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MarkBr
June 14, 2021
Question

Matching Payments and multiple bank transactions (credit card payments)

  • June 14, 2021
  • 1 reply
  • 0 views

Hello,

I need help in coming up with a solution for the following situaiton.

We create a daily sales receipt to record our daily credit card sales for 2 "departments" - Hardware and Grocery. (i.e., we have a payment to our checking account as 2 separate transactions)

However our credit card processor will typically pay in 1 or more transactions (depending on how many times we batch out) 

Another words;

Payment 1 to Bank Checking Account: Hardware Daily Credit Card Sales: 2,225.95

Payment 2 to Bank Checking Account: Grocery Daily Credit Card Sales: 574.23

1 Deposit from credit card processor to bank checking account: 2800.18 (total of transactions above)

 

How can I match these together?

 

Many thanks in advance!


Mark

 

 

How do I match these transactions when importing the bank feed data?

 

 

1 reply

JessT
JessT
June 14, 2021

Hi Mark,

 

I can see that matching a downloaded payment to multiple transactions is really useful for your situation. However, it's currently not an option in QuickBooks Desktop.

 

If you're using QuickBooks Payments (Merchant), you don't need to do anything because the payments will sync with your transactions. However, if you're using a different payment provider, here's what you can do:

  1. Pay your invoices and make sure they post to the Undeposited Funds account.
  2. Group the payments in one deposit transaction.
  3. If there's a credit card processing fee, add it as a line item with a negative amount.

Let me know if you still need help with matching your payment. Take care and more power to your business!

M
MarkBrAuthor
June 16, 2021

Hi!  

I clicked the solved button before actually trying this!

Unfortunately, I wasn't able to get this to work

When I try to match the single bank deposit to 2 transactions (1 deposit, and 1 transfer) I get the following error.

"Looks like you're trying to match a bank entry with multiple transaction. You can select either only open transaction or a single transaction already existing in your register."

Both transactions are already in the account register. 

 

What do I do?

 

C
Charies_M
June 16, 2021

Hello there, MarkBr.

 

In QuickBooks Desktop (QBDT), you can only match open transactions with your downloaded bank transaction. You'll want to exclude some transactions then proceed with matching them.

 

To exclude/delete:

  1. Choose Banking.
  2. Select Bank Feeds then Bank Feeds Center.
  3. In the Items Reviewed section, select the name of the account with the transactions you wish to remove.
  4. Choose the Select Items to Delete button.
  5. Select the transaction(s) you wish to delete.
  6. Click the Delete Selected button.
  7. Confirm deleting the transaction(s) by selecting Yes. 

Here's how to match multiple transactions with your downloaded bank transactions in QuickBooks Desktop: 

  1. Click Banking, then go to Use Register. 
  2. Choose the specific Bank account where the downloaded transaction is recorded. 
  3. Select the specific downloaded bank transaction. 
  4. Put a check-mark on the transaction you want to match. 
  5. Pick Add More Details from the Action drop-down. 

For more details about adding and matching bank feed transactions, check out this article: Add and match Bank Feed transactions in QuickBooks Desktop.

 

You may want to consider mastering the reconcile workflow in QuickBooks. This way, you'll be able to make sure your books are accurate.

 

Keep me posted if you need further assistance while working in QuickBooks. I’m here to help and make sure you’re taken care of. Have a good one.

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