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A
Agnes9
January 17, 2024
Question

Accunts receivable ishown n the Bank reconciliation section

  • January 17, 2024
  • 1 reply
  • 0 views

Dear Community,

 

I am using QBO. When I attempted to reconcile the bank, I noticed that, in the reconciliation section, not only payments and deposits are displayed but also accounts receivables. What could be causing customer invoices to appear in the bank reconciliation section? Please help.

 

Thanks

1 reply

R
Rasa-LilaM
January 17, 2024

Thank you for reaching out to the Community about your reconciliation concern, Agnes9.

 

Keeping your records organized will help ensure you can reconcile the account seamlessly. Allow me to shed some light on why invoices are showing up on the Reconciliation page. 

 

This usually happens when the payment for the invoice is directly deposited into your bank account. When you receive payments, it is important to select the Undeposited Funds account before depositing them into your bank account. By doing so, the payments will be shown on the Reconciliation page instead of the invoices.

 

I've included an article that tackles the process of depositing payments: Deposit payments into the Undeposited Funds account in QuickBooks Online. 

 

Moreover, these resources will guide you on how to keep your transactions organized and put them into the correct category:

Reach out to me again if you have other concerns or questions about the reconciliation process or questions displayed on the Reconciliation page. I'll jump right back in to respond to them. Have a good one, Agnes9.

A
Agnes9Author
January 22, 2024

In our QBO setup, our bank account has a live feed into QBO, where bank transactions are fed in real-time. Subsequently, we match receipts directly to customer invoices. The question is whether we should deposit funds from the live feed into Undeposited Funds and then reconcile the deposit from Undeposited Funds with the payment in the customer's account. Is this the correct process?

 

G
GeorgiaC
January 22, 2024

Thanks for getting back to us on the Community, @Agnes9 

 

The undeposited funds account would only be used in certain scenarios, such as to combine multiple invoice payments into one bank deposit. 

 

If you are receiving a single payment for a single invoice, you can continue to match this from the bank feed. 

 

So that we can take a closer look at the issue you are experiencing, please begin a chat or call our team on 0808 234 5337 (M - F, 8 AM - 7 PM, free from UK mobile & landlines). The agents available here will have access to set up a secure screen share to view QuickBooks with you in real time. 

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