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wleong
March 6, 2023
Question

System-recorded Deposits, QB Invoice and downloaded bank records

  • March 6, 2023
  • 1 reply
  • 0 views

Hello,

I am using QB Invoice and payment.  So, I see records of "system-recorded deposits for QB Payments" which I can match to the invoices because each deposit is usually for multiple invoices.  Unfortunately, when I download transactions from the bank, I have yet another QB record that says something like "Intuit xxxxx DES:DEPOSIT ID..." which is automatically marked as a "clear" transaction because it is downloaded.  I can change the Account on the downloaded transaction to Accounts Receivable or Income or whatever.  

My questions are: 

1.  I now have two QB entries for the same amount, "system-recorded deposits for QB Payments" and downloaded bank transaction.  Which one am I supposed to use to reconcile?

2.  the system-recorded deposit shows who paid and thus allows me to clear the invoice.  But it does not allow me to put in the right account like "Income".

3.  the downloaded bank transaction is automatically marked "clear".  Should I uncheck that it is "clear"?

4.  Or, is there something special that I should do to link the two QB entries?

 

Thank you.

1 reply

JessT
JessT
March 8, 2023

Hi wleong,

The downloaded bank deposits can be matched to the exported payment deposits from QuickBooks Payments. However, if you're not able to do that, you can just disregard them since there's already a record in QuickBooks.

 

On the other hand, the income part was already realized, courtesy of the invoices, and should be included in your Profit and Loss report. Therefore, it's okay if you don't use include the downloaded bank transactions anymore.

 

To exclude bank transactions:

 

  1. Go to Bookkeeping, select Transactions, then select Bank transactions.
  2. Select the For Review tab.
  3. Select the checkbox of the transactions to exclude.
  4. Select Exclude.

 

You cab reconcile your bank accounts once you've recorded everything in a particular statement period.


Feel free to go back to this thread if you have other questions in mind. Take care and have a good one!

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