No option to match to invoice in Euro account

Django Girls · ‎February 18, 2021

Hello,

I need to match a payment in my PayPal Euro account to an invoice, but there is no option to match this transaction. I have searched previous threads and I am aware this feature cannot be used in foreign currency accounts and that I need to match this manually.

The problem is, I use Quickbooks because I'm not an accountant and this was supposed to make things easier. Would someone kindly walk me through HOW to do this manually?

Thanks in advance

MirriamM · ‎February 19, 2021

It's good to see you back, Django Girls.

We can add the bank fee as we deposit the invoice payments to your register. Here's what you'll need to do:

Open the invoice.
Click the Receive payment button.
Fill in the necessary information.
Select Undeposited Funds in the Deposit to the field.
Click Save and close.

Once done, create a Bank Deposit and enter the fee as a negative amount.

In the left menu, click the + New button.
Select Bank deposit under Others.
Select the bank account in the Account field and enter the Date.
Under the Select the payments included in this deposit section, mark the invoice payment.
Go to the Add funds to this deposit section, and select the bank fee account in the ACCOUNT column.
Enter the bank fee as a negative amount.
Click Save and close.

The total amount now should be the same as the one that reflected in your actual bank account. You can also use this article for reference: Record and make Bank Deposits in QuickBooks Online.

As always, I'm just a post away if you should have questions on this or any other QuickBooks topic. Cheering you to continued success.

View solution in original post

EmmaM · ‎February 18, 2021

Hello Django girls, We can help guide on how to add the payment manually and exclude the transaction in the banking page. The invoice itself that you are matching the payment to is that in GBP or Euros?

Django Girls · ‎February 19, 2021

Thank you!

It's in Euros

EmmaM · ‎February 19, 2021

Hello Django girls, With the invoice being in Euros you can go to receive payment and receive the euros amount if the exchange rate differs to what QB says you can amend within the exchange rate box and save. then you can go to banking>put a tick to the left of the date and go to batch actions and exclude to remove it from the for review. Any questions just reply back here

Django Girls · ‎February 19, 2021

Thanks Emma,

I don't think I need to do anything with an exchange rate as we received Euro's to pay a Euro invoice.

As the funds came into the PayPal account we lost some of the payment on fees. So we invoiced €1000 but received €985.65. How do I account for the difference?

Claire

MirriamM · ‎February 19, 2021

It's good to see you back, Django Girls.

We can add the bank fee as we deposit the invoice payments to your register. Here's what you'll need to do:

Open the invoice.
Click the Receive payment button.
Fill in the necessary information.
Select Undeposited Funds in the Deposit to the field.
Click Save and close.

Once done, create a Bank Deposit and enter the fee as a negative amount.

In the left menu, click the + New button.
Select Bank deposit under Others.
Select the bank account in the Account field and enter the Date.
Under the Select the payments included in this deposit section, mark the invoice payment.
Go to the Add funds to this deposit section, and select the bank fee account in the ACCOUNT column.
Enter the bank fee as a negative amount.
Click Save and close.

The total amount now should be the same as the one that reflected in your actual bank account. You can also use this article for reference: Record and make Bank Deposits in QuickBooks Online.

As always, I'm just a post away if you should have questions on this or any other QuickBooks topic. Cheering you to continued success.

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No option to match to invoice in Euro account