cancel
Showing results for 
Search instead for 
Did you mean: 
thatcherk1
Level 1

Record a Bank Deposit for an invoice that was paid by Intuit payments

I have an invoice that was paid by customer with Intuit transfer option. So intuit already says the payment is made on the invoice. So now that the bank download shows the deposit for this transfer I cannot match it to the invoice because it already matched automatically when intuit saw the transfer happened. What do I do with this bank deposit entry?

4 Comments 4
FritzF
Moderator

Record a Bank Deposit for an invoice that was paid by Intuit payments

Thanks for dropping by the Community, @thatcherk1.

 

Is the payment already deposited in QuickBooks Online (QBO) as well? If so, it may not link to the invoice yet. If that's the case, here's how to link them.

 

To start, let's locate and edit the deposit:

 

  1. In QBO, go to the Accounting menu at the left pane to get to the Chart of Accounts.
  2. Find the account where the deposit was posted, then tick View Register under Action column. 
  3. Select the deposit, then Edit.
  4. On Bank Deposit screen, scroll down to Add funds to this deposit, then find the fund you need to edit.
  5. Enter the necessary changes, then pick Account's Receivable in the Account column.
  6. Hit Save and close.

 

After that, here's how to link it to the invoice:

 

  1. Go to the + New button at the top right to get to the Receive Payment
  2. Select the Customer's name, then add the Payment date.
  3. Choose the Invoice you need to mark as paid in the Outstanding Transactions section.
  4. Under Credits, pick the Deposit entry, then click Save and Close.

 

For more information about the process, please refer to this article: How to link a deposit to an invoice. Once done, you can now match them. Consider checking out this article for further guidance: Match and categorize bank transactions in QuickBooks Online.

 

Let me know in the comment section below if you have any other questions or concerns. I'm always here to answer them. Have a great day!

XGC
Level 1

Record a Bank Deposit for an invoice that was paid by Intuit payments

This solution doesn't work because the invoice is already marked as paid in quickbooks online when the customer pays through intuit payments before the bank deposit comes in and then is downloaded to QBO.  Once the bank deposit comes in and is downloaded, at that point the deposit can't be applied to the invoice because the invoice is already marked paid.  The only option offered is to show it as a credit to the customer account which is as if it had been paid twice.  This makes he P&L incorrect by double-counting the income.

AlexV
QuickBooks Team

Record a Bank Deposit for an invoice that was paid by Intuit payments

Hi XGC, 

 

I can show you how to match the paid invoice to the downloaded deposit transaction.

 

You're right, the invoice will be marked as paid once your customer paid it online. That payment will be deposited into the Undeposited Funds account. We need to deposit it into your bank so we can match the payment with the deposit transaction from your Banking. You can follow these steps:

  1. Go to the + New button and select the Bank deposit.
  2. Select the Account you want to deposit the money into.
  3. Check the box for the payment you're depositing.
  4. Click Save and close.

Once done, we can now match them. You can follow the steps in this article for your guide: Categorize and match online bank transactions in QuickBooks Online.

 

You can also set a default account to where QuickBooks Online will automatically record the transactions. That way, you can easily match them. Here's an article for your reference: Choose where to record payments and processing fees for QuickBooks Payments.

 

I've added this link if you need assistance with reconciling an account in QuickBooks Online.

 

Please comment again if you have other concerns. Stay safe and healthy! 

XGC
Level 1

Record a Bank Deposit for an invoice that was paid by Intuit payments

Following those instructions, when I get to the matching stage there are two possible transactions I can match to:  The deposit I just created, or the payment that was made through the intuit payments online system on the earlier date.  If I match to the deposit I created, then the bank account balance is correct and the customer balance (A/R) is correct, but the balance sheet now shows an uncategorized asset in the negative amount of the deposit offset by an unapplied payment of the same amount which net to zero (presumably the result of having the payment through quickbooks online not being matched to anything).  If I match to the payment from quickbooks online then the deposit I created results in a duplicate in the bank account so that balance is off and the customer gets additional duplicate A/R to their account so they look as if they've paid twice.  However, I noticed that in the latter case (matching to the payment) I can delete the bank deposit I created and end up in the right place, with the right bank balance and the right customer A/R balance and no strange offsetting entries on the balance sheet.  I don't know why QBO wouldn't let me just match to the payment in the first place, but this seemed to work out (fingers crossed).

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us