I'm now 110 mins in to my 5th session and have achieved absolutely zero. Worse still the 'chat' person seems to have no idea what my questions is, despite repeatedly pasting it in the chat window.
How difficult is it to change accounting software?
Let me help you sort this out, @howardjennings.
I can lend a hand by sharing some information on how you can record your transactions accurately and reconcile.
To avoid getting discrepancies while reconciling your account, you need to make sure all of your manually added transactions are matched with the downloaded ones and mapped to the correct account.
Since your customer made a time payment for all the invoices you've sent to them, here's how you can record one-time payment:
If you have set up a specific account where the income of the items added on the invoice were to be posted, the payment you've made will automatically be mapped. There's no need to manually assigned it.
Now, let's record the refund. Here's how:
Hi I only need from the refund receipt forward.
We've created the refund receipt. and made the actual refund back to the credit card that the customer used to pay the invoice in the first place.
That resulted in the next batch payment from QB merchant services being less than the invoices that are in the batch.
i.e. 10 payments received @ $100 each = $1000 received by QB merchant services for us.
1 refund to customer for $300
Therefor we only receive $700 in to our bank account.
How do I match the 10 payments and the 1 refund in the bank feeds?
Hello there, howardjennings.
Thanks for getting back and providing additional details of your concern. Let me help you match payments and refund on your bank feeds.
If the merchant services payments are deposited under Undeposited Funds, the Refund Receipt should also be refunded using the Undeposited Funds as Bank.
Then when you create a Bank Deposit to match the money deposited on your bank, you'll need to include the Refund Receipt so this will be totaled to 700.
That should point in the right direction. If there's anything else I can help you with, feel free to stay in touch with me by adding a comment below.
Still doesn't sound right.
How do we match the paid invoices and the refund receipts with we actual deposit we received from QB merchant services.
This has to be a very common thing to want to do. Anyone that accepts credits cards has this problem.
Hello there, @howardjennings.
I appreciate you getting out back to us and providing more details. I'm here to clear this out for you.
You're unable to match the batch payment with the invoice and refund receipt because these are two different type of transactions (received and spent).
To begin, you'll have to exclude it from the banking feeds.
Then, manually clear the refund you recorded in QBO so you can reconcile it.
For more insights, you can use this article as a reference: How do I clear, unclear, reconcile or unreconcile transactions?.
That should correct your recording, howardjennings. Let me know if you have other banking concerns. Just add a comment below or mention my name. Have a good one.
But what about the deposit in my bank account? I still have to match it to the invoices.
I have a deposit of $700
This is made up of 10 customer payments of $100 each
and 1 refunds to a different customer of $300
What is the difference between "9. We make the refund from our merchant services account." and "11. We create a 'Refund Receipt' "?
The refund we make is the same amount as the refund.
The next batch deposit we receive from QB Merchant Services contains 10 payments of $100 each and the refund of $300. $700 is deposited in to our bank account.
Hi there, Zornitsa.
You'll have to record the received payments to the Undeposited Funds. Then, go to Bank Deposit to match the transaction. You can follow the steps below:
Once done, the transaction will be automatically matched. You can check it in the Banking page.
We'll be around to help you with QuickBooks transactions.
Did you ever figure it out? I have 2.5 hrs into trying to solve with QB. They even had 2 different engineers on the line and we still do not have an answer on how to resolve this...
Hi there, @Smyersm2.
When processing a refund receipt to your customer, make sure to use the same account you deposited the payments.
This way, when reconciling, the refund will show on the same account the payment is received. I've attached some images below for visual reference.
Also, I encourage you reaching out to your accountant for further advice on recording this. This way, you'll be guided accordingly.
I'm also adding these great resources that can help guide you in your reconciliation:
As always, if you need further assistant with your QuickBooks Online (QBO) account, don't hesitate to reach out to us. We're always here to help.