How do I match a new Invoice to a payment that’s already been deposited to a bank account

This article will show how to link a deposit from a customer to an Invoice. Let’s assume the customer payment was entered first through Bank Deposit (this may be from bank feed or entered manually) instead of Receive Payment form and then you’ve created an invoice later, you can follow the steps below to link the deposit to the invoice.

First, you will need to find the deposit you’ve originally entered in QuickBooks. To do that, follow the steps below:

  • Choose Accounting on the left > Chart of Accounts at the top.
  • In the Action column, select View register.
  • Locate the correct deposit and click anywhere on it.
  • Click Edit.
  • You will see screenshot something similar to this one below.

 

Now, edit the deposit. To do that, follow the steps below:

  • In the Received From column, select the drop-down arrow in row 1.
  • Choose the correct Customer’s name.
  • In the Account column, select the drop-down arrow in row 1.
  • Choose Accounts Receivable.
  • Click Save.
  • See below screenshot for reference.

 

 

The final step is to match the deposit to the Invoice.

  • Choose the Plus (+) at the top of the screen.
  • Choose Receive Payment.
  • Choose the Customer’s name.
  • The Receive Payment form will now show both the invoice and the deposit (you may need to scroll down to see both).
  • Put a check in the boxes next to the invoice and deposit.
  • Click Save.
  • See below screenshot for reference.
  • This process links the payment to the invoice.

 

 

The payment will now show in the Customer center listed as a deposit.
The payment will zero out the invoice and the Accounts Receivable.
 

 

How to handle fees (Paypal and Square) deducted from customer payments in QuickBooks Online

This article deals with step-by-step instructions on how to manually recording fees (Paypal or Square) and then match the deposit transactions in bank feed —Review items from your bank and link each item to an existing record.

EXAMPLE – Signed up for Square (or PayPal) so that I could accept credit cards. I will be paying the fee myself, not the customer. So when I give a customer an Invoice for $1,000.00, they will swipe their card and have $100 taken from the customer. Square (or PayPal) will take their fee off the top and then deposit $970.00 into my business checking account. My bank feed under review items from bank link will show $970.00 deposit ($1,000 customer payment less $30 fee).

Here’s how to handle fees (Square and Paypal) deducted from Customer payments in QuickBooks Online:

 

1. Identify the customer Invoices that were paid via Square or Paypal.

2. Receive Payment of open invoice amount (create “+” sign > customers > receive payment) . Select the invoices that were paid. Make sure to select “Deposit-to” that this payment is being deposited into your Undeposited Funds account.

 

NOTE: To ensure that the associated transaction processing fee is recorded accurately, the invoice payment must be applied manually through the “Receive Payment” screen (rather than through the matching feature). A manual deposit must also be entered (step 3).

3. Add a new Deposit. Click on the Create or “+” sign and go to “Other” and click on Bank Deposit.

4. Select appropriate invoice(s) “Select the payments included in this deposit” tab

5. Record the processing fee part of the transaction under Add New Deposits tab.

Make sure to enter the amount of the processing fee as a negative number so that it deducts from the total deposit amount.
Received From = Square or Paypal Vendor
Account = Fees (Expense or COG account)

6. Total deposit amount should match your deposit to accept the transaction in bank feed.

 

7. Go back to Banking and under the Dashboard, locate your deposit under “For Review” tab. Since the processing fee has now been manually recorded in QuickBooks, you will be able to match your Square or Paypal deposit.

 

How can I change the listing order of bank accounts on the new QB online dashboard

QuickBooks Online – How can I change the listing order of bank accounts on the new QB online dashboard





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My bank balance is different than actual balance in QuickBooks register

QuickBooks Online – My bank balance is different than actual balance in QuickBooks register.

Different balance, why?
1. Outstanding checks
2. Deposits in transit
3. New Transactions for connected account
4. Duplicate transactions
5. Editing or deleting transactions
6. Beginning balance





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QBO Issues: Costco’s switch from American Express to Citibank Visa

Helpful articles

Costco American Express has moved to Costco Citibank – Error 324

As of June 20th, 2016 Costco has ended their partnership with American Express and started a new partnership with Citibank. This impacts customers using Quickbooks Online and have their Costco American Express credit card connected to their account. Customer using the Costco American Express will have their balances and 90-day worth of transactions transferred to Citibank…
https://community.intuit.com/articles/1390446-costco-american-express-has-moved-to-costco-citibank-error-324


 

How do I update my Costco old American Express Amex card to a Costco Citibank Visa card?

Since your card issuer and account number for the card have changed, it’s recommended to create a new credit card account for your Costco Citibank Visa card.
(From the home page screen > left navigation bar > transactions > chart of accounts > New

  • Category Type = Credit Card
  • Detail Type = Credit Card
  • Name and Description = Costco Citibank Visa Card

costco citibank visa card

You will also need to create a new Citibank as the vendor name.


 

QBO Alert:
I am trying to change my Costco American Express to CitiBank American express and am unable to do so. I can not disconnect the Costco American Express?

https://community.intuit.com/questions/1390048-i-am-trying-to-change-my-costco-american-express-to-citibank-american-express-and-am-unable-to-do-so-i-cannot-disconnect-the-costco-american-express


 

How can I get my new Citibank/Costco credit card to link to QBO? I am getting Code 105 error?

https://community.intuit.com/articles/1207570


 

From the Banking Center, how do I split a single expense transaction between two vendors

You will need to take the following steps in QBO if you need to enter a single transaction split between two vendors.
In this example, the transaction amount is $11.23 and you want to split between two vendors (vendor A = $6.23 and vendors B = $5.00).

#1 Enter manually those two vendors as a Bill (Create “+” sign > Vendors > Bill)
#2 Go back to the Banking Center (Left navigation bar > Transactions > Banking)

  • Click the transaction row for $11.23
  • Switch from “Add” to “Find Match” (See screenshot 1)
  • Select two transactions ($6.00 + $5.23) to match  (See screenshot 2)
  • Total spent amount should show $11.23
  • Save
split vendors for one transaction
split vendors for one transaction
split vendors for one transaction 2
split vendors for one transaction 2

I have already received payments in QBO from multiple customers. How to make them match with a single deposit I see in my bank feed.

You’ve two ways to match with bank feed deposit.

1) Match it directly from the bank feed downloaded transactions.

Select a row for deposit in question. The row expands to show you “Find other matching transactions” button. Once you click this button, you will see a long list of possible match transactions. To easily locate your deposits, change payment date as you’ve recorded. Select payments (type = payment) to match with bank feed deposit amount. Make sure difference is zero. Save. Done.

find other matching transactions1
find other matching transactions1

2) Manual. This will take few steps, but you will see green MATCH sign once done.
a) Go back to “Receive Payment” (create+ sign > customer > receive payment > upper left corner clock, locate payment) screen for customer payment you’ve already recorded and change Deposit to: “Undeposited Funds” instead of a bank account. Do the same for other customer payments that you want to match to a batch deposit.
b) Bank Deposit (create + sign > other > bank deposit) – check existing payments from the list to match batch bank deposit. Make sure to check correct bank account if you’ve multiple bank accounts. Save. Done. Save and Close.
c) Go back to banking center (bank feed) and now you should see green Match sign for that deposit. Click Match. It should disappear from the list.

Note: #2 is recommended process in QBO if you’ve merchant card payments or use bank deposit slip from depositing checks from various customers.

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I just did a batch action from the banking center and added all expenses to the same category. How do I undo that action?

Using batch action in bank feed, you moved banking transactions from “New Transactions” tab to “In QuickBooks” column area.

In order to “Undo” transactions, go to “In QuickBooks” column and select items from the list to move it back to new transactions tab > select Batch actions > choose UNDO.

That will bring it back to “New Transactions” tab again.

undo batch action
undo batch action

 


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2015 Laser 1099-MISC Income, Federal Copy A, Bulk

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