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situ
Level 1

Payments and Deposit

Hello there,

 

I have recorded payments to couple invoices for couple of my different clients in one transaction on QBs online. When the bank transferred the transactions it came in as separate transactions for each check deposited. How do I match them?

3 Comments
YvetteVelarde
Moderator

Payments and Deposit

@situ Thank you for joining community.

 

QuickBooks Online automatically records deposits and fees deducted from your QuickBooks Payments transactions.

Selecting your accounts

  1. Select the Settings icon ⚙, then Account and Settings.
  2. Go to the Payments tab.
  3. In the Chart of Accounts section, select the your accounts and save.

Note: Make sure the deposit account selected is the same account received payments get deposited to. It should also be the same account where fees are deducted from in real life. 

 

About Batch Deposits If you are using the Downloaded Transactions feature to connect to your bank, batches will automatically be matched. This is because your payments will automatically go into the Undeposited Funds account in QuickBooks Online as soon as you process them. Once they settle and are deposited into your checking account in real life, the Batch Deposit will automatically be recorded and a separate fee withdrawal will be automatically recorded in Fees withdrawal account.

 

 

situ
Level 1

Payments and Deposit

Is it true that if I make payments on couple of invoices together, but when I deposit in the bank, all the deposit comes as separate transactions it wont match the payments made in QuickBooks? 

YvetteVelarde
Moderator

Payments and Deposit

@situ Thank you for clarifying these are payments being manually recorded and deposited.

 

The issue is coming from having recorded multiple payments as one.

 

The banking tab is setup to allow multiple payments to add up to a individual deposit. Three QuickBooks deposits can add up to one bank deposit, but three bank deposits can not be matched to one QuickBooks deposit. 

 

To fix QuickBooks and open up the ability to match your bank deposits, you will need to delete the grouped payment in QuickBooks and record each payment individually (as noted in example #1 from your image). 

 

I'm also including some great resources that explain matching transactions in QuickBooks Online.

 

Record and make Bank Deposits in QuickBooks Online

How to link a deposit to an invoice

Common questions about payments deposits in QuickBooks Online

 

If you have additional questions, we're just a click away!

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