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jkhalaf
February 8, 2023
Question

Multiple Bills to match a single Bank transaction

  • February 8, 2023
  • 1 reply
  • 0 views

I created numerous bills for numerous vendors, but since they all roll up into a single parent company the bank payment was made to a single account. Thus, the transaction came into QB as a single Bank transaction. 

 

I am not able to find a way to match that single Bank transaction to multiple bills, since each bill is listed as a different vendor.

1 reply

Bryan_M
Bryan_M
February 8, 2023

Hi there, @jkhalaf.

 

Let me help you achieve your goal today. Currently, the ability to assign vendors isn't possible in QuickBooks Desktop.

 

What we can do in QuickBooks, is this we need to set up a Clearing account to offset the amounts and match it with your bank transactions.

 

For detailed steps, you can read through this article: Set up a clearing account.

 

If further assistance is needed, I recommend reading out your accountant. Once done, you can then proceed in matching your bank transaction to the General Journal Entry (GJE) or Cheque.

 

Feel free to read this article for future use: Add and match downloaded bank transactions.

 

Click the Reply button below if you need additional assistance in matching your bank transactions, never hesitate to reply t this post. We'll be willing to lend a hand. Keep safe and enjoy the rest of the week!

J
jkhalafAuthor
February 15, 2023

Thank you Bryan. I setup the Clearing account, but I think I am stuck from here.

So in the "Transaction List" for my Bank Account I have a single downloaded transaction for $9040.25.

That single transaction matches 7 separate bills for different Vendors.

In the "Transaction List" under the "Action" dropdown I have the following options:

Quick Add
Add More Details
Select Bills to Mark as Paid

Match to Existing Transaction

Ignore

 

None of the above options will allow me to mark all 7 bills as paid. I am not sure how to exactly add a Journal entry to help clear out these Bills as paid while adding the downloaded transaction to my bank feed/list. 

Rubielyn_J
Rubielyn_J
February 16, 2023

Thanks for getting back in here, @jkhalaf. I'll be around to help manage your bills and match them accordingly.

 

We can enter a journal entry to help clear out the bills. I also suggest consulting an accountant to help ensure that the recording is accurate and balance. Let me show you how:

 

  1. Select + New and choose Journal entry.
  2. On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
  3. On the next line, choose the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
  4. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
  5. Enter information in the memo section so you know why you made the journal entry.
  6. Click Save and new or Save and close.

 

I'm also sharing these relevant articles to help manage your bank transactions in QuickBooks:

 

 

Feel at ease to comment below if you have further concerns with managing your bills. I'm always around to help. Keep safe!

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