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CaitLom
August 23, 2022
Question

Historical Invoice Payment Receipt Recorded As Bank Deposit

  • August 23, 2022
  • 1 reply
  • 0 views

Hi All,

 

I've just joined a company and I'm currently working my way through their accounts (and getting used to QuickBooks!). I can see that they have issued an invoice back in Jan 2022, payment for that invoice came in via Paypal in January too, but it was instead recorded as a Bank Deposit, as opposed to matching up to the invoice. Therefore the invoice is still showing as due, despite it technically having been paid.

 

Any ideas on how to rectify given it's now in a previous VAT period?

 

Thanks!

1 reply

A
Ashleigh1
August 23, 2022

Hello CaitLom, 

 

Welcome to the Community page, 

 

So you could allocate the deposit to the debtors as long as it doesn't have VAT on it and then receive payment on the invoice using the deposit as payment, if the deposit has vat on it and also the invoice then you will have to remove the vat from the deposit, select No VAT in the amounts are field and same as above allocate to the debtors account. By removing the vat on the deposit would cause an exception on the current return for you. 

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