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Level 1

Receiving invoiced payments paid with BACS

Hello - I read the article about the difference paid and closed invoices, which basically says that if status paid there is still an amount open. Well in my case its not! The invoice is paid fully and it says paid instead of closed. 

 

Any ideas? that is really confusing.

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Moderator

Receiving invoiced payments paid with BACS

Thanks for joining the Community, Nimaloka_2003.


I’m happy to share some information about the status of invoices in QuickBooks Online (QBO).


The invoices in QBO will show Open, Partially Paid or Partial, Paid and Overdue.


The invoice status will show Paid if the customer has paid the amount in full. Right now, there isn’t a closed status for the invoices in QBO. The transactions that’ll show as closed are estimates, time charges, payments, billable expenses and credit memos.


You can see the invoice status by clicking Sales on the left and selecting Invoices.

 

I'm always here if you have follow-up questions about the invoice status or if you need anything else. Have a good day.

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Level 1

Receiving invoiced payments paid with BACS

I have the same issue!!!! The problem is Quickbooks adds the "payments" when an invoice is paid directly into my bank account. I select to match the payment with the invoice which sets the invoice as paid but also creates a payment in a negative figure.

 

For example, £300 is added to my bank by a client, a £300 invoice is matched with this transaction and displayed as paid BUT an additional payment is created as -£300 with the status closed??? This essentially means that all my invoices cancel each other out so it looks as though i haven't made any money! 

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Moderator

Receiving invoiced payments paid with BACS

Hi there, @Matt1887.


I’m here to discuss with you the process of receiving invoice payments in QuickBooks Online (QBO).


When an invoice is matched from the banking page, the transaction will show as paid. You’ll normally see both an invoice and a payment in the Transaction List tab.


The additional payment doesn’t mean you haven’t made any money from that transaction. The paid invoice already indicates an increase in your income account and to your accounts receivable.


Stay in touch if you have more questions on how receiving invoice payments work in QBO.

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Level 1

Receiving invoiced payments paid with BACS

So why does the payment read as a negative figure. The total figure at the bottom of the sales page doesn’t show any money from invoices as every payment cancels out the invoice.

 

For example £100 (Invoice) + -£100 (Payment Received) = £0.00!!!!!!

 

And why do I have duplicates of transactions, it’s impossible to balance my books and make accurate Tax Returns when there are so many errors in the system that I can’t get rid of.

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