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lucy24
April 23, 2021
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Reconciling differences involving deposits for invoices

  • April 23, 2021
  • 1 reply
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My Quickbooks balance and Bank balance are showing a huge difference. When I have started reconciling my account, I believe the problem is with invoice deposits being duplicated. I think this has come about due to these particular deposits not being recognised and 'matched' with the invoices, therefore I had to manually 'receive a payment' for the invoices. 1. What am I doing wrong when I 'receive a payment' for an invoice if it does not automatically match? And 2. How do I sort out the discrepancies now? Thanks

Best answer by JenoP

You have two options you can choose from when a downloaded payment is not a match to an invoice, lucy24.


I'll share the steps so you can decide which option works best for you. First, you can use the Resolve the difference button. This is usually used in times when you had to pay a small fee to process a sales transaction. 

 

Here's how:

 

  1. Look for the downloaded payment in the Banking page.
  2. Click Find Match and look for the invoice.
  3. Scroll to the bottom of the table and click Resolve difference on the right.
  4. Click Add new expense for money spent; click Add new deposit for money received. A second table appears. (You might need to scroll down the page to see it.)
  5. Complete the fields in the table to add the adjustment.
  6. Click Save.

 

Second, you can exclude the downloaded transaction and manually receive the payment. Check out these articles for more details:

 

 

You can also follow the steps in this article on how to correct the balances: Fix Issues for Accounts You've Reconciled in The Past in QuickBooks Online. 

 

Feel free to check out these articles where you can see additional reference and guidance when reconciling accounts in QBO:

 

 

Don't hesitate to reach out to us again if you have follow-up questions. We're always here to help. 

1 reply

JenoP
JenoPAnswer
April 23, 2021

You have two options you can choose from when a downloaded payment is not a match to an invoice, lucy24.


I'll share the steps so you can decide which option works best for you. First, you can use the Resolve the difference button. This is usually used in times when you had to pay a small fee to process a sales transaction. 

 

Here's how:

 

  1. Look for the downloaded payment in the Banking page.
  2. Click Find Match and look for the invoice.
  3. Scroll to the bottom of the table and click Resolve difference on the right.
  4. Click Add new expense for money spent; click Add new deposit for money received. A second table appears. (You might need to scroll down the page to see it.)
  5. Complete the fields in the table to add the adjustment.
  6. Click Save.

 

Second, you can exclude the downloaded transaction and manually receive the payment. Check out these articles for more details:

 

 

You can also follow the steps in this article on how to correct the balances: Fix Issues for Accounts You've Reconciled in The Past in QuickBooks Online. 

 

Feel free to check out these articles where you can see additional reference and guidance when reconciling accounts in QBO:

 

 

Don't hesitate to reach out to us again if you have follow-up questions. We're always here to help. 

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