cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Not applicable

Link deposit to invoice

I search the community on how to link an existing deposit to up paid invoices. All the answers were related to Quickbooks online.

Does anyone know how to do that?

Details:

A check paying invoices was deposited but without using the "Receive Payments" first. Now I have the invoices not showing as paid. I would like no to link the existing deposit to the invoices. 

The deposit was made to Accounts Receivable so the balance of the customer is OK but still the invoices are not marked as paid.

Thanks

 

Solved
Best answer 04-01-2019

Accepted Solutions
Not applicable

Re: Link deposit to invoice

For all of you searching the community website and having the same issue in Quickbooks Desktop version, I was chatting with QB today and they gave me the solution. It is very simple. 

Open the invoice, click on apply credits, the "un linked" deposit will show there. QB will automatically mark the invoice. Just click on done. The credit will be removed and the invoice will show paid. If the check is for more than one invoice, the credit amount will be reduced by the amount of the first invoice you applied credit to and you can go ahead to the other invoices and do the same until all will be showing as paid.

 

 

5 Comments
Established Community Backer ***

Re: Link deposit to invoice

It is recommended to correct the original transactions, it sounds like the accounting was not done correctly to begin with. You should void what was done incorrectly and do it correctly. The check payment should have been received against the invoices. Payments for invoices should not be posted directly to Accounts Receivable just because someone does not want to take the time find and apply the payment to the invoices, or because they did not take the time to create the invoices before the payment was received. This is only done with retainer/deposits, which go into a holding (liability account) until invoices are created, and that is an entirely different accounting process.

Not applicable

Re: Link deposit to invoice

Thank you for your answer.

"The check payment should have been received against the invoices. Payments for invoices should not be posted directly to Accounts Receivable just because someone does not want to take the time find and apply the payment to the invoices, or because they did not take the time to create the invoices before the payment was received." Really :-), of course this is how it should be done, but if by mistake it happened, the question is how to fix it.

 

"It is recommended to correct the original transactions, " - When you say "recommended" does it mean that there is no other way to fix it without voiding it and by that messing bank reconciliation? As I read, it is possible to do in Quickbooks online for example, so I was looking to see if it is also possible to do it in the desktop version. 

 Best

Myalo

Not applicable

Re: Link deposit to invoice

For all of you searching the community website and having the same issue in Quickbooks Desktop version, I was chatting with QB today and they gave me the solution. It is very simple. 

Open the invoice, click on apply credits, the "un linked" deposit will show there. QB will automatically mark the invoice. Just click on done. The credit will be removed and the invoice will show paid. If the check is for more than one invoice, the credit amount will be reduced by the amount of the first invoice you applied credit to and you can go ahead to the other invoices and do the same until all will be showing as paid.

 

 

Established Community Backer ***

Re: Link deposit to invoice

Fixing how the deposit was applied to the invoices is the best solution, as I said in my original response. It is not hard to fix mistakes in QuickBooks. I would also be careful about transaction dates, as QuickBooks will default to the current date for a new transaction. It is important to not let your payments or credits get applied to outstanding invoices in the wrong period. You will not mess up your bank reconciliation if the amount of money received is the same after you fix how the deposit was applied to the outstanding invoices. It is not recommended to post a deposit straight to accounts receivable on one day, and then apply credits on customer accounts on a later date, especially if you cross over months, this will mess up your reconciliation.

Not applicable

Re: Link deposit to invoice

To fix the bank rec, all you have to do is enter the deposit (through "Make Deposit") and then mark it as "R".

Need to get in touch?

Contact us