cancel
Showing results for 
Search instead for 
Did you mean: 
Chris2355
Level 1

Double accounting of pledges (invoices)

Our HOA set up an option to pay through Quickbooks for the first time this year.  All invoices have now been paid.  When I run a budget report, Quickbooks overestimates our revenue - it counts the money deposited in the bank account plus the aging receivable, even though all invoices are marked as paid.  I'm fairly new to Quickbooks and have spent a fair amount of time looking for a solution with no luck.  Any help is appreciated.

6 Comments 6
SarahannC
Moderator

Double accounting of pledges (invoices)

Hello there, @Chris2355.

 

QuickBooks Online (QBO) supports preparing budgets, which help you monitor, track, and compare expected income and expenses with actual income and expenses.

 

The Budget report helps you determine and correct problems occurring in the business to make the performance more in line with the financial goals in the budget. It also helps evaluate how realistic and accurate your predictions are.

 

If all invoices were paid already, let's make sure the deposit is linked to the correct invoice. You can edit the deposit, so this will be linked to your customer's invoice. This prevents us from doubling the transactions data in the report. Here's how:

 

  1. From the left menu, select Accounting and click Chart of Accounts
  2. Look for the account you deposited the payment to, then select View Register
  3. Click the deposit and hit Edit.
  4. From the Bank Deposit screen, scroll down to Add funds to this deposit, then find the fund you need to edit.
  5. In the Received From column, search and choose the appropriate customer name.
  6. From the Account column, choose Account's Receivable, then tick Save and Close.

 

Once done, apply it as a credit to the invoice:

 

  1. Go to the +New button.
  2. Select Receive Payment.
  3. Select the Customer's name
  4. Add the Payment date.
  5. Under Outstanding Transactions, choose the Invoice you need to mark as paid.
  6. Under Credits, select the Deposit entry.
  7. Hit Save and Close.

 

Check it here for more info: How to link a deposit to an invoice. 

 

To learn more about handling reports, you can read through these articles.

 

 

Let me know how it goes. I'll be around to help you in case you still need help with the reporting in QuickBooks. Take care and stay safe.

Chris2355
Level 1

Double accounting of pledges (invoices)

Thank you so much for your response.  I may need to clarify the invoices (pledges) were sent out by Quickbooks which handled the payment and then deposited the payments to our HOA bank account.    I tried the first step you suggested, but when I try to credit to an invoice, it shows them all as already paid.  The message I get is "Donor name's payment doesn’t have an open invoice to go with it".

 I think Quickbooks marks the invoice as paid as soon as it deposit the money into the bank account.  Now my budget show a large "Unapplied Cash Payment Revenue".  Any additional suggestions are greatly appreciated.

 

 

KlentB
Moderator

Double accounting of pledges (invoices)

I'll help you in handling that, Chris2355.

 

When you use QuickBooks Payments, the program automatically applies the customer payments to the invoice. This way, you won't have to manually enter them.

 

Once the payment is downloaded to your bank feeds, you'll have to match it with the one that was already entered by the program. This will link them together to ensure that reports are accurate and up-to-date. Here's how:

 

  1. Go to the Banking or Transactions menu.
  2. Select the Banking tab, then choose the appropriate bank account.
  3. Go to the For Review tab, then locate the downloaded payment.
  4. Click the transaction to expand the view, then select Find match.
  5. Review the records found in QuickBooks, then select the correct match.
  6. Click ​Save to complete the process.

In addition, here are some articles that you can browse to help track and personalize your invoices in QuickBooks Online:

 

I'm just a post away if you have any other concerns or follow-up questions. Stay safe and have a great rest of the day.

Chris2355
Level 1

Double accounting of pledges (invoices)

Thanks.  I think this is in the right direction, but when I go to Find Match, there are no transactions listed except a Journal Entry from an earlier date.

Candice C
QuickBooks Team

Double accounting of pledges (invoices)

Good morning, @Chris2355

 

Thanks for reaching back out and letting us know how the steps went. Allow me to point you in the right direction to get this resolved. 

 

If the instructions above didn't work, then I recommend contacting our Customer Support Team. They'll be able to use their advanced tools to walk you through some additional steps. Here's how: 

 

  1. Go to the Help icon in the top right-hand corner. 
  2. Press the Contact Us button. 
  3. Give a brief description of the problem and hit Let's talk
  4. Scroll down and choose to Get a callback

 

It's that easy! 

 

Please inform me on how it goes. I want to ensure that you're able to get this fixed as soon as possible. Have a great day! 

Chris2355
Level 1

Double accounting of pledges (invoices)

Quickbooks support helped me find the solution through chat.  The issue was the Quickbooks Payment were sent to "Bank Name - Cash" instead of "Bank Name - Checking".  Because Quickbooks was linked to the "Bank Name - Checking" account, it did not recognize the Quickbooks Payments as possible matches.  The for future invoices, the solution is to make sure Quickbook Payments go to the the account Quickbooks is linked to directly.  To correct past invoices, I went to Charge of Accounts and changed the invoice payment account from "Cash" to "Checking". Then I was able to match invoices to deposits in Quickbooks.

Need to get in touch?

Contact us