Can you have both expenses and payments on same bank transaction?

Thanks for reaching out to us in the Community, @allison-schillin.

I appreciate the details you've provided. I'm here to share information on how to receive these transactions without recording them twice.

You can click the Find Match button to locate those transactions. This option will display all the possible matched transactions, so you'll be able to record without duplicating them. Just make sure the sum of these transactions is equal to the expense.

To do that, follow the steps below:

1. Go to Banking and select the Banking tab.
2. Click the Find other records button.
3. In the Match Transactions window, put a checkmark on the transactions that should match the downloaded transaction.
4. If the transaction you want to match is outside the date range displayed, update it. 
5. Select the date field to manually change the From and To dates.
6. You can also select Show to open other transactions.
7. Click Save.

This article serves as your complete guide on how to add and match downloaded transactions in QBO: Add and match downloaded banking transactions.

Also, to make sure your financial data is accurate, I'd recommend reconciling your account every month. This will effectively monitor your income and detect any possible errors accordingly. For the step-by-step guide, you can refer to this article: Reconcile an account in QuickBooks Online.

Let me know if you have any other bank feed concerns or if you have other questions in mind. I want to make sure I've got you covered. Take good care!

This article shows how to match transactions when they are the same type. I.e they are all expenses or all payments. However, in my situation, I have a negative transaction so it defaults to all expenses. However, I need to know how I record a single payment even though all other transactions will be expenses. 

So when I click on the show, the only options are: Open Bills, Checks, Bill Payments, Expenses, Journal Entries, Transfers, Credit Card Payments and Refund Receipts. I need to be able to find an invoice and receive a payment against that invoice so that the transaction will balance. If I add the transaction below as a sale to the name of the customer, it will balance the transaction, but leave me with the issue of the open invoice with no payment received against it. If I then receive a payment against that invoice, I will then record the payment twice. Once in the bank transaction and once in receiving payment against the invoice. 

Hello there, @allison-schillin.

Thank you for posting here in the Community and providing extra details. 

I can help you clear the amounts on the undeposited funds in QBO, @Rohit.

Undeposited Funds are created to hold funds until you are ready to deposit them. It serves as the default Deposit To account when you receive payments, uses a payment item on an invoice, or enter a sales receipt.

To clear the amounts, you have to create a deposit transaction:

1. On the top menu, click the Create (Plus) icon and choose Bank Deposit.
2. Select the correct account, date, Currency, transactions, and more.
3. Click Save and close.

To learn more about this, you can refer to this article: Record and Manage Bank Deposits in QuickBooks Online.

Here's an article for more information about recording bank deposits: Record and make bank deposits in QuickBooks Online.

Let me know if there's anything else you need or you have follow-up concerns. I'm still here to help you more.

This still does not answer my original question. Here is what I am trying to accomplish: 

Shopify Transfer in from our Bank Account is -299.11 because of refunds. Included in this banking transactions are refunds of $60.21,  $175.19, $43.81, $43.80,$82.11 for total refund of $405.12. We also have a payment received of $109.49 that includes Shopify Fees of $3.48. 

So I can receive all the refunds and the shopify fees without an issue. However, I can't account for the $109.49 invoice payment. If I add it as a resolving transaction it will balance out the deposit, but will not account for actually receiving the payment against the invoice. So do I have to receive the payment against an invoice and then create a credit memo in order to clear out that payment and not count it twice? 

Let's get this sorted out, Allison-schillin.

You'll have to receive the invoice payment. Then, deposit it to the Undeposited Funds. From there, you can deduct or include the Shopify fee. 

First, here's how you can receive the invoice payment:

1. Click the Plus sign (+) icon, then choose Receive Payment.
2. Choose the customer, then the invoice.
3. Enter the amount received.
4. Click the Deposit to drop-down arrow, then choose Undeposited Funds.
5. Click Save and close.

Then, deposit the payment and add a line item for the fee. Here's how:

1. Click the Plus sign (+) icon, then choose Bank Deposit.
2. Choose the invoice.
3. Under Add funds to this deposit, add the customer, then choose an expense account for the Shopify fee.
4. Enter the fee as a negative amount.
5. Click the Account drop-down arrow, then choose the bank account.
6. Click Save and new. 

Lastly, you can match the bank transaction to the payment.

If you have more questions, please feel free to let me know. We'll be right here to help you. Take care!

So I certainly know how to match transactions, how to receive a payment and how to deposit a payment. So these don't really resolve this issue. 

The issue is that I have a transaction coming in from my bank transactions for a Shopify Deposit; That Transaction has 5 Refund Receipts which are expenses and 1 shopify fee which is an expense. So the net Deposit is a withdrawal from our account of 299.11. 

So if I match the refund receipts that is a total of 405.12, then I add in the Fees for 3.48 to make the total of the transaction a withdrawal amount of 408.60 which is $109.49 larger than the amount of the withdrawal. That is the customer payment that needs to be received. However, QB does not allow me to match that to an invoice in this transaction. So to balance it out, I would need to at a resolving transaction to the customer with a category of sales in the amount of 109.49. However, if I do that it will not then match the invoice payment to that receipt of funds. 

So I would need to go to the invoice and receive payment for that invoice. If I do that then I am counting the 109.49 twice. So are you saying the only way to accomplish this in QB is to receive the payment for 109.49 and then apply a credit to the customer account for the 109.49 since that payment was accounted for in the resolving transactions? 

Hello allison-schillin,

Thank you for responding to us! For this particular situation, it would be best to connect with your accountant to see the best fit for your business. If you do not have an accountant, no worries, QuickBooks offers a Proadvisor service. This service will allow you to connect with experts within your area. They even offer a free consultation. Here's how to reach one:

1. Go to this link: Find an accountant.
2. In the Find an expert in section, select what you're looking for, and use your search field to enter a City or ZIP code.
3. Click Search.
4. Browse through the results. You can click on each ProAdvisor's profile to learn more information about them.
   

If you have any other questions, I'm just a post away. Take care and be safe.