Matching bank deposits to invoices

marionsxgal · ‎February 07, 2019

i'm transferring my mum,s books for last year to quickbooks and to say its all in a muddle is an understatement. I would like to know how to match bank deposit to multiple l invoices when deposit is less than invoices total.

example.

mr k smith invoice total £500

mrs j hill invoice total £600

mr p scott invoice total £800

invoice totals £1900

but bank deposit was only £1700 (mum kept cash on hand)

when i created invoices i did them as cash into undeposited funds, when i came to match bank transaction to invoices i can add mr k smith and mrs j hill easily but if i add mr p scott it goes over by £200. i originally thought to fix this was to add additional deposit (at the bottom of page) payee mr p scott amount -£200 which brings it back in line but don't know if that's the correct way to do it.

RitaIntuit · ‎February 07, 2019

Hi marionsxgal,

Thank you for your query!

As all the invoices where paid in full by the customers but 200 was kept cash on hand the best way to record this is to receive full payment on all the 3 invoices but instead of receiving it to the bank receive it to the undeposited funds chart of account(it will be an option on the dropdown under the bank account options on the receive payment of the invoice or you can create the undeposited funds account it if it is not already there) So you were correct in recorded them as paid to undeposited funds. You just have to record them all as paid in full to undeposited funds and then deposit most of it to the bank account and do a separate deposit to the petty cash account.

Please find the steps below:

Find the invoice> Click on invoice
When the invoice opened up, click on Receive payment in the top right corner
When the receive payment page opens up,. make sure on the "Deposit to" dropdown you choose undeposited funds account (not your bank account)
Save and close>repeat for each invoice
Go to the +new in the top left and select Bank deposit
This time make sure you choose your Bank account on the Deposit to in the amount box change that to 1700
Save and close

Then go back into bank deposit. If there is a chart of account set up for petty cash select that and deposit the remaining balance to the petty cash account. If there is not one set up for petty cash it is worth setting one up so you can record what the petty cash is used for expense wise etc. The save the bank deposit for the 200 that will then show in the petty cash account.

Go to Banking > For review
Find the transaction, click on the line of the transaction
Click on Find match
You should see the deposit of 1700 to match and the invoices will show correctly as fully paid.

Let me know if you have any queries.

View solution in original post

RitaIntuit · ‎February 07, 2019

Hi marionsxgal,

Thank you for your query!

As all the invoices where paid in full by the customers but 200 was kept cash on hand the best way to record this is to receive full payment on all the 3 invoices but instead of receiving it to the bank receive it to the undeposited funds chart of account(it will be an option on the dropdown under the bank account options on the receive payment of the invoice or you can create the undeposited funds account it if it is not already there) So you were correct in recorded them as paid to undeposited funds. You just have to record them all as paid in full to undeposited funds and then deposit most of it to the bank account and do a separate deposit to the petty cash account.

Please find the steps below:

Find the invoice> Click on invoice
When the invoice opened up, click on Receive payment in the top right corner
When the receive payment page opens up,. make sure on the "Deposit to" dropdown you choose undeposited funds account (not your bank account)
Save and close>repeat for each invoice
Go to the +new in the top left and select Bank deposit
This time make sure you choose your Bank account on the Deposit to in the amount box change that to 1700
Save and close

Then go back into bank deposit. If there is a chart of account set up for petty cash select that and deposit the remaining balance to the petty cash account. If there is not one set up for petty cash it is worth setting one up so you can record what the petty cash is used for expense wise etc. The save the bank deposit for the 200 that will then show in the petty cash account.

Go to Banking > For review
Find the transaction, click on the line of the transaction
Click on Find match
You should see the deposit of 1700 to match and the invoices will show correctly as fully paid.

Let me know if you have any queries.

taxpromary · ‎February 12, 2019

Hi, I have the same problem except that my payments do not show up in the list of available payment to match to the deposit. I have one invoice for $500 and a refund to another customer for $200. I know how to deal with the refund, but why is the $500 customer not on the list. If I go to a larger deposit $2000 he is on the list of payment to match to.

Thanks,

Mary Ann

Kristine Mae · ‎February 12, 2019

Hello there, Mary Ann.

There are instances that QuickBooks Online is unable to find or match the correct one. So we'll have to manually find the matching transaction.

Just follow these steps:

Click Banking, then choose Banking.
Go to the For Review tab.
Look for the deposit, then click to open the transaction.
Click Find Match.
You can narrow the result by changing the data range.
Choose the matching transaction, then click Save.

I've got you an article for future reference: Add and match downloaded banking transactions.

Reach out to us if you have other concerns. Have a great day!

Malcolm Ziman · ‎February 12, 2019

@marionsxgal wrote:

mum kept cash on hand

You have to still credit the customer with what she kept on hand

Jane Foulger · ‎July 02, 2020

Hi I am new to QBO. I have synced my bank accounts and deleted everything that came over before April 1st this year. So there are several transactions to explain. Some payments are from recurring customers. I get that i can make an invoice. I did this but how do i explain these invoices as already paid, because they are showing up as awaiting payment. Most of the payments are made by bank transfer. I am not using the 'take payment option' There is one customer who has sent several payments over for 25.00. I have made 3 invoices to explain this but one them is asking for 0.45p! I dont understand as i havent created an invoice for this amount! Please help

Ashleigh1 · ‎July 02, 2020

Hello Jane Foulger,

Welcome to the Community page,

When you click into the invoice, you will see an option call receive payment on the right-hand side, click that fill in the information and save. once you have clicked save and close this will show that that invoice has been paid and you'll be able to match it in the banking page, as long as the date, amount and account is the same it will find the match for you.

emm3e · ‎August 06, 2020

Hi,

I think I know your exact issue and how to fix it.

-Go to banking and go to "reviewed". Please find the payment in question and "undo" it so that it goes back into your "for review section". Please write down on a piece of paper/remember the date of that payment. Leave that as is and we will come back to it.

-Go to your invoices section and find the invoice. Then click the downwards arrow on the right next to the word "print" and click "view/edit"

-On the right it says "paid status", under this can you see blue writing that says "1 payment" and then in black writing "made on .....", please click the blue writing and then click the blue date.

-Here the payment you received in your bank account comes up, for some unknown reason, I think it may be a glitch, but it says on the left under "payment date" the wrong date to when it actually was deposited. Now that date I asked you to write down before, put in that date instead. Click save and close.

-Go back to your "for review" tab and the payment now should have a match. Click "match".

-Go back into your "income section" on your report and it now should be fixed and there should only be one payment there for that amount.

Hope this helps!

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