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KA2022
Level 1

Open expenses

Hi please can you simplify and help me understand what’s going on in quickbooks online. 
1) I’m not linked to bank feed anymore my boss didn’t like it.

 

2) I have lots of duplicates and open expenses? When I select them they do have a payment match , so why are they still open ?


3) we have paid a vender by mo et from  a 3rd a large sum and many off them since 2021.

 

I have the venders invoices on the system.

 

how can I match them to the expanses and the 3rd party moneys.

 

please help

3 REPLIES 3
MichelleBh
Moderator

Open expenses

I've got you, @KA2022. I'll explain and give solutions to all of your concerns in QuickBooks. 

 

I’ll ensure that my response will help you understand what’s going on in your QuickBooks Online.

 

When you say not linked to bank feed, do you mean the transactions are no longer syncing in QuickBooks? If this is the case, I recommend that you click the Update button on the Banking page to refresh the connection. See the sample screenshot below for your reference: 

update qbo uk.PNG


If the issue persists, you have the option to import the data manually. This way, you can categorise your transactions without any delay.
Follow the steps below: 

 

  1. Sign in to your bank website and follow the instructions to download your transactions as a comma-separated value (CSV) file.
  2. Go to the Banking tab on the left side.
  3. Click the Link account drop-down and choose Upload from file.
  4. Tap Browse and pick the data. 

        5. Review all the fields, then tap Next.

        6. Click Let's go to complete the process.
 

But if you mean the bank account is disconnected, you might want to reconnect it. This way, you can manage your transactions accordingly.

 

For your second question, if these expenses are on the For review page, I'd advise matching the transactions to tag them as closed. After categorizing, you can see these expenses in the Chart of accounts. For more knowledge, click this link: Categorise and match online bank transactions in QuickBooks Online

 

For the duplicates, I'd suggest excluding them. All excluded transactions will not appear in any account registers or financial reports.

 

Here's how: 

 

  1. Go to the Banking tab on the upper left side. 
  2. Select the For review tab. 
  3. Check all the duplicates transactions and choose Exclude
  4. Click OK to confirm. 
     

For your last concern, if your QuickBooks is connected to the online banking function, you can categorise your third-party money right away on the For Review

 

Once everything is good, don't forget to reconcile them to make sure they match your bank and credit card statements. 

 

Moreover, check out these articles below on how to fix reconciliation and bank issues in QuickBooks: 

 

 

Drop a line if you have follow-up questions about your bank feeds. I'm happy to answer all of your questions. Keep safe, KA2022.

KA2022
Level 1

Open expenses

Thank you, I just read it back.

we are not connected with bank feed any more. So I’m now having to do all manually.

my boss gives me invoices from suppliers where his written when paid.

 

im still not understanding if I enter the expense supplier invoice- is it automatically matched or does it come up as open?

 

 

the other question was - my boss had paid a supplier a large sum for us to just allocate future invoices too.

well this large sum has come from a 3rd party so how do I put this on quickbooks and match I to the supplier invoices and leave money remaining on account to the next invoices from the supplier? plus I have added and matched them when we were on bank feed and when entering the expenses invoice 

I have chosen bacs as they were paid but not matched them to the large sum!

 

how can I fix these? 

Charies_M
Moderator

Open expenses

Let me break down your questions to make sure I'm able to address everything, KA2022.

 

When you enter a transaction before downloading the bank transactions, you'll need to do it with the existing transaction.

 

Here's how:

 

  1. Find a downloaded transaction with the Match option in the Action column.
  2. Note the DateDescriptionPayee, and amount spent or received.
  3. Select the downloaded transaction to expand the view.
  4. Review the Matching records found in QuickBooks. This is the possible matching transaction you already entered in QuickBooks.
  5. Select the link next to each match to get more details.
  6. Make sure this is the correct match. In particular, review the Deposit toPayment method, or Bank account fields on forms for the existing transaction in QuickBooks
  7. If this is the correct match, close the open transaction.
  8. Click Match.

Here's an article that you might find helpful when matching and managing your downloaded transactions: Categorise and match online bank transactions in QuickBooks Online

 

Moving on to your next question, if you're trying to match a downloaded transaction that was a lump sum payment for multiple invoices, you'll want to utilize the Undeposited Funds account to make a deposit. 

 

Here are the steps for recording the payments to Undeposited Funds:

 

  1. Go to the Plus icon.
  2. Select Receive Payment.
  3. Choose the Customer, Payment Date, and Invoices that are being paid.
  4. Select the Undeposited Funds to account in Deposit to.
  5. Click Save.

If the invoices are for multiple customers, you will need to receive payment for each one and deposit them to Undeposited Funds. 

 

Now it's time to make the deposit for these funds, here's how:

 

  1. Click the Plus icon.
  2. Select Bank Deposit.
  3. Choose the payments that make up the deposit.
  4. Select the Date and Account.
  5. Click Save.

More information about making bank deposits can be found in this article: Record and make bank deposits in QuickBooks Online.

 

This deposit will now match the lump sum payment for several different invoices. 

 

For additional resources about managing your banking transactions, you can check out the topics from this link: Find help with bank feeds and reconciling accounts for QBO.

 

Please let me know how else I can help you with your bank transactions by adding a comment below. Have a good one!

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