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Best answer 3 weeks ago
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Thanks for breaking down your concern in such detail, Matt. I can see how managing sales from multiple farmers' markets with various payment methods can be challenging. No worries, I'm here to help you handle this situation.
Beforehand, let's delete the payment applied to invoices that messed up your sales records. This way, we can fix and input the transactions/payments accurately:
- Go to the Sales menu and select All sales.
- Locate the payment you've generated from the list.
- Tick its designated dropdown arrow under the Action column.
- Choose Delete, and when prompted, confirm the action by clicking Delete.
Since the payments and fees are coming from different bank accounts, it's accurate that you've used the Receive payments feature to mark them as paid. However, it should be deposited to the Undeposited funds. Then, you can add the fees and tokens and designate them to the correct accounts using the Bank deposit function in QuickBooks.
Doing so ensures you can match the manually generated deposits to the ones downloaded from the bank accounts. Moving forward, you can mark the invoice as paid while depositing the payment to the Undeposited funds account:
- Open the Receive payments page.
- Select the Customer and the accurate Invoice from the Outstanding transactions list.
- From the Deposit to section, select the Undeposited funds or the Payments to deposit accounts (depending on what is visible on your end).
- Complete the rest of the form and double-check everything.
- Once done, hit Save and close.
Once you're ready to designate the amounts into the accurate accounts, let's utilize the Bank deposit feature and add the POS fees and Tokens received as negative values. By initiating this, the entries will be deducted from your overall invoice payments received (sales):
- Go to the + New menu and select Bank deposit.
- Choose the Account to which the payment should be deposited.
- Pick the accurate payment from the Select the payments included in this deposit section.
- Enter the fee and token's Amount as negative values and choose an expense Account designated for these data. If you've yet created one for each, here's how:
- Click the Account column and then + Add new.
- Use Expense as the Account Type, and Name the accounts as POS Fees and Token Received.
- Choose the appropriate Detail Type and then Save and Close.
- You may also input essential notes for each entry using the Description column.
- Complete the rest of the form, and once done, hit Save and close.
Following that, go to the Bank transactions page. Then, locate the entry and match it to the manually generated deposit. Meanwhile, exclude the downloaded data for POS Fees and Tokens. I'd also recommend seeking assistance from an accounting professional to ensure your books are accurate when initiating these procedures in the system.
I'm also attaching this resource, which will be handy once you reconcile your accounts in QuickBooks: Reconcile an account in QuickBooks Online. It can help verify that your entries are correct by referring them to your bank statement.
If you have follow-up questions about handling the payments, fees, and tokens received, tick the Reply button. I'm always available to help you promptly.
Thanks for breaking down your concern in such detail, Matt. I can see how managing sales from multiple farmers' markets with various payment methods can be challenging. No worries, I'm here to help you handle this situation.
Beforehand, let's delete the payment applied to invoices that messed up your sales records. This way, we can fix and input the transactions/payments accurately:
- Go to the Sales menu and select All sales.
- Locate the payment you've generated from the list.
- Tick its designated dropdown arrow under the Action column.
- Choose Delete, and when prompted, confirm the action by clicking Delete.
Since the payments and fees are coming from different bank accounts, it's accurate that you've used the Receive payments feature to mark them as paid. However, it should be deposited to the Undeposited funds. Then, you can add the fees and tokens and designate them to the correct accounts using the Bank deposit function in QuickBooks.
Doing so ensures you can match the manually generated deposits to the ones downloaded from the bank accounts. Moving forward, you can mark the invoice as paid while depositing the payment to the Undeposited funds account:
- Open the Receive payments page.
- Select the Customer and the accurate Invoice from the Outstanding transactions list.
- From the Deposit to section, select the Undeposited funds or the Payments to deposit accounts (depending on what is visible on your end).
- Complete the rest of the form and double-check everything.
- Once done, hit Save and close.
Once you're ready to designate the amounts into the accurate accounts, let's utilize the Bank deposit feature and add the POS fees and Tokens received as negative values. By initiating this, the entries will be deducted from your overall invoice payments received (sales):
- Go to the + New menu and select Bank deposit.
- Choose the Account to which the payment should be deposited.
- Pick the accurate payment from the Select the payments included in this deposit section.
- Enter the fee and token's Amount as negative values and choose an expense Account designated for these data. If you've yet created one for each, here's how:
- Click the Account column and then + Add new.
- Use Expense as the Account Type, and Name the accounts as POS Fees and Token Received.
- Choose the appropriate Detail Type and then Save and Close.
- You may also input essential notes for each entry using the Description column.
- Complete the rest of the form, and once done, hit Save and close.
Following that, go to the Bank transactions page. Then, locate the entry and match it to the manually generated deposit. Meanwhile, exclude the downloaded data for POS Fees and Tokens. I'd also recommend seeking assistance from an accounting professional to ensure your books are accurate when initiating these procedures in the system.
I'm also attaching this resource, which will be handy once you reconcile your accounts in QuickBooks: Reconcile an account in QuickBooks Online. It can help verify that your entries are correct by referring them to your bank statement.
If you have follow-up questions about handling the payments, fees, and tokens received, tick the Reply button. I'm always available to help you promptly.
