I'm entering payments from banking to 2 client accounts. As soon as I press accept it says the error message above, I've created invoices for both clients and in the banking section I slit the amount on the bank statement to accommodate both accounts, when I press accept I gives me this message.
Please can you help
Hi there, RIAP.
We'd want to make sure that we get this sorted out. Cans you tell us what accounts were selected when posting the payments?
Please add a reply below to share more details. We look forward to it.
I selected the Customer name and then categories is Accounts receivable and zero rated, it does not allow me to leave them blank.
Thanks for getting back to us, RIAP.
Allow me to provide clarifications regarding assigning a VAT code to your transactions in QuickBooks Online.
The system will only allow you to track taxes on the expense, checking, and income accounts. However, utilizing the Accounts Payable or Accounts Receivable type of accounts isn't available.
To get your work done, you'll need to create an invoice or a bill in QuickBooks to have it taxed.
For your reference, I'm also adding here some links about adding and removing the VAT rates or sales taxes on your forms in QBO:
Keep me posted if you still have questions or concerns about bank transactions. I'm always here for you. Have a great day!
I did great a invoice, with the entries and I specified which one are Standard VAT and which is Zero Rated. Then I went to my bank and on the entries there is a deposit that is as part payment on this invoice, please tell me how do I update this transaction: 1st customer name (not a problem) 2nd Category (???? Accounts receivable) 3rd Tax (????Zero rated) not sure how I'm suppose to enter this transaction, nothing else make sense. Please can you help or tell me which number I can call for support to rectify this problem.
Where can I get a detailed ledger or my transaction to see if there is any faults on my system?
I'm here to help you and make sure you're able to record the payment.
You'll encounter this error when you categorise a downloaded deposit transaction as Accounts Receivable with a tax. Instead, you'll want to change the Category to an income account to know what's the best account to use.
Based on your description, it seems that you created invoices already in QuickBooks Online. What you'll want to do is to match the downloaded transaction to these invoices. That way, they'll be applied as payments and the invoices will be closed. Follow these steps:
I added two links below that you can check. The first one will explain what to do with the transactions imported from the bank and the second will show detailed steps on how to reconcile your accounts:
You can always reach out to us and reply here if you have more questions about banking. Need to run reports or record your sales and expenses? Count me in again and I'll help you out.
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