cdt224477
Level 1
‎November 19, 2021 09:33 AM

Accounts Receivable and Invoice Payments

I use Quickbooks Live to send invoices to customers. These customers usually pay with a wire transfer that goes directly into my bank account. How can I show these invoices as paid and credit the accounts receivable without this affecting the bank balance? Now when I use the "Receive Payment" in invoices, it automatically adds this payment to my bank balance, but the bank balance was automatically updated when the wire transfer took place. Thank you very much for any assistance. 

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Adrian_A
Moderator
Moderator
‎November 19, 2021 11:55 AM

Other questions

Hi cdt224477,

 

You can deposit the payments to Undeposited Funds account this way it won't affect your actual bank balance. This account serves as a temporary account that QuickBooks uses to hold payments received from invoices before you deposit them into in the bank.

 

Here's how:

 

  1. On the Receive Payment page, select the customer to whom you received the payments.
  2. Under Deposit to field, select Undeposited Funds.
  3. Select  the transactions under Outstanding Transactions.
  4. Click Save and close.

 

I've also added these articles as your references when creating a Undeposited Funds account:

 

 

I'm willing to listen if you have other concerns about the features in QuickBooks Online. Just tag me in your comments below and I'll be there to help you out.

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