There are two ways to match deposits with invoices in QuickBooks Online (QBO), Christopher.
First, you can directly link your invoice to a deposit in the Banking page using the Match feature. This process marks the invoice as paid and connects it to the deposit automatically.
Here's what you'll need to do:
- In the left menu, choose My apps and select Accounting.
- Choose Bank transactions, then select the Bank account where the payment was deposited.
- Look for the deposit in the Match/Categorize column.
- If QuickBooks suggests a match, review the details and amount. Then, ensure the date range aligns.
- If no match is suggested, click Find other matches.
- Click Match when done.
Once completed, the invoice will be marked as paid, and you can open the invoice to confirm it is linked to the payment.
Another way to ensure your invoice aligns with the deposit is by recording the payment through the Receive Payment feature. Here's how:
- Click + Create in the left menu and select Receive Payment.
- Complete the fields:
- From the Customer dropdown, select the customer.
- Set the Payment Date and choose the appropriate Payment Method.
- Use the Deposit To dropdown to select the bank account where the payment was deposited.
- Scroll to Outstanding Transactions and apply the payment to the correct invoice.
- Click Save and Close.
After recording the payment, navigate to the Banking page, locate the deposit, and click Match in the Action column. QBO will automatically pair the invoice payment with the deposit.
Once your invoices and deposits are matched, you're ready to reconcile your bank account. Make sure you have your bank statement handy to cross-check transactions. For detailed guidance, refer to QuickBooks' article: Reconcile an account in QuickBooks Online.
You might also want to look into QuickBooks Live Expert Assisted to get personalized support in managing your accounting tasks. They'll help automate bookkeeping processes, making it easier to manage tasks such as invoicing, expense tracking, and sales tax management.
If you need further assistance, feel free to reach out. We’re always here to help.
