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TomZ2
Level 1

When matching bank deposits to invoices, what happens if you have 2 ACH deposits of same $ amount? How do you determine which invoices to match? Best practices? Thx

Follow up: the bank deposits are ACH payments by customers against open invoices. Looking for approach for managing this in high volume when its not possible to enforce (or is it?) the customer's to include an identifier on the transfer other than the $ amount. Thank you.
3 Comments 3
JenoP
Moderator

When matching bank deposits to invoices, what happens if you have 2 ACH deposits of same $ amount? How do you determine which invoices to match? Best practices? Thx

Let me help with your question about Online Banking, offshore825.

 

QuickBooks will tell you how many possible matches there are for a single downloaded payment. You can click on the Review button to see the list of transactions and select which one is the payment for.

 

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Then, select the invoice and click Confirm.

 

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Also, there's no option to make it mandatory for customers to include an identifier when making payments. You'll want to manually ask these details from your customers. 

 

Here's an article about this for more details: Categorize and Match Online Bank Transactions in QuickBooks Online.

 

You might also want to consider using bank rules. Using this feature, QBO will automatically categorize transactions based on the parameters you've set. This includes description, names, and bank texts. Here's an article so you can read more information about this feature: Set Up Bank Rules to Categorize Online Banking Transactions in QuickBooks Online.

 

I'd also like to share these articles as additional references: 

 

 

Don't hesitate to post more questions or ask a follow-up question below if you need anything else from us. We always want to make sure everything is sorted out.

TomZ2
Level 1

When matching bank deposits to invoices, what happens if you have 2 ACH deposits of same $ amount? How do you determine which invoices to match? Best practices? Thx

Thank you for your quick response. I have done this in the past and am looking for a faster / more automated way to do this to handle higher volume (where manually matching takes too long) -- is there another way to automatically match the incoming deposits to invoices? Some customers outsource their AP so a lot of the transactions look the same. Open to upgrading to the advanced business version of quickbooks if that is the answer. I do find that logging into our bank provides additional transaction details that are not always pulled into QBO. Help is appreciated. Thank you!

GebelAlainaM
QuickBooks Team

When matching bank deposits to invoices, what happens if you have 2 ACH deposits of same $ amount? How do you determine which invoices to match? Best practices? Thx

Thanks for getting back to us, @TomZ2. I'll make sure to give you the right information to resolve your concern.

You'll need to add transactions if you still have transactions that aren't in QuickBooks Online. Then you can use bank rules to categorize transactions for you automatically.

Here's how:
 

  1. Go to the Banking menu and click the Rules tab.
  2. Select New rule.
  3. Enter a name in the What do you want to call this rule? field.
  4. From the Apply this to transactions that are dropdown, select Money in or Money out.
  5. From the In dropdown, select the bank or credit card account.
  6. Set the rule conditions. You can set a single rule with up to 5 conditionals. Set and include the following, then select + Add a condition.
  7. In the Conditions fields, specify whether the rule applies to DescriptionBank text, or Amount. Then select ContainsDoesn't contain, or Is exactly to decide how QuickBooks applies the rules.
  8. Select the settings for the rule. Select the Transaction typeCategoryTags, and the Payee to apply.
  9. Select Save.
     

For additional information, you can refer to this article: set up bank rules to categorize online banking transactions in QuickBooks Online.

In case you'll need to set up and apply automatic late fees to invoices in the future, you can click here.

Please let me know if you need anything else. I'll be here for you. Stay healthy and happy!

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