Activity Feed for SavvyAcccountant
- Got Cheered for Re: When creating bills and invoices I have the option to enter things under Category details or Item Details. What is the difference and which is better to use?. Thursday
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- Posted Re: Square deposits appearing together with invoices and over stating income. on Other questions. 2 weeks ago
- Posted Re: Previous question asked1) Transferred QB Desktop to QB online2) Beginning balance on checking reads over 10,000,0003) How do I fix this? on Reports and accounting. 2 weeks ago
- Got Cheered for Re: How to match downloaded Bank deposit entry (less check fee) with sales receipt?. 3 weeks ago
- Posted Re: How to match downloaded Bank deposit entry (less check fee) with sales receipt? on Reports and accounting. 3 weeks ago
- Got Cheered for Re: How to match downloaded Bank deposit entry (less check fee) with sales receipt?. 4 weeks ago
- Posted Re: How to match downloaded Bank deposit entry (less check fee) with sales receipt? on Reports and accounting. 4 weeks ago
- Posted Re: How can I receive payment on an invoice already paid? on Reports and accounting. 4 weeks ago
- Posted Re: How can I receive payment on an invoice already paid? on Reports and accounting. 4 weeks ago
- Posted Re: How do I correct my finance reports so that they are in numeric order like my chart of accounts? on Account management. 4 weeks ago
- Posted Re: Paypal is broken with Merchant services on Payments. 4 weeks ago
- Posted Re: Have 6 parts to make 1 pkgd product w/ 5 colors. Some parts used with all colors. How can I inventory each part and finished product if they are assembled separately? on Reports and accounting. a month ago
- Posted Re: Have 6 parts to make 1 pkgd product w/ 5 colors. Some parts used with all colors. How can I inventory each part and finished product if they are assembled separately? on Reports and accounting. a month ago
- Posted Re: Can I reduce payment received amount on one invoice to cancel credit balance on another invoi... on Reports and accounting. a month ago
- Posted Re: Have 6 parts to make 1 pkgd product w/ 5 colors. Some parts used with all colors. How can I inventory each part and finished product if they are assembled separately? on Reports and accounting. a month ago
- Posted Re: First issue monetary refund, later process return or skip return completely on Payments. a month ago
- Posted Re: Paypal is broken with Merchant services on Payments. a month ago
- Got Cheered for Re: Can I change things on a reconciled statement? How?. 07-17-2019 11:43 AM
SavvyAcccountant
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Advanced Certified QuickBooks Online ProAdvisor
2 weeks ago
The screenshots show two different deposit amounts and dates. There is not enough information to confirm what is going wrong here. Excluding and/or deleting transactions is not the answer in my view. It is best to understand what is going wrong first. It could be that Square is creating an invoice payment to undeposited funds AND posting the final payment less their merchant processing fees directly to your bank account register. I have seen this before. If this is happening, which you can see in the audit log, you would delete the "direct deposit" to the register which should put it back into the bank feed, then create a deposit from undeposited funds less the merchant processing fees to match to the deposit in the bank feed.
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2 weeks ago
You need the support of an Accountant who is a QuickBooks ProAdvisor to help you troubleshoot accounting issues related to the conversion from QuickBooks Desktop to QuickBooks Online.
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4 weeks ago
1 Cheer
I would add that the original sales receipt should be "deposited to" the Undeposited Funds account and not the bank account so that it shows up for you to create a bank deposit in the first place. AND I would delete the journal entry you made as well.
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4 weeks ago
@Mark_R I don't recall this user mentioning that an incorrect payment was applied to the invoice previously? Why suggest deleting it when this is an unknown?? The assumption should be that the customer paid the invoice "twice" in error based on the original context of the ask for help. Otherwise, it seems logical that the question would be, "how do I correct an invoice payment that was "missapplied"?
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4 weeks ago
You cannot. You can only go to Plus (+), Create, Receive Payment and record the payment received. It will become an open credit on the customer account if there are no other open invoices to apply it to.
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4 weeks ago
They are alphabetical by default; you would have to change your account numbers associated with the account names to flow them onto your financial reports in a customized way, if that makes sense?
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4 weeks ago
@BettyJaneB Thanks for the update. I am a ProAdvisor, and do not use QuickBooks Payments with my QBOA account. The original inquiry was posted months ago from a business owner on this forum, I was following up for them. To be clear, as a ProAdvisor, the advertised cost of QuickBooks Payments does not presently include the additional cost of PayPal merchant processing, correct? I will need to advise my clients of this fact in the event that they sign up for QuickBooks Payments, since you cannot turn-off the PayPal payment method option as you have advised. Regina
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a month ago
@Rustler No worries. I appreciate all your valuable contributions to this forum and frequently take-away great tips from your postings. Thank you! Regina
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a month ago
Classes and categories was mentioned as an option and not a solution, in the event that the new user was not aware that classes and categories could be assigned to products and services in QBO. These are options that will in no-way solve the problems for this user. The solution in my view is using a third-party inventory app, as there is far too much administrative accounting burden with the suggested work-a-rounds. You are incorrect, see attached screenshot. A class can be assigned to an item when setting up a Products and Services item.
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a month ago
This is not the answer to the question that was asked. To correctly answer this question, no you cannot change the amount you "actually" received in payment from a customer because they have a credit balance on file. You can apply the credit balance to an outstanding invoice and then apply the "actual" payment amount to any other outstanding invoice balances. If the customer does not have any other outstanding invoices to apply the payment to they will have a "new" credit balance on their account because they have in fact overpaid their account.
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a month ago
No. You cannot create a bundle from a bundle, bundles are made up of existing product and service items. You could utilize classes and categories with Products and Services, but you may want to look into your options for third-party apps that you can use with QBO that are more robust with inventory features. I've heard good things about the SOS Inventory app. While there are work-a-rounds that could suffice, they involve too much manual data entry. You've got an involved production process for your assemblies and multiple inventory locations, it's not worth your time to do all this manual administrative accounting work in my view.
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a month ago
The refund and/or loss of the inventory is a cost of goods sold expense and a reduction in income. The return of the inventory is an adjustment to your inventory asset. These are two different types of transactions in QBO. 1. Refund Receipt / 2. Inventory Quantity Adjustment There are additional steps in the overall process that can include creating product and service items mapped to an income account for returns and a COGS account for inventory adjustments. It is advisable to consult with an Accountant.
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a month ago
It has been 2 months and I have not received confirmation that this matter has been resolved. I am tracking and recording this issue. Please provide a status update on whether users can turn-off the option to select PayPal payments with QuickBooks Merchant services. Thank you!
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07-17-2019
11:07 AM
Are you using the app, or are you editing your invoice via QBO, as some features do not work in the desktop app for QBO. What do you mean by activities? You should be able to edit and resend the original invoice.
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07-15-2019
01:07 PM
You can run a "Sales by Product/Service Detail report. Filter by customer and add field for "Account". Be sure to add a description of the billable expense so that it shows up on the report.
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07-15-2019
12:53 PM
When you go to the Plus + menu and Bank Deposit you should find received customer payments that were "Deposited to" the "Undeposited Funds" account, as opposed to the "Bank Account". If you deposited directly to the bank account, and it was one payment for one customer invoice, then you should have a match in your bank feed that you are good to "Add".
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07-15-2019
12:49 PM
Are they in your bank feed under "For Review"?
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07-11-2019
04:16 PM
1 Cheer
Yes, when you delete or "undo" the adding of a bank feed transaction it will go back in the "For Review" tab. When you delete a transaction that has been reconciled; it will need to be re-reconciled when you re-enter it. Reconciled transactions that have been deleted will be automatically tracked on the reconciliation reports. You should use the "Reconcile" feature instead of manually reconciling transactions directly in the register. If your beginning balance is correct as of 5/31/19 and you have not reconciled June yet, you are good :)
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07-11-2019
10:55 AM
I would do a per pay period journal entry and make sure that I had a payroll chart of accounts setup to reflect what actually happened by employee for each payroll liability and expense, then the totals by employee and by account could easily be matched.
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07-11-2019
10:48 AM
https://quickbooks.intuit.com/community/Income-and-expenses/Copy-an-estimate-or-quote-to-a-purchase-order/m-p/186242
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07-11-2019
10:26 AM
If you are marking a new transaction as reconciled, you are re-reconciling, which is what I noted, does not matter if you do it within the check register or through the reconciliation module, but I do not advise my clients to edit transactions directly within the check register, as it is not a best practice. Simply re-entering the bank statement ending balance and date and a few clicks and you are re-reconciled, it is easy. You most certainly don't have to re-reconcile all of the account transactions.
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07-11-2019
10:18 AM
When the bank deposits for the paid invoices came into the bank feed were they matched to the grouped deposits that you made in QBO from the customer invoice payments?
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07-11-2019
10:15 AM
Only an Accountant user can "Undo" an account reconciliation.
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07-11-2019
10:14 AM
If a reconciled transaction is deleted, even if it is replaced the account should be re-reconciled as a best practice, as the new transaction will not be "reconciled". If only categories (accounts) have been changed, then John is correct, re-reconciling the account is not necessary.
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