I have a similar issue but not invoice related. I use the square app to sell in retail and the data is automatically uploaded via the square app. It does not create invoices and it transfers the full amount at the end of the day whilst also uploading individual transactions. I cannot match (or don't know) them as the full amount doesn't equal the individual amounts
You will need to disconnect and reconnect Square again and next time select transfer lumpsome instead of individual transactions. Unless you have large and fewer transactions I would not recommend to transfer as individual transactions.
Hi. We recently started using QB payments. We collect a down payment before an invoice created. The down payment is entered as a sales receipt. How do you match the sales receipt to the deposit when the invoice is created?
When you create the sales receipt the product is routed to a liability account for unearned income. When you create the invoice you offset the amount in the invoice that was paid as a deposit as a negative amount to remove the liability. Look at my video on how to treat deposits.
Hello Carmen, I am assuming you have a PPP loan liability in your books. To remove the liability and recognize the PPP loan forgiveness you will create an income account for other non taxable income and name it PPP loan forgiveness. Next record a Journal entry debit the PPP loan liability and credit the income account PPP loan forgiveness
I have deposits I can't seem to match because the deposits are offset by client refunds by Intuit payments in the same transaction. For example, one deposit with 5 items - 3 customer payments and 2 refunds or credits that I cannot find the customer or vendor for. Can anyone help?
You should have the refund under QuickBooks Payment. If the refunds did not come through you may record them under add to my deposit as a refund and add the amount as a negative amount.
Hello, I have an issue that I do not know how to solve. Could you please help? I have a deposit that it was reconciled under Undeposited funds but it is still showing on my AR as a past due invoice. How could this be?. I wanted to re-categorize it and put the deposit under the checking account but I don't know the implications this will bring since it is already reconcile. Could you please help?
The problem is that the reconciliation is from September last year. I will have to undo all the reconciliations after that one right? I will wait for your video on Wednesday. Thank you!👍
Click on the transaction by clicking on the customer name. This will open the payment. Click on the bottom dark part of the transaction where it says more. Then select delete. Then you will go into the invoice and delete the invoice.
Cladia, I have Received Payments that are in undeposited funds, but when I click on those payments there is no box "deposit to", so I can not change it to deposit directly to bank account. What do I do to fix it?
Actually I just checked and its recorded that those payments were received thru QB payment, but they NEVER showed up in the bank!!! Do you know how to approach that? Looks like payments never been received. Thanks
@@ClaudiaXperts I do, I just as I said, checked all the deposits through QuickBooks payment system, and then all the deposits in my clients bank. And all of them there, but two, so looks like those two deposits were never deposited really ( the deposits the QuickBooks shows on QB end never hit the account ) and that’s why they’re hanging in undeposited funds, therefore, it cannot be fixed because it really never was deposited to the bank. I don’t know who to talk to first about those deposits. Any suggestion? Thank you so much.
Lana you will need to contact QuickBooks payment. You can click on the help icon and ask to call you back. I had a client with the same issue. They resolved it.
I have a similar issue but not invoice related. I use the square app to sell in retail and the data is automatically uploaded via the square app. It does not create invoices and it transfers the full amount at the end of the day whilst also uploading individual transactions. I cannot match (or don't know) them as the full amount doesn't equal the individual amounts
You will need to disconnect and reconnect Square again and next time select transfer lumpsome instead of individual transactions. Unless you have large and fewer transactions I would not recommend to transfer as individual transactions.
Hi. We recently started using QB payments. We collect a down payment before an invoice created. The down payment is entered as a sales receipt. How do you match the sales receipt to the deposit when the invoice is created?
When you create the sales receipt the product is routed to a liability account for unearned income. When you create the invoice you offset the amount in the invoice that was paid as a deposit as a negative amount to remove the liability. Look at my video on how to treat deposits.
Hello Claudia, how you report your PPP forgiveness loan in a corporation tax. Thank you
Hello Carmen, I am assuming you have a PPP loan liability in your books. To remove the liability and recognize the PPP loan forgiveness you will create an income account for other non taxable income and name it PPP loan forgiveness. Next record a Journal entry debit the PPP loan liability and credit the income account PPP loan forgiveness
What is the difference between doing it this way and doing it under banking find match and clicking on all invoices that are open?
This is an extra accounting security procedure to avoid recording payment to the wrong invoice.
I have deposits I can't seem to match because the deposits are offset by client refunds by Intuit payments in the same transaction. For example, one deposit with 5 items - 3 customer payments and 2 refunds or credits that I cannot find the customer or vendor for. Can anyone help?
So in this case, the 2K deposits cannot be matched because there is about 1K in credits
You should have the refund under QuickBooks Payment. If the refunds did not come through you may record them under add to my deposit as a refund and add the amount as a negative amount.
Hello, I have an issue that I do not know how to solve. Could you please help? I have a deposit that it was reconciled under Undeposited funds but it is still showing on my AR as a past due invoice. How could this be?. I wanted to re-categorize it and put the deposit under the checking account but I don't know the implications this will bring since it is already reconcile. Could you please help?
You will need to undo the reconciliation manually, then match the transaction and manually reconcile.
P.s I will cover this on my video coming out Wednesday at 10am EST
The problem is that the reconciliation is from September last year. I will have to undo all the reconciliations after that one right?
I will wait for your video on Wednesday.
Thank you!👍
@@MM-eh7ps you can manually undo just that transaction without undoing the reconciliation
@@ClaudiaXperts ooohh I did not know that! I am knew to QBO🤪
I am ready to watch your video at 10:00am today. Thanks!
How do I delete Payments to Deposit permanently fprever & ever from my chart of accounts. I'd rather JE my payments in myself.
Click on the transaction by clicking on the customer name. This will open the payment. Click on the bottom dark part of the transaction where it says more. Then select delete. Then you will go into the invoice and delete the invoice.
should the undepostied funds increase in balance when I do the deposit?
yes, until you record the deposit
Cladia, I have Received Payments that are in undeposited funds, but when I click on those payments there is no box "deposit to", so I can not change it to deposit directly to bank account. What do I do to fix it?
Actually I just checked and its recorded that those payments were received thru QB payment, but they NEVER showed up in the bank!!! Do you know how to approach that? Looks like payments never been received. Thanks
Lana, the bank account is on the top. It is a drop down box. Make sure you are using Google Chrome QuickBooks works best with Google Chrome browser.
@@ClaudiaXperts I do, I just as I said, checked all the deposits through QuickBooks payment system, and then all the deposits in my clients bank. And all of them there, but two, so looks like those two deposits were never deposited really ( the deposits the QuickBooks shows on QB end never hit the account ) and that’s why they’re hanging in undeposited funds, therefore, it cannot be fixed because it really never was deposited to the bank. I don’t know who to talk to first about those deposits. Any suggestion? Thank you so much.
Lana you will need to contact QuickBooks payment. You can click on the help icon and ask to call you back. I had a client with the same issue. They resolved it.
@@ClaudiaXperts thank you, I thought that’s what needs to be done.