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I receive deposits directly into my bank account from health Insurance Companies that could represent payment for multiple clients. How do I reconcile/match these deposits with invoices that were created for each client in quickbooks.
Let me help how to reconcile/match the deposits with invoices in QuickBooks Online (QBO), VNP1.
You can use the Receive payment feature to record the customer's invoice payment. This marks the invoice as paid and matches them. I'll gladly make the process easy for you:
For more details, see this article: Record invoice payments in QuickBooks Online. Once done, you'll have to create a Bank Deposit and select those invoices to match the deposit amounts with the existing invoices/payments.
You can also review this article for more info: Record and make bank deposits in QuickBooks Online. This also includes steps on how to manage, remove the payment, and delete your deposits. In addition, I've got this helpful resource to make sure your bank transactions are put in the correct account: Categorise and match online bank transactions in QuickBooks Online.
Once done, you can reconcile your accounts so they always match your bank and credit card statements. Just follow the steps and details in this article: Reconcile an account in QuickBooks Online.
If there’s anything else I can help you with, leave a comment below. I’ll jump right back in to assist further. Have a great day ahead.
Thanks for the info. I will review the articles and hopefully that will further my education. But my problem is that the deposits into the bank are created when the insurance company remits payments via EFT. I do not create the deposit. When the insurance company sends payments they could be for one to multiple clients/patients but they are incorporated into one large deposit. (Just to clarify, the invoices that I am trying to reconcile are not the true invoices since these are generated through an EHR company. Due to HIPAA regulations Quickbooks cannot be used to invoice, so I am recreating bogus/dummy invoices which duplicate what has actually been invoiced using anonymous identifiers for the patients. This is a convoluted process since it involves insurance payments, co-pays, and co-insurance amounts which come into the bank checking account from different clearing houses. Ultimately, they refer to an invoice that I created in quickbooks so I can manage the business and keep track of A/R, etc..) So when the deposit hits the checking account I need to try and figure out what patients are incorporated in the deposit and then need to reconcile these payments to various invoices. Any suggestions would be helpful in reconciling and getting the invoices marked correctly as paid. Thanks.
Thanks for coming back to us in-depth details of your concern,
If this is a single deposit for multiple customers and vendors, we'll still need to create a deposit. Then, we will credit the accounts receivable (debtor account) and Account Payable (creditors account).
Here's how to create a deposit:
Once done, it will become a credit that you can apply for bills or dummy invoices. Here's how to apply the delayed credit to the dummy invoice:
You can check out this article for more details: Create and apply credit notes or delayed credits in QuickBooks Online. Once you match it, it will match directly to the created deposit. For further guidance, you can check out these articles:
That'll do it. Let me know if you have any follow-ups or other questions. I'm here to help. Have a great day.
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