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wreade78
March 20, 2024
Question

Are payments made through QuickBooks Online automatically reconciled?

  • March 20, 2024
  • 1 reply
  • 0 views
I just started using QBO for invoice payments. I'm wondering how this will appear on my bank statement and whether the transactions will be reconciled automatically in QBO.

For example, if I send out five different invoices and receive five different payments, will there be five deposits in my bank account?

Using that same example, when I reconcile my bank account at the end of the month, since QBO handled receiving the payments and marking my invoices paid, will QBO also mark the payment as reconciled?

Thanks!

1 reply

K
Kurt_M
March 20, 2024

Welcome to the Community space, @wreade78.

 

Before anything else, we congratulate you for using QuickBooks Online (QBO) to manage invoices and invoice payments. If your customers pay their invoices, it's going through the Undeposited Funds account, may it be one payment or multiple invoice payments. Once you're ready to have it into your real-bank account, you'll want to deposit it through the Deposit To page and choose your bank account. 

 

You can check these articles to learn more about the process: Record invoice payments in QuickBooks Online.

 

When doing reconciliation inside the program, you'll want to ensure you have your bank statements with you. This way, it'll serve as your guide when reconciling bank transactions. For more details, please see this page: Reconcile an account in QuickBooks Online.

 

In addition, we recommend checking these articles to learn more about the reconciliation process and keep track of transactions inside the program:

 

 

We look forward to having you here again if you need assistance managing invoices or need help performing specific tasks inside QuickBooks. Don't hesitate to visit us anytime so we can assist you. Keep safe.

W
wreade78Author
March 21, 2024

@Kurt_M 

 

Thanks for your message. The QBO video on the page linked below seems to indicate that QB will group the payments into deposits and record them in QB automatically. Is that not accurate?

 

https://quickbooks.intuit.com/learn-support/en-us/help-article/invoicing/take-process-payments-quickbooks-online/L2vHwwVmh_US_en_US

 

Thanks,

 

Will

DivinaMercy_N
DivinaMercy_N
March 21, 2024

Yes, QuickBooks Online (QBO) will group the payments into deposits and record them automatically, @wreade78.

 

All payments that are processed each day are grouped into deposits along with the fees deducted from your QuickBooks Payments transactions. You can read this reference for more details: Record payments deposits and fees in QuickBooks Online.

 

Additionally, you still need to reconcile the payments in QBO as they will not be automatically reconciled.

 

You might want to verify the status of the deposit and customer payments processed in your account, just check this article for instructions: Find out when QuickBooks Payments deposits customer payments.

 

Please don't hesitate to leave a reply below if there are any other concerns you have regarding processing your customer's payments. I'm just a post away to help. Have a good day ahead.

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