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jenuneekor
Level 4

Good morning,

 

This community helped me before when I had a batch payment from Shopify come into my bank account. I have a follow up question I'm hoping you can help me with.

 

Shopify sends one batch payment, which is a $ amount including refund receipts, invoice payments, and shopify fees. When we have refunds, invoice payments, and shopify fees, I'm following these steps:

 

Create the refund receipt, mark it paid by EFT, into Undeposited Funds

Click ‘Receive Payment.’ Type in the customer name of one of the invoices in the payout. Select the invoice they paid, select EFT, into Undeposited Funds. Save. Do this for all remaining invoices in this batch.

Click “Bank Deposit.”

Select the invoices and refund receipt that are part of it.

Add a transaction for the shopify fees, make the amount negative.

Click Save and Close.

Go into bank feed, match transaction 

 

This works great when the transaction is net positive, but today, I have a transaction that includes invoice payments, refunds, and shopify fees that is net negative. So the "bank deposit" won't work because it's net negative.

 

Could you please advise specific steps on how to match these refund receipts and invoices, and also account for the Shopify fees? I need to a) clear my banking register of the transaction, b) mark the invoices as paid, c) ensure that the refund receipts are indicated closed so we know those refunds processed.

 

Thank you!

Jen

Solved
Best answer February 09, 2021

Best Answers
Rasa-LilaM
QuickBooks Team

Thanks for coming back to the Community, jenuneekor.


I appreciate adding more information about your concerns. Let me help point you in the right direction in creating a check and matching it to the Shopify transaction.


Yes, you’ll have to put Shopify as the payee. Then, create one check for all refunds and invoices to net out the amount.


This ensures you can easily match it to the downloaded transaction from Shopify. For the step by step process, check out the steps shared by @Joesem M.


I’m adding an article that can help in your future tasks. It contains resources to get you on the right track handling bank feeds and other banking activities: Self-help articles.


Stay in touch if you have any other questions about QBO. I'll be delighted to be your guide once again. Have a good one.

View solution in original post

12 Comments
Rubielyn_J
QuickBooks Team

It's good to see you here, @jenuneekor. Let me provide some insights about matching transactions in Quickbooks. 

 

In QuickBooks Online (QBO), you can match multiple bank transactions to one, but you're unable to do it the other way. Also, there isn't a way to match a combined refund to multiple transactions. In this case, you can manually clear the transaction from your register.

 

Here's how:

  1. Go to the Accounting menu, and then select Chart of Accounts.
  2. Choose the bank.
  3. Click the transaction. Under the Check column, click until it shows "C".
  4. Once done, click Save

 

Once the transaction is cleared, it will go back to the For Review tab. From there, you can add the refund receipt, so the amount is posted to the correct account. 

 

Here's how: 

  1. Go to the Banking menu on the left panel and then select Banking.
  2. Click the bank you’re working on.
  3. In the For Review section, select on the entry to expand it.
  4. Click the drop-down for Category to select the account.
  5. Once done, select the Add button.

 

For more information, please refer to this article: Assign, categorize, edit, and add your downloaded banking transactions.

 

Additionally, I'll be adding these resources to help you in the future: 

 

Don't hesitate to leave a comment down below if you have other QuickBooks concerns. I'll be happy to help you. Stay safe and have a pleasant day.

jenuneekor
Level 4

Hi! Thanks for your response. Could I confirm a few things here?

 

1) I have not matched the transaction sitting in my bank feed to anything.

2) Thus, when I go into Chart of Accounts and click on the account, it's not there. Should I be adding this as a new transaction in there?

3) When you said "Once the transaction is cleared, it will go back to the For Review tab. From there, you can add the refund receipt," I've already created the refund receipts. How do these get "matched" to this bank transaction so we know those refund receipts were closed?

4) At the end of all of these steps, I should have "matched" this transaction in my bank feed or cleared it or whatever, and I need the refund receipts to show that they were closed. Do the steps you give me below do that?

 

Thank you!

Jen

 

 

Thank you!

Maybelle_S
QuickBooks Team

Thanks for coming back to us, @jenuneekor.

 

We can check on your Bank Register and see if it's filtered for a specific date of transactions.

 

Here's how:

  1. Go to the Accounting menu, and then select Chart of Accounts.
  2. Select the bank account from which transactions are missing.
  3. From the Action column, select View register.
  4. Sort the register by the entries in the Date column.
  5. Select the Filter icon, above the Date column.
  6. From the Reconcile Status drop-down menu, choose All.
  7. Click Apply.

For more information about this process, please refer to this article: Bank transactions are duplicates, missing or wrong, or bank balance not updating.

 

Also, you can match your transactions by clicking on Find Match on the Banking page. Let me guide you how. First, you'll need to make sure that the transaction intended for the refund is entered in QBO.

 

Next, locate the refund transaction from the Banking page and match it to the transaction. Here's how:

  1. On the left panel, click on Banking.
  2. In the For Review tab, select the refund transaction.
  3. Click on Find Match.
  4. On the Match transactions page, select the transaction for which the refund was for.
  5. Click on Save.

You may read this link in your free time: Add and Match Downloaded Banking Transactions.

 

Don't hesitate to drop a comment below if you have other questions. I'm always here to help. Take care!

jenuneekor
Level 4

Hi again! The transaction is definitely not in the Chart of Accounts. Please note that I have not matched it to anything in my bank feed. You can see in the screen shot below, this is sitting waiting to be "matched."

 

At the end of the day, I just need instructions on how to match this "payout" from shopify to the two refund receipts it's associated with. I'm kind of surprised by how complicated this is. Could you please provide specific steps on how to do this? A QB rep before gave me step by step instructions on how to match when the transaction was net positive, using undeposited funds. It worked great. I just need instructions on how to match a net payout from Shopify that's negative in my bank feed, with the two refund receipts I've already created.

 

Thank you!

Jen

 

JenoP
QuickBooks Team

Joining the thread to help with your follow-up questions, jenuneekor.

 

First, the refund receipt should be in the same bank where the transaction was downloaded. Otherwise, you will not be able to match them if the refund receipts are not in the bank register. You can open the refund receipt and choose the bank in the Refund from field. 

 

Second, make sure that the total amount for the refund receipts is equal to the downloaded transaction. QuickBooks Online will only consider it as a match if they have the same amount. 

 

Then, follow these steps on how to match single downloaded transaction to a multiple record in your bank register:

 

  1. Go back to the For review tab and look for the net payout.
  2. Click on the transaction and select Find match.
  3. Look for the refund receipts and check both boxes before them. 
  4. Click Save

Please don't hesitate to reach out to us again if you need more help with QuickBooks, 

jenuneekor
Level 4

Hi JenoP! Thank you so much for your response. I have one additional question. When this transaction is net negative and it includes charges and refunds together, would you please share those steps? I did walk through what you shared below and it's perfect to capture the refund receipts but doesn't give me the option to include the invoices that were paid as part of that payment as well.

 

There are two invoices that were paid for a total of $1,047.25

There were two refunds that were paid for a total of $4,638

There were Shopify fees of $411.63

 

Net bank transaction is $4,002.38

 

Thank you so much!!

MirriamM
Moderator

Hello again, jenuneekor.

 

Thanks for keeping us updated and providing additional details about your concern. 

 

To get this fix, we can use the Resolve difference feature to match your transactions until it equals to zero. 

 

Here's how:

  1. In the left menu, click Banking or Transactions menu. 
  2. Go to the Banking tab and select the Bank account. 
  3. In the For Review tab, locate and click the transaction to expand.
  4. Select the Find match button to open the Match transactions window.
  5. Look the transactions for the match. You can also use the filters to narrow down your search.
  6. Scroll to the bottom of the table, and then click the Resolve Difference button.
  7. Enter the invoice details and make sure the total is zero.
  8. Once done, click Save.

To learn more about matching transactions, you can check out this article for more guidance: Categorize and match online bank transactions in QuickBooks Online.

 

If case you run into some problems when reconciling your accounts in the future, refer to this handy article to resolve them: Fix reconciliation issues in QuickBooks Online.

 

You're always welcome to comment below if you have followed up questions when matching your transactions. I'm just around to help. Take care always.

jenuneekor
Level 4

Hi! Thanks so much, again. The only issue here is that when I go into the transactions, it only shows expenses and bills since it is a net negative transaction. It doesn't list any invoices so I can't match it to the invoices that were paid. Could  you share how I would handle this with the refunds and invoices?

Joesem M
QuickBooks Team

Hi there, @jenuneekor.

 

You can create a Check to the specific amount then add a line item for the sales as a negative amount. In this way, you can match the transactions to the bank feeds. Let me show you how.

 

  1. Click the + New button.
  2. Select Check.
  3. Choose the Payee from the drop-down list.
  4. Enter the necessary details to match the transaction.
  5. Example: make the refund and charge fees as the positive amount, then the sales as a negative amount.
  6. Select Save and close or Save and new.

Once done, you can now match your transactions. Just follow the steps shared by my colleague on how to much them. 

 

I'm also adding this article to further guide you in managing the growth of your business using QuickBooks: Help Articles. It includes topics about account management, banking, and expenses, to name a few. You can click the + More topics button to view other selections.

 

If there's anything else you need help with, please reach out to me. I'd be sure to jump in as soon as I can. Thanks for posting and have a great day.

jenuneekor
Level 4

I'm sorry, I'm totally not getting this!

 

1) When you reference the "payee" in your recommended steps, are you referencing putting shopify as the payee and putting the products/services for all refunds and invoices on this one check to net out to the amount? Or, are you suggesting I create one check for each of the invoices and one check for each of the refunds, so four checks total?

 

For example, I have two refunds to different customers, and two sales to two different customers so there are four customers' transactions I'm trying to reconcile.

 

2) I feel like if I do it this way, it's not going to match the payments to the invoices and the invoices that are part of the transaction will still show that the balance is open, right?

 

I do know how to match transactions, I do it every day. But the issue here is that I have two separate refund receipts I've created, and two separate invoices I've created, and I need to match this one shopify payout to all of them.

 

I've gotten several responses on this thread, each one different than the last, and I can't get this to work and also don't see how it will show the refund receipts as paid, and the invoices as paid as well.

Rasa-LilaM
QuickBooks Team

Thanks for coming back to the Community, jenuneekor.


I appreciate adding more information about your concerns. Let me help point you in the right direction in creating a check and matching it to the Shopify transaction.


Yes, you’ll have to put Shopify as the payee. Then, create one check for all refunds and invoices to net out the amount.


This ensures you can easily match it to the downloaded transaction from Shopify. For the step by step process, check out the steps shared by @Joesem M.


I’m adding an article that can help in your future tasks. It contains resources to get you on the right track handling bank feeds and other banking activities: Self-help articles.


Stay in touch if you have any other questions about QBO. I'll be delighted to be your guide once again. Have a good one.

View solution in original post

jenuneekor
Level 4

Thank you all so much for your help! This process worked!!

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