Single Payment/Deposit for Multiple Invoices

GregWM · ‎February 12, 2022

I am pretty sure this is easy to do, just don't know how to do it.

I got paid for 6 invoices in one Bank Deposit. How do I accept the deposit and then apply the deposit to show that the deposit is for payment agains the 6 invoices. The company chose to pay in one lump sum for all the invoices. The bank deposit shows in the my banking section, but I have not added it as of yet. Waiting on further instruction before doing so.

Version QBooks Online

Thanks -GM

katherinejoyceO · ‎February 12, 2022

Hello there, @GregWM.

Thanks for visiting the Community. I'll be your QuickBooks guide today.

When recording your payments for multiple invoices, you'll need to temporarily deposit the payments to the Undeposited Funds.

Here's how:

Select + New, then select Receive Payment.
From the Customer dropdown, select the name of the customer, then select the payment method.
From the Deposit to dropdown, select the Undeposited Funds to group the payment with others.
In the Outstanding Transactions section, select the checkbox for the invoice you're recording the payment for.
When you're done, select Save and close.

Repeat the same process for all of the invoices that were paid together. Then, follow the steps below to deposit the transactions:

Go to the +New menu, then choose Bank Deposit.
Select the bank account where the actual payments are posted.
In the Select the payments included in this deposit section, mark all the invoice payments that you want to deposit together, then click the Save and Close.

Once done, QuickBooks will automatically detect a match between your manually recorded invoice payments and the downloaded bank deposit.

You can follow the steps in this article to make it easy for you to match and reconcile your bank feed deposits with your multiple invoices.

I'm also attaching these articles about reconciliation that might help you in the future:

Feel free to visit and post again if you have follow-up questions or additional concerns. I'm always around to help.

View solution in original post

Rustler · ‎February 12, 2022

The way it works is to receive the payments against the invoices, then use make deposit and deposit them all as a lump sum

then download banking and match

katherinejoyceO · ‎February 12, 2022

Hello there, @GregWM.

Thanks for visiting the Community. I'll be your QuickBooks guide today.

When recording your payments for multiple invoices, you'll need to temporarily deposit the payments to the Undeposited Funds.

Here's how:

Select + New, then select Receive Payment.
From the Customer dropdown, select the name of the customer, then select the payment method.
From the Deposit to dropdown, select the Undeposited Funds to group the payment with others.
In the Outstanding Transactions section, select the checkbox for the invoice you're recording the payment for.
When you're done, select Save and close.

Repeat the same process for all of the invoices that were paid together. Then, follow the steps below to deposit the transactions:

Go to the +New menu, then choose Bank Deposit.
Select the bank account where the actual payments are posted.
In the Select the payments included in this deposit section, mark all the invoice payments that you want to deposit together, then click the Save and Close.

Once done, QuickBooks will automatically detect a match between your manually recorded invoice payments and the downloaded bank deposit.

You can follow the steps in this article to make it easy for you to match and reconcile your bank feed deposits with your multiple invoices.

I'm also attaching these articles about reconciliation that might help you in the future:

Feel free to visit and post again if you have follow-up questions or additional concerns. I'm always around to help.

TimCST · ‎January 17, 2023

Hi KathrinejoyceO,

I made a mistake when putting the Bank deposits in, instead of saving the work and closing, I pressed "save and new", this has thrown the accounts out by quite some bit and I am not sure how to undo.

Thanks

FritzF · ‎January 17, 2023

Hi, TimCST.

Thanks for joining this conversation. Allow me to chime in and help fix the issue you're having when making bank deposits in QuickBooks Online (QBO).

The difference between Save and close and Save and new is that the latter will proceed to creating a new transaction. That said, may I know how your accounts are thrown out? Any additional information will help me provide the best resolution for you concern.

In the meantime, I'll add this article that tackles recording and making bank deposits in QBO for more information: Record and make bank deposits in QuickBooks Online.

You can also visit our website for more tips and other resources you can use in the future: Self-help articles.

I'm looking forward to hearing from you soon.

zenkengee927 · ‎January 27, 2023

Katherine, thanks for the workaround. It seems now that we can deposit directly to the bank account.

Ethel_A · ‎January 27, 2023

Hello there, @zenkengee927.

I'm glad to hear that the workaround shared by one of my colleagues was able to help you with your concern.

Don't hesitate to post here in the Community if you need assistance with QuickBooks Online. We are always here to help. Have a great day.

zenkengee927 · ‎January 27, 2023

Yes, however the problem is this: If there is an error on the amount of just one invoice (we often get paid for 15-30 invoices at a time with one ACH) QBO will not let me edit that invoice without leaving the "receive Payments" page and losing all my work. I was possible to do this in QBmac. This should be an upgrade in a future release to prevent having to go through the list 3-4 times for each payment.

NOTE: I am new to QBO just coming from QB for mac.

SashaMC · ‎January 27, 2023

Good afternoon zenkengee927,

Thank you for chiming back in. I recommend sending feedback to our Developers about this enhancement. I, too, will take note of this and send feedback as well because I can see how this will benefit your business and others in the future.

Select the Gear icon at the top, then Feedback.
Enter your comments or product suggestions. Then select Next to submit feedback.

You can track feature requests through the QuickBooks Online Feature Requests website. Please let me know if there is anything else I can assist you with! Have a lovely day!

supplier · ‎April 11, 2023

thanks, but the problem is that my main currency is GBP, the client pays me in EUR, and the undeposited funds is in GBP, so how do I sort this out?

LieraMarie_A · ‎April 11, 2023

Not to worry, @supplier.

With the Multicurrency feature turned on, you can pay and get paid in the foreign currencies of customers, vendors, or bank accounts that don't use your home currency (GBP). QuickBooks will automatically convert the EUR value to GBP.

As a result, if you deposit money into your Undeposited Funds - GBP account that was paid to you by a client in EUR, the money will be converted to GBP.

I'm also adding these resources for additional information:

Don't hesitate to post again if you have further concerns about recording payments in QuickBooks. I'm always glad to help you.

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Single Payment/Deposit for Multiple Invoices