What to do with Deposits already rec’d as Payments against an invoice
Hi Crystalynn –
I recently found your QB tutorials and am finding them incredibly helpful!
I’m stymied however, what to do with my bank deposits that are downloaded into QB when I update, but have already been recorded as Payment is Received against the client’s invoice. What do I do with this deposit transaction?
Hey Jan! I’m glad that you have found our free QuickBooks Course helpful. For deposits that come thru via online banking, you should be able to match those up with the payments that were received into QuickBooks. QuickBooks will try to do this for you by using the date of the deposit and the amount. However, if you made one deposit that included multiple customers it won’t be able to match it for you so you will have to do it manually.
To manually match deposits with existing payments, navigate to the Banking Center (this is where all of your bank deposits auto import into QBO). To the right of the deposit amount you should see a drop down arrow and match should be an option. Click on match and you will have to select the customer and payments that should be matched up to that deposit. I believe this is covered in the How To Manage Downloaded Banking Transactions. If it’s not covered in this tutorial, log into QuickBooks and click on the help option in the upper right hand corner. In the search box, type “match payments to deposits” (without the quotes) and the step by step instructions should display.
Link to Video Tutorial: https://fitsmallbusiness.com/quickbooks-bank-feeds/
Thanks so much for reading our articles and watching our QuickBooks video tutorials!
Crystalynn Shelton, CPA
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