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I've had a business for many years now and was previously creating invoices on a separate platform before making the switch to Quickbooks. Because of this, one of the checks deposited is creating an open balance for one of my clients because the invoice is not in Quickbooks, its from one of the invoices prior to the switch. Creating a Journal Entry didn't work because I have a check deposited that I cannot match to anything that is causing the issue. Should I just delete the deposit? I don't want it to mess anything up. I'm not an accountant, so I have no idea how to proceed.
Solved! Go to Solution.
I've got some insights about the Resolve difference button in QuickBooks Online (QBO), essentialglassrepair.
The Resolve difference button is used in QBO when matching transactions, where the amount in the bank feed doesn't match the amount in your existing QBO entries.
On the other hand, toggling the button on will not cause any issues if done correctly. However, Rainflurry's workflow is more suitable in your case, providing a seamless experience for managing your transactions.
Furthermore, here's an article to match your QuickBooks transactions to your bank and credit card statements: Reconcile an account in QuickBooks Online.
Please leave a comment below if you have any other questions or concerns, and I'll get back to you right away. I'm always happy to help.
You can create the invoice in QB and then go to New > Receive payment and apply the credit created by the deposit to the invoice. Or, you can assign the proper income account to the deposit instead of A/R. Both options will clear the open balance. I would just make sure you delete the invoice from the other platform so you're not double-counting the income.
Let me help you clear the open balance due to old invoices in QuickBooks Online (QBO), essentialglassrepair.
We appreciate you for providing a screenshot of your concern to better isolate the issue. Since there were previously invoices created on a separate platform before making the switch to QuickBooks Online (QBO), we can create a credit memo. Then, edit the check to update the account to the Account/Receivable account. Just open the check edit the Category as to Accounts Receivable and press Done.
Once done, we can link the credit memo and check in the Receive Payment section. Here's how to create a credit memo:
Then, link the credit memo and check in the Receive Payment section by following the steps below:
For your reference, you may check out this article about credit memos, credit, or refunds. Enter and apply credit memos and delayed credits in QuickBooks Online. Additionally, I'll also share this link where you can browse articles that can help you organize payments in QBO: Invoices and Payments Help Articles in QuickBooks Online.
You're more than welcome to drop by if you have questions about managing your invoices. Do you need to run some payroll reports for the next current period? Or would you like to take care of taxes in QuickBooks? Let me know and I'll lend a hand again.
When I go to match Payments to Deposits, there is a toggle at the bottom that says resolve that clears the rest of the amount and has me create something for the additional money in the check. Is this also an acceptable way of doing this or will that create issues later on?
Thanks for your response. I also noticed that when matching Payments to Deposits, there is a toggle button at the button labeled 'Resolve'. When that is on, it clears the rest of the balance of the check and allows me to enter something describing the reason for the discrepancy. If I was to do this, will it cause any issues later on down the road or is this also an acceptable method?
I've got some insights about the Resolve difference button in QuickBooks Online (QBO), essentialglassrepair.
The Resolve difference button is used in QBO when matching transactions, where the amount in the bank feed doesn't match the amount in your existing QBO entries.
On the other hand, toggling the button on will not cause any issues if done correctly. However, Rainflurry's workflow is more suitable in your case, providing a seamless experience for managing your transactions.
Furthermore, here's an article to match your QuickBooks transactions to your bank and credit card statements: Reconcile an account in QuickBooks Online.
Please leave a comment below if you have any other questions or concerns, and I'll get back to you right away. I'm always happy to help.
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