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MJC25
Level 2

QB Online - Invoices are showing up on my bank register as payments and deposits, setting my bank account balance to $0.

Very simple business, I invoice customers for services with monthly payments setup as NET60. Customers deposit via ACH transactions directly to my business bank account. My accounts are not linked to QB anymore as they were asking to relink multiple times a day.

 

With this being said, I generate Invoices for the appropriate customer, due date & amount and enter them in the system. When the ACH transfer is made, I click "Receive Payment" and "Deposit To" as "Checking". 

 

However, on my bank register, it logs the item as an Invoice with a "-" amount and then logs it as a "+" deposit from accounts receivable. Resulting in a $0 bank balance.

 

When I receive payment to "Undeposited Funds" it does the same thing.

 

Reading all the forums, I have not found anything to fix this as all the "Solved" cases are for the desktop version.

 

Any help would be greatly appreciated.

 

 

5 Comments 5
CharleneMaeF
QuickBooks Team

QB Online - Invoices are showing up on my bank register as payments and deposits, setting my bank account balance to $0.

Hi there, MJC25.

 

I'm here to help you handle the invoices that show up on your bank register as payments and deposits and set the bank account balance to $0.

Beforehand, I'll need additional information to further investigate the cause of the issue. Adding a screenshot of the transactions you've created and the register is a great help, too.

 

Don't hesitate to get back on this thread. I'll keep an eye on your response to ensure this gets resolved. 

MJC25
Level 2

QB Online - Invoices are showing up on my bank register as payments and deposits, setting my bank account balance to $0.

This is the best I can give you:

 

DateRef No.PayeePaymentDepositTypeAccountAdded in Banking
03/08/2024 Customer 1 18,000.00PaymentAccounts Receivable (A/R) 
01/04/2024Invoice 1Customer 118,000.00 InvoiceAccounts Receivable (A/R) 
JuliaMikkaelaQ
QuickBooks Team

QB Online - Invoices are showing up on my bank register as payments and deposits, setting my bank account balance to $0.

Thanks for providing additional details about your concern, MJC25. I can help you fix this issue and ensure the accuracy of your bank register.

 

In QuickBooks Online, when you record a received payment and deposit it directly to your bank account, the payment will reflect in the Deposit column of the register. Since the invoice shows in the Payment column, resulting in a $0 balance, this could be due to the Income account you set up for the product you used in the invoice. With this, let's ensure you didn't set up the Checking account where you received the customer's payments as the Income account. I'll write down the steps so you can check it and make the necessary changes:

 

  1. Go to the Gear icon, then select Product and Services.
  2. Look for the item you entered in the invoice, then click Edit.
  3. In the Income account, select an appropriate income account.
  4. Put a checkmark on the Also update this account in historical transactions box to change all transactions related to this product.
  5. Once done, click Save and close.

 

After editing the account, check the changes made in the bank register. It should look like this:

 

 

Moreover, QBO allows to run reports to view all your customer-related transactions or business finances and manage them through the program's features confidently. 

 

Should you need anything else, don't hesitate to fill me in. I'll be sure to get back to you to lend you a hand. Have a good one!

MJC25
Level 2

QB Online - Invoices are showing up on my bank register as payments and deposits, setting my bank account balance to $0.

That worked, thank you very much!

JoesemM
Moderator

QB Online - Invoices are showing up on my bank register as payments and deposits, setting my bank account balance to $0.

Good day, MJC25.

 

Great news! I'm glad to hear that my colleague's information helped you figure things out in QuickBooks. It's always a pleasure doing business with valued customers like you. 

 

If you have any other concerns about QuickBooks, count me in. I'm here to help and will get back to you promptly. Take care and have a great day!

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