Matching transactions and closing the month

bobbibansks · ‎May 09, 2021

Hi there,

I use your Etsy integration but since I am based in the UK it only pulls the sales without the expenses. I created a journal entry to enter my expenses and that was all fine.

At the beginning of this month (May) I received my Etsy payment for April sales but it's a higher amount than the journal entry as they include a few days from May too.

So to give an example - let's say journal entry was £900 but payment received in bank account was £1000. I tried to match the transaction and resolve the difference between the two but that categorises the leftover £100 which I still need available for the end of this month (May). I also tried splitting the amount and it didn't work again as it categorised the amount.

Can you please give me advice on how to go about matching my transactions and still have £100 left to carry over for this month? also, how do I close and reconcile April?

Many thanks,

Bobbi

RenjolynC · ‎May 09, 2021

Thanks for coming back here, Bobbi.

As I read your concern, it seems that we can't match the transactions. For this situation, you have the option to exclude the downloaded transactions from the Banking page. Then, manually clear the transactions created in QuickBooks. This way, you have accurate reports for the month of April and May when you reconcile the account.

To exclude, here's how:

Go to Transactions > Banking > For Review.
Put a check mark on the transactions you want to remove.
Click the Exclude button.

Here's a sample screenshot for a visual guide:

Once removed, you can still see the transactions in the Excluded tab. This is where you can undo the process or delete the transactions.

Then, follow these steps to manually clear the transactions in your bank register:

On the left panel, click Accounting > Chart of Accounts.
Click the Account history link of the bank account where the transactions are recorded.
Select the transaction to expand and under the Reconcile status (indicated by a check mark), click the blank page until you see the letter C. This means Clear, while R represents Reconcile.
Hit Save.

I've got this sample screenshot for reference:

When you're ready to reconcile, you can find the instructions here: Reconcile an account in QuickBooks Online.

If you have any additional questions about the process, or other concerns, please let us know in your reply. We're always available to answer them. Stay safe!

View solution in original post

Adrian_A · ‎May 09, 2021

Hello Bobbi,

Upon clicking Resolve the difference, the system will automatically create a deposit. That said, we'll have to go categorise the £100 and then record it on your bank account.

Afterward, you're good to close the books for April.

I've also added this reference as your guide when reconciling the accounts: Reconcile an account in QuickBooks Online.

I'll be around if there's anything that I can help. Keep safe!

bobbibansks · ‎May 09, 2021

Hi Adrian,

Thanks for the speedy response, it's much appreciated.

I initially did what you said but because then £100 will then be categorised I wouldn't be able to use the money towards my next journal entry for May.

So to illustrate that with the example above:

April: Sales £900; bank deposit £1000

May: Sales 900; bank deposit £800 - here I would need the leftover £100 from April to match my account but since it's already categorised I wouldn't be able to use it. I need that £100 to still be uncategorised to be able to be matched to the new journal entry for May and not sure how I go about doing that.

I hope that explanation makes sense.

Thanks for the help,