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gbailey75
January 24, 2024
Question

Invoices/Payments show paid and closed, but Deposit shows a negative number and overdue invoice date

  • January 24, 2024
  • 1 reply
  • 0 views

I know this has been discussed previously, but I am trying to close down a business and could really use some guidance. 

 In my "all sales" report, I show a client invoice is marked as paid, and there is a payment for this invoice that the amount of the invoice, showing -$2028.00, and a deposit for the invoice that is marked with the same -$2028.00 with an Overdue on 8/25/2023 notification. Have I double booked? Or how to I clean this up? I have the same situation for another client as well. 

1 reply

MariaSoledadG
MariaSoledadG
January 24, 2024

I'm here to help you clean this up, Bailey. 

 

Once you receive bank deposits from your customers, you need to link them to an invoice to keep your records accurate and avoid issues when it's time to reconcile your accounts. If you've already entered a payment from the Receive Payment link, you don't have to create a deposit as it will double the amount and show a deposit negative amount. 

 

Secondly, it's also possible that you've entered a bank deposit and added the amount to Accounts Receivable (A/R), that's why the customer is showing a negative balance and overpayment. To fix this, you can open the deposit linked to the paid invoice. To do so, follow the steps outlined below:

 

  1. Go to the Sales menu on the left panel, and then select Customers.
  2. Choose the customer name associated with the invoice, and then open the invoice payment link.
  3. Under the Credits section, click it to open.
  4. Check the payments made, and then double-check as well the Add funds to this deposit section.
  5. If ever it's deposited to A/R, you can delete it.
  6. Once done, click Save and Close.

 

You'll want to pull up the Invoices and Received Payments report to keep track of all your invoices and payments and drill down your transactions. Here's how:

 

  1. Go to the Reports menu, then search for the report.

 

Apart from this, QuickBooks Online (QBO) offers various reports that you can use to help you with your business. To know more, learn how to customize reports to ensure you'll get the right data you need: Customize Reports In QuickBooks Online.

 

Keep in touch if you have further questions about invoices, payments, or deposits. Remember, we're here to help you and address all your concerns. 

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