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Level 2

Reconciling over and underpayments on invoices

Hi.

I have an interesting problem that I've been working around in not-the-best way. (hard to untangle without keeping notes)

I have a set of customers that are all part of a parent company that are invoiced individually.
Let's call them Store 1, Store 2, Store 3.

I need to keep them separate so that I can trace individual deliveries to the stores, etc.

However, I receive ONE weekly payment from the overarching parent organization. Let's call that parent "The LCBO" for arguments sake.

 

Occasionally there are keying errors when products are received.. either over or under.  I generally tend to just record the over- and under-payments and submit a request to correct them, or I modify my invoices if I find that there was an actual over- or under- delivery, based on a signed proof-of-delivery document that I receive back from my logistics company. It is much easier to deal with underpayments, since they still remain open and payable when matching bank transactions later.

 

The specific problem I have though, is that in any given week, I may be receiving payments for Store 1($100) and Store 2 ($100), but then there is a correction for Store 3 (-$100) because they previously erroneously reported an over-receipt of product by $100 (and I was paid for it).  I of course recorded this as an overpayment on the invoice when matching up the banking entry, and QBO treats it as a credit to the account.  However, when I see a deposit for 100+100-100 = $100 on the banking side, I cannot select the credit memo to match it against.

 

I could go ahead and enter a credit memo for Store 1, and things will match up with the banking entry, but there is the problem of transferring the credit from from Store 3 to Store 1. Is there a way to do this using, say, a journal entry to move the balance between accounts?  Or is there a way to actually have QBO allow me to choose:  payment of $100 for Store 1, payment of $100 for Store 2, and refund of $100 for Store 3 when matching up this $100 bank deposit?  Seems only positive $ values show up when matching deposits.

Or is it maybe possible to match up $100 for Store 1, $100 for Store 2, and deal with the -$100 difference at the bottom of the screen with "add resolving transactions" that would consume the credit memo for Store 3? -- something like choosing the payee as Store 3, account as A/R, and amount as -$100? 

 

Thanks for your help!

 

Solved