Need more than 5 resolving transactions

Hey KN52!

Thanks for writing here.

Let's find out your needs.

After viewing your post, I understand you have 5 lump sum payments. What's the source transaction of this payment? Is this a payment of an Invoice?

Looking forward to your response. Feel free to comment or DM me. I am a professional bookkeeper.

Thanks.

wsraaz

I see you want to match lump sum payments in QuickBooks Online, @KN52. I'm here to make sure everything is in order.

You're correct, you can manually add the transactions into QBO. Simply create a bank deposit and make sure you have the right details, especially the dates and the payment amounts. Here's how:

1. Open the New (+) menu.
2. Select Bank Deposit.
3. Pick the Bank Account where the actual payment was deposited.
4. Fill in the date when the actual deposit was made.
5. Go to Select the payments included in this deposit section, and mark invoice payment that's paid.
6. Review the payment details. The information should exactly match the downloaded bank transactions.
7. Click on Save and Close.

After that, you can now try to match the transactions again. This helps you avoid duplicates on the account. See this for the detailed steps: Categorize and match online bank transactions in QuickBooks Online.
 

Once everything is okay, feel free to read this module to find out how you can match your monthly account balance: Reconcile an account in QuickBooks Online.

You can always get back to us by replying to this thread. We're here to assist further if you have other banking or QuickBooks concerns. Take care!

Thanks for these replies.  Let me try to clarify the fact pattern first.

As an example, assume I have a $500 deposit to a bank account that's connected to our QBO account.

The $500 transaction represents (i) a $50 sale of an inventory item that has been separately captured in QBO via a Stripe integration and (ii) multiple (let's say 9) other non-inventory revenue items (and some processing fees) that have been credited/debited to the bank account.

Ordinarily I would start by "Matching" the inventory sale amount deposited to the Stripe transaction, then click "Resolve Difference" to add the processing fee for that transaction.  You can add more lines for additional "resolving" transactions, but QBO apparently only allows you to have 5 "resolving transactions" and I need more than 5 (a total of 9 in my example) to completely account for this one bank deposit.

In another Community thread I found today, in mid-2021 a QBO user complained about the limit of 5 resolving transactions and others agreed that would be a useful improvement.  But apparently nothing has been done about it.

Mich_S's proposed solution sounds potentially helpful, but I don't fully understand it.  Are you suggesting that I create a new bank deposit for $50 and match that to the $50 inventory sale?  If that somehow left me with only a $450 balance on the initial $500 deposit, I could "Split" it and enter 9 different categorized items to account for it.  But I don't see how creating and matching the separate $50 transaction would reduce the deposit amount balance shown in QBO from $500 to $450.  If this is in fact a solution to my problem above, please help me understand the steps better.

Finally, based on my additional explanation of the fact pattern, perhaps there's a different QBO solution/workaround out there?

Thank you.

Hello, KN. 

An alternative way I suggest submitting feedback to our Product Development Team so they can review it and might consider implementing it in the future. Here's how:

1. Go to the Gear icon.
2. Select Feedback.
3. Enter your comments or product suggestions.
4. Then select Next to submit.

Also, we still need to create bank deposit and match it in Bank feeds. Also, to fix a payment difference when matching transactions is to use the Resolve Difference button. This helps match your transactions by resolving its difference until it will be equal zero.  However, we can't add more than five resolving transactions.

We can read through these articles to learn more about managing your bank transactions:

• Categorize and match online bank transactions in QuickBooks Online.
• Reconcile an account in QuickBooks Online.

Reach out to me again if you still have questions or concerns with banking transactions. I'll be right here for you. Take care and have a nice day ahead.  

Thanks.  

I understand about submitting feedback.  But I can't wait for the QBO development team to get around to fixing this.  (Especially since others have made the same suggestion without an apparent response.)

I'm sorry but your suggestion about how to handle this type of situation in the meantime isn't clear.  Perhaps you or someone else can be clearer and more explicit in suggesting some currently available steps I could take to handle these types of transactions.

Hi @KN52,

1. At this moment you can treat it with journal entries. Make one journal entry and add multiple items in the same journal.

or

2. To match and reconcile any payment processor. Create a Control Account Under the bank like a Stipe control account, Paypal control account, and Wise control account.

There doesn't have any solution at this moment. QuickBoks doesn't have that option.

I am a professional bookkeeper. Feel to DM to discuss.

Thanks.

wsraaz

You might have figured this out on your own by now but the best way is to apply payments to open invoices and put them in undeposited funds. After that you can pull them into the deposit or after you've created the entire deposit, go back and the applied payment will magically appear in the deposit. Then you select it to add and just delete the original line that allowed you to match and save the deposit. There might be a quicker way but this is how I got it to work.

I am sorry to be a pain. Can you please go through the steps? My situation is:

1. We invoice some customers who pay by cheque. These are matched and put to the undeposited funds account.

2. We then have about 50 manual transactions to add to the deposit.

Can you please tell me how to do this in steps.

We are a small charity and I am a volunteer bookkeeper.

I'd be happy to help you with this, HWCA.

In QuickBooks Online (QBO), you can create an invoice to record the payment. Then, when receiving it, select Undeposited Funds as the deposit account.

Here's how:

1. Go to the +New button.
2. Click Invoice.
3. Select the customer from the drop-down arrow.
4. Enter the Product/Service, Description, QTY, Rate, and Amount.
5. Hit Save and close.

Once done, receive the payment. I'll guide you on how to do it.

1. Go to the +New button.
2. Select Receive payment.
3. Choose your customer from the drop-down arrow.
4. Put the Payment method.
5. In the Deposit to drop-down arrow, select Undeposited Funds.
6. Place a checkmark beside the invoice.
7. Tap Save and close.

After that, make a bank deposit to show the payment to your bank. Then, select the additional manual transactions during the creation.

Additionally, here's an article you can refer to personalize your sales forms: Customize invoices, estimates, and sales receipts.

Don't hesitate to comment below if you need further assistance managing invoices. I'm always here to help. Take care.

@KN52 I hope you saw this.  This is exactly what I needed and the other responses from QB or other users were not helpful at all.  If you add the additional 5 transactions to resolve, put whatever remaining balance you have left to make it balance/resolve.  Save/post that entry as if the last line is correctly categorized.  go into chart of accounts and pull up the last line of that entry and when you click on it, you can add unlimited transactions to properly record remaining transactions.  thanks @RMR2