Skip to main content
J
jenuneekor
February 4, 2021
Solved

Matching QB Bank Feed with Refund Receipts and Invoices

  • February 4, 2021
  • 3 replies
  • 0 views

Good morning,

 

This community helped me before when I had a batch payment from Shopify come into my bank account. I have a follow up question I'm hoping you can help me with.

 

Shopify sends one batch payment, which is a $ amount including refund receipts, invoice payments, and shopify fees. When we have refunds, invoice payments, and shopify fees, I'm following these steps:

 

Create the refund receipt, mark it paid by EFT, into Undeposited Funds

Click ‘Receive Payment.’ Type in the customer name of one of the invoices in the payout. Select the invoice they paid, select EFT, into Undeposited Funds. Save. Do this for all remaining invoices in this batch.

Click “Bank Deposit.”

Select the invoices and refund receipt that are part of it.

Add a transaction for the shopify fees, make the amount negative.

Click Save and Close.

Go into bank feed, match transaction 

 

This works great when the transaction is net positive, but today, I have a transaction that includes invoice payments, refunds, and shopify fees that is net negative. So the "bank deposit" won't work because it's net negative.

 

Could you please advise specific steps on how to match these refund receipts and invoices, and also account for the Shopify fees? I need to a) clear my banking register of the transaction, b) mark the invoices as paid, c) ensure that the refund receipts are indicated closed so we know those refunds processed.

 

Thank you!

Jen

Best answer by Rasa-LilaM

I'm sorry, I'm totally not getting this!

 

1) When you reference the "payee" in your recommended steps, are you referencing putting shopify as the payee and putting the products/services for all refunds and invoices on this one check to net out to the amount? Or, are you suggesting I create one check for each of the invoices and one check for each of the refunds, so four checks total?

 

For example, I have two refunds to different customers, and two sales to two different customers so there are four customers' transactions I'm trying to reconcile.

 

2) I feel like if I do it this way, it's not going to match the payments to the invoices and the invoices that are part of the transaction will still show that the balance is open, right?

 

I do know how to match transactions, I do it every day. But the issue here is that I have two separate refund receipts I've created, and two separate invoices I've created, and I need to match this one shopify payout to all of them.

 

I've gotten several responses on this thread, each one different than the last, and I can't get this to work and also don't see how it will show the refund receipts as paid, and the invoices as paid as well.


Thanks for coming back to the Community, jenuneekor.


I appreciate adding more information about your concerns. Let me help point you in the right direction in creating a check and matching it to the Shopify transaction.


Yes, you’ll have to put Shopify as the payee. Then, create one check for all refunds and invoices to net out the amount.


This ensures you can easily match it to the downloaded transaction from Shopify. For the step by step process, check out the steps shared by @JoesemM.


I’m adding an article that can help in your future tasks. It contains resources to get you on the right track handling bank feeds and other banking activities: Find help with bank feeds and reconciling accounts.


Stay in touch if you have any other questions about QBO. I'll be delighted to be your guide once again. Have a good one.

3 replies

Rubielyn_J
Rubielyn_J
February 4, 2021

It's good to see you here, @jenuneekor. Let me provide some insights about matching transactions in Quickbooks. 

 

In QuickBooks Online (QBO), you can match multiple bank transactions to one, but you're unable to do it the other way. Also, there isn't a way to match a combined refund to multiple transactions. In this case, you can manually clear the transaction from your register.

 

Here's how:

  1. Go to the Accounting menu, and then select Chart of Accounts.
  2. Choose the bank.
  3. Click the transaction. Under the Check column, click until it shows "C".
  4. Once done, click Save

 

Once the transaction is cleared, it will go back to the For Review tab. From there, you can add the refund receipt, so the amount is posted to the correct account. 

 

Here's how: 

  1. Go to the Banking menu on the left panel and then select Banking.
  2. Click the bank you’re working on.
  3. In the For Review section, select on the entry to expand it.
  4. Click the drop-down for Category to select the account.
  5. Once done, select the Add button.

 

For more information, please refer to this article: Assign, categorize, edit, and add your downloaded banking transactions.

 

Additionally, I'll be adding these resources to help you in the future: 

 

Don't hesitate to leave a comment down below if you have other QuickBooks concerns. I'll be happy to help you. Stay safe and have a pleasant day.

J
jenuneekorAuthor
February 8, 2021

Hi! Thanks for your response. Could I confirm a few things here?

 

1) I have not matched the transaction sitting in my bank feed to anything.

2) Thus, when I go into Chart of Accounts and click on the account, it's not there. Should I be adding this as a new transaction in there?

3) When you said "Once the transaction is cleared, it will go back to the For Review tab. From there, you can add the refund receipt," I've already created the refund receipts. How do these get "matched" to this bank transaction so we know those refund receipts were closed?

4) At the end of all of these steps, I should have "matched" this transaction in my bank feed or cleared it or whatever, and I need the refund receipts to show that they were closed. Do the steps you give me below do that?

 

Thank you!

Jen

 

 

Thank you!

    M
    Maybelle_S
    February 8, 2021

    Thanks for coming back to us, @jenuneekor.

     

    We can check on your Bank Register and see if it's filtered for a specific date of transactions.

     

    Here's how:

    1. Go to the Accounting menu, and then select Chart of Accounts.
    2. Select the bank account from which transactions are missing.
    3. From the Action column, select View register.
    4. Sort the register by the entries in the Date column.
    5. Select the Filter icon, above the Date column.
    6. From the Reconcile Status drop-down menu, choose All.
    7. Click Apply.

    For more information about this process, please refer to this article: Bank transactions are duplicates, missing or wrong, or bank balance not updating.

     

    Also, you can match your transactions by clicking on Find Match on the Banking page. Let me guide you how. First, you'll need to make sure that the transaction intended for the refund is entered in QBO.

     

    Next, locate the refund transaction from the Banking page and match it to the transaction. Here's how:

    1. On the left panel, click on Banking.
    2. In the For Review tab, select the refund transaction.
    3. Click on Find Match.
    4. On the Match transactions page, select the transaction for which the refund was for.
    5. Click on Save.

    You may read this link in your free time: Add and Match Downloaded Banking Transactions.

     

    Don't hesitate to drop a comment below if you have other questions. I'm always here to help. Take care!

    M
    mnowicki
    September 17, 2024

    I am responding 3 years late but only because it took me hours in my own to figure this out.  Create a bank deposit for the invoice payments and then make sure the refund receipt was done out of undeposited funds, not the bank account.  All of the invoice payments and the refund receipt will show up when you create the bank deposit.  When you go to match the net deposit, QB will recognize the bank deposit and you will be able to match.

    B
    Beth161
    September 18, 2024

    Hi there, I'm in a similar boat - still confused on how to match a deposit that has refunds in it.

    Hoping you can walk me through step by step how you did it!

     

    Thanks in advance!

    J
    JGard911
    September 26, 2024

    Took me a few minutes to find where to Click "Bank Deposit"

    It is under "+ New" then "Other" and then "Bank Deposit"

     

    I am still trying to figure out the "Net Negative" solution.

    But thank you so much for figuring this out.

    With so many third party vendors like Shopify (my issue was with SportsEngine) using similiar batch transactions, you would think Quickbooks would come up with a better and easier solution.

    Terms & ConditionsAccessibility statement