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NELTD
February 14, 2024

Payments & Undeposited Funds

  • February 14, 2024
  • 1 reply
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Can anyone help - I have been creating invoices for customers. All payments received for each invoice is always via Bank Transfer.  I thought I was doing everything correct when marking it of as paid. However I have realised that my QB bank balance is significantly more than what is in my current bank account. I have narrowed the issue down to something I am doing wrong when I am trying to clear the paid invoices when payment is received. I don't know how to fix this and to stop my QB balance wrongly increasing 

    1 reply

    F
    FateCandylaneT
    February 14, 2024

    Thanks for joining this forum, NELTD. It's crucial to identify the variances to maintain accurate financial records when bank balances don't align in your file. Let's work together and help you fix this to ensure the integrity of your accounting data.

     

    Beforehand, may I know if you've marked the invoices as paid first before the Bank Transfer transactions were recorded into QuickBooks? Did you mark the invoices as unpaid when the payment entries were received in your QB records? Any additional details are much appreciated.

     

    In QuickBooks Online, some factors may affect the balances of your bank accounts. Among these factors are mainly the transactions downloaded from your bank or duplicate payment finances being recorded. The QuickBooks balance is affected by all your transactions in the register and the ones you haven't reviewed yet. While the bank balance is solely determined based on the transactions on the register. It may be possible that duplicate payment entries were added to your QuickBooks balances.

     

    With that, I recommend reviewing your existing invoices and keeping track of the payments received on every sales transaction. This way, you may identify duplicate payment entries and match them to the invoice created.

     

    To help you exclude duplicate payments, here's how:

     

    1. Go to Transactions, and select Bank Transactions.
    2. Click on the For Review tab and select the checkbox of the transactions to remove.
    3. Then, select Exclude. The transaction moves to the Excluded tab of the Banking page.

     

    In addition to that, you may refer to this article for additional guidance: Categorise online bank transactions in QuickBooks Online.

     

    Once ready, you can start reconciling your accounts to make sure they always match your bank and credit card statements. I've also included this guide if you encounter errors at the end of the reconciliation process: Fix issues at the end of a reconciliation in QuickBooks Online.

     

    I'm all ears to any additional queries you may have when managing accounts and transactions in QuickBooks. You can always drop a comment below, and I'll be around to get you covered. Take care and have a good one!

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