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MoonFrog
August 9, 2022
Question

reconciling question (banking, invoicing)

  • August 9, 2022
  • 1 reply
  • 0 views

Hey, The guys that do our shipping in the warehouse ship stuff and mark it as paid.  The stuff that is paid is lumped together and deposited periodically by our payment provider.  Can I mark the lump deposits as matched without actually matching the deposits to each individual invoice and it not reflect a double payment?  Any help is appreciated and thank you!

1 reply

LieraMarie_A
LieraMarie_A
August 9, 2022

Hi there, @MoonFrog.

 

Welcome to the Community! This is the place to get the answers you're looking for about banking and reconciliation.

 

When working with bank feeds, duplicates happens when you add downloaded transactions that you already entered manually in the program. To avoid this, you'll need to match the lump sum deposit with the invoices or payments (if they're already marked as paid).

 

Here's how:

 

  1. Go to the Banking menu and then Banking.
  2. Pick the tile for the account you want to review.
  3. Select the For Review tab to start your review.
  4. Click the deposit to expand the view.
  5. Choose Find match.
  6. You can use filters/search to locate transactions. Remember to use a dollar sign or decimal point when searching for dollar amounts.
  7. Select all the payments that match.
  8. Hit Save.

 

Doing these steps will make the entries cleared (C), which makes it easier for you to reconcile.

 

Keep me in the loop on how these steps help you or if you have additional questions about managing bank feeds. Let me know in the comments. I'd be happy to assist further.

M
MoonFrogAuthor
August 10, 2022

Thanks for the reply,  I understand that matching the deposits to invoices is the proper way to clear things out.  I am wondering if I can mark the deposits in the banking as received without matching them to invoices and having this not count as a duplicate.  A lot of times the invoices are marked as paid by the warehouse crew.  Then we get a bulk deposit from our website/payment system that includes many orders that are already marked as paid in quickbooks invoicing.  Instead of matching each invoice that is already marked as paid I would like to just add this deposit as cleared without actually matching it to the individual invoices if possible.  Thanks for any other tips or help!

S
SarahannC
August 10, 2022

Thanks for getting back to us, MoonFrog. I'll help you handle this properly.

 

Since the invoices were already marked as paid, we can exclude the deposits from the bank feed. Before that, we'll have to ensure the payment is deposited correctly to the bank account or we can manually create a bank deposit for the payment. I'll show you how:

 

Open the payment:

 

  1. Go to the +New button and select Invoice.
  2. Click the clock icon to open the invoice details and click the payment made link.
  3. In the Deposit to field, select Undeposited funds.
  4. Click Save and close.

 

Create deposit:

 

  1. Still, go to the + New button and select Bank Deposit.
  2. From the Account ▼ dropdown, choose the account you want to put the money into.
  3. Select the checkbox of this transaction.
  4. Make sure the total of the selected transactions matches your deposit slip. 
  5. Select Save and new or Save and close.

 

Once done, we can exclude the deposits from the bank feed. Here's how:

 

  1. Click Banking in the left panel and choose Banking.
  2. In the For Review tab, select the transactions you want to exclude.
  3. Tap on the Exclude button.

 

Lastly, we'll have to manually clear them:

 

  1. Go to the Accounting menu, then choose Chart of Accounts.
  2. Locate the account of the transaction.
  3. Select View Register from the Action column.
  4. Identify the transaction to clear.
  5. Under the reconcile status column, select C for Cleared.

 

We can visit these articles for account-related issues and steps in reconciling your statements. This helps us keep our financial records accurate.

 

 

We're always here to help you if you have other questions about handling bank transactions and recorded data within your QuickBooks Online account. Stay safe and be well!

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