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Level 2

Hi - How do you match a bill AND an invoice on the transactions - the bill is higher than the invoice and so is only showing bills to match - I'm quite new to QB! Thanks

 
Solved
Best answer November 20, 2020

Accepted Solutions
Moderator

Hi - How do you match a bill AND an invoice on the transactions - the bill is higher than the invoice and so is only showing bills to match - I'm quite new to QB! Thanks

Thanks for sharing the details here, @accounts-progres,

 

When you match transactions in QuickBooks, both entries must be the same. In your case, it looks like you are trying to match an expense (outgoing funds) to your income(incoming funds). Since this is not allowed, you will need to do the match separately.

 

If you have a credit card payment in your bank statement, create an expense in QuickBooks to match it. For further information on how to do this, see this article: Record your payments to credit cards

 

The next thing you need to do is match the customer payment from the bank to the recorded payment in QuickBooks.                                                                                                                                                                                                                                   

Since the refund is greater than sales, this will require a few steps to do. But don't worry, I'll be right here to guide you through that.

 

Step 1: Create the sales transaction and receive the payment to the Undeposited Funds account.

 

  1. Go to the + New icon and select Invoice or Sales Receipt.
  2. Enter the details of the sale then hit Save.
  3. On the same transaction, click Receive Payment. You can also close the invoice or sales receipt and go back the the + New icon and select Receive payment.
  4. Pick the invoice to pay and ensure the Deposit to field is showing Undeposited Funds. See this sample screenshot:
  5. Hit Save and new.

Step 2: Create the Refund Receipt showing the original refund amount of $250.

 

  1. From the + New button select Refund Receipt.
  2. Enter all the information with the correct date.
  3. The Refund From field has to have Undeposited Funds too.
  4. Lastly, click Save and new.

 

 

Step 3: Create a Journal Entry to move the funds from Undeposited Funds account to Bank account.

 

  1. Go back to the + New button at the top, then choose Journal Entry.
  2. Set the date of the transaction that is same as bank posted transaction date.
  3. On the first distribution line of the Journal Entry, select the Bank Account.
  4. Enter the total amount that you received from the bank in the Credits column. The amount is the difference of the sale and the refund.
  5. On the second distribution line, choose Undeposited Funds.
  6. Set the Debits column to the same amount as the Credits column.
  7. Click Save and close. This will show a deduction from the bank account in the Bank Register in QBO.

Step 4: Group the Journal Entry with the payment and refund to create a $0 deposit.

 

  1. Click the + New icon then Bank Deposit.
  2. Select the payments (negative and positive) and the Journal
  3. The entry you just created (the total should be zero).
  4. Click Save and close.
    undefined
     

Once done, go back to Banking page. You should be able to see Match option this time. If not, click that transaction row for refund receipt to find a match.

 

See this link to learn more about handling bank transactions in QuickBooks Online: Categorise and match online bank transactions in QuickBooks Online

 

Let me know if you have any further questions about the process or need any other help. I'll be right here to assist you with your Banking concerns and guide you with every QuickBooks related tasks. Have a nice day!

View solution in original post

5 REPLIES 5
QuickBooks Team

Hi - How do you match a bill AND an invoice on the transactions - the bill is higher than the invoice and so is only showing bills to match - I'm quite new to QB! Thanks

Hi accounts-progres, 

 

Thanks for joining us here on the Community. 👋

 

Bills and invoices are two separate transactions in QuickBooks, a bill being for a supplier and an invoice for a customer - can I check what exact transactions you're trying to match, are you recording a contra payment? 

 

Thanks!

Level 2

Hi - How do you match a bill AND an invoice on the transactions - the bill is higher than the invoice and so is only showing bills to match - I'm quite new to QB! Thanks

Hi GeorgiaC,

 

Thanks for helping me out! I have a card payment from our card machine that is showing as £127 going out but it relates to a payment in of £123 and a payment out (refund) of £250 so I just need to match it on the transactions list to reconcile it. I don't know enough about Quickbooks to know whether you can journal it or how to get round it but I have the Bill and Invoice showing as outstanding as I can't match the 2 to the bank transaction.

 

Hope that makes sense?!?

 

Thank you.

Moderator

Hi - How do you match a bill AND an invoice on the transactions - the bill is higher than the invoice and so is only showing bills to match - I'm quite new to QB! Thanks

Thanks for sharing the details here, @accounts-progres,

 

When you match transactions in QuickBooks, both entries must be the same. In your case, it looks like you are trying to match an expense (outgoing funds) to your income(incoming funds). Since this is not allowed, you will need to do the match separately.

 

If you have a credit card payment in your bank statement, create an expense in QuickBooks to match it. For further information on how to do this, see this article: Record your payments to credit cards

 

The next thing you need to do is match the customer payment from the bank to the recorded payment in QuickBooks.                                                                                                                                                                                                                                   

Since the refund is greater than sales, this will require a few steps to do. But don't worry, I'll be right here to guide you through that.

 

Step 1: Create the sales transaction and receive the payment to the Undeposited Funds account.

 

  1. Go to the + New icon and select Invoice or Sales Receipt.
  2. Enter the details of the sale then hit Save.
  3. On the same transaction, click Receive Payment. You can also close the invoice or sales receipt and go back the the + New icon and select Receive payment.
  4. Pick the invoice to pay and ensure the Deposit to field is showing Undeposited Funds. See this sample screenshot:
  5. Hit Save and new.

Step 2: Create the Refund Receipt showing the original refund amount of $250.

 

  1. From the + New button select Refund Receipt.
  2. Enter all the information with the correct date.
  3. The Refund From field has to have Undeposited Funds too.
  4. Lastly, click Save and new.

 

 

Step 3: Create a Journal Entry to move the funds from Undeposited Funds account to Bank account.

 

  1. Go back to the + New button at the top, then choose Journal Entry.
  2. Set the date of the transaction that is same as bank posted transaction date.
  3. On the first distribution line of the Journal Entry, select the Bank Account.
  4. Enter the total amount that you received from the bank in the Credits column. The amount is the difference of the sale and the refund.
  5. On the second distribution line, choose Undeposited Funds.
  6. Set the Debits column to the same amount as the Credits column.
  7. Click Save and close. This will show a deduction from the bank account in the Bank Register in QBO.

Step 4: Group the Journal Entry with the payment and refund to create a $0 deposit.

 

  1. Click the + New icon then Bank Deposit.
  2. Select the payments (negative and positive) and the Journal
  3. The entry you just created (the total should be zero).
  4. Click Save and close.
    undefined
     

Once done, go back to Banking page. You should be able to see Match option this time. If not, click that transaction row for refund receipt to find a match.

 

See this link to learn more about handling bank transactions in QuickBooks Online: Categorise and match online bank transactions in QuickBooks Online

 

Let me know if you have any further questions about the process or need any other help. I'll be right here to assist you with your Banking concerns and guide you with every QuickBooks related tasks. Have a nice day!

View solution in original post

Level 2

Hi - How do you match a bill AND an invoice on the transactions - the bill is higher than the invoice and so is only showing bills to match - I'm quite new to QB! Thanks

I cannot thank you enough - It worked perfectly - thank you SO much for your help (apologies for the delay in responding, I had to get my head in gear to tackle it!)

Thank you.

QuickBooks Team

Hi - How do you match a bill AND an invoice on the transactions - the bill is higher than the invoice and so is only showing bills to match - I'm quite new to QB! Thanks

Thanks for getting back to us here accounts-progres - very happy to hear this worked for you! 🤗