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L
LNS Books13
January 23, 2024
Question

Applying old deposits from a previous year to a new invoice

  • January 23, 2024
  • 1 reply
  • 0 views

Hello - My client received partial payments in a previous year but now wants to create an invoice to show the client the remaining balance. I've created the invoice dated 1/1/24 for the full amount, but I'm having trouble applying the partial payments to it, I'm assuming because the payments are dated before the invoice. I don't want to mess up the income or A/R account from previous years. Is there a way to apply these payments?

1 reply

JenoP
JenoP
January 23, 2024

Good day, LNS Books13. Thank you for contacting us regarding applying deposits to invoices.

 

To provide the most relevant solution, can you clarify how the deposit was originally recorded in QuickBooks? Was it entered as a credit memo or a bank deposit?

Getting a bit more background will help me understand why the payment can't be applied and offer tailored troubleshooting steps.

 

Please respond with a few more details on how the deposit was created. I'll be monitoring this thread and will follow up as soon as I hear back with the next steps. Providing those additional details will help me assist you in getting this resolved.

L
LNS Books13Author
January 24, 2024

Hello - I replied but it doesn't look like it went through. The deposits came in through the bank feed and were categorized to income. 

MJoy_D
MJoy_D
January 24, 2024

Thank you for getting back to us and providing us with more details about your concern with invoices, @LNS Books13.

 

Since you've already created an invoice, you can record a partial payment. Once done, match the deposit to that partial payment. 

 

Here's how:

 

  1. Go to the + New button and select Receive payment.
  2. Select the Customer and Payment method.
  3. From the Deposit to dropdown, select the account you put the payment into.
  4. In the Amount received field, enter the amount your customer paid.
  5. In the Outstanding Transactions section, select the checkbox for the invoice you're recording the payment for.
  6. Select Save and close.

 

Refer to this article for more information about recording payment for a single or partial payment of an invoice: Record invoice payments in QuickBooks Online. 

 

Since you've already categorized it as income, remove the initial category to match the received payment transaction you recorded earlier. 

 

Follow the steps below:

 

  1. Go to Transactions, then select Bank Transactions.
  2. Select the tile for the bank or credit card account you downloaded the transaction from.
  3. Click the Categorized tab and find the income transaction.
  4. Select Undo from the Action column.

 

Once done, you can now match it to the invoice. Here's how:

 

  1. Go to the bank transaction and click to expand the view. 
  2. Review the Matching records found in QuickBooks for the possible matching transaction already entered in QuickBooks.
  3. Select the link next to each match to get more details. Make sure this is the correct match. 
  4. If this is the correct match, close the open record and select Match.

 

Here's more information about matching downloaded bank and credit card transactions and putting them in the correct accounts, and avoiding duplicates: Match online bank transactions in QuickBooks Online. 

 

To check the remaining balance for your customers, you can run the Customer Balance Summary report. Here's how you can generate and customize this report: Run reports in QuickBooks Online. 

 

Let me know if you need further help recording the partial payment. I'm always here to assist. Have a wonderful day!

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