Skip to main content
V
VNP1
February 6, 2024
Question

quickbooks reconciliation

  • February 6, 2024
  • 1 reply
  • 0 views

I receive deposits directly into my bank account from health Insurance Companies that could represent payment for multiple clients.  How do I reconcile/match these deposits with invoices that were created for each client in quickbooks.    

1 reply

R
RCV
February 7, 2024

Let me help how to reconcile/match the deposits with invoices in QuickBooks Online (QBO), VNP1.

 

You can use the Receive payment feature to record the customer's invoice payment. This marks the invoice as paid and matches them. I'll gladly make the process easy for you:

 

  1. Click the + New button and select Receive payment.
  2. Pick the customer under the Customer dropdown.
  3. Choose the Payment method and the Deposit to dropdowns.
  4. In the Outstanding Transactions section, select the checkbox for the invoice you're recording the payment for.
  5. Click Save and close.

 

For more details, see this article: Record invoice payments in QuickBooks Online. Once done, you'll have to create a Bank Deposit and select those invoices to match the deposit amounts with the existing invoices/payments.

 

  1. Go to the + New button and select Bank Deposit.
  2. Choose the account from the Account drop-down you want to deposit the money.
  3. Select the box for each payment and make sure the deposit total and selected payments match your deposit slip.
  4. Click Save and close.

 

You can also review this article for more info: Record and make bank deposits in QuickBooks Online. This also includes steps on how to manage, remove the payment, and delete your deposits. In addition, I've got this helpful resource to make sure your bank transactions are put in the correct account: Categorise and match online bank transactions in QuickBooks Online.

 

Once done, you can reconcile your accounts so they always match your bank and credit card statements. Just follow the steps and details in this article: Reconcile an account in QuickBooks Online.

 

If there’s anything else I can help you with, leave a comment below. I’ll jump right back in to assist further. Have a great day ahead.

V
VNP1Author
February 8, 2024

Thanks for the info.  I will review the articles and hopefully that will further my education.  But my problem is that the deposits into the bank are created when the insurance company remits payments via EFT.  I do not create the deposit.  When the insurance company sends payments they could be for one to multiple clients/patients but they are incorporated into one large deposit.  (Just to clarify, the invoices that I am trying to reconcile are not the true invoices since these are generated through an EHR company.  Due to HIPAA regulations Quickbooks cannot be used to invoice, so I am recreating bogus/dummy invoices which duplicate what has actually been invoiced using anonymous identifiers for the patients.  This is a convoluted process since it involves insurance payments, co-pays, and co-insurance amounts which come into the bank checking account from different clearing houses.  Ultimately, they refer to an invoice that I created in quickbooks so I can manage the business and keep track of A/R, etc..)  So when the deposit hits the checking account I need to try and figure out what patients are incorporated in the deposit and then need to reconcile these payments to various invoices.  Any suggestions would be helpful in reconciling and getting the invoices marked correctly as paid.  Thanks.

R
RCV
February 9, 2024

Thanks for coming back to us in-depth details of your concern,

 

If this is a single deposit for multiple customers and vendors, we'll still need to create a deposit. Then, we will credit the accounts receivable (debtor account) and Account Payable (creditors account). 

 

 

Here's how to create a deposit:

 

  1. Click the + New Plus icon. 
  2. Select Bank Deposit.
  3. From the Account ▼ dropdown, choose the account you want to put the money into.
  4. Select the checkbox for each transaction you want to combine.
  5. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
  6. Press Save and new or Save and close.

 

Once done, it will become a credit that you can apply for bills or dummy invoices. Here's how to apply the delayed credit to the dummy invoice:

 

  1. Click the + New Plus icon. 
  2. Select Invoice.
  3. In the Customer dropdown, select the customer. This opens a window with all open transactions for the customer, including invoices and delayed credits. If you don't see this, select the small arrow next to the invoice Balance Due.
  4. Find the delayed credit and select Add. This adds the credit as a line item to the invoice.
  5. Fill out the rest of the invoice as needed.
  6. When you're done, press Save and close.

 

You can check out this article for more details: Create and apply credit notes or delayed credits in QuickBooks Online. Once you match it, it will match directly to the created deposit. For further guidance, you can check out these articles:

 

 

That'll do it. Let me know if you have any follow-ups or other questions. I'm here to help. Have a great day.

Terms & ConditionsAccessibility statement