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Level 1

How do I match one bank deposit to a lump sum that includes both multiple sales and multiple refunds?

We use a company that deposits a lump sum that includes multiple transactions - and has both sales and refunds. When trying to match bank deposits, I can match the sales correctly, but can’t match the refunds - especially if there are multiple refunds in one deposit. I can only find the option to count the single total of the remaining funds as an expense to one customer (rather than splitting it up for multiple customers for each individual amount).

 

Thanks in advance for your help!

4 Comments
QuickBooks Team

How do I match one bank deposit to a lump sum that includes both multiple sales and multiple refunds?

Hey there, TCHMechanical.

 

When you match a lump sum deposit, you can only match it to open invoices, payments, deposits, sales receipts, journal entries, and transfers. To match the refund amount, you'll have to split it to multiple customers. 

 

Here's how:

  1. On the Banking page, choose the lump sum amount.
  2. Click to open the transaction, then choose Split.
  3. Add the customers, then choose the account.
  4. Split the amount, then click Save and add.

I've got you a helpful article for future reference: Add and match downloaded banking transactions.

 

If you need more help, you can always leave a comment below. 

Level 1

How do I match one bank deposit to a lump sum that includes both multiple sales and multiple refunds?

Thank you Kristine,

 

However, unfortunately the issue I’m having is that since the refunds were taken out of the lump sum deposit, when I enter all of the sales payments received in the deposit, the total amount is higher and doesn’t match up to accept the deposit. I then have to account for the refunds. When I click “add remainder” and enter the negative number that it is over the amount needed to match, it only allows me to add one payee (but there are multiple refunds/ multiple payees in the single transaction). This then creates an expense. So for example, if I say that the payee was the company that made the bank deposit, it creates an expense for them. However, I have already created refunds for each of the individual customers. So basically it looks as if I have that expense twice.

 

Is it possible to account for each of the refunds individually to bring it back down to the amount needed to match the deposit, or would it be best if I manually “deposited” for each of the customers without matching it to the bank deposit? Hope this makes sense. Thanks again for your help! 

Level 10

How do I match one bank deposit to a lump sum that includes both multiple sales and multiple refunds?


@Kristine Mae wrote:

Hey there, @TCHMechanical 

 

When you match a lump sum deposit, you can only match it to open invoices, payments, deposits, sales receipts, journal entries, and transfers. To match the refund amount, you'll have to split it to multiple customers. 


 

No that's wrong you CAN match a Refund Receipt in a Deposit if you selected Undeposited Funds in the Refund From box

Level 1

How do I match one bank deposit to a lump sum that includes both multiple sales and multiple refunds?

However, when the Refund total exceeds the deposit total in the lump sum amount, the deposit function does not work because you end up with a negative deposit, which QBO does not allow.  Refunding to Undeposited Funds will work when Deposits exceed Refunds in a lump sum situation.

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