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pam27295
Level 1

matching deposits to invoices

just started new position with company.  in doing so i have ran into a big problem.  I have over due invoices and over due payment that are not matched up.  therefore showing open invoices in 91 and over that should not be there .  

example

 

invoice dated 2-29-20 with and outstanding balance of 20.00 showing over due

                        3-31-20                                                            683.72 showing over due

 

deposits dated 10-15-20 -10000.44  showing overdue

                            10-16-20  - 52047.03 showing overdue

 

i need to clean up the a/r  but how do i do that.  

 

 

 

5 Comments 5
IamjuViel
QuickBooks Team

matching deposits to invoices

Hello there, @pam27295.

 

Let's first record payments made to the invoice. This way, you'd be able to clear the open invoice balance. I can guide you on how to do it.

  1. Go to the Sales menu.
  2. Choose the Invoices tab.
  3. Locate the overdue invoice.
  4. From the Actions column, click the Receive Payments link.
  5. Make sure to choose Undeposited Funds in the Deposit To drop-down.
  6. Enter the full payment of the invoice.
  7. Click Save and Close.

Once completed, let's make a deposit to clear the deposits that are showing overdue. Here's how:

  1. Click the New (+) icon.
  2. Choose a Bank Deposit.
  3. Select the Bank Account where the actual payment was deposited. 
  4. Enter the date when the actual deposit was made.
  5. From Select the payments included in this deposit section, mark all the invoice payments that were paid together.
    • If the invoice was paid individually, just open the recorded payments and change the Deposit To account.
  6. Review the payment details.
    • The information should exactly match the downloaded bank transactions.
  7. Click the Save and Close button.

Now that your AR and deposits are cleared, you can start matching your recorded invoice payments and downloaded bank transactions. By doing this, you'd avoid getting duplicates.

 

I've added these articles as additional reference in tracking your sales transactions in QuickBooks:

Know that the Community and I are always here to help you manage your income-related transactions. Visit us here again if you have other questions. I'm always here to help.

IamjuViel
QuickBooks Team

matching deposits to invoices

I want to make sure you're taken care of, @pam27295.

 

Have you tried following the steps I shared on how to record your client's invoice payments? Were you able to clear your over due invoices and deposits?

 

Know the Community has your back. I’m also here to lend a helping hand. Have a great day ahead.

pam27295
Level 1

matching deposits to invoices

I need to unapply and repost the entries.  As i said in my original post - these entries have already been made.  They are hanging out there in the vendor file.  I want it cleaned up.  

Maybelle_S
QuickBooks Team

matching deposits to invoices

Hello there, @pam27295.

 

To unapply those entries, we can remove invoice payments and deposits by deleting them in QuickBooks Online (QBO). You can then recreate them after.

 

Here's how:

  1. Go to the Sales menu, and then select Invoices.
  2. Look for the paid invoice and click it to open.
  3. On the upper right-hand corner, click the payment made.
  4. Click the payment date to open the transaction.
  5. Check the box for the paid invoices you wanted to delete.
  6. Select More, and then click Delete
  7. Once prompted, click Yes.
  8. Click Save and close once done.

You can also delete the invoices if you wish to, then recreate them. I'll guide you how:

  1. Go to the Sales menu, and then choose Invoices.
  2. Chose the invoice you want to delete.
  3. Click the drop-down arrow under Action.
  4. Choose Delete.
  5. Click Yes to confirm.

Check this article for reference to create those invoices: Create Invoices in QuickBooks Online.

 

I've also added this link about categorizing transactions in QBO: Categorize and match bank transactions in QBO. It gives you better options on how to manage your bank transactions moving forward.

 

Don't hesitate to drop a comment below if you have other questions. I'm more than happy to help. Take care!

NOSTRESS85
Level 1

matching deposits to invoices

Hi there,

 

I need to match deposits (already posted and reconciled) with invoices. I have done the first steps - I made a payment to the undeposited funds however I do not know how to match the invoice and deposit. If you advise that the best way is to delete the old one and create a new one, that will mess with my reconciled account so I need advice on how to make it right. I also need to do similar matching for credit notes and refunds already reconciled. I appreciate your help. 

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