Matching deposits with Sales Receipts

ericadbr · ‎April 07, 2021

Hi everyone, I have quite a few basic questions that unfortunately I haven't been able to figure out. For background purposes: I sell products on a website, Quickbooks is automatically linked to my bank account and to my website. This means that every deposit I have in my bank account is reflected in Quickbooks, and for every sale I have in my website Quickbooks is receiving: a) sales receipt; b) details on the products sold (inventory is tracked through my website). Questions:

1. When matching an online Bank Deposit with a Sales Receipt (under the section "Select the payments included in this deposit") the amount is double counted. So if I have a sales receipt for £53 and a deposit for £51.16 it says that the total payment is £104.16.

2. Reflection of the fees: for the example above, Paypal had a fee of £1.84. I have read to include this in the section "Add funds to this receipt" as a negative amount, but... £51.16 - £1.84 -> what is this supposed to reflect? This doesn't seem right

3. How do I map the product(s) I have sold to the sales receipt, bank deposit and current value in Stock? -> I cannot find an option for this

4. Under products I only have an option for Non-stock and Services, is this because I have a "Simple Start" plan?

Thank you!

Erica

Angelyn_T · ‎April 08, 2021

Hi, @ericadbr.

I want to ensure you'll be able to get rid of the double accounting error on your sales receipt and deposit. To achieve this, make sure to avoid adding extra amounts or fields to your deposit transaction. I'll guide you how.

Select the sales receipt transaction under the Select the payments included in this deposit section.
Go to the Add funds to this deposit section, then enter the fees in a negative amount.
Review the total amount of the deposit, then click Save and close.

Just in case you need additional assistance from our Support Team. Here's how you can connect with a live representative:

Sign in to your QuickBooks Online company.
Select Help (?).
In QB Assistant, enter the topic you need help with. You can also enter questions.
Select Contact Us to connect with a live support agent.
Choose a way to connect with us:
- Start a chat with a support expert. Live chat all day, M-F.
- Call us. M-F, 8:00 AM to 10:00 PM and S-S, 8:00 AM to 6:00 PM.

On the other hand, you can open the topics from our help articles for more hints about handling your transactions in QuickBooks Online.

If you have any other questions about your deposits and sales receipts, please notify me by adding a comment below. I'm always here to help. Have a good one!

View solution in original post

ericadbr · ‎April 12, 2021

Hello, thanks for your response.

I have now spoken to an agent online and we have managed to resolve the error. The issue was that the matching initially done in Quickbooks.

Many thanks,

Erica

View solution in original post

CharleneMaeF · ‎April 07, 2021

Hi there, ericadbr.

The sales receipts should automatically match your deposits as long as the transactions have the same amount and dates. If you're unable to match them, I've listed the possible causes below:

Verify that the transaction has not been reconciled.
Verify the transaction was entered using the same bank account.
Make sure the Quickbooks Online transaction has not been previously matched to another bank downloaded transaction.
If it is a deposit or payment received, make sure it is not on the Bank Deposit page (undeposited).

To correctly record the fees, I suggest following these steps.

Click the Plus icon (+) at the top.
Under Others, click Bank Deposits.
Select the payment.
In the Add funds to this deposit field, choose an account.
Enter a negative amount, under Amount.
Click Save and close.

Moreover, the Inventory feature is available in the Plus version. I'd suggest searching for third-party apps that integrate with QuickBooks Online.

Additionally, to learn more about the different types of VAT codes, please refer to this article: Common VAT codes.

I'm only a few clicks away if you need assistance with your other QuickBooks tasks. It's always my pleasure to help you out again.

ericadbr · ‎April 08, 2021

Hello, many thanks for your answer.

I am afraid I am still unable to follow the process. I have also tried to obtain help from a friend who has some accountancy knowledge and we are still having the same double counting error. I have tried to find a number to communicate with Quickbooks and maybe you can run me through the process but can't find it, can you please facilitate what's the best way to contact support?

Many thanks,

Erica

Angelyn_T · ‎April 08, 2021

Hi, @ericadbr.

I want to ensure you'll be able to get rid of the double accounting error on your sales receipt and deposit. To achieve this, make sure to avoid adding extra amounts or fields to your deposit transaction. I'll guide you how.

Select the sales receipt transaction under the Select the payments included in this deposit section.
Go to the Add funds to this deposit section, then enter the fees in a negative amount.
Review the total amount of the deposit, then click Save and close.

Just in case you need additional assistance from our Support Team. Here's how you can connect with a live representative:

Sign in to your QuickBooks Online company.
Select Help (?).
In QB Assistant, enter the topic you need help with. You can also enter questions.
Select Contact Us to connect with a live support agent.
Choose a way to connect with us:
- Start a chat with a support expert. Live chat all day, M-F.
- Call us. M-F, 8:00 AM to 10:00 PM and S-S, 8:00 AM to 6:00 PM.

On the other hand, you can open the topics from our help articles for more hints about handling your transactions in QuickBooks Online.

If you have any other questions about your deposits and sales receipts, please notify me by adding a comment below. I'm always here to help. Have a good one!

ericadbr · ‎April 12, 2021

Hello, thanks for your response.

I have now spoken to an agent online and we have managed to resolve the error. The issue was that the matching initially done in Quickbooks.

Many thanks,

Erica

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Matching deposits with Sales Receipts