cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Community Contributor *

Match Transactions with overpayment

Hello All

I have searched the help articles but have not found a working suggestion to my issue with Quick books online.

 

I download transactions from our bank and then use the match transactions function which works great until now..

We have a customer that merged with another customer of ours to form a new company.  i.e. company 1 and company 2 formed company 3.  Currently until fully merged Company 3 will pay different invoices for Company 1 and Company 2 on the same EFT run.

 

No issue at this point using Match Transactions.

Recently they inadvertently double payed us for an invoice on 2 different EFT runs.   They said to just issue them a credit memo and not a refund.

So question - when using Match transactions I am left with an over payment of say $1000.00.

 

I have read many articles that say create a credit memo first and then apply that to future invoices,

similar to Apply a credit

 

however how do I get past Match Transactions as I need to match this with the downloaded banking advice. , but those do not work for our issue.

 

I have found articles referring to automatically apply credit but that appears to be in reference to once an overpayment is in QBO and a future invoice comes in.

 

If I use the receive payment function it leaves the EFT advice under Banking - For Review.

When using the Receive payment I cannot select more than just 1 company for items received.

 

If I try to create a fake invoice using negative numbers it won't allow it saying the number must be a positve number.  That really doesn't help anyways but masks a bigger problem.

 

So in summary how do I provide our customer a Credit memo from an overpayment while not using the receive payment function. I then need to apply this credit memo against other invoices to show it is fully used.

 

So I am hoping I described this clear enough for someone to provide a suggestion.

 

Thanks in advance and I appreciate all help.

Solved
Best answer 01-16-2019

Accepted Solutions
Moderator

Re: Match Transactions with overpayment

Hi there, @Brian_L.

 

Thank you for posting back on this thread. Allow me to chime in and help share another way to match your over-payment.

 

To reconcile the amount from your bank, you can record the over-payment in QuickBooks by making a bank deposit and applying it to your AR account.

 

You can apply the existing credit from that deposit when creating a new invoice transaction for this customer. Please see attached screenshot below for your reference.

 

 

 

 

This will get you back on track. Smiley Happy

 

Let me know if you have other questions about matching your transaction. I'll be here to help.

QuickBooks Team

Re: Match Transactions with overpayment

You can find it on the Customer Profile, Brian_L.

 

Just go to Sales, and then the Customers tab.

 

Feel free to swing by if you have further questions. We're a post away.

9 Comments
QuickBooks Team

Re: Match Transactions with overpayment

I appreciate the details and the steps you've taken, Brian_L.

 

You might want to adjust the payment you received, then afterwards create a credit memo. However, after creating a credit memo the report will not show the actual amount you received on your invoice.

 

The next time you create a credit memo, make sure to add a note.

 

Let me know if you need more help.

Community Contributor *

Re: Match Transactions with overpayment

Thanks so much for your reply.  Sorry for the late response as I didn't notice there was a reply to the message.

If I create a Credit memo how will that show up when I reconcile the account?

 

For the overpayment does that then also show in the bank reconcile somewhere as I had tried that but didn't notice where that amount gets posted.

 

 

Thanks again for your response as I value your input.

 

 

Moderator

Re: Match Transactions with overpayment

Hi there, @Brian_L.

 

Thank you for posting back on this thread. Allow me to chime in and help share another way to match your over-payment.

 

To reconcile the amount from your bank, you can record the over-payment in QuickBooks by making a bank deposit and applying it to your AR account.

 

You can apply the existing credit from that deposit when creating a new invoice transaction for this customer. Please see attached screenshot below for your reference.

 

 

 

 

This will get you back on track. Smiley Happy

 

Let me know if you have other questions about matching your transaction. I'll be here to help.

Community Contributor *

Re: Match Transactions with overpayment

Thanks Lily for your response.

 

How will this work when we already download the transactions from the bank.

Would this method not show up 2 times for monies received?

 

 

Take care

Moderator

Re: Match Transactions with overpayment

Hello there, @Brian_L.

 

I appreciate you coming back to us for additional support. Allow me to join this thread and clear this up for you.

 

Following the steps, my friend LilyC provided will not double the monies received. After creating the Bank Deposit, you will just match it to the bank transaction. It's when you add the transaction that causes duplication.

 

Here's how to match transaction:

  1. Click Banking.
  2. Under For Review, click the transaction.
  3. Select the Find Match radio-button.
  4. Put check marks on the Deposit and invoice transactions.
  5. Click Save.

 

For more information about matching downloaded transactions, please check this article: How to add and match downloaded banking transactions in QBO.

 

That's should correct your transactions, Brian_L.

 

Leave me a comment below if you have follow up questions. Please know that I'm still here to help you more. Have a blissful day ahead.

Community Contributor *

Re: Match Transactions with overpayment

This seemed to work fine for us.  So if the customer wants wants to see an actual credit memo for their records how would this be shown?

 

Thanks for your response as this likely has 99% of my question resolved.

 

 

thanks again

QuickBooks Team

Re: Match Transactions with overpayment

You can find it on the Customer Profile, Brian_L.

 

Just go to Sales, and then the Customers tab.

 

Feel free to swing by if you have further questions. We're a post away.

Community Contributor *

Re: Match Transactions with overpayment

Thanks for your response.

 

That kind of shows Bank Deposit  but likely works good enough to show customer.

 

Thanks everyone for your help.

I have everything working exactly the way it should.

 

Take care

QuickBooks Team

Re: Match Transactions with overpayment

Thanks for the update, @Brian_L.

 

I'm glad that the recommended steps given by my colleagues were able to help you get the information you need. 

 

Should you have any other concerns or questions, feel free to post again here in the Community.  I'll be here to help you out. Take care and have a great day!