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How to match a deposit to an invoice when the transaction fee has changed the amount received?

Forum|Forum|8 years ago
December 14, 2017
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I invoiced a customer and they paid via QB CC payments. The payment just posted to my bank minus the transaction fees. The customer invoice still show's as paid but not deposited. The deposit transaction shows up in For Review. When I click on the deposit to select find match it doesn't find the invoice... How do I match the deposit to the invoice when the transaction fee has changed the amount received? Can this be done automatically since it was all done via QB Payments?

(Title has been edited by moderator for clarity)

Best answer by AliciaRoy

Hi Mattmcla,

I'd love to lend a hand with getting these payments matched.

First, I'd like to reiterate what you said, just to ensure my interpretation of the issue is correct.

1. You invoiced a customer, and they paid you via the Intuit Payments Service.

2. The invoice has been marked as paid in full but the payment does not show as deposited in QuickBooks.

3. In reality, this payment was deposited into your bank account, minus external transaction fees.

4. You have the bank account (from number 3) connected to QuickBooks Online, and you see the deposit on the banking page in the "For Review" tab.

5. You would now like to match the imported deposit to the received payment that was entered by Intuit Payments Services.

If this is the case, can you please confirm and then let me know if you're using QuickBooks Online or QuickBooks Desktop?

Thanks so much for your time.

AliciaRoyAnswer

Hi Mattmcla,

I'd love to lend a hand with getting these payments matched.

First, I'd like to reiterate what you said, just to ensure my interpretation of the issue is correct.

1. You invoiced a customer, and they paid you via the Intuit Payments Service.

2. The invoice has been marked as paid in full but the payment does not show as deposited in QuickBooks.

3. In reality, this payment was deposited into your bank account, minus external transaction fees.

4. You have the bank account (from number 3) connected to QuickBooks Online, and you see the deposit on the banking page in the "For Review" tab.

5. You would now like to match the imported deposit to the received payment that was entered by Intuit Payments Services.

If this is the case, can you please confirm and then let me know if you're using QuickBooks Online or QuickBooks Desktop?

Thanks so much for your time.

You have it exactly right. I'm using QuickBooks Online. Thank you so much for your time.

It's my pleasure.

First, I'd like to ensure the attached payment is shown as deposited. You can do this by going to the + icon and selecting Bank Deposit. This is where you'll be able to locate the existing payment, select it using the box to its left, and then Save.

Now that it's deposited, please go back to the Banking screen and see if you're able to match the payments. It's likely that QuickBooks will not find it for your because the amounts are different. If this is still the case, you have the ability to exclude the imported transaction. This can be done on the banking page by checking the box to the left of the transaction, clicking Batch Actions, and then choose Exclude Selected.

I look forward to hearing how this goes for you.

Hi there, @Kerley425,

I'm here to help match the deposits coming from QuickBooks Payments.

There aren't any issues with the automatic matching features in QuickBooks Online. If the transactions are still not automatically matching and deducting the fees up until now, you can try manually doing it.

Here's how:

1.   Click Banking on the left panel.
2.   Make sure to select the correct bank from the Bank and Credit Cards drop-down menu.
3.   Locate the bank transaction, then click it to expand.
4.   Click Find match.
5.   Select All from the Show drop-down menu.
6.   Set the From and To dates.
7.   Select the invoices/payments to match.
8.   Click Save.

Here's an article in case you need a reference: https://community.intuit.com/articles/1164872

Please let me know how this goes. I'll be here to help however I can.

I'm fixing old transactions and trying to match them up.... so is there a way to mark the difference of merchant fees at the bank reconciliation / transaction matching stage

Thanks for joining this thread, @DebGer. I'm here to help you fix and match your old transactions without any further delay!

You have two options on how to handle merchant fees. You can use the Resolve Difference option to fix your payment difference. This helps match your transaction through its difference until it will be equal to zero.

On the left pane, click Banking.
Select the For Review tab.
Choose the transactions to open.
Select the Find other records or Find match button to open the Match transactions window.
By default, the Match transactions window lists All transactions within the date range, but you can narrow the results.
Use options on the Show drop-down menu to specify the type of transaction you're looking for.
If the transaction you're looking for is outside the default date range, select the From and To date fields to change the dates.
If the amounts are different, you can locate additional matched transactions, or select Resolve Difference to open the Add resolving transaction fields to add the Category and Amount (and, optionally, Payee) of a resolving transaction until the difference equals zero.
If necessary, you can use the Add new transaction button to add multiple resolving transactions.
Click Save.

As another option, you can create a bank deposit for the merchant fee less than the amount of the invoice or sales receipt. This way, you can match this transaction to the downloaded bank transaction. You'll have to enter the merchant fee as a line item in the "Adds fund to this deposit" section. Then, select your new merchant fee expense account and enter a negative value that reflects the bank fee amount. For more detailed instruction, go to the What about recording Bank Fees? section in this article: Bank Deposits.

Once done, you can reconcile your account to make sure your books are accurate. Just go to the Accounting menu from the left pane and select Reconcile.

For more insights about this process, please refer to these articles:

Drop me a comment below if you have any other questions. I'll be happy to help you further. Have a great day.

Hi there, @seanmasonmusic,

Let's check why you're not seeing the deposits.

If you're not seeing the payments in the Select Existing Payments section, the payments may been deposited directly to the bank instead of going to the Undeposited Funds account. Here's what you'll need to do so you can add the fees to the deposits:

Click Accounting on the left panel.
Locate the bank account and click View register.
Locate the payments and click them, one at a time.
Click Edit.
Select Undeposited Funds in the Deposit to drop-down menu.
Click Save and Close.

After that, you can follow the same steps provided by @AliciaRoy on how to deposit the payment from the Intuit Payments Services.

If you need further assistance, don't hesitate to let me know and I'll be glad to help.

Regina_Lend_A_Hand_Accounting

Add deduction for merchant processing fee to customer deposit.JPG

Regina_Lend_A_Hand_Accounting

1. Receive payment for customer invoice to "undeposited funds"

2. Go to "Bank Deposit" and add to the deposit the merchant processing fee to the expense account you have setup for this expense as a credit amount to reduce the deposit total

3. Make the deposit on the date it went into the bank account

4. Match the deposit in your bank feed

A

Anonymous

Thanks ^ @Regina_Lend_A_Hand_Accounting!

@KaiBates, essentially, when you "make a deposit" with the transactions sitting in your Undeposited Funds, you can offset deposit and processing fees by adding individual transactions as lines item in the "Add funds to this deposit" section at the bottom. You can call them Bank Fees (I recommend including the name of the bank) or whatever you'd like, just make sure the fee goes into the same account as the associated transaction so the total (with the fee) now matches what's on your bank statement.

If you need more step by step instructions, we wrote an article about making deposits. Hope this helps!

THIS IS MY ANSWER I'VE BEEN LOOKING FOR ! ;) you ROCK!

Thank you.