![]() ![]() On Bank Deposit screen, scroll down to Add funds to this deposit.Find the account you deposited the payment to, then click View Register.From the left navigation menu, select Accounting.The following steps will guide you through that process: As was mentioned by my colleagues, MichelleT and GarlynGay, it would be better to link the deposits to your invoices. While these could zero out Accounts Receivable (A/R), they would also increase your income which can cause a discrepancy on your books. I wouldn't recommend creating credit memos. I'm by no means an accounting professional, but allow me to join this discussion and share some insight that can help get you on the right track to recording this. ![]() It's great to hear from you again today, cornerstonemgmtg. If you need anything else, please let us know. You may also want to ask for more help from your accountant on how for a few pieces of advice. Creating journal entries won't fix the undeposited transactions. Please check out this article for more information: How To Unreconcile A Transaction or Undo A Reconciliation. You can correct the reconciled bank account by undoing the transactions. You click on the Match button to reconcile it.Once the deposit is downloaded in the Banking page, system will match it to the deposit you've created in step 4.Make a deposit by clicking on the Plus icon and then Bank Deposit.Receive payment and choose Undeposited Funds in the Deposit to field.This is how you should receive and match the deposits. It'll definitely adjust the balance and create discrepancy. You get this error when trying to make some changes on a reconciled bank account. Any advice you can give me would be greatly appreciated!! Is it even possible to correct these after the bank account has already been reconciled, without throwing off balances? If not, maybe I can do journal entries to fix it? My client's previous QB account had decades of information in it and it was throwing off tax returns so I went in and recreated the entire year for 2017 and was hoping to start clean but now I have this deposit issue. Anyways.I also don't know where the plus (+) icon is that you are referring to ~ it sounds like it might open a Receive Payment option? I'm guessing that with the auto download transactions from a bank account that you still need to receive payments first before accepting the deposits, even though you select the customer in the Received From column. ![]() I have this issue for all of 2018 so I need to figure out how to fix all the deposits so the Customer Account balances are accurate. I already show the Customer in the Received From column and I show Consulting Income in the Account column. I tried following your instructions however, it gave me the RED are you sure you want to do this because you've already reconciled message. You can mention my name if you have additional questions, and I’ll be sure to get back to you. ![]() We need to ensure the books are still accurate since they were already closed last March.ĭon’t hesitate to let me know if there’s anything else you need. I also recommend consulting an accountant before making any changes to the invoices or payments. I’ve added some examples in the screenshots below. Then, run the sales report in Cash accounting method. To show the cash sales in July, you’ll have to set the payment date to this specific month. You can check Choose between cash and accrual accounting methods in reports for more information. You’ll see the sales posted in January when you select Accrual. In the scenario above, the cash sales will be reported in March if you select Cash method. It doesn’t matter whether the payments have been deposited to the bank account or not. If you’re set up for Accrual method, the sales are recorded at the time you enter the invoice regardless of whether it’s paid or not.Ĭash method reports the sales at the time you receive payments. QBO reports the sales based on the accounting method of the company. Hi there, glad to share how QuickBooks Online (QBO) reports the sales once you receive the invoice payments. ![]()
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