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Plasteek
July 19, 2022
Question

Matching payments via bank transfers

  • July 19, 2022
  • 1 reply
  • 0 views

I need to match customer payments to invoices however payments are being deposited into a bank account I do not have access and the owner is then transferring funds into the account I need to match to the invoices. The problem is when he does the transfer QBO matches the transfers between bank accounts but does not offer an option to match the customers payments.

 

Any advice is appreciated.

    1 reply

    J
    JamaicaA
    July 19, 2022

    I understand the importance of matching your customer’s payment to the bank transfer, @Plasteek. I’m here to add clarification and guide you through applying it to the invoice.

     

    To keep your records accurate and minimize errors when reconciling accounts, you’ll need to link the deposits to the relevant invoice in QBO. Before proceeding, here are a few things to consider:

     

    • Make sure the customer has an invoice.
    • Verify that a payment has been registered using Bank Deposit and not Receive Payment.
    • Verify that the payment hasn't already been made and associated with the invoice.

     

    Next, let’s edit the deposit and put it in your Accounts Receivable. You can easily find the deposit entry in your bank register. Here's how:

     

    1. Go to Bookkeeping or Accounting, then select Chart of accounts (Take me there).
    2. Select Chart of Accounts.
    3. Find the account you deposited the payment to and select View register.
    4. Find and select the correct deposit. Then select Edit.
    5. In the Add funds to this deposit section, find the deposit.
    6. Select the Received From ▼ dropdown, and select the customer the deposit was from.
    7. Select the Account ▼ dropdown. Then select Accounts Receivable.
    8. Select Save and Close.

     

    Once done, follow these steps to apply it as a credit to the invoice:

     

    1. Select + New.
    2. Select Receive payment.
    3. Select the Customer from the ▼ dropdown. This displays all open invoices and outstanding credits for your customer.
    4. In the Payment date field, enter the day you received the payment.
    5. In the Outstanding Transactions section, select the invoice you need to mark as paid.
    6. Under Credits, select the deposit.
    7. Select Save and Close.

     

    You can bookmark these articles for future reference when reconciling in QuickBooks Online:

     

     

    Please don't hesitate to leave a comment if you have any other concerns or questions about applying customer’s payment to the invoice. I'm always here to back you up anytime. Keep safe.

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