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Error matching PayPal transaction to receipt. Error 'does not match downloaded' amount which is gross amt. Yet Bank Trans shows net amt. How to fix?

Forum|Forum|5 years ago
March 24, 2021
1 reply
8 views

PayPal is a bank, transactions are downloaded. Bank trans Amount shows $23.97 (Gross $25). Have a receipt for $23.97 (25 - trans fee) When I Match get error that downloaded transaction is $25. How do I fix? I read on solution about modifying undeposited amounts for trans fee with negative added funds, but can't figure out how. Help please?

QuickBooks Online

Best answer by Ethel_A

Hi there, ndn.

I'm happy to share some information about matching sales receipts with downloaded transactions.

Record the sales receipt, then exclude the deposit from the For Review tab.

Here's how:

From the left menu, choose Banking.
Click For Review tab.
Locate the deposit transaction and click Undo.

Transactions must show the same amount to match the two. Create a Bank Deposit to record the payment and the processing fees.

Here's how:

Click on the Plus icon, and select Bank Deposit.
Choose the transaction in the Select the payments included in this deposit section.
Under Add funds to this deposit, enter the processing fees as a negative amount.
Choose an Expense account to track the fee under the Account column.
Once done, click on Save.

Follow the steps in this article to add and match downloaded banking transactions .

Get back to me if you have any more questions about matching transactions. I'm a post away.

Take care.

E

Ethel_A

Answer

QuickBooks Team

Hi there, ndn.

I'm happy to share some information about matching sales receipts with downloaded transactions.

Record the sales receipt, then exclude the deposit from the For Review tab.

Here's how:

From the left menu, choose Banking.
Click For Review tab.
Locate the deposit transaction and click Undo.

Transactions must show the same amount to match the two. Create a Bank Deposit to record the payment and the processing fees.

Here's how:

Click on the Plus icon, and select Bank Deposit.
Choose the transaction in the Select the payments included in this deposit section.
Under Add funds to this deposit, enter the processing fees as a negative amount.
Choose an Expense account to track the fee under the Account column.
Once done, click on Save.

Follow the steps in this article to add and match downloaded banking transactions .

Get back to me if you have any more questions about matching transactions. I'm a post away.

Take care.

N

ndnAuthor

I sent a reply but it looks like it didn't make it. If it did just delete this reply.

Thanks for the detailed and speedy reply.

I did all the steps but it still wanted a receipt for $25. So I modified the receipt deleting the -1.03 to make $25. The receipt matched to the 23.97 Paypal transaction with one glitch. I got an error message asking for a bank account but could not find a way to enter it. I went back to Bank transaction and it allowed me to Confirm matching to the receipt. When I looked in categorized it matched to $25 deposit and 1.03 expense which "it" created.

An easy process. Is it what you expected? I just have to verify the accounting.

FYI When I modified the deposit with Added Funds of -1.03 the deposit changed to 22.94 (23.97-1.03)

T

TirzahC

Level 4

Hello, @ndn!

Thank you for the additional details. I'd love to lend a hand with getting these deposits matched.

Let's make sure to enter the right date, amount, and account of your downloaded transactions and existing entries. If you're still unable to match them, you can do it manually instead.

Here's how:

1.   Click Transactions, and then select Banking on the left panel.
2.   Make sure to select the correct bank from the Bank and Credit Cards drop-down menu.
3.   Locate the bank transaction, then click it to expand.
4.   Click Find match.
5.   Select All from the Show drop-down menu.
6.   Set the From and To dates.
7.   Select the invoices/payments to match.
8.   Click Save.

To guide you in categorizing your bank transactions and on what to do if entries are missing, you can always scan through these resources below: Categorize and match online bank transactions in QuickBooks Online.

If you need further assistance, don't hesitate to let me know and I'll be glad to help.

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