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Matching a refund, sale and processing fee to a spent (negative) bank transaction on the banking page

Forum|Forum|3 years ago
September 25, 2022
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I input my invoices manually. I have a $6.94 refund, a $6.01 sale, and a $0.47 processing fee that need to be matched to a $1.40 record in the spent column on the Banking page.

To reiterate

-6.94

+6.01

-0.47

to a 1.40 transaction in the spent column, so -1.40 transaction.

How do I do this?

Thank you.

QuickBooks Online

Best answer by SheandL

What about using a journal entry?

Hi, it's been a while, @maggie29. I'm here to provide insightful information about handling this concern.

Please know that matching these transactions to the entry from your bank feed isn't possible. The reason for this is that your bank has processed and combined these entries as one negative amount.

We'll have to exclude the downloaded transaction, and then manually mark the existing entries as cleared.

If you haven't already, record the invoice payment inside QuickBooks Online (QBO) and post it in the Undeposited Funds account. Afterward, we can enter a bank deposits to move the money to their respective bank. Let me show you how:

Head to + New.
Select Bank deposit under Other.
Choose the appropriate Account from the dropdown.
Under the Add funds to this deposit, input the record invoice payment and the fees. Make sure that the fee is negative and select the correct expense category.
Click Save and close.

Once done, let's manually clear the transactions. I'm here to show you how.

Go to the Gear icon.
Under Your Company, select Chart of Accounts.
Locate the bank you've used in the bank deposit.
On the Bank Register page, open the transaction.
On the checkmark column, click until the letter C shows,

You can read this helpful article if you want to match your bank and credit card statements in QBO: Reconcile an account in QuickBooks Online.

You can get back to this post if you need help in matching your transactions to your bank feeds in QBO. I'll make sure to help you out anytime.

C

Charies_M

It's a pleasure to assist you today, maggie29.

Let me help you resolve your concern about matching a refund to a negative bank transaction in QuickBooks Online (QBO).

You can create a Check to the specific amount then add a line item for the sales as a negative amount. In this way, you can match the transactions to the bank feeds. Let me show you how.

Click the + New button.
Select Check.
Choose the Payee from the drop-down list.
Enter the necessary details to match the transaction.
Example: make the refund and charge fees as the positive amount, then the sales as a negative amount.
Select Save and close or Save and new.

Once done, you can now match your transactions. Just follow the steps shared by my colleague on how to much them.

I'm also adding this article to further guide you in managing the growth of your business using QuickBooks: Help Articles. It includes topics about account management, banking, and expenses, to name a few. You can click the + More topics button to view other selections.

If there's anything else you need help with, please reach out to me. I'd be sure to jump in as soon as I can. Thanks for posting and have a great day.