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M
Minstrel
September 17, 2024
Question

Matching GoCardless payments

  • September 17, 2024
  • 1 reply
  • 0 views

Hello

 

I'm a complete beginner when it comes to accounts.  Please can someone explain how to deal with the GoCardless payments when they arrive via the bank feeds. Up to press I've just been clicking "match" in the bank transactions section and hoping for the best, but this may have resulted in some payments ending up in the "undeposited funds". Am I doing it wrong?

1 reply

MariaSoledadG
MariaSoledadG
September 17, 2024

You're doing the right thing, Minstrel. Let me explain further to guide you on how GoCardless works in QuickBooks Online.

 

When you use the GoCardless online payment, this will automatically receive the funds and mark the invoice as paid. From there, the payment will be put into your Undeposited funds account. 

 

The Undeposited Funds account keeps a record of payments in QuickBooks until you physically deposit the same payment at your real-life bank. You can deposit this transaction and assign it to the account associated with your GoCardless payment entries. To enter a deposit, follow the steps below:

 

  1. Go to the + New icon, then select Bank deposit.
  2. Select the transaction you want to deposit to a specific account.
  3. Click Save and new.

 

After this process, QuickBooks sends the data to the Bank transactions, you can match the payment with the invoice.

 

To know more on how to review categories for automatically downloaded transactions when connecting your bank account or once payment hits your bank account, I've added this article for more details: Categorise Online Bank Transactions in QuickBooks Online.

 

On top of that, review your accounts to make sure they match your bank and credit card transactions. 

Use and go through this process for more details: Reconcile An Account in QuickBooks Online.

 

Just let me know if you have any concerns with GoCardless. We're always right here to get you covered. Have a nice day!

M
MinstrelAuthor
September 23, 2024

Hello

 

Thanks for your advice. Unfortunately it didn't work as the amounts aren't showing in bank deposits.

 

I'm stuck!

 

P
payment after leaving
September 23, 2024

Hi Minstrel If the invoice payments aren't showing when you create a bank deposit this indicates that the payments haven't been allocated to the undeposited funds account. We recommend locating the invoice/s and associated payments and establish what account/s the payments have been allocated to. If you then are wanting to account for the GoCardless fees that have been deducted from the invoice payment please follow these steps and refer to the enclosed article: 

 

Manually change/receive the full amount on the invoice or sales receipt to the undeposited funds account.

Create a bank deposit.

Select the relevant invoice/sales receipt.

In the account column of the 'add funds to this deposit section' add the fees/expense account and enter the amount as a negative, save.

You will then be able to match the net amount on the deposit to the amount received on your banking page.

https://intuit.me/3Sz1lij

 

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