you. Thanks.
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