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I've recently setup Intuit Payments so that we can email invoices and receive payments. the payments are deposited by intuit into our bank. How do we reconcile after?

 
5 Comments
Moderator

Re: I've recently setup Intuit Payments so that we can email invoices and receive payments. the p...

Hello matt39,


Once signed up for our QuickBooks Payments, all payments and fees made will automatically be recorded in your QuickBooks Online. You'll just have to connect your bank account. Then, download bank transactions so you can easily match them up with the records. 

 

Here's how to connect a bank account:

  1. Go to Banking.
  2. Click on Add account button.
  3. Enter the bank name and sign in.
  4. Connect the bank account to QuickBooks.

Once done, QuickBooks will download the last 3 months worth of bank transactions. Go ahead and match them up. Here's how:

  1. From the Banking page, click on the transaction.
  2. Choose Match or Find match.
  3. Select the transaction.
  4. Click on Save.

Let us know if you have any questions. We'll be right here to help. 

Active Member

Re: I've recently setup Intuit Payments so that we can email invoices and receive payments. the p...

Thanks! Two follow up questions:
1- am I correct that we don’t get individual payouts from intuit, but batched which cover multiple invoices?
 
2- in the “match” screen for the bank feed transactions, I don’t see a way to filter for invoices in the correct state? What should I pick to narrow them?
 
Matt
Moderator

Re: I've recently setup Intuit Payments so that we can email invoices and receive payments. the p...

Welcome back to our forums, @matt39,

 

Yes, you're right. Intuit batches and submits your credit card payments in bulk and deposits them to your account after the funding time. Check out this link to know more about QuickBooks Payments Deposits.

 

Regarding your second question, QuickBooks is unable to filter the transaction types you see in the Banking page. You can, however, filter the items by date by clicking the funnel icon. Here's how:

 

  1. Go to the Banking menu.
  2. Tap the Banking tab.
  3. On the For Review tab, click the funnel icon.
  4. Select the period you want to see to match.
  5. Hit Apply.

Check out this article to know more about managing your banking transactions in QuickBooks Online: Add and Match Downloaded Banking Transactions

 

That should do it. Reach out to me if you have any more questions with QuickBooks. I'll be more than glad to get back and help you further. Have a wonderful week!

Active Member

Re: I've recently setup Intuit Payments so that we can email invoices and receive payments. the p...

Jen,

Thanks for those links - but it's still not clear to me. Two different Q&A in the link you sent don't feel like they're the case.

Mostly this one:

Q: How are my QuickBooks Payment deposits matched with my bank feeds?

A: Deposits and fees for payments processed through QuickBooks are automatically recorded to your bank account. Open your bank feed, then select MatchQuickBooks automatically matches your invoices and payments for you.

 

It doesn't seem like QuickBooks is automatically recording the payment and fees- and it definitely doesn't seem like it's automatically matching. Am I misunderstanding something here?

 

It feels like you're saying that I have to go to the Merchant portal to see what invoices are covered by each payout, then go to the bank feed and filter in dates that match the original invoice dates, so that I can match them - then figure out how to account for the differences?

Moderator

Re: I've recently setup Intuit Payments so that we can email invoices and receive payments. the p...

It's great to have you back, @matt39,


If you're using online banking, all your bank transactions are downloaded automatically for review. The system uses the amount and transaction date when matching and it is within 90 days.

 

Since you're using QuickBooks Payments, the system will download the bulk deposit which was cleared in your bank account. The system then finds multiple matches from the downloaded transaction. You'll need to open the transaction row manually to review the possible matches. Here's how:

  1. Go to the Banking menu.
  2. In the For Review tab, locate and click the payment to match.
  3. Click the Match radio button and hit Find other records.
  4. In the Match transactions page, locate the invoice you'd like to match the payment.
  5. Click Save.

 

If the deposit includes bank fees, here's how to record them:

 

Receive the payment.

  1. On the invoice, click the Receive Payment button.
  2. Select the correct invoice on the Receive Payment screen.
  3. In the Deposit to field, choose Undeposited Funds.
  4. Click Save and close. (See screenshot attached)

 

Once done, enter a Bank Deposit for the bank fee. (See screenshot)

  1. Click the QuickBooks Plus (+) icon.
  2. Select Bank Deposit.
  3. Mark the invoice payment you received previously from the Select the payments included in this deposit section.
  4. Expand the Add funds to this deposit section to add a new line item.
  5. In the Received From column, enter the credit card fee as a vendor.
  6. In the Account column, add an expense account for the fee.
  7. In the Amount field, enter a negative fee amount.
  8. Make sure the deposit matches the net bank deposit amount.
  9. Click Save and close.

 

That should help you match your downloaded credit card payments to your bank statement. For your reference, you can check out this article and scroll down to match a downloaded transaction to multiple QuickBooks Online transactionsHow to add and match downloaded banking transactions.

 

 

If you have any questions with the steps, please mention me in the thread. All the best!