I have amounts received into the bank that don't agree to the sales invoice because of charges deducted. How to match them to an invoice and account for the charge?

Hi Anne

If you are using QuickBooks Online and need to account for fees and get a match to the amount actually received in bank the procedure is as below.

1. Go to the invoice and receive payment in the deposit to section select the undeposited funds account(if you click on the drop down or start typing undeposited funds it will show as a current asset if it is not there if you use the plus symbol at the top of the drop down to create it) for the full amount

2.save and close

3.go to plus symbol in the top right of the QuickBooks and select bank deposit

4 in the select payments included in this deposit put a tick in the box to the left of that payment

5.In the add funds to this deposit section enter the customer name from the invoice and in the account section select an expense account(either one you created for the charges and have already or if you can create one

6.in the amount section on the same line as the above make sure you put in a minus symbol and then save and close(making sure date and bank are  correct)

7.go back to banking page and there should be a match for the transaction

Essentially the above method puts the payment into a holding account where you can allocate the fees and then receive into the bank the amount you actually received

.

Any questions let us know

Emma

Hi Emma,

I am currently trying to do this myself in QuickBooks but I am having difficulty. I wonder if you can help?

In step 4/5, I cannot see the 'add funds to...' bit on the bank deposit screen. The only items I can edit are memo and ref.no.

Can you please help? Thanks.

Cat Moore

I have just found it at the bottom of the screen by scrolling down.

Thanks for your help, you have made my day, week, month!

That's great, you're welcome! Please let us know if you have any further questions.

Thanks,

Talia