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daniel-lawrence
August 13, 2021
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Payment Matching

  • August 13, 2021
  • 2 replies
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Hello,

When I generate an invoice in quickbooks I can see that the invoice is posted to the debtors account, what I don;t understand is what happens in quickbooks when the payment is received into the bank account and it is then matched against the invoice.

 

Does anyone know which account is credited and debited for this transaction by default?

 

Thanks

Best answer by AbegailS_

Hi there, @daniel-lawrence.

 

Please allow me to step in  and help share additional information on how to match payment in QuickBooks Online (QBO). 

 

An unpaid invoice will post to the Debtors and Income or Sales account associated with your products and services. When recording a payment, the default account switched to the Bank where you've deposited the payment and will deduct it from your Debtors account.

 

If you've deposited the payment to the Undeposited Funds, the posting account will be your Undeposited Funds and the Debtors account. When you record a deposit, the Bank and the Undeposited Funds will now be affected.

 

Then, you can access the transaction journal and  see the credits and debits for the said payment. 

 

For more details about your transactions in QuickBooks check out this article: How accounts are affected by debits and credits

 

For detailed instructions on how to match a transaction, check out this article: Add and match downloaded banking transactions. 

 

Let me know how this goes and leave a reply below if you need further assistance in managing your transactions in QuickBooks. I'm just a post away if you need help. Have a good one. 

2 replies

A
AbegailS_Answer
August 14, 2021

Hi there, @daniel-lawrence.

 

Please allow me to step in  and help share additional information on how to match payment in QuickBooks Online (QBO). 

 

An unpaid invoice will post to the Debtors and Income or Sales account associated with your products and services. When recording a payment, the default account switched to the Bank where you've deposited the payment and will deduct it from your Debtors account.

 

If you've deposited the payment to the Undeposited Funds, the posting account will be your Undeposited Funds and the Debtors account. When you record a deposit, the Bank and the Undeposited Funds will now be affected.

 

Then, you can access the transaction journal and  see the credits and debits for the said payment. 

 

For more details about your transactions in QuickBooks check out this article: How accounts are affected by debits and credits

 

For detailed instructions on how to match a transaction, check out this article: Add and match downloaded banking transactions. 

 

Let me know how this goes and leave a reply below if you need further assistance in managing your transactions in QuickBooks. I'm just a post away if you need help. Have a good one. 

D
daniel-lawrenceAuthor
August 15, 2021

Thanks Abi,

Could you let me know where I need to go to view the associated transaction journal for a matched payment?

C
ChristieAnn 11
August 15, 2021

Hi there, daniel-lawrence.

 

I appreciate you for coming back to ask for further details shared by my colleague above. I'll be providing steps so you can view the associated transaction journal for a matched payment.

 

To start with, I suggest going to the Customer's profile. From there, you'll have the option to find and open the payment so you're able to run the Transaction journal associated with the entry.

 

Here's how:

 

  1. Click the Sales menu in the left panel.
  2. Choose the Customers tab.
  3. Find the specific customer. 
  4. Look for the particular payment. Then, click it to expand the page to view the details.
  5. Click More at the bottom and choose Transaction journal.

 

Once done, you'll be routed to the Journal report to see the credits and debits for the said payment.

 

Please refer to this article to view instructions on how you can reconcile your accounts so they always match your bank and credit card statements: Reconcile an account in QuickBooks Online.

 

Please let me know if you need further assistance with the transaction journal or any related concerns about QuickBooks. I'm always here to help you.

Test2Go
Test2Go
August 14, 2021

@daniel-lawrence, the invoice debits to the Debtors account and credits to your Income account.

 

When you match a bank transaction, qb creates a receive payment transaction that credits to Debtors and debits to your bank acc.

 

That's the flow of transactions in the debtors acc. Hope this helps

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