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When someone pays in invoice through QB payments, the invoice is auto marked as paid. What do i do with the deposit transaction that syncs from my bank account?

Normally, I would "match" a deposit transaction from my bank to the open invoice, which would then close the invoice. But since the QB Payment already closed the invoice, I have this deposit transaction and I don't know how to categorize it.
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Best answer April 28, 2020

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QuickBooks Team

When someone pays in invoice through QB payments, the invoice is auto marked as paid. What do i do with the deposit transaction that syncs from my bank account?

Hi jorwesflow,

 

Let's match your downloaded payments to your transactions in QuickBooks.

 

When your customer pays your invoice, QuickBooks also creates a payment and a merchant fee transaction. By default, the payment posts in the Undeposited Funds account and the fee posts in the account you specified. In this case, you can deposit the payment to your business account to match it to the online banking transaction.

 

To eliminate the process of making deposits, you can map all payments to post directly into your business account. Then, you can match them to the downloaded transactions.

  1. Go to Settings ⚙ at the top, then select Account and Settings.
  2. Select Payments from the menu.
  3. In the Chart of Accounts section, select the pencil ✎(edit) icon.
  4. For Where do you want to record payments?, choose the correct business account.
  5. Select Save and Done.

Stay current with the latest updates in QuickBooks by visiting the QuickBooks Blog page.

 

I wish you more sales as you're paid faster with the QuickBooks Payments service. If you have questions, please feel free to reach out.

View solution in original post

1 Comment
Highlighted
QuickBooks Team

When someone pays in invoice through QB payments, the invoice is auto marked as paid. What do i do with the deposit transaction that syncs from my bank account?

Hi jorwesflow,

 

Let's match your downloaded payments to your transactions in QuickBooks.

 

When your customer pays your invoice, QuickBooks also creates a payment and a merchant fee transaction. By default, the payment posts in the Undeposited Funds account and the fee posts in the account you specified. In this case, you can deposit the payment to your business account to match it to the online banking transaction.

 

To eliminate the process of making deposits, you can map all payments to post directly into your business account. Then, you can match them to the downloaded transactions.

  1. Go to Settings ⚙ at the top, then select Account and Settings.
  2. Select Payments from the menu.
  3. In the Chart of Accounts section, select the pencil ✎(edit) icon.
  4. For Where do you want to record payments?, choose the correct business account.
  5. Select Save and Done.

Stay current with the latest updates in QuickBooks by visiting the QuickBooks Blog page.

 

I wish you more sales as you're paid faster with the QuickBooks Payments service. If you have questions, please feel free to reach out.

View solution in original post

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