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BMR MFG INC
December 12, 2024
Question

EFT Payment (one payment, multiple vedors, and how to reconcile);

  • December 12, 2024
  • 2 replies
  • 0 views

Hello Everyone,

Due to the current situation in Canada, we have migrated a lot of our vendors to EFT payments recently.  I just submitted my first batch to the bank, paying 11 vendors.  This was removed from our bank account as 1 transaction.  When I go to "Vendor Centre", "Pay Bills", I select multiple Bills/Vendors, which add up to the total and submit payment.  This records each individual "Vendor" the same way it does a cheque, as an individual payment.  This won't reconcile with the one lump sum payment that was removed from my bank account.

Has anyone encountered this, or know of a way to bypass it?  I know I can make multiple GL entries to get around this, but looking to see if there's a proper workaround already set up that would facilitate it.

Thanks in advance!

2 replies

J
JamesM4
December 12, 2024

Hi there, 

 

Thanks for reaching out to us here. I'll be glad to share more info so you're on the right track with recording your transactions. 

 

Recording your transactions the right way is essential for ensuring your books remain accurate. I recommend consulting an accounting specialist for expert advice. This ensures your entries are recorded in a way that allows for you to navigate the program with peace of mind. You can get in touch with an accounting professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in.

 

In the meantime, feel free to check out the following resource:

 

Let me know if this info helps. I'll be a message away.

B
BMR MFG INCAuthor
December 12, 2024

Hello James,

That's not exactly answering the question I had.  I can select multiple bills for one vendor to pay in one payment, that works fine.  I want to select multiple vendors and multiple bills to pay for one payment, and not have Quickbooks (not my bank), separate it all when I've selected them all together.

Alternatively, when doing bank feeds, I want to select one payment (Bank Side) and apply to multiple smaller payments that Quickbooks designated, even though I selected to pay them all together.

 

P
Plugginalong
March 17, 2025

Show the payments coming from a Bank called "Clearing Account", then make a one-time journal entry for the total of the batch. The Clearing Account should always be a zero balance, the one-time entry will work for bank reconciliation ease.

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