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kvngrffn
Level 2

Associate bank records with imported journal entry accounts receivable.

We use an external system to generate our invoices.  The accounts receivable balance is brought into QBKs along with all the other systems' financial data feed via a journal entry.  This means the A/R balance comes as one bulk entry for each period, and is associated with a single QBK's "customer". 

 

Our bank accounts are linked to QBKs which automatically pulls in all the bank deposits.  However, because the deposits do match any entries from the journal entry, they are not automatically associated with the customer record and are charged against the A/R balance.   

 

The problem this creates is that the "customer" records shows all the entries as 'overdue'.  Example of "customer" record:

 09/30/2020Deposit 09/30/20 ACH SETTLEMENT CMOL09/30/2020$-6,480.43$-6,480.43
Overdue
 
09/28/2020Deposit 09/28/20 PAYABLES CITY ACH CREDIT09/28/2020$-6,819.49$-6,819.49
Overdue
09/23/2020Deposit 09/23/20 ACH SETTLEMENT CMOL09/23/2020$-6,048.63$-6,048.63
Overdue
09/21/2020Deposit 09/21/20 PAYABLES CITY ACH CREDIT09/21/2020$-11,870.55$-11,870.55
Overdue
09/20/2020Journal Entry42DU--Accounts Receivable09/20/2020$16,864.55$16,864.55
Overdue

 

How do we associate the deposits from the bank records with the "invoices" that show on the client records without improperly adjusting the A/R balance with a double entry?

Solved
Best answer October 01, 2020

Best Answers
Nick_M
QuickBooks Team

Associate bank records with imported journal entry accounts receivable.

Hi there kvngrffn. 

 

Thanks for dropping by the Community, I;m happy to provide some feedback on this. The best thing you can do in this situation is connect the invoices to the journal entry that is created by the third party, you can do so following these steps: 

  1. Select + New.
  2. Select Receive Payment.
  3. Under Receive Payment, select the customer.
  4. Make no entry on the form.
  5. Under Outstanding Transactions, select the invoice.
  6. Under Credits, select the journal entry to be applied as a credit.
    (Note: The Credits section only appears if there is an unapplied customer credit. Make sure to record the journal entry correctly.)
  7. Select Save and close or Save and new.

However, this is dependent on how those journal entries were set up. Therefor I would recommend reaching out to your accountant prior to following said steps just to make sure everything is set up as it should be. Thank you for your time and have a lovely evening. 

View solution in original post

2 Comments 2
Nick_M
QuickBooks Team

Associate bank records with imported journal entry accounts receivable.

Hi there kvngrffn. 

 

Thanks for dropping by the Community, I;m happy to provide some feedback on this. The best thing you can do in this situation is connect the invoices to the journal entry that is created by the third party, you can do so following these steps: 

  1. Select + New.
  2. Select Receive Payment.
  3. Under Receive Payment, select the customer.
  4. Make no entry on the form.
  5. Under Outstanding Transactions, select the invoice.
  6. Under Credits, select the journal entry to be applied as a credit.
    (Note: The Credits section only appears if there is an unapplied customer credit. Make sure to record the journal entry correctly.)
  7. Select Save and close or Save and new.

However, this is dependent on how those journal entries were set up. Therefor I would recommend reaching out to your accountant prior to following said steps just to make sure everything is set up as it should be. Thank you for your time and have a lovely evening. 

View solution in original post

Fiat Lux - ASIA
Level 15

Associate bank records with imported journal entry accounts receivable.

@kvngrffn 

You may have another option to record your data into QBO. Export your Invoice and Receive Payment data out to XLS and utilize TPImporter to import them in bulk. It would be easier to track any discrepancy later if required.

https:// transactionpro.grsm.io/qbo

 

The templates should be like these:

Invoice

RefNumberCustomerTxnDateDueDateShipDateShipMethodNameTrackingNumSalesTermLocationClassBillAddrLine1BillAddrLine2BillAddrLine3BillAddrLine4BillAddrCityBillAddrStateBillAddrPostalCodeBillAddrCountryShipAddrLine1ShipAddrLine2ShipAddrLine3ShipAddrLine4ShipAddrCityShipAddrStateShipAddrPostalCodeShipAddrCountryPrivateNoteMsgBillEmailBillEmailCcBillEmailBccCurrencyExchangeRateDepositToBePrintedToBeEmailedAllowIPNPaymentAllowOnlineCreditCardPaymentAllowOnlineACHPaymentShipAmtShipItemDiscountAmtDiscountRateTaxRateTaxAmtDiscountTaxableLineServiceDateLineItemLineDescLineQtyLineUnitPriceLineAmountLineClassLineTaxable
101Janice Johnson01/10/2020 01/12/2020Ground Net 30  110 Main StreetSuite 2000  DallasTX99875 110 Main StreetSuite 2000  DallasTX99875 Special HandlingThank you for your order!     0NYNNY12Shipping 0.02  Y Leather CaseLeather Case210  TAX
101Janice Johnson01/10/2020 01/12/2020Ground Net 30  110 Main StreetSuite 2000  DallasTX99875 110 Main StreetSuite 2000  DallasTX99875 Special HandlingThank you for your order!     0NYNNY12Shipping 0.02  Y Gift CardsGift Cards25  TAX
102Leonard Walker Inc01/10/2020    Net 30  9 Winding Road   WinchesterNY12345 9 Winding Road   WinchesterNY12345  Thank you for your order!     0YNNNY      Y HandheldsPortable Game Player1100  TAX

 

Receive Payment

RefNumberTxnDatePaymentRefNumberCustomerPaymentMethodDepositToAccountInvoiceApplyToLineAmountPrivateNoteCurrencyExchangeRate
128/11/202050245Janice JohnsonCheckChecking101100.00   
228/11/20204908Leonard Walker IncCheckChecking102138.78   
328/11/20204908Lisa SmithCheckChecking103126.50   

 

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