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J Maitland
November 3, 2022
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Invoice Payments

  • November 3, 2022
  • 1 reply
  • 0 views

I am preparing statements for a small biz preparing for merger. The books were kept on paper on a cash basis. I am digitizing and converting to accruals including inputting historical invoices, then matching them to cash transactions. Bank feeds will not go very far back as far as Transaction data.

 

Now, I have a historical entry to make on a bank account that cannot feed transaction information from 2020. In this case, a batch deposit  was made which paid down multiple invoices.

 

I would normally "receive payment" on that invoice and QBO will generate the entry on the Bank Account selected, but only for the amount of the invoice and separately. If this is done for multiple invoices, I cannot "truly" reconcile from this point as there will be multiple entries that total the single transaction on the bank statement.

 

***Please before commenting, this type of entry is made *without* the use of the bank feed menu and functions, it is only a register and Invoice Menu function, so please do not refer to those features as it is not correct. (I have seen QBO support/moderators incorrectly advise to that end elsewhere in the community forum.)

Best answer by JaeAnnC

Hello there, @J Maitland.

 

Let me help you record multiple invoice payments so you can reconcile your bank account in QuickBooks Online (QBO).

 

Most of the time, banks merge all of your deposits into a single transaction. Since this is the case, you can utilize the Undeposited Funds for multiple invoice payments. It preserves a record of all payments in QuickBooks until you physically deposit the same money at your actual bank. To do that:

 

  1. Click the +New button and select Receive payment.
  2. Choose the specific customer.
  3. Under the Deposit to dropdown, select Undeposited Funds.
  4. In the Outstanding Transactions section, select the specific invoices.
  5. Click Save and close.

 

When finished, you can combine payments from Undeposited Funds into a single record. Here's how:

 

  1. Click the +New button.
  2. Click Bank Deposit.
  3. Under the Account dropdown, choose the account you want to place the money into.
  4. Tick the checkbox for each transaction you want to merge.
  5. Use your deposit slip to ensure that it is matched with the total amount of the selected transactions.
  6. Select Save and close.

 

Once done, you can reconcile the account so that it matches your bank and credit card statements.

 

I'm also adding an article if you want to personalize the appearance of your sales forms: Customize invoices, estimates, and sales receipts in QuickBooks Online.

 

Feel free to post in the Community if you need further assistance managing your invoices. I'm always here to help. Stay safe!

1 reply

JaeAnnC
JaeAnnCAnswer
November 3, 2022

Hello there, @J Maitland.

 

Let me help you record multiple invoice payments so you can reconcile your bank account in QuickBooks Online (QBO).

 

Most of the time, banks merge all of your deposits into a single transaction. Since this is the case, you can utilize the Undeposited Funds for multiple invoice payments. It preserves a record of all payments in QuickBooks until you physically deposit the same money at your actual bank. To do that:

 

  1. Click the +New button and select Receive payment.
  2. Choose the specific customer.
  3. Under the Deposit to dropdown, select Undeposited Funds.
  4. In the Outstanding Transactions section, select the specific invoices.
  5. Click Save and close.

 

When finished, you can combine payments from Undeposited Funds into a single record. Here's how:

 

  1. Click the +New button.
  2. Click Bank Deposit.
  3. Under the Account dropdown, choose the account you want to place the money into.
  4. Tick the checkbox for each transaction you want to merge.
  5. Use your deposit slip to ensure that it is matched with the total amount of the selected transactions.
  6. Select Save and close.

 

Once done, you can reconcile the account so that it matches your bank and credit card statements.

 

I'm also adding an article if you want to personalize the appearance of your sales forms: Customize invoices, estimates, and sales receipts in QuickBooks Online.

 

Feel free to post in the Community if you need further assistance managing your invoices. I'm always here to help. Stay safe!

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