Since recently, on paid invoices QBO records a deposit, but then fails to match/link the deposit with an actual bank transaction. How can this be fixed?

jam3salexander · ‎May 23, 2020

UPDATE: I was able to narrow down it to deposits being mapped to the old checking account, instead of new one.

To clarify, invoice is being marked as paid and linked to a deposit. The deposit itself isn't being linked/matched to the transactions themselves. Amounts match. This behavior began after adding a new checking account.

DivinaMercy_N · ‎May 24, 2020

Welcome to the QuickBooks Community, @jam3salexander.

I appreciate you providing details about your concern. I'm here to share with you the steps in making sure that your payments and processing fees will be recorded to the correct accounts.

Here's how:

Go to the Settings icon, then select Account and Settings.
Choose Payments.
In the Chart of Accounts area, select the Pencil icon.
From the Where do you want to record payments? section, choose the correct bank account.
In the Where do you want to record processing fees? field, choose the proper expense account for tracking processing fees.
Select Save.

For more information in selecting where to record payments in QuickBooks Online, please refer to this article link: Choose where to record payments and processing fees for QuickBooks Payments.

Also, If in case you want to process card payments for invoices and receipts, check out this article: Process a credit card payment in QuickBooks Online. This provides you detailed steps on how to process card payments with your payments account. You can choose between receive payment toward an invoice or create a sales receipt.

Post a reply below if you have other concerns with QuickBooks. I'm just here if you need further assistance. Stay inside and take care always, jam3salexander.

View solution in original post

Adrian_A · ‎May 23, 2020

Let's make sure that the account of the Deposit is Accounts Receivable, jam3salexander.

When you've entered the Deposit as Accounts Payable, it will not link on the invoice. Let's open the deposit and verify its associated account. I'll show you how:

Before doing so, we'll have to delete the payment. You can do that by going to your customer's transaction list and open the payment. Then, click More, then select Delete.

Afterward, we'll have to change the account of the deposit. Let me guide you how:

From the Sales tab, select Customers.
Select your customer and click the deposit transaction.
In the ACCOUNT column, select Accounts Receivable.
Click Save and close.
Select Yes.

Then, let's link the deposit to the invoice. You can check this article for the detailed steps to do it: Link a deposit to an invoice.

Don't hesitate to get back to me if there's anything that I can help you with. Keep safe!

jam3salexander · ‎May 24, 2020

Thanks for the reply. But there isn't a problem of linking an invoice, that works just fine. The issue is that when a customer pays via QuickBooks Payments the deposit is being recorded to a wrong checking account. And this prevents bank transactions from getting matched to these deposits. I can manually fix it by deleting the deposit, and then matching a payment to bank transaction. But, it takes too much time to do this for every transaction.

DivinaMercy_N · ‎May 24, 2020

Welcome to the QuickBooks Community, @jam3salexander.

I appreciate you providing details about your concern. I'm here to share with you the steps in making sure that your payments and processing fees will be recorded to the correct accounts.

Here's how:

Go to the Settings icon, then select Account and Settings.
Choose Payments.
In the Chart of Accounts area, select the Pencil icon.
From the Where do you want to record payments? section, choose the correct bank account.
In the Where do you want to record processing fees? field, choose the proper expense account for tracking processing fees.
Select Save.

For more information in selecting where to record payments in QuickBooks Online, please refer to this article link: Choose where to record payments and processing fees for QuickBooks Payments.

Also, If in case you want to process card payments for invoices and receipts, check out this article: Process a credit card payment in QuickBooks Online. This provides you detailed steps on how to process card payments with your payments account. You can choose between receive payment toward an invoice or create a sales receipt.

Post a reply below if you have other concerns with QuickBooks. I'm just here if you need further assistance. Stay inside and take care always, jam3salexander.

jam3salexander · ‎May 24, 2020

Thanks! This looks like it will do the trick.

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Since recently, on paid invoices QBO records a deposit, but then fails to match/link the deposit with an actual bank transaction. How can this be fixed?