The reason your amounts don't match is that the letting agency is paying you your net income (the amount after their 10% cut). However, your QuickBooks invoice reflects your gross income (the full amount before their cut).
QuickBooks Solopreneur operates on a 1-to-1 matching logic. It looks for a bank transaction that is the exact same value as your invoice. Due to the 10% discrepancy, the system fails to recognize the deposit as intended for the specific invoice. Editing the invoice to reflect the commission is the most direct way to bridge this gap.
To make them match, follow these steps:
- Go to your Invoices menu and open the invoice.
- Add a second line item below your rent.
- In the description, type "Agency Commission".
- Enter the 10% commission as a negative amount (e.g., -£100).
- Verify the Total of the invoice now matches the exact deposit shown in your bank feed.
- Click Save.
After completing these steps, link the transaction from your bank to the invoice. By recording the commission through the invoice menu, you are effectively "closing" the invoice and telling QuickBooks exactly which bank entry it belongs to. This keeps your books organized and prevents you from accidentally counting the income twice.
If you have any questions about QuickBooks, please feel free to contact us. We're here to help.
