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Level 1

I have duplicate payments in Undeposited Funds account.

I made some invoices in QB but received payments by Square. I checked "Receive payment" in invoices. 

I got the payments from Square and was deposited into bank.

 

Now I have two payments (Square and QB invoice("Received payment") and one bank deposit in the undeposited fund account.

 

Square payments and bank deposit are matched (actual amount and square fee). 

 

However, there remains a kind of "duplicate payment"(QB invoice marked "Paid") in the undeposited fund account.

 

In this case, how can I solve this issue?

5 Comments
Highlighted
Moderator

I have duplicate payments in Undeposited Funds account.

Hello csspasion,

 

To resolve this issue, we'll want to delete the invoice payment that you created manually.

 

1. Open the Invoice payment, and click More at the bottom of the page.

2. Select Delete.

3. Choose Yes to confirm the action. This will remove the duplicate payment and make the invoice open again.

 

Now, let's apply the payment from Square to your invoice:

 

1. Open the invoice, and click the Receive payment button.

2. Under the Outstanding Transactions section, mark the invoice.

3. Under the Credits section, mark the payment from Square.

4. Make sure the Amount received field is equal to zero (0.00).

5. Click Save and close.

 

Feel free to ping me if you need anything else. I'll be around.

Highlighted
Level 1

I have duplicate payments in Undeposited Funds account.

Thank you very much.

 

I followed your instructions, but I could not save payment.

 

I think I did not understand this part"Now, let's apply the payment from Square to your invoice"

 

#3  "Under the Credits section, mark the payment from Square. " Can I choose Square as a Payment Method?

 

#4 "Make sure the Amount received field is equal to zero (0.00)." Can I put $0.00 in Amount Receive field? When I did so, I got an error message:

"Something's not quite right. You must set a transaction amount."
 
Could you let me get more detailed instructions?
 
I really appreciate it.
Highlighted
QuickBooks Team

I have duplicate payments in Undeposited Funds account.

Greetings, csspasion.

 

Thanks for reaching out to us here in the Community. I’m here to help with recording the payments from Square so it’s properly tracked in your account.

 

Since the duplicate payment is already deleted, you’ll need to link the remaining deposit to the invoice. This is to keep your record in order.

 

I'll walk you through the step by step process:

  1. Go to Accounting on the left panel, and select Chart of Accounts.
  2. Find the account where you deposited the payment.
  3. Select View Register.
  4. Locate and choose the correct deposit.
  5. Then click on the Edit button.
  6. On the Bank Deposit screen, scroll down to Add funds to this deposit section.
  7. Next, find the fund you need to edit.
  8. In the Received From column, search and choose the correct customer.
  9. In the Account column, search and select Account's Receivable.
  10. Once done click on Save and close.

For future reference, check out these articles on how to record a bank service fee and deposits in QuickBooks Online.

That's it. The following steps will help you moving today.

 

Reach out to me directly if you have questions about working in QBO. Please know that I'm here to help running your business more easy. Have a good one.

 

Highlighted
Level 1

I have duplicate payments in Undeposited Funds account.

I do not find a right way.

 

In Bank Deposit, Square Transactions(including service fee) is registered.

 

I cannot edit the Square Transaction for Receive Payment nor link the Square transaction to the existing invoice.

 

Could you help me for that?

Highlighted
QuickBooks Team

I have duplicate payments in Undeposited Funds account.

Glad to see you here in the Community, csspasion.

 

Helping out with linking the Square deposit to the invoice is my priority.

 

Since you’re unable to directly edit the deposit, you’ll need to create a clearing account to move the amount. I'll guide you through the step by step process: 

  1. Go to the Gear icon at the top, and select Chart of Accounts.
  2. Choose New at the top.
  3. In the Account Type drop-down, select Bank.
  4. Choose the Detail Type.
  5. In the Name field, enter Clearing Account.
  6. Enter a brief description of the account in the Description field.
  7. Enter the opening balance amount.
  8.  Once done, click on Save and Close.

Next, create a journal entry using the clearing account as the associated account. You can follow the steps below:

  1. Click on the Plus icon at the top.
  2. Select Journal Entry.
  3. You'll need to Debit the Clearing Account and Credit the Accounts Receivable.
  4. Click on Save and Close.

Now, let's link the journal entry to the invoice. Let me provide you the detailed instructions:

  1. First, open the invoice.
  2. Click on the Receive payment button.
  3. Under the Credits section, select Journal Entry.
  4. Click Save and close.

I also attached an article with detailed information on how to Apply Journal Entry credit to an invoice.

 

By following these steps, your financial records is already in order.

 

Drop a comment below if you have questions about the process. I'll be happy to keep helping. Wishing you the best.

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