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M
MR110
June 1, 2022
Question

Transaction Query - Please help

  • June 1, 2022
  • 1 reply
  • 0 views

I'm new to quickbooks and hopefully not stupid question. 
I want to reconcile on-going transactions. 

 

EXAMPLE

 

I have recieved a deposit from a customer (to be held) and added it by 'New Deposit' > Current Account , under a client deposit account (other current liability)

 

I then raise an invoice to Client (say weeks later) and i need to receive the payment for the invoice using the deposit above. 

There has only been 1 physical payment into my bank 


How do i make it that the monies come out of Client deposit account , and invoice can be marked as 'paid' but still be able to reconcile bank 

thanks in advance  

 

 

1 reply

M
MadelynC
June 2, 2022

I can guide you every step of the way to keep your records accurate and error-free, @MR110.


To make the amount come out from your client’s account and show the invoice paid in QuickBooks, you’ll want to link the deposit to the invoice transaction.


First, locate and open the deposit entry in your bank register. Then, select Accounts Receivable to make the said deposit available in the Receive Payment screen.


Here’s how:

 

  1. Go to the Accounting menu, then choose Chart of accounts.
  2. Find the account you deposited the payment to and select Account history.
  3. Select the deposit, then press Edit.
  4. In the Add funds to this deposit section, find the entry.
  5. In the Received From the dropdown, select the customer.
  6. Select Accounts Receivable in the Account dropdown.
  7. Click Save and Close.


Once done, you’ll need to apply the deposit entry as an invoice payment. Please perform the steps below:

 

  1. Select the + New button.
  2. Click Receive payment option.
  3. Select the customer.
  4. In the Payment date field, enter the day you received the payment.
  5. Select the invoice you need to mark as paid in the Outstanding Transactions section.
  6. Under Credits, select the deposit.
  7. Hit Save and close.


You can check this article for more details: How to link a bank deposit to an invoice.


After these processes, you can now reconcile your account in the program. Check out this reference in case you need to make changes or fix some issues: Learn the reconcile workflow in QuickBooks.


Don’t hesitate to reach back out if you need further assistance with managing your transactions. I’ll be here. Have a good one and always take care!

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