I am a new business as of last year. I am having problems with reconciling. For some transactions, I have duplicate deposits.
For example, I have one deposit paid by credit card for the full amount linked to the invoice in my report and bank feed. I also have two deposits made separately (one for the cc fee and the other for the amount actually deposited). How do I combine these or delete one and make my reconciliation equal zero?
Another example, I may have multiple invoices paid via one check. The total amount of the check is in my reconciliation and bank feed. I also have the separate invoices in my reconciliation. Some are uncleared.
Good day, Emily. It's really nice to have you here.
We'll need to review and look for the transaction that causing the payment to appear twice. Once you find the duplicate one, you'll need to undo it. Here's how:
Go to Banking on the left panel.
In the Categorize section, look the duplicate payment. Then, select Undo under the Action column.
Once done, go back to the invoice and receive the payment. When doing it, make sure it is deposited to Undeposited Funds. See the sample screenshot below:
Afterward, create a lumpsum deposit for the invoice payments and add the credit card fees as negative amounts. The steps below will guide you through the process:
Go to the + New button.
Select Bank Deposit.
From the Account drop-down, choose the account you want to put the money into.
Select the checkbox for each transaction you want to combine.
Make sure the total of the selected transactions matches your deposit slip.
In the Add funds to this deposit section, enter the fee as a line item. Make sure to enter all the necessary information and record the amount fee as a negative number. Then, hit the Save and close button.
That will do. You can use these articles as references when reconciling your accounts:
Hope you’re doing great. I wanted to see how everything is going about the duplicate payment. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.
Looking forward to your reply. Have a pleasant day ahead!