Matching deposits to invoices

JackD · ‎April 17, 2018

We just moved to Online from the desktop version and started syncing our accout with the bank. I'm trying to figure out how to assign deposits made for multiple invoices - for example the bank may show a single deposit that is actually payment from 4 different clients that need to be matched to their open invoices. If it's a deposit that is a payment for a single client invoice it's simple to match the payment to the invoice (Quickbooks shows a record found and allows the match) but I can't find a way to match a single deposit to multiple open invoices. Thanks.

Anonymous · ‎April 18, 2018

Hi JackD,

Thanks for joining our Community.

I can certainly help you here.

When you have a bulk deposit appear in your bank feed and you wish to match it to multiple open invoices to settle them, there are two ways to do this.

You can either record a Receive Payment for the full amount and tick the open invoices on the Receive Payment that make up the payment. This can then be matched to the transaction you see in For Review.

Alternatively, you can match directly from For Review by using the Find Match function. To do this, simply follow the below steps.

Click on the transaction line as it appears in For Review to expand the options fields.
Click on the radio button beside Find Match.
On the search screen that appears, you will see the open invoices that are available to match to
Tick beside each open invoice you wish to settle using the payment
Once you are happy with the invoices selected, click on Save to match the payment

Either option will settle multiple invoices against the one payment and gives you flexibility to find the solution that works best for you.

Let me know if you need anything further

View solution in original post

Anonymous · ‎April 18, 2018

Hi JackD,

Thanks for joining our Community.

I can certainly help you here.

When you have a bulk deposit appear in your bank feed and you wish to match it to multiple open invoices to settle them, there are two ways to do this.

You can either record a Receive Payment for the full amount and tick the open invoices on the Receive Payment that make up the payment. This can then be matched to the transaction you see in For Review.

Alternatively, you can match directly from For Review by using the Find Match function. To do this, simply follow the below steps.

Click on the transaction line as it appears in For Review to expand the options fields.
Click on the radio button beside Find Match.
On the search screen that appears, you will see the open invoices that are available to match to
Tick beside each open invoice you wish to settle using the payment
Once you are happy with the invoices selected, click on Save to match the payment

Either option will settle multiple invoices against the one payment and gives you flexibility to find the solution that works best for you.

Let me know if you need anything further

JackD · ‎April 18, 2018

Thanks - that's exactly what I needed.

NotEnjoyinBooks · ‎July 04, 2018

Thanks so much for this answer. You saved me from pulling out my hair.

NotEnjoyinBooks · ‎July 04, 2018

Hi Gill,

This works great when there are multiple invoices which total the deposited amount.

Unfortunately, I'm running into trouble when I have a deposit that is comprised of invoiced payments as well as multiple other sales transactions. Using the Find Match method you described, I'm able to find the invoices, but while using the resolve difference button, I'm only able to add a single additional transaction. I have additional transactions, as well a commission and fees amount that must be deducted in order to total the correct price, but since the resolve difference button limits me to 1 additional transaction, I am unable to do this. Any advice?

Thanks very much.

Anonymous · ‎July 04, 2018

Hi NotEnjoyinBooks,

Thank you for contacting the Community.

To record the fees and match the remaining amount you can create a bank deposit which will show the invoice for the full amount the customer paid, minus the fee.

I would first recommend to create the invoice for the full amount the customer actually paid. When you click receive payment make sure the Deposit To account is the Undeposited Funds account (you may need to create this by clicking add new, selecting current assets as account type and Undeposited Funds as Detail Type).

I would then recommend creating a chart of account for the Fees if you haven't done so already. To do this click the Accounting tab and then Chart of Accounts. Click New and select Expenses as account detail and whichever detail type matches the transaction the closest (on this occasion this will most likely be bank charges). You can name the account anything you like EG Fees.

To create the bank deposit click the + button and click Bank Deposit. You will see the payment the customer paid you, for example the full invoice could be £3,000. Tick this payment so the amount in the top right hand corner shows the full amount. Then on the Add Funds to this deposit section select the Bank Fees chart of account that you created earlier and type in the fee with a minus (-) symbol in front of the number. EG -57.00.

The amount of the deposit will now show the amount minus the fee and this can now be matched on the banking screen.

Please let me know if there is anything else I can help with. :)

J_B3 · ‎April 08, 2020

Hi

I am trying to match my for review deposit to an invoice that was paid by the deposit - I do not have the FIND MATCH button so how can I do this please?

Adrian_A · ‎April 08, 2020

Let’s isolate why the Find Match button disappears, J_B3.

There are times that issues like this can be resolved by performing the recommended troubleshooting steps.

Let’s start with opening QuickBooks with an incognito window. This is the best place to determine any browser-related issues. You can use keyboard shortcuts open this type of window:

Google Chrome: Ctrl + Shift + N
Mozilla Firefox: Ctrl + Shift + P
Internet Explorer: Ctrl + Shift + P
Safari: Command + Shift + N

Then if it works, we can go back to a regular browser and clear its cache. A piled cache can also be the reason for some unexpected issues on the pages we’ve opened.

We can also switch to a different supported browser like Google Chrome, Mozilla Firefox, Internet Explorer, or Safari.

Afterward, let’s check to see if you’re able to see the Find Match button.

I’ve also added these articles when you’re ready to categorise and reconcile the transactions:

I'm just a post-away if you still need my help. Stay safe!

J_B3 · ‎April 09, 2020

Thank you for your quick response.

Unfortunately that did not work and the Find Match is not there at all - is it because i have the UK version?

John C · ‎April 09, 2020

Hi J_B3

Is the transaction you are attempting to match a multi-currency amount e.g.Euro or Dollars? If it is then there will be no find match option you will have to manually receive payment on the invoice and exclude the amount from the banking screen if it does not then auto match.

J_B3 · ‎April 09, 2020

Yes it is a Euro invoice and Euro amount that came into the euro bank account.

Ok so there is no way to match them? Surely this can be fixed?

Is it better to add payment as a bank deposit or receive payment as an invoice cleared for all of our future invoices/bank deposits as we work with all 3 GBP/EURO/USD

Thank you

John C · ‎April 09, 2020

Hi J_B3

Hi there is no immediate plans to introduce the find match option for multi-currency transactions due to the issues cause by the exchange rates.We would advise that you receive payment on the invoices and if the amount in the bank does not auto find the match with the invoice payment exclude it.

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