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arkvalleyinfo
February 7, 2019
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Matching bank deposits to invoices

  • February 7, 2019
  • 2 replies
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i'm transferring my mum,s books for last year to quickbooks and to say its all in a muddle is an understatement. I would like to know how to match bank deposit to multiple l invoices when deposit is less than invoices total.

example.

mr k smith invoice total £500

mrs j hill invoice total £600

mr p scott invoice total £800

invoice totals £1900

but bank deposit was only £1700 (mum kept cash on hand)

when i created invoices i did them as cash into undeposited funds, when i came to match bank transaction to invoices i can add mr k smith and mrs j hill easily but if i add mr p scott it goes over by £200. i originally thought to fix this was to add additional deposit (at the bottom of page) payee mr p scott amount -£200 which brings it back in line but don't know if that's the correct way to do it.


Best answer by RitaIntuit

Hi marionsxgal,

 

Thank you for your query!

As all the invoices where paid in full by the customers but 200 was kept cash on hand the best way to record this is to receive full payment on all the 3 invoices but instead of receiving it to the bank receive it to the undeposited funds chart of account(it will be an option on the dropdown under the bank account options on the receive payment of the invoice or you can create the undeposited funds account it if it is not already there) So you were correct in recorded them as paid to undeposited funds. You just have to record them all as paid in full to undeposited funds and then deposit most of it to the bank account and do a separate deposit to the petty cash account.

 

Please find the steps below:

  1. Find the invoice> Click on invoice
  2. When the invoice opened up, click on Receive payment in the top right corner
  3. When the receive payment page opens up,. make sure on the "Deposit to" dropdown you choose undeposited funds account (not your bank account)
  4. Save and close>repeat for each invoice
  5. Go to the +new in the top left and select Bank deposit
  6. This time make sure you choose your Bank account on the Deposit to in the amount box change that to 1700
  7. Save and close

Then go back into bank deposit. If there is a chart of account set up for petty cash select that and deposit the remaining balance to the petty cash account. If there is not one set up for petty cash it is worth setting one up so you can record what the petty cash is used for expense wise etc. The save the bank deposit for the 200 that will then show in the petty cash account.

 

  1. Go to Banking > For review
  2. Find the transaction, click on the line of the transaction
  3. Click on Find match
  4. You should see the deposit of 1700 to match and the invoices will show correctly as fully paid.

 

 

 

Let me know if you have any queries.

2 replies

R
RitaIntuitAnswer
February 7, 2019

Hi marionsxgal,

 

Thank you for your query!

As all the invoices where paid in full by the customers but 200 was kept cash on hand the best way to record this is to receive full payment on all the 3 invoices but instead of receiving it to the bank receive it to the undeposited funds chart of account(it will be an option on the dropdown under the bank account options on the receive payment of the invoice or you can create the undeposited funds account it if it is not already there) So you were correct in recorded them as paid to undeposited funds. You just have to record them all as paid in full to undeposited funds and then deposit most of it to the bank account and do a separate deposit to the petty cash account.

 

Please find the steps below:

  1. Find the invoice> Click on invoice
  2. When the invoice opened up, click on Receive payment in the top right corner
  3. When the receive payment page opens up,. make sure on the "Deposit to" dropdown you choose undeposited funds account (not your bank account)
  4. Save and close>repeat for each invoice
  5. Go to the +new in the top left and select Bank deposit
  6. This time make sure you choose your Bank account on the Deposit to in the amount box change that to 1700
  7. Save and close

Then go back into bank deposit. If there is a chart of account set up for petty cash select that and deposit the remaining balance to the petty cash account. If there is not one set up for petty cash it is worth setting one up so you can record what the petty cash is used for expense wise etc. The save the bank deposit for the 200 that will then show in the petty cash account.

 

  1. Go to Banking > For review
  2. Find the transaction, click on the line of the transaction
  3. Click on Find match
  4. You should see the deposit of 1700 to match and the invoices will show correctly as fully paid.

 

 

 

Let me know if you have any queries.

T
taxpromary
February 12, 2019

Hi, I have the same problem except that my payments do not show up in the list of available payment to match to the deposit.  I have one invoice for $500 and a refund to another customer for $200.  I know how to deal with the refund, but why is the $500 customer not on the list.  If I go to a larger deposit $2000 he is on the list of payment to match to.  

Thanks,

Mary Ann

Kristine Mae
Kristine Mae
February 12, 2019

Hello there, Mary Ann.

 

There are instances that QuickBooks Online is unable to find or match the correct one. So we'll have to manually find the matching transaction.

 

Just follow these steps:

  1. Click Banking, then choose Banking.
  2. Go to the For Review tab.
  3. Look for the deposit, then click to open the transaction.
  4. Click Find Match.
  5. You can narrow the result by changing the data range.
  6. Choose the matching transaction, then click Save. 

I've got you an article for future reference: Add and match downloaded banking transactions.

 

Reach out to us if you have other concerns. Have a great day! 

M
Malcolm Ziman
February 12, 2019
@arkvalleyinfo wrote:

 

mum kept cash on hand

 

 

You have to still credit the customer with what she kept on hand

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