Can't match deposits to invoices marked as paid

jbonano · ‎November 29, 2023

Hello,

I have a client who created a bunch of invoices in QBO, but then randomly made bulk deposits for services from their customers. I was able to match up a few invoices they marked as paid to deposits, but many don't equal up. They explained their clients are all paid up but I have several older A/R payments showing up in my reconciliation that essentially make it look like double entries.

I thought of voiding those invoices but their customers are connected to those invoices. I tried to split those deposits and pair them up to as many of the invoices as possible, but nothing equals up to the exact amount. (I even asked Chat GPT to figure out possible combinations since there was a lot, and nothing)

I was thinking I could do an expense for the total amount of invoices not counted in the reconciliation process, label it as a correction, then count the deposit in the reconciliation. It won't show which customers the deposits are applied to, but it also won't inflate their sales. Thoughts if this would work or if there is a better way of doing this?

Thanks!

JanbonN · ‎November 29, 2023

Welcome to the Community, @jbonano. Let me share some information on how to approach this issue.

Firstly, it's essential to review the remaining invoice payments from the reconcile page and take note of their dates and amounts. Then, check the reconciled deposits and compare the details with your bank register. This will give you an idea if there are any duplicate entries. If such entries exist, it can result in inflated sales and bank balances. Moreover, it's not advisable to delete transactions that are already reconciled.

I agree with your solution to offset the inflated bank and sales balances by creating an Expense transaction. Here are a few things to keep in mind while doing so:

Make sure the affected Payment account is correct.
Verify that the Category details or Item details are correct.
The total amount should equal the remaining A/R payments on the reconcile page.

While reconciling, select the Expense transaction and the A/R payments to offset each other. Then, continue with your regular reconciliation process.

Although this process is the quickest way aside from creating a journal entry to offset those differences, we still recommend seeking help from someone more familiar with this situation. They can offer better advice on how to approach this problem.

Additionally, you can refer to this article for guidance when you need help doing or fixing a reconciliation: Learn the reconcile workflow in QuickBooks.

Please comment on this thread if you have questions about matching your deposits to invoices. I'll be happy to lend a hand.

View solution in original post

JanbonN · ‎November 29, 2023

Welcome to the Community, @jbonano. Let me share some information on how to approach this issue.

Firstly, it's essential to review the remaining invoice payments from the reconcile page and take note of their dates and amounts. Then, check the reconciled deposits and compare the details with your bank register. This will give you an idea if there are any duplicate entries. If such entries exist, it can result in inflated sales and bank balances. Moreover, it's not advisable to delete transactions that are already reconciled.

I agree with your solution to offset the inflated bank and sales balances by creating an Expense transaction. Here are a few things to keep in mind while doing so:

Make sure the affected Payment account is correct.
Verify that the Category details or Item details are correct.
The total amount should equal the remaining A/R payments on the reconcile page.

While reconciling, select the Expense transaction and the A/R payments to offset each other. Then, continue with your regular reconciliation process.

Although this process is the quickest way aside from creating a journal entry to offset those differences, we still recommend seeking help from someone more familiar with this situation. They can offer better advice on how to approach this problem.

Additionally, you can refer to this article for guidance when you need help doing or fixing a reconciliation: Learn the reconcile workflow in QuickBooks.

Please comment on this thread if you have questions about matching your deposits to invoices. I'll be happy to lend a hand.

jbonano · ‎November 30, 2023

Thank you for the confirmation and additional advice. Check, check, and check! I went through most of what you suggested already so this helps me feel that I'm on the right path with this situation. Thank you!

JamesAndrewM · ‎November 30, 2023

Hello there, @jbonano. I appreciate you for getting back to the thread and for your acknowledgment in helping you in managing your invoices.

We're delighted to hear that the posted recommendation and additional advice are of help to you. If you require further assistance working on your invoices or specific tasks in QuickBooks, the Community is willing to assist you anytime. Have a great day ahead!

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Can't match deposits to invoices marked as paid