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Haven
Level 3

multi transaction deposit match problem

Scenario.

Invoice customer, customer pays invoice via credit card. Payment is matched as part of multiple transactions from received amount in bankfeed. Several days later a partial credit (refund) of original invoice amount is refunded via credit card terminal and the credit (refund) back to customer is subtracted from the total amount of multiple credit card sales of that day by our merchant processor. This results in the inability to match payments to the downloaded multiple transactions of sales for that day.  I have researched the community and tried every possible found HELP scenario from issuing a refund receipt to customer, in addition to a check/expense to customer, etc, to account for the refund.  I am at a loss as to what to do in QBO to show the negative amount for the refund to the customer in the downloaded multiple transactions amount received as a deposit.  Assistance on how to deal with this would be greatly appreciated.

18 Comments 18
Rose-A
Moderator

multi transaction deposit match problem

Hello, Haven.

I'm here to help you match the credit to your downloaded transactions in QuickBooks Online.

 

To record the refund, you'll need to create a deposit transaction and record the transaction in a negative amount.

 

Here's how:

 

  1. Click the Plus icon (+) at the top.
  2. Under Others, click Bank Deposits.
  3. Enter the deposit. Under Account, choose Credit Card Refund.
  4. Enter a negative amount, under Amount.
  5. Click Save and close.

You may find this article helpful:

 

Let me know how it goes by leaving a reply below. I'm always here to help you match multiple transactions.

Haven
Level 3

multi transaction deposit match problem

@ RoseMarjorieA - I appreciate the quick response but it is not a credit,  it is a debit against our bank account deposit of multi trans. Money that our Credit Card merchant processor withheld from other sales on the day the refund from us to our customer was given. I tried doing a negative deposit and QBO won't allow it.

 

Catherine_B
QuickBooks Team

multi transaction deposit match problem

I appreciate the steps you've done, Haven.

 

You'll want to reach out to our merchant support team to help you match the amounts. They can look into the refund amounts withheld from your account.

 

Let me know if you have other concerns. I'd be glad to help. 

 

 

  

Haven
Level 3

multi transaction deposit match problem

Catherine B - thanks for your response but we don't use the Qbooks Merchant processor services.  So contacting them will not assist me.

I need to know the steps involved in whatever I need to do to match "Money In" that will account for the negative amount shown in the pic. The 6 transactions match minus the $350 refund to customer. Cheers

$350 Qb.JPG

Angelyn_T
QuickBooks Team

multi transaction deposit match problem

Hello there, @Haven.

 

Allow me to help you record these transactions in QuickBooks Online (QBO).

 

From the screenshot you've added, you may need to click on Resolve beside Difference under Downloaded transaction. Since there's a difference of $350.00, you may need to add -350.00 in the Amount column, select a payee/customer name and select Accounts Receivable if a product involved or Income Account if no product involved under Category. Click Save to save the transaction.

c4 click here 11.PNG

c4 resolve ...PNG

 

Once done create a Credit Memo to show a reduction in sales (the refunded product) then link the credit memo and the 350.

c4 cc memo.PNG

 

That should do it. Let me know if you have any other QuickBooks and refund concerns. I'm always here to help you!

Haven
Level 3

multi transaction deposit match problem

Hi Angelyn

Thank you, your pictorial assistance is greatly appreciated but I have a question. What do you mean by link the credit memo and the 350?.

This is what the customer file shows, qbks created the Expense and shows paid but the Credit Memo is unapplied, is there anything else that needs to be done?. I'm concerned as when I ran the monthly  Customer Sales report the customer in question doesn't  show the Credit Memo as a reduction in total monthly sales... Look forward to your response. Thanks so much.

CM348890.JPG

HoneyLynn_G
QuickBooks Team

multi transaction deposit match problem

I appreciate you getting back to us for additional support, @Haven.

 

Allow me to chime in for a moment and clear this out for you. You have two options in recording and/or matching the transactions in QuickBooks Online.

 

You're correct. An expense transaction is automatically created once you follow the Resolve Difference recommendation. If you choose this option, there's no need for you to create a credit memo.

 

You will only create and link the credit memo if you wish the transaction amount to be the same as your downloaded deposit.

 

That guide you through the right path and avoid getting the Unapplied transaction, Haven.

 

Keep me posted if there's anything else you need about matching transactions. I'm still here to help you more. Just drop a comment or mention my name.

Thuy_Ly
Level 2

multi transaction deposit match problem

Can someone help me? I'm having the opposite problem. My bank has a refund amount and within that refund I also need to match some sales. I.E. Refund of $900, Sale of $50 and the bank got a net of $850 taken out. How do I get these to match? I can't get the invoices to appear to match in the bankfeed. 

JessT
Moderator

multi transaction deposit match problem

Welcome, and thanks for joining in, Thuy_Ly!

 

In your case, you'll want to create a transaction in QuickBooks with an amount that will match your downloaded refund. I'll guide you through the process.

 

First, you'll want to pay the invoice in full and make sure it's deposited to the Undeposited Funds accounts.

 

 

Second, deposit the invoice payment and add another line for the remaining amount ($850). Then, please be sure to select the right account for the refund.

 

 

Now that you have a single transaction amounting to $900, you can match it with your downloaded refund.

 

On the other hand, you can also check about bank reconciliation.

 

I'm just around if you have questions about handling transactions in QuickBooks Online. Have a good day!

Thuy_Ly
Level 2

multi transaction deposit match problem

Hi @JessT 

Thank you for your response, but I think you misunderstood me. The transaction to match to the bank is $850. There's a $50 sale (debit) and a $900 refund (credit).  This makes the bank deposit negative, which you can't do in QBO. 

ShiellaGraceA
QuickBooks Team

multi transaction deposit match problem

Thanks for getting back to us, @Thuy_Ly.

 

I have steps that'll help you match your bank feed transaction. You'll need to create an expense transaction instead of a deposit so you can match it to your bank feed. Let me walk you through how. 

 

  1. Go to +New, then tick Expense.
  2. Enter the Payee information. Then, scroll down towards the Category details section.
  3. Under the Category column, select the refund account and add the $900 as Amount.
  4. On the next line, choose the sales account and type the $50 as negative Amount.
  5. Click Save and close

Here's how it looks like:

expense.png

 

After creating this transaction, go back to your bank feed center and match the expense transaction. You can check out this guide for details: Categorise and match online bank transactions in QuickBooks Online.

 

Do you have other bank-related tasks in QuickBooks Online? Feel free to browse our Banking topics and look for an article to guide you. 

 

If you still have questions or concerns, please keep me posted. I'm more than willing to assist you further. Have a great weekend.

Thuy_Ly
Level 2

multi transaction deposit match problem

Hi @ShiellaGraceA 

In this case, how do I match the Invoice Payment to this transaction? 

Nick_M
QuickBooks Team

multi transaction deposit match problem

Hey there, Thuy_Ly. 

 

Thanks for dropping by the Community this evening. I'm happy to help, let's link the deposit to the invoice payment. This way, you'll be able to match the transactions and ensure the accuracy of your account. Let me guide you through the steps.

 

First, let's delete the payment made to the invoice. Please know you can't link a deposit if the invoice is marked as paid. Here's how to do it in your QuickBooks Online (QBO) account:

  1. Go to the Sales menu.
  2. Select the Invoices tab.
  3. Locate the invoice of your customer.
  4. Click the 1 payment made link and the date link to open the invoice payment page.
    1.JPG
  5. Select More and choose Delete to delete the payment.

Once done, you can now link the deposit to the open invoice. I got you this helpful article that guides you through the complete process: How to link a deposit to an invoice.

 

Let me also add this great resource that you can use for future reference. This provides complete information on reconciling your account accurately: Reconcile an account in QuickBooks Online.

 

If there's anything else I can help with, feel free to post here anytime. thank you and have a lovely evening. 

Thuy_Ly
Level 2

multi transaction deposit match problem

@Nick_M @JessT @ShiellaGraceA 

I feel like I just keep getting partial answers and you're not answering my whole question. I've got money leaving my bank and I need to match it to a refund AND sales invoice (needs to be marked paid). I can't do a deposit because you can't do a negative bank deposit and I can't do an expense because it won't let me match off an invoice payment for an expense. 

I would really like a solution please & thank you. 

Rasa-LilaM
QuickBooks Team

multi transaction deposit match problem

I appreciate for adding more details about your concern, Thuy_Ly.

 

Based on the scenario, we’ll have to create a clearing account to transfer the transactions. Then, use it as the posting account for the refund receipt and the payment.

 

  1. Go to the Banking menu on the left panel to choose the Banking tab.
  2. From the list, select the account you’re working on.
  3. Navigate to the For review tab and tick the box for the refund.
  4. Then, tap the Exclude menu.

To set up the account:

 

  1. Go to the Accounting menu on the left panel to select Chart of Accounts.
  2. Then, click the New tab to open the Account window.
  3. Tap the Account Type drop-down to choose Bank and pick the appropriate category in the Detail Type drop-down.
  4. Enter a term that will identify the account in the Name field. For example, Clearing or wash account.
  5. Make sure not to input any amount in the Balance box.
  6. Choose Save and Close.clearing account.png


To accept the payment:

 

  1. Tap the New menu to choose Receive payment under Customers.
  2. Enter the client’s name in the Customer box.
  3. Fill in the field boxes.
  4. In the Deposit to drop-down, choose the clearing account and tick the box for the invoice.
  5. Press Save and close.clearing rc.png

To enter a refund receipt:

 

  1. Hit the New menu to choose Refund Receipt under Customers.
  2. Enter the client’s name in the Customer box.
  3. Fill in the field boxes.
  4. In the Refund From drop-down, select the clearing account.
  5. Then, type the transaction details and make sure to input the correct amount.
  6. Click Save and close.clearing refund.png

You can enter a bank transfer or an expense to move the amount to the clearing account. Here’s how:

 

  1. Hit the New menu and pick Expense under Vendors.
  2. Key in the customer’s name in the Payee box.
  3. Fill in the fields.
  4. Navigate to the Category details section.
  5. Then, input the clearing account in the Category box and enter the correct amount.
  6. Click Save and close.

Once done, you can now match the downloaded entry.  Let me share this guide for the step by step process: Categorize and match online bank transactions in QuickBooks Online. 

 

For future reference, these resources cover all the details on how to perform the following tasks in QBO.

 

For tips and tools to efficiently manage your business using the product, I invite you to visit the QuickBooks Resource Center site.


Reach out to me if you need assistance with any of these steps. I’ll be glad to lend a helping hand. Have a great day ahead.

Thuy_Ly
Level 2

multi transaction deposit match problem

@Rasa-LilaM 

This scenario also doesn't work because the sale and the refund are for different customers. Stripe has grouped multiple transactions together and that's what I'm trying to match. 

AlexV
QuickBooks Team

multi transaction deposit match problem

Hi Thuy_Ly,

 

I can see that there is a new piece of info every time you reply. I would recommend contacting our Support team, so they can start a screen-sharing session to check this further.

  1. Go to Help and click Contact Us.
  2. Enter Match transaction and select Let's talk.
  3. Choose either Send a message or Get a callback.

Also, visit our support hours and types so you'll be assisted accordingly.

 

I'll be here if you need anything else. Stay safe!

Haven
Level 3

multi transaction deposit match problem

Hi

I know how you feel.  This was my original posting which was not really resolved.   Each and every response is from someone totally different and the supposed solutions they give you are always different and do not resolve my problem.   Really makes me wonder as to how proficient they are in the usage of QBO.   I'm no expert in its use as I'm self taught but I have a good understanding of book-keeping and accounting and  I think there has to be a way to enter these annoying transactions that crop up but finding the solutions are elusive.  I hope you get yours sorted.

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