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Negative deposit amount

My company uses QBO and has for many years, I am having a issue that I have racked my brain to try and figure out and can't.  I hope someone has some suggestions.  I have credit card transactions all made on the same day but there was also a credit card refunded that day.   When it was all processed through Merchant Services because the refund amount was larger than the purchases the deposit is a negative.   I can't figure out how to record this into quickbooks.   All of the transactions are showing open on my deposit screen and every time I try to select them and manually show it as a deposit to match with my bank records it tells me I can't deposit an amount less than zero.    I know quite awhile back this worked but now it no longer does.   When the downloads come through my bank the negative amount populated at Quick Books fees.   

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Best answer 09-13-2017

Accepted Solutions
Established Community Backer ***

Re: Negative deposit amount

Hi Meg, 

 

I want to ensure you get the assistance you're looking for with the banking tool. 

 

Just to confirm, are you asking for advice in reference to the same scenario in your own post: https://qbcommunity.com/t5/Questions-about-QuickBooks/Banking-issue-with-deposit-and-withdrawl-comin... ? If so, please follow up with me there, and I'd be happy to walk you through step-by-step. If it's a different question, please let me know and I'll do all that I can to help. 

 

Thank you for your time. 

21 Comments
Frequent Contributor *

Re: Negative deposit amount

I would suggest depositing the regular (positive) amounts and then recording the refund through a journal entry.  Then, exclude the transaction (if you are using a bank feed).  You will clear both the positive and negative amount when doing your reconciliation.

 

Hope this helps!

 

-Dawn

Not applicable

Re: Negative deposit amount

Dawn,

Can you please help me to understand how to accomplish this?  I honestly need a step by step because I am so confused about how to make this happen.  Thanks for your time.  It is greatly appreciated.  I have been struggling with how to do this all week!  Thanks,  Meg

Established Community Backer ***

Re: Negative deposit amount

Hi Meg, 

 

I want to ensure you get the assistance you're looking for with the banking tool. 

 

Just to confirm, are you asking for advice in reference to the same scenario in your own post: https://qbcommunity.com/t5/Questions-about-QuickBooks/Banking-issue-with-deposit-and-withdrawl-comin... ? If so, please follow up with me there, and I'd be happy to walk you through step-by-step. If it's a different question, please let me know and I'll do all that I can to help. 

 

Thank you for your time. 

Not applicable

Re: Negative deposit amount

It doesn't seem like I can match deposits and withdrawls to the same amount?  If I am wrong wondering if you can help me to figure out how to make a $15 deposit, a $25 deposit and a $150 withdrawl to the -$110 that is showing up in my Banking section right now.  

 

Thanks, Meg

Frequent Contributor *

Re: Negative deposit amount

Hi Meg-

 

I am on travel, but I could help you on Monday.  My profile should have my direct email address that you can use to contact me.

 

Thanks!

Dawn Brown

Not applicable

Re: Negative deposit amount

Dawn,

 

I am not sure how to view your profile, but if you can send me an email to (REMOVED) hopefully we can connect on Monday.  Thanks so much for your offer to help!  Have a great day. Meg

Established Community Backer ***

Re: Negative deposit amount

Hi Meg, 

 

Your email address has been removed from this comment for your security. You can click on Dawn's QBSuperGenius username and you'll be directed to her profile. 

Not applicable

Re: Negative deposit amount

Did you every get an answer to this issue?  I am having the same issue.

Established Community Backer ***

Re: Negative deposit amount

Hi kk06, 

 

I recommend looking at all of the comments that contain answers to help resolve the issue. Although I'm not an accountant, Dawn seemed to have good advice. Once you know what you'd like to do, I can show you how to do so in QuickBooks Online. 

Not applicable

Re: Negative deposit amount

I have not seen where anyone solved the issue of the net deposit uploaded in the bank consistst of credit card deposits as well as reversals.  The reversals do not come in when trying to match the bank deposit amount to the 'match transactions'.  If I missed it please let me know.  Thanks!

 

Established Community Backer ***

Re: Negative deposit amount

Mjhlivatino asked a similar question in another thread, so I replied here: https://qbcommunity.com/t5/Questions-about-QuickBooks/Banking-issue-with-deposit-and-withdrawl-comin.... I discuss what type of transactions QuickBooks Online looks for when matching imported deposits to existing transactions. It sounds like it may be the same concern, or very similar at least. 

 

Can you please let me know if this is what you're looking for? If it's not, I'd be happy to help you here. 

Not applicable

Re: Negative deposit amount

You CAN make a negative deposit if the Payment Method has a Payment Type of Credit Card

 

 

Not applicable

Re: Negative deposit amount

You CAN make a negative deposit if you use a Credit Card Payment Type (See Payment methods list).

 

 

Frequent Explorer *

Re: Negative deposit amount

Im going through the same issue. I often have negative deposit amounts. Is it wrong to use a credit card payment type in order to get what I want? 

 

im using QuickBooks desktop. I had Quickbooks online. and in qbo, there is this feature called "refund receipts" which allows me to deposit refunds with invoice payments. but desktop does not seem to have this at all, except for the refund via "credit card" method ...but I don't want to make a mess of things. here's my situation, that happens often, not a one-time thing: 

 

I have a factoring company that advances the payments on our invoices and deposits into our checking account via ACH.  The factoring company takes care of collecting the monies from our customer. Sometimes, time passes by, they receive the customer payment and the customer doesn't pay the full invoice amount for several reasons, which is normal in our industry. Its called a "Short Pay" it can be for late delivery or a lumper fee the broker didn't pay or whatever the reason, it happens. 

 

I create a credit memo. I issue the refund. But in my deposits window, when I have the payments window open and I get to select the payments included in that days ach schedule, I wish that refund check would show up, so I can select it with the payments and the deposit matches my bank transaction. but it does not. Unless when I issue the refund, I use a credit card as the refund payment method. 

 

Does this make a mess of things? Is there another way? 

 

 

QuickBooks Team

Re: Negative deposit amount

Hello there, @controljci.

 

I appreciate you providing detailed information about your concern. I can share some insights about the refund process in QuickBooks Desktop.

 

Currently, the setup where the refund check shows up on the Deposit window is unavailable. You will only be prompted to select the payments transactions. You can only enter the credit memo or refund transaction under the Customer menu.

 

I'll show you how:

  1. At the top menu, click Customers.
  2. Choose Create Credit Memos/Refunds.
  3. Enter the necessary information.
  4. Click Save & Close.

 

That should do it, controljci. Keep me posted if there's anything else you need or if you have additional concern. Just leave a comment below.

Frequent Explorer *

Re: Negative deposit amount

Yes, i know how to do all of that but thank you, i appreciate you taking the time. My only other concern is how do i match my bank transaction to the deposit that includes payment for an invoice for a different customer and the credit memo?  Deposited in one transaction in my bank. 

QuickBooks Team

Re: Negative deposit amount

Thanks for getting back to us, controljci.

 

Matching a multiple invoices with the payment and a credit memo is unavailable. Since, Open Invoices and Undeposited Funds are the options under Add More Details window.

 

I have here an article about adding and matching bank transactions

 

Don't hesitate to hit the Reply button for your other concerns.

Frequent Explorer *

Re: Negative deposit amount

The deposit shows up for the transaction when I go to the "add more details" part of the bank feeds....but the credit memo is nowhere to be found. I was hoping it would be under open invoices. if I refund via check, it doesn't show up under " match transaction" menu of the bank feeds....any other ideas...

kind of hoping someone has done this before...we can't possibly be the only company that has negative deposits. maybe im stuck on the idea of using a credit memo or a refund ...maybe there is another workaround someone has done ....

QuickBooks Team

Re: Negative deposit amount

Greetings, controljci.

 

Allow me to step in for a moment and provide additional clarification regarding this matter.

 

After some thorough research and testing, I found out that you can record a refund check affecting the Accounts Receivable account, instead of a credit memo. With this, you should be able to match it with your bank transaction, and at the same time, apply it as payment to the invoice. The steps below will guide you on how to record this:

Write the check in QuickBooks

  1. From the Banking menu, select Write Checks.
  2. Choose the correct customer from the Pay to the order of drop-down menu.
  3. In the Amount ($) field, enter the refund amount.
  4. Go to the Expenses tab.
  5. Enter the appropriate details in the following fields:
    - Account: Make sure to choose the Accounts Receivable account.
    - Customer: Job: Enter the appropriate customer.
  6. Click Save & Close.

Link the check to the invoice

  1. From the Customers menu, select Receive Payments.
  2. Choose the Customer from the Received from drop-down menu.
  3. Click Discounts And Credits.
  4. In the Available Credits section, mark the check you created, then select Done.
  5. Click Save & Close.

For additional insight about this, I'm also including this article: Record a credit memo or refund in QuickBooks Desktop

 

Please let me know how this works out for you, I want to make sure this is taken care of. Thanks again for reaching out, I'll be standing by for your response.

Frequent Explorer *

Re: Negative deposit amount

Hi, Aldrin, I appreciate the effort but there is no invoice. It's a deposit that comes into our bank via ACH. And in that deposit, there are invoice payments for several customers, and the occasional (often enough) "short pay" on a past invoice already paid already deposited. Where I need to refund the customer an amount from that past invoice. Its a "negative deposit" because the refund amount is deducted from the positive pay of invoices. Also, the refund belongs to past customer invoice and I would like that to show. I honestly don't think there is a solution, I've been stuck for three days trying to figure this one out. I think i have to out it as a credit card refund -- its the only way it shows up in undeposited funds...

QuickBooks Team

Re: Negative deposit amount

Hello, @controljci.

 

Please allow me to join the thread and help guide you to the right support who can help you further in handling your negative deposit amounts.

 

To check this further and to handle the deposits securely, I recommend contacting our QuickBooks Desktop Support Team. Our Support Team has the chance to pull up your account in a secured remote access and have the extra tools like the screen sharing session for additional help and guide.

 

For the support's contact information, you may check it here: Contact the QuickBooks Desktop Customer Support Team.

 

On the other hand, you may also visit our Help articles for future reference: Help articles for QuickBooks Desktop.

 

Please keep posted if you have any other banking or deposits concerns, I'll be always here to help you. Wishing you the best!

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