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jlh503
Level 1

Link bank deposit to open invoice (issue with migration from QBSE?)

I just upgraded from QuickBooks Self-Employed to QB Online.  I migrated my data. I have three invoices showing up as open (unpaid).  I already recieved payment for two of these. One was paid through QB and the other was a paper check I deposited.

 

I am trying to link the bank deposit to the invoice.  The Recieve Payment funciton is new to me. But when I try to make a new recieve payment, QB says I don't have any open invoices from the client. When click receive payment next to the invoice, then type in the date and account from the Banking register for the deposit, QB says no matching transactions found.

 

Am I doing something wrong or is something a little strange with the migration of the data from QBSE? 

 

5 Comments 5
MaryAnn_E
QuickBooks Team

Link bank deposit to open invoice (issue with migration from QBSE?)

Hi there, @jlh503.

 

 

Allow me to share some information about deposits in QuickBooks Online (QBO).

 

The Deposit field on the Invoice page will reduce the total invoice. The deposit is placed in the Undeposited Funds account in which has not been associated with the actual account yet. We'll have to create a Bank deposit to do that. 

 

Let's create a bank deposit to put the funds into the actual bank. 

  1. Go to the +New button.
  2. Click Bank deposit.
  3. Select the correct bank for the deposit.
  4. You'll see that under the Select the payment included in this deposit there's an invoice (deposit) amount.
  5. Select on it and click Save and close
  6. If you need more help, you can always leave a reply. Take care always!

 

Check out this link to help you create customer payments: Record customer payment in QuickBooks Online

 

I will wait for your response, so I can help you further. Use the Reply button below to connect with me again. Have a good one!

 

 

 

jlh503
Level 1

Link bank deposit to open invoice (issue with migration from QBSE?)

Hi Mary_Ann,

 
Thanks for your response. I followed your instructions, but it is not working.
 
I have deposited the check in my bank account. The transaction has shown up in Quickbooks, and I marked it as income. However, the invoice is still open. 
 
When I click receive payment or New > Receive Payment. Nothing comes up when I search by invoice for this client. When I enter the information myself -- payment date, method: check, Deposit to: my linked bank account -- There are no transactions that match the criteria. So, it appears that if I follow through with this, it will add an additional amount to my ledger, double counting this income. Should I just delete the invoice? it was migrated over from QBSE and maybe that is part of the problem.
 
Again, the payment is in my bank account and showing up as income on my P&L.  But the invoice is still open.  When I tried to create a new bank deposit following your instructions above, it said there was an open invoice and I should receive payment first. 
 
Thank you!
DivinaMercy_N
QuickBooks Team

Link bank deposit to open invoice (issue with migration from QBSE?)

Let's get the job done, @jlh503.

 

Thank you for providing concrete details of your concern and for following the steps outlined by my colleague. Let's edit the deposit so this will be linked to your customer's invoice. Refer to these easy steps below:

 

  1. From the left menu, select Accounting and click Chart of Accounts
  2. Look for the account you deposited the payment to, then select View Registerlinkdeposit1.JPG
  3. Click the deposit and hit Edit.linkdeposit3.JPG
  4. From the Bank Deposit screen, scroll down to Add funds to this deposit, then find the fund you need to edit.
  5. In the Received From column, search and choose the appropriate customer name.
  6. From the Account column, choose Account's Receivable, then tick Save and Close.linkdeposit4.JPG

 

Once done, apply it as a credit to the invoice:

 

  1. Go to the +New button and pick Receive Payment.
  2. Select the Customer's name. You should now see all open customer invoices and outstanding credits.
  3. Add the Payment date.
  4. Under Outstanding Transactions, choose the Invoice you need to mark as paid.
  5. Under Credits, select the Deposit entry, then hit Save and Close.linkdeposit5.JPG

 

Check it here for more info: How to link a deposit to an invoice. 

 

Also, to get a list of all payments and invoices for each of your customers, you may pull up the Invoices and Received Payments Report. Then, customize it so it will only show the info you need.

 

If you need further assistance in linking the deposit to your invoice, please feel free to post a reply below. I'm always here to help you. Have a good one.

VA26
Level 1

Link bank deposit to open invoice (issue with migration from QBSE?)

solar Solution had paid my invoice. However, the $316 shows up in deposite. But doesn't show up in deposit complete. I dont know how to access this money and have it transfered to my bank.

 

I need a call back.

Rose-A
Moderator

Link bank deposit to open invoice (issue with migration from QBSE?)

Let's review your invoice payments and get those transactions completely deposited, VA26.

 

I appreciate the screenshot you've provided. Undeposited Funds is a holding account that tracks payments received from customers that have not been deposited to your bank account.

 

You'll need to record a bank deposit to move the money to your savings or checking account. Let me walk you through the process:

 

  1. Click + New in the left panel and choose Bank deposit.
  2. From the Account ▼ drop-down, choose the account you want to put the money into.
  3. Select the payments from Solar Solutions.
  4. Hit Save and close.

 

To know more about this process, you can take a look at this article: How to Record Bank Deposits in QuickBooks Online. It contains more details about managing invoice payments as well as links to help you with your future task.

 

This should get you moving today, VA26. Don't hesitate to let me know if I can be of additional assistance while working in QuickBooks or if you need more help with depositing your invoice payments. I'm always here to keep helping. Have a good one!

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