Reconciled bank account includes client payments that are miss reported as not having been paid

Rhauri · ‎December 19, 2019

Hi,
Our current account in QB exactly matches the live account details.
BUT QB gives me a list of overdue amounts from a few different clients, that I can see have been paid.
(In terms of changing records, we pay VAT via the flat rate scheme.)

I've tried:
1. Sales Transactions (list of those that are overdue). Action "Receive Payment" and put in the date of the payment. This adds a new payment for that date. It does not link it to the payment already in the reconciled bank account, which then becomes unmatched (live Vs what is in QB goes wrong by the amount of the invoice payment. Looking at the "Bank Account History" I can see 2 x the payment. Due to being on Flat Rate VAT and this being in a period where the return has been made, I can't delete the old one, but I can delete the new one created by this "Receive Payment" and so put the QB Bank balance back to in-line with the real world bank account.
2. Click the C for the payment line, so that it goes blank (so not 'Cleared - Tentatively Reconciled' or 'Reconciled') and then repeated the above step. Same end result of the "amounts due" no longer shows this as being due, but the bank account is no longer reconciled.

How do I fix this ?
I can either have a reconciled QB to live bank account, which includes payments that are't linked to clients, so it says clients owe money they've paid.
OR I can complete the "Receive payment" details for dates that match the bank account, but the QB account balance then doesn't match (reconcile) with the real bank account.

Hopefully I'm doing something silly that is easy to sort out ?

Rory

RenjolynC · ‎December 19, 2019

I'd like to help you get the transactions sorted out, Rory.

Looking at the situation, it seems that the payments showing up in the Bank Account History are not linked to the overdue invoices. What we can do to correct this is to remove the payments you've recorded. Then, undo the transactions that were added from the banking page. This way, we can match the payments to the overdue invoices and reconcile your account.

To delete the recorded payments, here's how:

Go to Sales on the left menu and select All Sales.
Select the Filter drop-down menu and Money Received from the Type drop-down.
Choose the Date and click Apply.
Open each payment and click More located at the bottom.
Select Delete and choose Yes to confirm.

Please see sample screenshots below for reference:

Then, let's go to the banking page and undo the transactions.

Here's how:

Go to Banking and select the Banking tab.
Select the bank account where the transactions are added.
Click the Reviewed tab, and click the Undo link of the transactions that matches to overdue invoices under the Action column.

Once done, we can now match the downloaded transactions to the overdue invoices by following these steps:

From the Banking page, click the For Review tab.
Click the Match link under the Action column. If you can't see a Match link, then select the transaction and choose Find match.
Select the invoice that matches the downloaded transaction.
Click Save.

That should fix the transactions in QuickBooks and in the banking side. Then, we can start reconciling your bank account.

Please don't hesitate to reach out if you have any additional questions. Thanks.

View solution in original post

RenjolynC · ‎December 19, 2019

I'd like to help you get the transactions sorted out, Rory.

Looking at the situation, it seems that the payments showing up in the Bank Account History are not linked to the overdue invoices. What we can do to correct this is to remove the payments you've recorded. Then, undo the transactions that were added from the banking page. This way, we can match the payments to the overdue invoices and reconcile your account.

To delete the recorded payments, here's how:

Go to Sales on the left menu and select All Sales.
Select the Filter drop-down menu and Money Received from the Type drop-down.
Choose the Date and click Apply.
Open each payment and click More located at the bottom.
Select Delete and choose Yes to confirm.

Please see sample screenshots below for reference:

Then, let's go to the banking page and undo the transactions.

Here's how:

Go to Banking and select the Banking tab.
Select the bank account where the transactions are added.
Click the Reviewed tab, and click the Undo link of the transactions that matches to overdue invoices under the Action column.

Once done, we can now match the downloaded transactions to the overdue invoices by following these steps:

From the Banking page, click the For Review tab.
Click the Match link under the Action column. If you can't see a Match link, then select the transaction and choose Find match.
Select the invoice that matches the downloaded transaction.
Click Save.

That should fix the transactions in QuickBooks and in the banking side. Then, we can start reconciling your bank account.

Please don't hesitate to reach out if you have any additional questions. Thanks.

Rhauri · ‎January 11, 2020

Amazing, thankyou, I'm working through this and hope it works.

Topics

Training

Community

Resources

Reconciled bank account includes client payments that are miss reported as not having been paid