Receiving Inventory paid by Debit Card from On-Line Vendor

Hi there, mihooper.

It's good to know that your vendor provides an easier way for you to pay the items you bought. Let's record this transaction in QuickBooks, so you can match it with your bank feed entry.

To do this, you can create a bill transaction, and enter the items in the Items tab. This step will increase the inventory count of the items. As for the shipping and sales tax, you can add them to the Expenses tab. You can create an expense account for the sales tax part and use the existing shipping account for the shipping part. However, it's best if you can consult your accountant about this to make sure that your accounting is correct.

In my example, I created an account for the sales tax called Vendor Sales tax. Your transaction will look like in the screenshot below. 

If you get prompt stating the total amount does not equate with the sum of the items you enter, just hit the Recalculate button beside Pay bill.

You can then match this bill to your bank feed entry. Or, pay the bill first and match the payment to the bank feed entry.

If there's anything that we can help you with your transaction, feel free to visit us back using this thread.

Jess,

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sorry...duplicate post...see below.

 

 

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Jess,

Thanks for the feedback, but you lost me here:

"You can then match this bill to your bank feed entry."

How do I do this?

Also, 

"Or, pay the bill first and match the payment to the bank feed entry."

If I pay the bill (Method = Check?) I get a duplicate payment in my check register....??

Hi there, @mihooper. 

Thank you for reaching back to the Community. 

You can match the transaction by following options in the Transaction List.

• If you agree with the match, Click Approve. The transaction goes from Auto to the Add list. 
• If you want to verify the information of the bill entered in QuickBooks preceding to downloading the transactions, select View Details. On this screen, you can confirm the match or you can tell if there is discrepancy in QuickBooks. If you don't agree with the match QuickBooks made and you want to add more details, match it to something else, select Not a match.
• If you want to remove the transaction from the list so you don't see it again, select Ignore. 

Though, we need to make sure that the CHECKS or DEPOSITS match with the amount, date, and check number equal to an existing transaction. 

I've added article to help you guide with the details and information. 

• Add and match Bank Feed transactions in QuickBooks Desktop 

Please let me know how it goes. I'm always here to lend a hand. Have a great day!

I guess my problem is that I download and accept these transactions BEFORE I create a bill. For example, I download all transactions for my checking account, then accept the debit card transaction as an Inventory Asset that is NOT linked to a PO or bill. After doing this, it appears that there is no way to go back and link them after they were accepted (approved)...??

Thanks for reaching out to the Community, @mihooper. I'm here to help.

You'll need to undo the transactions in your register to match them to the bills that you've created. Don't worry, I've got your back. Here's how you can remove the transactions from your register:

1. Go to the Banking menu, then Banking Feeds.
2. Select Bank Feeds Center.
3. On the left pane, choose a specific bank account.
4. Click the Transaction List button.
5. On the Transactions List window, mark all transactions you need to undo.
6. Press the Batch Actions drop-down, then Ignore.

After you bring your transactions back to your bank feed, you can match them to the bills you created. It's that simple! Here's an article on how to Match Bank Feed Transactions in QuickBooks Desktop.

If you have any additional questions, I'm just a comment away. Have a nice day. 

Ashley,

I may be confused here, but there is no "Transaction List" button once the transactions have been approved. The button says "Download Transactions". Am I missing something?

Thanks for your response, @mihooper.

I appreciate you adding more details about the issue. To add the transactions again, let’s restore a backup copy of the company file with the downloaded entries.

Once done, link the debit card payment to the bill. Check out the following article for tips on how to seamlessly add entries and proceed directly to the Match downloaded transactions section.

However, if you’re unable to save a copy, let’s go to the register where the payments were recorded and then manually delete each one.

Here’s how:

1. Go to the Lists menu at the top and choose Chart of Accounts to view the list of accounts.
2. From there, double-click your bank to view more details.
3. Select the entry you’re working on and then right-click the mouse to choose the Delete option.
4. Perform the same process to all payments you want to remove.
5. Once done, go back to the Bank Feeds Center and download the entries.

For future reference, the following articles provide an overview on how to switch banking modes and steps to remove duplicate bank data.

• Switch bank modes
• Delete

Let me know if you need further assistance or questions about QuickBooks. I’ll be right here to help. Have a good one.

Rasa,

"Go to the Items Received From Financial Institution section."

Are you referring to QB online, or QB Desktop? I am using QB Desktop and there is no "Items Received from Financial Institutions" section in my Bank Feeds center.

As mentioned previously, there is also no "Transactions" button once the transactions have been accepted.

I have already read both of the links you provided. I am using Express Mode.

Also, one of your links says:

"In Register mode, you see your register on the top part of the screen. Your downloaded transactions are at the bottom."

My check register DOES NOT show transactions at the bottom of the screen. 

Also, the instructions say:

"Find and select the statement from the Items Received From Financial Institution section. Then select View."

THERE IS NO "Items Received From Financial Institution section.".  Where do I look for this?

It appears that we are talking about two different version of QB. Can you please clarify?

Hello again, @mihooper.

Thanks for letting us know the result of the steps we've provided.

I already updated my answer above. You may want to consider checking the steps again to add the download transactions.

I’m also adding a link to keep you updated on major happenings and news about QuickBooks. This site also contains resources, business tips, and a list of enhancements added to the product: Firm of the Future.

Stay in touch if you need further assistance while working in QuickBooks. I’m here to help and make sure you’re taken care of.

Sorry Rasa. But the advice you are giving is WRONG. If I restore a backup copy of my company, I will overwrite everything that has transpired since the backup was made. Also, the backup copy may not include the downloaded transactions.

Hi @mihooper,

I appreciate you getting back to us and providing additional information. As mentioned by my colleague above, you'll have to restore the backup copy and download the bank transactions again.

I understand that it'll overwrite everything when you restore the backup copy. However, it's the best way to add transactions again.

Once done, you can now match the debit card transaction to the bill. Here's how:

1. Go to the Banking menu, then select Bank Feeds.
2. Choose Bank Feeds Center.
3. On the page, review how QuickBooks categorized the transactions:

• Unmatched: The downloaded transactions don’t match any transaction in the related account in QuickBooks.
• Renamed: QuickBooks created a new transaction using renaming rules. 
• Matched: QuickBooks found a match between the downloaded transaction and one already in the related account in QuickBooks.

You can check out this article for your reference: Match Bank Feed Transactions.

Please let me know how it goes in the comment section below. I'm only a post away if you have any follow-up questions.