I have Quickbooks sync with my bank account.
When I go in to review transactions, the deposits I received from customers are categorized as "services".
I use Honeybook to take payments and write invoices, and it also is supposed to sync with QB seamlessly.
When I pull a Transaction Report, both my bank deposits AND invoices are showing up, which is doubling up on the report to show I have made way more than I really have.
How do I fix this? Should the deposit not be going to "services"? Should the invoices not be going there?
Thanks for reaching out to us, CasandrahJensen.
I'm here to help you match the payment in QuickBooks Online.
When you link your HoneyBook account to QuickBooks, the systems will create an invoice and a payment for you when your customer pays you. Once the payment deposit appears in your bank account, you can match it in QuickBooks' banking section. Instead of matching the bank deposits, you may have added it that's why it shows on the transaction report.
Let's fix it by undoing those transactions and ensuring they are matched with the payment transaction. Also, you'll have the option to change the category before matching them. I'll show you how.
I'm also adding this article for future reference about reconciling an account to ensure QuickBooks balance matches with your bank or credit card statement balance: Reconcile an account in QuickBooks Online
Please add any details below if you need further assistance with banking. We're always here to help you.
What it almost looks like, is that Honeybook creates the invoice, and when the payment is received, it creates a deposit automatically. So there technically is already a deposit created to the invoice under the generic "Checking" income account.
When I go to categorize the money in my synced bank account, there are no open invoices to "match" because they've already had the deposits created. So do I have to get into that other generic "checking" account and delete all of those deposits every time an invoice is created and payments have been received?
I don't want to screw up all of my accounts somehow by deleting them!
I appreciate the reply and the added details regarding the invoice and the deposits from HoneyBook.
Let's tackle those transactions that are doubling up on your Transaction Report, and ensure we have the right records for your invoices and customer payments.
Before we delete anything from your checking account, let's verify how the data is sent from HoneyBooks.
It looks like HoneyBooks closes the invoices when a payment is received. Though, the workflow in QuickBooks is that when an invoice is closed, there should be a Receive payment entry (either created by HoneyBooks or done manually).
It's possible that a payment entry was created and at the same time, a deposit was synced in your books (which is also the reason why you're unable to match the invoice).
In this case, we can pull up the deposit (from the Transactions Report or from the checking account) and delete the deposit. Open it, click the More button, then select Delete.
For the synced bank account, let's match the bank record entry to the invoice payment instead of the invoice itself.
We can prevent this in the future by ensuring that your sync settings are correct in HoneyBooks. You'll want to contact HoneyBooks support if you need help with the import or sync settings.
Make sure it is set to only send the payment (without creating additional deposits) and close out the invoice.
However if only the invoice and the deposits are sent to QuickBooks, then let's simply match the downloaded bank record with the deposit instead. Refer to Giovann_G's steps about finding matches on the For review tab.
Regarding the double transactions, ensure that they weren't automatically added by the system. On the Banking page, go to the Categorized tab and check for the deposits. Click the Undo button if these are confirmed as duplicates.
If you need help taking care of your taxes after recording your entries, we have articles to help you handle them in QuickBooks. Check out the Taxes topic page and browse for an article or a guide.
You're more than welcome to reply here if you have other concerns regarding your customer transactions. Would like some assistance on other areas in QuickBooks? Let me know and I'll lay down a guide or two.