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Sunshine951
October 23, 2021
Question

Bank reconcilliation

  • October 23, 2021
  • 1 reply
  • 0 views

My client has started accepting PayPal in payment for products from her customers. At first it was strictly sales and those receipts were transferred to her bank account. Now she is making payments to her vendors from those receipts. When I reconcile her bank account, and I try to match a deposit with sales receipts I'm off by the amount she used to pay vendors. How do I reconcile the transaction?

 

Sales Receipt   100.00

Vendor Pmt       -20.00

Transfer to bank 80.00

1 reply

M
Mark_R
October 23, 2021

Let's get this fixed so you can proceed with reconciling, @Sunshine951.

 

Please know that QuickBooks cannot match the payment and a sales receipt into one deposit. In this case, you'll need to utilize the Resolve Difference option. This will help match your transactions by resolving its difference until it will be equal to zero. Here's how:

 

  1. Sign in to your QuickBooks Online (QBO) account.
  2. Go to the Banking page, then select the For review tab.
  3. Select the deposit you want to match.
  4. Click on the Find match button.
  5. In the Match transactions window, toggle the Resolve Difference option.
  6. In the Add resolving transactions section, select the vendor from the Payee drop-down. Then, choose Accounts Payable in the Category drop-down.
  7. Enter vendor payment amount as a negative value (-20).
  8. Click Save.

 

After resolving the difference, you can now proceed with reconciling the bank account in QBO. For more guidance, feel free to check out this article: Reconcile an account in QuickBooks Online.

 

Our doors are always open to help you again if you need more assistance reconciling accounts. Have a great day ahead.

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