How do you fix issues like you listed in Tip #1?
I have payments that were listed as deposits and now the customer has an overdue balance because the payment was listed incorrectly.
Great question. If you have your bank account connected to QuickBooks, when the deposits were downloaded they should have given you an option to match it up with existing payments that were around the same date and/or amount. However, if the deposit amount was completely different because it contained more than one customer payment you would not have received this notification.
At any rate, the way you would go about fixing this issue really depends on whether or not you have already reconciled the bank account for the month(s) where the deposits were recorded. Below, I have provided instructions on what to do if you have already reconciled the bank account and I have also provided a different set of instructions if you have not already reconciled the bank account.
If you have already reconciled the bank account in QuickBooks, then you cannot remove the deposits. Instead, you will need to go in and do the following:
1. Edit each deposit to include the customer that the payment was received from. Also indicated the invoice # that the payment was for.
2. Create a credit memo and apply it to the invoice to zero it out. Include in the notes of the credit memo the info for the deposit that was made.
If you have NOT reconciled the bank account in QuickBooks, then you can delete the deposits.
1. Enter a payment for each deposit amount and apply it to the correct customer invoice
2. Void or Delete the deposit
I hope this info is helpful but reach out again if you have any further questions.
Crystalynn Shelton, CPA
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