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QuickBooks Team

Re: VAT CODES on Bank deposits

I have a suggestion for you, Samanvaya.

 

Instead of matching the deposit to the invoice, you match it to the payment. We'll receive the invoice payment and deposit it to Undeposited funds. On the Bank Deposit page, we'll add the fee. This way, you don't have to resolve the difference since we'll deduct the merchant credit card charges to match the payment with the deposit. This will also prevent any tax error codes.

 

Here's how to receive the payment:

  1. Click the Plus sign (+) icon, then choose Receive Payment.
  2. Choose the customer, then choose the invoice. 
  3. Enter the amount.
  4. Click the Deposit to drop-down arrow, then choose Undeposited Funds.
  5. Click Save and close.

Then, let's add the fee. Here's how:

  1. Click the Plus sign (+) icon, then choose Bank Deposit.
  2. Choose a payment.
  3. Under Add funds to this deposit, choose an expense account for the fee, then enter the amount. Make sure it's negative.
  4. Choose the bank account where the payment will be deposited.
  5. Click Save and close.

After these steps, try to match the deposit to the payment. 

 

Feel free to leave a comment if you need further help. We're just around.