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QB payment

Forum|Forum|2 years ago
April 12, 2024
1 reply
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I made an invoice and QB payment took the fee related to that invoice and QBO recorded that amount as an expense.

When I received the payment, I matched it to the invoice and I had to resolve the difference by adding the fee as an expense.

But now I have two expenses for the same transaction. One that was added by the system automatically and one that I added manually.

Is there another way to do that where I don't have 2 transactions or do I need to delete the one that the system created?

QuickBooks Online

Best answer by JoanaC

Thank you for your prompt response on the thread, @BandN. Let me assist you in matching your invoice and payment in QuickBooks Online.

We can undo the categorized bank transaction from your client. Since you have QuickBooks Payments, we can turn on the automatic match. This feature will match invoices and payments automatically without you manually doing so.

Here's how :

Go to Transactions, then Bank Transactions.
Select the Categorized or Reviewed tab.
Select Settings ⚙ at the top of the transaction list.
Turn the Automatic matching switch On or Off.

Let me share these articles that can help you match your transaction:

I'll be here if you still have questions about your bank transactions, Have a great day!

MariaSoledadG

QuickBooks Team

Let me guide you on how you can resolve this, Band.

In scenarios like this, you can record a deposit for the bank fees so QuickBooks automatically matches them with the payment. To create a deposit, you can follow the steps below:

Go to the + New, then select Bank deposit.
Under Add funds to this deposit, enter the bank fee.
Click Save and close.

You can delete the transactions you've manually entered and record them as deposits.

In addition, learn how to reconcile an account to ensure that everything matches and is accurate. For more details, I've added this article: Reconcile An Account in QuickBooks Online.

You can always get in touch if you have any questions about bank charges or payments. I'm always right here to help you.

B

BandNAuthor

Thank you for your response,

But when I do that, I still have the payment showing in my bank feed and when i try to match, there is nothing anymore since I did the bank deposit.

So the invoice was for $5,000

The client paid $5,000 but quickbooks took $149.5 and the system record it from the start in the QBO (it show in the P&L report and the reconciliation).

And when I received the money in my bank account, I have that transaction showing in my bank feed for $4,850.5 and when I match it to the invoice for $5000 I have to resolve the difference of $149.5 so I add the fee to the bank fee account. But now I have two bank fees for $149.5 and it doesn't reconcile.

C

CamelleT

Moderator

If I do the bank deposit first, It still doesn't recognize the transaction in "bank transaction"

Let me jump in and help you match your transactions in Quickbooks Online (QBO), BandN.

Your QBO account is already set up on where to deposit the payments and fees. Therefore, you don't need to use the "resolve the difference" feature. However, if you've already matched the payment and invoice, you'll need to undo these categorized transactions. Here's how to do it:

Go to Transactions and choose Bank transactions.
Select the tile for the bank or credit card account you downloaded the transaction from.
Click the Categorized tab and locate the transactions you manually matched or resolved differences.
Once you find the transactions, hit Undo from the Action column.

The transactions will now go back to the For Review tab. Then, you can follow the steps provided by my colleague above to turn on automatic matching since you're using QB Payments. Once this feature is enabled, you won't need to manually match your deposits or other transactions.

Lastly, I'll add this article to help you void or delete any transactions made in error to ensure that your account balances and reports aren't affected: Void or delete transactions in QuickBooks Online.

Just post a reply below if you require further assistance in matching your transactions or managing your deposits. I'll be around to help you.

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