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Community Contributor *

Matching a payment to a supplier without an invoice.

Hello,

 

I have recently set Quickbooks up for a pub. The main supplier is the brewery that the pub is rented from and they have a trade account. 

 

 

I moved to Quickbooks on 1 April and I set the opening balance for the supplier trade account on 31 March to the creditor as per the statement on the trade account, I also receonciled it to my previous records. I am confident that my opening balance is correct.

 

I then added all of the trade invoices to the supplier. The total of the invoices in Quickbooks matches the statement as to how much has been invoiced up to 30 April. The next step is to match the bankings and this is where I am struggling to understand how Quickbooks handles this.

 

Over the month the creditor on the trade account has increased (we have paid more than we have been invoiced), payments also do not match invoices. I thought at first I could just start matching the oldest payments to the oldest invoices however I run out of invoices before I have matched all payments out of the bank so I have transactions on my bank that I cannot do anything with. I'm at a loss as to what to do without removing the supplier all together and just putting everything though as an expense but then what about the credit that is on the account?

 

I'm hoping there is a simple solution to this but I cannot work out what to do in this situation.

 

Thanks in advance for any adivce.

 

Regards,

 

Al Smith

Solved
Best answer 05-08-2018

Accepted Solutions
Community Contributor *

Re: Matching a payment to a supplier without an invoice.

Hi,

 

Thank you for your response.

 

After alot of trial and error I actually found a solution myself.

 

From the bank feed, instead of matching payments to invoices, I added the transactions as a Cheque with the Payee as the relevant supplier and Creditors as the account to post to.

 

I then went into the suppplier and used the credits on the account to offset against the open invoices which left the correct credit open on the account to use against the next invoice.

 

Again, thank you for taking the time to assist me.

 

Regards,


Alex

3 REPLIES 3
QuickBooks Team

Re: Matching a payment to a supplier without an invoice.

Hello agsmith,

 

Welcome to the Community.

 

That is an interesting question. With regards to the payments on the banking screen are you wanting these to build up a credit on the Supplier? If this is the case there is two ways in which this can be done. The first wa to do this would be creating a bill for the payment amount and manually paying this through QuickBooks Online, then deleting the bill which will mean you then have unapplied payment assigned to the supplier as a credit balance. Another way of doing this will be by using a Journal Entry which you can use to increase the creditor balance on the supplier your accountant will be able to advise of the accounts to use for the Journal.

 

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

Community Contributor *

Re: Matching a payment to a supplier without an invoice.

Hi,

 

Thank you for your response.

 

After alot of trial and error I actually found a solution myself.

 

From the bank feed, instead of matching payments to invoices, I added the transactions as a Cheque with the Payee as the relevant supplier and Creditors as the account to post to.

 

I then went into the suppplier and used the credits on the account to offset against the open invoices which left the correct credit open on the account to use against the next invoice.

 

Again, thank you for taking the time to assist me.

 

Regards,


Alex

QuickBooks Team

Re: Matching a payment to a supplier without an invoice.

Hi agsmith.

 

Thanks for getting in touch.

 

It appears you've beaten me to the response. I would have done the same thing, by recording (through the banking page) the transaction as either an expense or Cheque to the Creditors account assigned to the supplier in question. This would assign the payment as a credit to that supplier which can then be assigned to any currently outstanding or future invoices you create for that supplier when you go to receive payment.

 

It's good to see that you were able to find this resolution on your end but if there is anything else we can help with, let me know and I will be back in touch :)