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kt5678
February 15, 2024
Question

Categorize vs Match deposits

  • February 15, 2024
  • 1 reply
  • 0 views

Hello - QBO newbie here. I am working on reconciling the business checking and I have a question im having a hard time finding an answer for. Is it better to match deposits made to invoices, or to just receive the payment in into a categorized sales account? QBO has already “matched” a few of these deposits to existing invoices, but the tutorials I’ve seen say to have it come in as categorized sales. Thank you! 

1 reply

R
RhoiceW
February 15, 2024

Hi there, kt5678. Thank you for reaching out to the Community. I can definitely help you out in reconciling your business checking.

 

Is it better to match deposits made to invoices, or to receive the payment into a categorized sales account?

 

If you have open invoices, you must ensure that the deposit matches the invoices to mark them as paid. On the other hand, if you have already created a payment for a particular invoice, you should match the downloaded deposit to that payment.

 

Simply receiving or adding the downloaded payment to a sales account will not mark the open invoice as paid. Moreover, if an invoice payment is already created, then adding the downloaded payment will result in double sales.

 

You can check this article for your reference detailed steps:

 

 

In addition, you can check this article to learn how to look for issues for accounts you haven't reconciled before: Fix issues the first time you reconcile an account in QuickBooks Online

 

If you have further concerns with reconciliation, don't hesitate to comment. We're always here to help.

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