Category: Bank Deposit
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How to handle refund on a debit card from a vendor to the project
How to handle refund on a debit card from a vendor? It’s downloaded as a bank deposit in bank feed. How can I assign that credit to the project? It involves few steps process to handle vendor refund on a debit card to the project in QBO. 1) Create Vendor Credit (Plus sign at the…
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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…
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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…
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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…
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How do you match a deposit to a receipt when the credit card refund is more than the actual deposit
Example: We received a credit card payment from customer A ($334.00) and sent a credit card refund ($1,000.00) to customer B on the same day. This resulted in a net negative deposit ($666.00) from our credit card merchant provider. How to match a refund receipt and a regular receipt to properly match the deposit in…
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Handling Multiple Vendors Refund Checks Deposit in QBO
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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…
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How to use track return for customers field shown on deposit form
“Track returns for customers” have 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 the invoice amount. This is a way to correctly track returns for customers’ accounts and receive payment to match the deposit amount. In case, you…
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Owner paid a subcontractor with his own money. How to make sure Vendor shows up on 1099 and still able to write the reimburse check to the Company Owner
First, you will need to create a new dummy bank account. You will also need a due to the owner as a liability type account to use it for later reimbursement. Step#1 Use bank deposit form (create + sign > other > bank deposit) to record contributed amount by the owner to pay a contractor.…
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#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…
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Recording Daily Sales – Restaurants, Retail Stores, POS Cash Register, Sales Template
In QBO Essentials and, you can create a Recurring Sales Transaction to be used at the end of each day to record your daily sales transactions. This YouTube video will show step-by-step instructions on how to record daily sales in QBO. We highly encourage you to watch the entire video. You do not want to…
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What do I call making a credit card payment with checking account? Expense Type? Transfer Type?
To transfer fund from bank checking account to credit card account as payment: From the home page screen > Create + sign > Other > Transfer Transfer Funds FROM = Bank Checking Account Transfer Funds TO = Credit Card Account To enter credit card expenses: From the home page screen > Create + sign >…
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How to fix problems with downloaded banking transactions? How do I troubleshoot the issues? What does the error messages mean?
Having trouble with your banking connection or transactions in QuickBooks Online? Find your issue and click on the link to the knowledgebase article that will help you. Finding or connecting to your bank: If your menu option is Banking > Online Banking: KB 1722 If your menu option is Banking > Downloaded Transactions: KB 5008 Handling errors: KB 1833 Downloaded transactions…
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We have several refunds and deposits that were grouped together by our merchant account processor and deposited in our bank as a negative deposit amount.
You are right! They do not offer any designated way to record as a negative deposit amount. They missed to recognize it happens in business. Here is my work-around approach for now. You will need to create a new bank account type account. Let’s name the account as “Deposits Clearing” account. For the refunds part,…