cancel
Showing results for 
Search instead for 
Did you mean: 
mxc1
Level 1

Clearing authorize.net transactions banking QBO

We use a sync application to pull in credit card authorize.net transactions. I am having lots of trouble clearing the transactions using the bank matching function.

 

Bank Deposit 2307.92

Entries generated by the app sync:

Invoice  2383.91

Payment 2383.91

Refund Receipts (75.99)

 

I can see the transactions reconcile to zero (Invoice 2383.91=bank deposit 2307.92+refunds 75.99).

 

The issue is when I try to match the items via the Bank Matching functionality the two refunds are not options. I can match to the invoice but not the two refunds. The two refunds appear as payments in the register. 
 
I am working with sync app who claims there is a bug in the system and the payment should be 2307.92. I can change the payment to 2307.92 but I still do not know how to clear the transactions.
 
I have attached the data mapping.
 
How should this transaction be posted and cleared?
 
Thank you!

 

3 Comments
GarlynGay
Moderator

Clearing authorize.net transactions banking QBO

Hello mxc1,

 

Thanks for providing detailed scenario of what is happening.

 

For now, QuickBooks won't be able to match (+) deposit and (-) payment transactions to an entry. You'll want to exclude and manually reconcile them from your bank register. 

 

Here's how to exclude them:

  1. From the Banking page, go to the For Review tab. 
  2. Select  the transactions and click on Batch actions.
  3. Choose Exclude Selected.

From the register, here's how to manually reconcile the entries:

  1. Go to Accounting and choose Chart of Accounts.
  2. Click on View register link for the bank account (PayPal for example).
  3. Double-click on the transaction to show the "R" or "C" letter.
  4. Click on Save.

Let us know if you have any questions. We'll be right here to help. 

mxc1
Level 1

Clearing authorize.net transactions banking QBO

Garyln, thank you for your response!

 

I understand how to mark items cleared and reconciled;))

My outstanding issue is: 

 

Bank Deposit 2307.92

The following entries are generated by the app sync (if needed I can edit):

Invoice  2383.91

Payment 2383.91

Refund Receipts (75.99)

 

1. On the bank register, there is the actual bank deposit (2307.92) and the two refund receipts total 75.99 (attached)

2. The bank deposit (2307.92) is in the Banking For Review tab (screen attached) waiting to be matched.

3. In the matching, there is nothing to match the deposit with as systemically the payment has been applied to the invoice.

4. Even if I could match the deposit (2307.92) with the invoice (2383.91), how would I clear the difference of the refunds? 

 

In the end the cleared and reconciled items should be:

Invoice 2383.91

 

Deposit 2307.92

Refunds 75.99

 

Net 0

 

How do I get to that?

 

Thank you!

 

 

GarlynGay
Moderator

Clearing authorize.net transactions banking QBO

Hello mxc1,

 

Thank you for the follow-up question. 

 

Based from the scenario you've laid out, the system won't be able to match a deposit to the refund receipts and an invoice payment. I've also made it sure that I got it right by replicating in my QuickBooks account. 

 

For now, I'd suggest excluding the bank transaction and marking the refund receipts and deposits as Reconciled or Cleared by putting the letter R or C, respectively. Let me also share the steps on how to exclude a deposit from the banking page: 

  1. From the Banking page, go to the For Review tab. 
  2. Select  the transactions and click on Batch actions.
  3. Choose Exclude Selected.

Let us know if you have any questions. Thanks! 

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us