Why mark it billable to a customer and select “track returns for customers” box on a bank deposit

This has to do with reflecting accurate direct expenses related to customers on Income by Customer Report.

If you are depositing a vendor/supplier refund for an expense that was previously Billed to a customer, select “Track returns for customers” box and choose that same customer on the deposit and mark it Billable.

For example, if you buy a material for a customer’s job, you would bill the expense to the customer. But if the customer later returns the material to you and you return it to the vendor/supplier for a refund that you are depositing, you need to mark the deposit billable to that same customer and also select “Track returns for customers” box. Otherwise, it will show as customer billed for the material expense, and the vendor credit will not appear on Income by Customer Summary Report.


 





 
Here is an example of what happens when $1,000 billable purchase returned to the supplier for a refund and deposited that money in the bank. The goal is to show zero expense related to that customer.

SHOWING RESULT WITHOUT BILLABLE AND RETURNS FROM CUSTOMERS

deposit without billable-and track returns for customers
deposit without billable-and track returns for customers
income by customer summary without billable track returns from customers
income by customer summary without billable track returns from customers

SHOWING RESULT WITH BILLABLE AND RETURNS FROM CUSTOMERS

deposit with billable and track returns for customers
deposit with billable and track returns for customers
income by customer summary with billable track returns from customers
income by customer summary with billable track returns from customers

 
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QuickBooks Online Plus: Track returns for customers box on Deposit Form


 





 

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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How to use track return for customers field shown on deposit form

“Track returns for customers” has to do with whenever you invoice your client for billable expenses (time and material) and the client pays less (for a variety of reasons) than invoice amount. This is a way to correctly track returns for customers account and receive payment to match deposit amount. In case, you will need to invoice deduction portion (same client or different client), you will also check billable box.
See screenshot below.

track returns for customers
track returns for customers

Note: Billable to customers feature option is available in PLUS plan only (not available in Essentials and Simple Start).

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How to handle a partial payment when creating an invoice in QBO?

Case: A customer bought $105.00 worth of product and paid $80.00 in cash. You need to send an invoice to the customer for the balance. How would you handle this in QBO?

First, create a new invoice using product/service item code for $105.00. Use deposit field to post $80.00 as the prepayment on that invoice. Deposit field is located right below the total. Now, the invoice will show $25 balance due.

If you do not see “DEPOSIT” field on your invoice, go to “Company Gear” settings to enable deposit field: Gear icon (upper right corner) > Settings > Company Settings > Sales > Deposit > ON > save. See screenshot below for reference.

Click on the screenshots below to enlarge them
enable deposit setting

Once you enter deposit amount, your invoice screen will expand to show the following three fields added to the invoice form. Fill out the information appropriately:

a) Payment method
b) Reference no.
c) Deposit to

You will need to select “Deposit to” field depending on your situation. If you are depositing this deposit (prepayment) to the bank along with other payments as a batch deposit, then you should select Undeposited Funds Account. On the other hand, if you are depositing just $80.00 as a single deposit to the bank, you should select the appropriate bank account.

deposit field on invoice

The snapshot below shows what accounts are affected by this transaction:
deposit journal report
1. Accounts Receivable: $25
2. Sales Income: $105
3. Undeposited Funds or Bank Account: $80

 

#QuickBooks Online

 

How do I match transactions when bank feed deposits (from Stripe) are net and not gross

This is what you need to do!
First, when you create sales receipt or invoice > choose deposit to “Undeposited Funds” account, not bank account.

(I am giving lengthy steps, but it moves real fast)

Let us start from your banking center.

Find the deposit amount you want to match.

Highlight and click once. Transaction screen will expand.

Look for “Find Match” or “Find other match transactions.”

It will take you “Deposit” screen.

Select transactions to match (check customer payments). You are still looking at the gross level payments.

Getting closer, next step is where you make adjustments for Stripe fees.

Pull down “resolve difference” arrow and select “Add New Transaction.”

Select “Add New Transaction” and screen with expand with “Add New Transaction” section

You will also notice resolve difference amount which should be the same amount as Stripe Fees.

Go to “Add New Transaction” section

This is where you will enter Stripe fees.

Select account category (most likely merchant service fee expense account)

Enter negative amount for fees (same as resolve difference amount. example for ten bucks -10.00).

Save. Screen will disappear and it is posted to QuickBooks.

Back to banking center again!

If this does not work (because it was downloaded as bank transfer type), you will need to take manual route.

Bank Deposit (create + sign > other > bank deposit) > check payments > add fees to new transaction section as a negative amount. Same steps above.

Go back to banking center > now you should see green match sign > select match > done.

Click on the screenshots below to enlarge them
1receive_payment

2deposit

#QuickBooks #QBO How do I get separate payments from different customers to show up as one deposit as it does when I deposit it in the bank?

On Receive Payment screen (create + sign > customers > receive payment) > select deposit to: undeposited funds > choose invoice and payment amount > save

Next step > On Bank Deposit screen (create + sign > other > bank deposit) > select customer payments > match total payment to bank deposit > save

If you are downloading bank transactions > banking center (left navigation bar > transactions > banking) > click deposit in question > deposit transaction screen will expand > select “Find Match” > select transactions (payments) to match deposit amount > save

Click on the screenshots below to enlarge them
deposit to undeposited funds1

deposit to undeposited funds2

deposit1 match uf

deposit1

deposit2 find match

deposit3 match transactions

deposit4 posted in quickbooks

 

#QuickBooks Online

 

How to print a deposit slip and deposit summary in new QuickBooks Online (QBO)?

In order to print, from the homepage screen

  • Select create (+) sign
  • Select “Bank Deposit” “under “Other” heading
  • Go to small clock icon on top left corner and select “Recent Deposits” slip and summary you want to print
  • Select Print at the bottom middle
  • Select “Print Deposit Slip and Summary” or “Print Deposit Summary Only”
  • Select “Setup and Alignment” feature in order to test

Note: In order to print “Printable Deposit Slips”, you will need to purchase special printed form from Intuit, which is not cheap. Print alignment feature is not available (or do not work) at this time.

Print deposit slip
Print deposit slip

New QuickBooks Online (QBO) – Print Checks help video