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graceatworkweb
graceatworkweb
October 29, 2024
Solved

Recording a Returned Payment that was Made Outside of QBO

  • October 29, 2024
  • 1 reply
  • 0 views

Not sure how to make this work...

1. Client paid via ACH through QBO.

2. Money was deposited to my account.

3. Payment bounced.

4. Money was taken by QCO out of my account.

5. Client has paid via Stripe integration on my website.

 

Usually I would Match the payment in QBO from Stripe to the invoice, however, the invoice in QCO shows paid already, so I can't match it. I want to match it though to the invoice so the "Returned Payment" part goes away on the invoice.

 

What steps do I take to make this work?

Best answer by Irene R

Allow me to chime in and provide further information on recording your returned payment in QuickBooks Online (QBO), Graceatworkweb.

 

The check mentioned by my colleague above is to account for the funds that went back to your customer. Moreover, there's no need to create a check if the money-out transaction shows in your bank feeds. We can recategorize them, ensuring the transaction details are correct and setting the category to Accounts Receivable. Let me guide you through a step-by-step process.

 

Let's start by recategorizing the returned payment to reopen the original invoice. To do so, kindly follow the steps provided below:

 

  1. Sign in to your QBO account.
  2. Go to Transactions, then choose Bank Transaction.
  3. Look for the bounced payment in the bank feed. Click it to expand the transaction details.
  4. In the Vendor/Customer ▼ dropdown, choose the customer whose payment bounced.
  5. In the Account ▼ dropdown, select Accounts Receivable.
  6. Once done, select Add.

 

However, if you don't have a bank connected to your bank linked to your QBO account or the returned payment hasn't shown up, you can manually create a check or expense.

 

Next, let's unlink the ACH payment from your invoice to maintain an active credit and an open invoice available for matching your Stripe transaction. Here's how:

 

  1. Go to the Customers page.
  2. Choose the customer with bounce payment.
  3. Look for the returned payment transaction for the bounced, then click Edit.
  4. Select the payment link.
  5. Uncheck the box for the invoice payment has been applied.

 

Then, link the recategorized or manually created expense or check to your open credit using the Receive Payment. Kindly refer to the procedures below:

 

  1. Go to the + New icon, then choose Receive payment under customer.
  2. Choose your customer with a bounced check to show the Outstanding transactions.
  3. Put a checkmark on the box to expense or check created.
  4. Once done, select Save and Close.

 

After that, you can match the Stripe payment to your open invoice.

 

Additionally, this article will assist you in verifying whether your bank or credit card statements align with your QBO account information: Reconcile an account in QuickBooks Online.

 

Return to this thread if you have more questions recording your bounced payment in QBO, Graceatworkweb. The Community will answer them once we get your reply.

1 reply

G
GenmarieM
October 29, 2024

A warm welcome here in the Community, @graceatworkweb. I'd be glad to guide you step-by-step in recording returned payment in QuickBooks Online (QBO).

 

If you're already connected to online banking, you can consider recategorizing the bounced payment to reopen the invoice. However, if you're not connected to online banking, you'll need to create a check affecting Accounts Receivable and ensure to use the account where your customer paid for the invoice. This way, you can offset the paid invoice and make it unpaid. Let me guide you through the process.

 

Here's how:

 

  1. Go to the +New icon, then click Check.
  2. In the Category details, choose Accounts Receivable.
  3. Enter the invoice amount.
  4. Once done, click Save and close.

 

Next, apply the created Check to offset the Invoice Payment. Here's how:

 

  1. Navigate to the Receive Payment section by clicking +New and selecting Receive Payment.
  2. Choose the customer's name from the dropdown menu.
  3. On this window, the check and invoice are present.
  4. Tick the box beside the check, then Save and close.

 

Finally, you can now proceed to match your payment transaction to the open invoice in your bank feed to maintain accurate financial records.

 

Let us know if you have other concerns about recording returned payments in QBO. We're here to help you in any way we can.

graceatworkweb
graceatworkwebAuthor
October 29, 2024

But it wasn’t a check, it was part of a batch deposit from Stripe. 

I
Irene RAnswer
October 30, 2024

Allow me to chime in and provide further information on recording your returned payment in QuickBooks Online (QBO), Graceatworkweb.

 

The check mentioned by my colleague above is to account for the funds that went back to your customer. Moreover, there's no need to create a check if the money-out transaction shows in your bank feeds. We can recategorize them, ensuring the transaction details are correct and setting the category to Accounts Receivable. Let me guide you through a step-by-step process.

 

Let's start by recategorizing the returned payment to reopen the original invoice. To do so, kindly follow the steps provided below:

 

  1. Sign in to your QBO account.
  2. Go to Transactions, then choose Bank Transaction.
  3. Look for the bounced payment in the bank feed. Click it to expand the transaction details.
  4. In the Vendor/Customer ▼ dropdown, choose the customer whose payment bounced.
  5. In the Account ▼ dropdown, select Accounts Receivable.
  6. Once done, select Add.

 

However, if you don't have a bank connected to your bank linked to your QBO account or the returned payment hasn't shown up, you can manually create a check or expense.

 

Next, let's unlink the ACH payment from your invoice to maintain an active credit and an open invoice available for matching your Stripe transaction. Here's how:

 

  1. Go to the Customers page.
  2. Choose the customer with bounce payment.
  3. Look for the returned payment transaction for the bounced, then click Edit.
  4. Select the payment link.
  5. Uncheck the box for the invoice payment has been applied.

 

Then, link the recategorized or manually created expense or check to your open credit using the Receive Payment. Kindly refer to the procedures below:

 

  1. Go to the + New icon, then choose Receive payment under customer.
  2. Choose your customer with a bounced check to show the Outstanding transactions.
  3. Put a checkmark on the box to expense or check created.
  4. Once done, select Save and Close.

 

After that, you can match the Stripe payment to your open invoice.

 

Additionally, this article will assist you in verifying whether your bank or credit card statements align with your QBO account information: Reconcile an account in QuickBooks Online.

 

Return to this thread if you have more questions recording your bounced payment in QBO, Graceatworkweb. The Community will answer them once we get your reply.

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