Get 50% OFF QuickBooks for 3 months*

Buy now
United States United Kingdom Australia Canada (English) Canada (French) France Singapore South Africa Global Ireland
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
Announcements
Simplify payday and set payroll to run automatically on QuickBooks. Explore QuickBooks Payroll
J Maitland
Level 1
posted
‎November 03, 2022 10:01 AM
last updated ‎November 03, 2022 10:03 AM

Invoice Payments

I am preparing statements for a small biz preparing for merger. The books were kept on paper on a cash basis. I am digitizing and converting to accruals including inputting historical invoices, then matching them to cash transactions. Bank feeds will not go very far back as far as Transaction data.

 

Now, I have a historical entry to make on a bank account that cannot feed transaction information from 2020. In this case, a batch deposit  was made which paid down multiple invoices.

 

I would normally "receive payment" on that invoice and QBO will generate the entry on the Bank Account selected, but only for the amount of the invoice and separately. If this is done for multiple invoices, I cannot "truly" reconcile from this point as there will be multiple entries that total the single transaction on the bank statement.

 

***Please before commenting, this type of entry is made *without* the use of the bank feed menu and functions, it is only a register and Invoice Menu function, so please do not refer to those features as it is not correct. (I have seen QBO support/moderators incorrectly advise to that end elsewhere in the community forum.)

Solved
Reply Join the conversation
Best answer November 03, 2022
Solved

Best Answers
JaeAnnC
QuickBooks Team
QuickBooks Team
‎November 03, 2022 11:27 AM

Invoice Payments

Hello there, @J Maitland.

 

Let me help you record multiple invoice payments so you can reconcile your bank account in QuickBooks Online (QBO).

 

Most of the time, banks merge all of your deposits into a single transaction. Since this is the case, you can utilize the Undeposited Funds for multiple invoice payments. It preserves a record of all payments in QuickBooks until you physically deposit the same money at your actual bank. To do that:

 

  1. Click the +New button and select Receive payment.
  2. Choose the specific customer.
  3. Under the Deposit to dropdown, select Undeposited Funds.
  4. In the Outstanding Transactions section, select the specific invoices.
  5. Click Save and close.

 

When finished, you can combine payments from Undeposited Funds into a single record. Here's how:

 

  1. Click the +New button.
  2. Click Bank Deposit.
  3. Under the Account dropdown, choose the account you want to place the money into.
  4. Tick the checkbox for each transaction you want to merge.
  5. Use your deposit slip to ensure that it is matched with the total amount of the selected transactions.
  6. Select Save and close.

 

Once done, you can reconcile the account so that it matches your bank and credit card statements.

 

I'm also adding an article if you want to personalize the appearance of your sales forms: Customize invoices, estimates, and sales receipts in QuickBooks Online.

 

Feel free to post in the Community if you need further assistance managing your invoices. I'm always here to help. Stay safe!

View solution in original post

Reply Join the conversation
1 Comment 1
JaeAnnC
QuickBooks Team
QuickBooks Team
‎November 03, 2022 11:27 AM

Invoice Payments

Hello there, @J Maitland.

 

Let me help you record multiple invoice payments so you can reconcile your bank account in QuickBooks Online (QBO).

 

Most of the time, banks merge all of your deposits into a single transaction. Since this is the case, you can utilize the Undeposited Funds for multiple invoice payments. It preserves a record of all payments in QuickBooks until you physically deposit the same money at your actual bank. To do that:

 

  1. Click the +New button and select Receive payment.
  2. Choose the specific customer.
  3. Under the Deposit to dropdown, select Undeposited Funds.
  4. In the Outstanding Transactions section, select the specific invoices.
  5. Click Save and close.

 

When finished, you can combine payments from Undeposited Funds into a single record. Here's how:

 

  1. Click the +New button.
  2. Click Bank Deposit.
  3. Under the Account dropdown, choose the account you want to place the money into.
  4. Tick the checkbox for each transaction you want to merge.
  5. Use your deposit slip to ensure that it is matched with the total amount of the selected transactions.
  6. Select Save and close.

 

Once done, you can reconcile the account so that it matches your bank and credit card statements.

 

I'm also adding an article if you want to personalize the appearance of your sales forms: Customize invoices, estimates, and sales receipts in QuickBooks Online.

 

Feel free to post in the Community if you need further assistance managing your invoices. I'm always here to help. Stay safe!

Reply Join the conversation
Need QuickBooks guidance?
Log in to access expert advice and community support instantly.
Featured
The Answer Room- Year-End Preparation: What to do before the ball drops
Tired of the frantic, last-minute scramble every December? This session is ...
Read more
The 2025 Payroll Finish Line: Your Critical Checklist
The clock is ticking! Before the calendar flips to 2026, you have essential...
Read more
W-9 Import in QuickBooks Online
Welcome! Getting your contractor's tax info sorted just got a whole lot eas...
Read more

Need to get in touch?

Contact us