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Level 1

Finding a matching invoices / credit memos for a bank entry

I have a supplier that provides individual invoices and credits.  They then group multiple of these and do an EFT.

 

I've added the individual records as Bills and Credit Memos under this supplier.  I'm now matching the banking entry to these, however I don't see the credits on the list to select ("Match Transaction" screen).  If I try to "Resolve" the difference on this screen by manually adding the credits again, they become deposits and I can't select an asset account (I need to send it to "Food Inventory").  

 

How do I resolve this?

9 Comments
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Moderator

Finding a matching invoices / credit memos for a bank entry

Thanks for posting in the Community, @Bookeeping101. I'm here to lend you a helping hand with matching invoices and credit memos to your bank entry. 

 

You're on the right track in matching the bills to your bank transaction. Since you've already created credit memos, let's first open them so you can determine the appropriate account you used for them. The transactions might have selected to an incorrect account. That's why you're unable to choose a Food Inventory account when manually adding the credits in the Match transactions screen. I'll guide you how. 

  1. Go to the Search (Magnifying Glass) icon at the upper right. 
  2. Use dollar amounts when searching for credit memos. 
  3. Open each credit memo. 
  4. Verify the account. 
  5. If necessary, change the asset account to Food Inventory. 

 

For more information, see the Tip #4 through this article: Tips for Working in QuickBooks Online’s Bank Feed: Matching Transactions

 

Once done, go back to the Match transactions window. Then, manually add the credit memos in the Add resolving transactions section. You'll be able to select the Food Inventory account in the Category column. View the screenshot below for your visual reference. 

MatchTransactionsWindow.PNG

 

If the same issue persists, I'd suggest deleting the bills and credit memos for your supplier. Just open each transaction and click Delete from the More button. This lets you remove them from your books to ensure there are no duplicates in QuickBooks Online (QBO).

 

After that, you can assign, categorize, and edit your banking entry. This can be done by going to the For Review tab. Once done, click Add so it will be added to your register. To learn more about this process, check out this article: Categorizing Bank Transactions

 

Additionally, it's a great idea to reconcile your account monthly. Doing so will ensure the account in QBO matches your bank statement. For more details, visit this article: Reconciling An Account

 

I'm just a comment away if you need further assistance. Have a great rest of your day, @Bookeeping101.

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Level 1

Finding a matching invoices / credit memos for a bank entry

Thank you for your help.  I validated that the credit memos are set to the "Food Inventory" account (see below).  I was expecting them to show up in the table at the top of the screen under the "Select Transactions to Match" portion of the screen, no?  Credit memo doesn't appear as a type available for filtering on this table.  

 

 

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Level 1

Finding a matching invoices / credit memos for a bank entry

Continuing to follow your recommendation, I deleted one of the matches and redid it.  I received the same errors.  

 

When I go to "Add the resolving transaction" manually (see below), I get an error that says "Something's not quire right.  Select a non-inventory account for your deposit" and it won't let me save.  Even if I do send this to an expense account (such as COGS), I would be left with a open credit balance on my Supplier screen from the credit memos that haven't been applied.  

Highlighted
Moderator

Finding a matching invoices / credit memos for a bank entry

Hello again, @Bookeeping101. I appreciate you keeping us updated and following the steps provided by my colleague RaymondJayO.

 

To fix the "Something's not quite right. Select a non-inventory account for your deposit." message, you'll need to change the detail type on the desired account. That said, you may want to consider checking with your accountant for guidance as to which detail type is best for this situation. Since each business has a unique structure, and it's the same with the accounts used when tracking transactions. 

 

Additionally, I want you to get the most out of QuickBooks for your business. You can check some articles that are designed to help you get acclimated with the software. They can be accessed at the following link: QuickBooks Tutorials.

 

Should you need anything else, let me know by commenting below, I'm always here for you. Have a wonderful day!

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Level 1

Finding a matching invoices / credit memos for a bank entry

I'm not sure how an accounting will help me with this problem.  Are we saying that the software doesn't allow for a banking transaction to be matched with a credit memo?  

 

 

Highlighted
QuickBooks Team

Finding a matching invoices / credit memos for a bank entry

Greetings, @Bookeeping101.

 

The vendor credit is a non-posting transaction and you can't directly matched it with a downloaded transaction. You'll have to link it to a deposit. From here, you'll be able to matched it with your downloaded bank transactions.

 

First, let's create the vendor credit. Here's how:

 

  1. Click the + New button.
  2. Select Expense or Check.
  3. In the Vendor drop-down menu, select the appropriate vendor.
  4. Under Add to Check/Expense, add the Vendor Credit.
  5. Hit Save and close

Once completed, let's create a deposit transaction to enter the actual refund you've received. Here's how:

  1. Go to the New (+) icon.
  2. Choose Bank Deposit.
  3. Under Add funds to this deposit, choose the vendor name in the Received from field.
  4. Choose Accounts Payable in the Accounts field, then enter the credit/refund amount in the Amount field.
  5. Click Save and close

Just make sure to associate both transaction in the same category or account. Doing so, you'll be able to link the vendor credit to the deposit. You can refer to this article for more detailed instructions: Enter a refund from a vendor.Enter a refund from a vendor. 

 

Now, you can match your deposit transaction to the downloaded bank transaction. 

Also, you can browse these articles to know more about vendor credits: 

You can always tag me in your comments. I'm just a few clicks away.

Highlighted
Level 1

Finding a matching invoices / credit memos for a bank entry

Thank you for your assistance.

 

I set up the deposit and now see it on the  "Match transactions" screen, however it's coming through as a positive, not a negative, which won't allow me to balance the total transaction amount along with the other invoices combined in the single bank record.  

 

It does show as a negative on the "Supplier" screen however, which is odd that it's inconsistent.

 

Am I doing something wrong?

Highlighted
Level 1

Finding a matching invoices / credit memos for a bank entry

Hello,  thank you for your help.

 

I've now created a deposit of the amount of the credit memo, however when I go to the "Match Transaction" screen from the bank record, it shows up as a positive value instead of a negative.  This prevents me from reconciling to the actual value of the bank record (which is 6 invoices and 1 credit memo summed together).

 

On the "Vendor" screen, it does show as a negative however. 

 

Am I doing something wrong?  

 

 

Highlighted
QuickBooks Team

Finding a matching invoices / credit memos for a bank entry

You're most welcome, @Bookeeping101.

 

I appreciate you for following the steps given by my colleagues above and for providing screenshots of your concern. I'm here to sort things out so you can match the deposit amount to your bank transactions.

 

You're on the right track in creating the bank deposit. Let's perform a few more steps to get this going by using the Pay Bills option to associate the vendor credit amount. Though you aren't paying a bill, this helps keep your expenses accurate. Here's how:

 

  1. Click the + New button, and then choose Pay Bills under the Vendors section.
  2. Tap the checkbox to select the bank deposit you just created. You’ll see the amount of the vendor credit in the Credit Applied field and the Total payment should be $0.00.
  3. Hit Save and close once done.

bn.PNG

Please refer to Step 3 of this resource for more details.

 

Then, check the bank deposit amount in the match transaction screen.

 

Once ready, you can reconcile your account to ensure your books are accurate and contain the same info with your bank statement.

 

Fill me in if you need more help with managing your transactions or anything else related to QuickBooks. Take care and have a nice day.

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