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Quickbooks online starter help (usually use Xero!) - how to apply bank charge to an invoice receipt?

  • Affiliate
  • 7 posts
  • # 115720

I usually use Xero so starting from scratch with QB Online and a couple of questions:

1) my bank feed is up and running (apart from historic transactions).  Where i have a receipt for an invoice do I have to record the receipt against the invoice itself and THEN match it up or should I be able to do this from the matching screen?

 

2) Where the above isn't suggesting a match because the net amount received is due to a bank fee how do i add this? In Xero you can add in a bank fee minor adjustment!

 

3) Slightly confused as to what 'For review' etc means and whether with historical transactions I will have to add an expenses, show it's paid and then enter the bank transaction or can I just do the former and match it with the latter and the 'paid' bit takes care of itself?!

 

Thank you!

  • Member PM.Dip
  • Practice Licence
  • 137 posts
  • # 115724

Hello,

1/ If the amount matches an open invoice then you can just match it off
with the match button on the right. The system will create the correct
payment receipt and match it off against the invoice. If QBO can't match
the values automatically (for example if more than one invoice was payed),
then select the transaction and press the find match or find other matching
transaction. In the new window select the corresponding invoices and press
the match button.

2/ Press on the transaction, there should be a "find match" button on the
left. This will bring up a list of all transactions that you can match the
payment to. Select the one that you want, then a the bottom there is a
resolve difference button. Here you can add another transaction to take
into account the bank fees.

3/
"For Review"
This are transaction imported from the bank that have yet to be matched
against QBO items, or added through the banking screen. As you match the
items off they will disappear.

"In QuickBooks"
This is a list of all the transactions that have been added or matched from
the "For Review" tab.

"Excluded"
If you have excluded any transactions from the "For Review" tab (for
example because of duplicates), then they will appear in this tab.

Hope this helps.

Torben

  • Affiliate
  • 7 posts
  • # 115727

Thank you SO much for your time.  This is really helpful.  Only issue is I have a bank receipt (via bank feed) for E9696.  This is for a sales invoice which is in QB and shows as unpaid for E9711.  If I click into the E9696 it does not give me the option to find transaction if i click into category/match.....

 

So to clarify process so it all hits the ledger.

 

 Where transactions have come through the bank feed:

- enter the bill or expenses in QB.  This should be found automatically against the bank feed and I can match it off.  No further payment or receipt needs entered (or I can find transaction subject to the above issue if it's a different amount or split payment)

 

Where transactions have not come through the bank feed (as i'm entering transactions over 90 days old:

- enter 'pay bill' for the bank payment out or 'receive payment' for bank receipt for the bank entry

- enter the supplier bill or sales invoice for QB entry

- match them off 

 

If a bank feed isn't matched with a QB entry it doesn't hit the ledger...?

 

One other thing - the company credit card is also fed through.  If I allocate the credit card statements to the relevant ledgers and then pay the bill from the bank account these amounts will hit the expense accounts automatically from the credit card statement (just as they would from the bank account) ?

 

Thanks so much again.

  • Member PM.Dip
  • Practice Licence
  • 137 posts
  • # 115729

Hello,

*Thank you SO much for your time. *
You are welcome.

*Only issue is I have a bank receipt (via bank feed) for E9696. This is
for a sales invoice which is in QB and shows as unpaid for E9711. If I
click into the E9696 it does not give me the option to find transaction if
i click into category/match.....*
If a payment is only a part payment then the best thing to do is to go into
the invoice its self and record a payment against it for the correct
amount. This is also true if the payment is a overpayment.

So in your situation I would go into the invoice for that has an unpaid
balance of 9711 and record a payment of 9696 against it, leaving a balance
of 15 unpaid. Now go back into the bank feed and you should be able to
match the transaction.

*If a bank feed isn't matched with a QB entry it doesn't hit the
ledger...?The only time that a transaction from the bank feed impacts the
ledgers is if you "add" a transaction or you "match" an open invoice. If
you leave anything in the banking screen then it has no impact on the
ledgers. When you "add" or "match" a transaction it "clears" it, so when
you come to do your reconciliation it will automatically tick off any
cleared transaction.*
Where transactions have come through the bank feed:

- enter the bill or expenses in QB. This should be found automatically
against the bank feed and I can match it off. No further payment or
receipt needs entered (or I can find transaction subject to the above issue
if it's a different amount or split payment)
Sounds about right.

Where transactions have not come through the bank feed (as i'm entering
transactions over 90 days old:

- enter 'pay bill' for the bank payment out or 'receive payment' for bank
receipt for the bank entry

- enter the supplier bill or sales invoice for QB entry

- match them off

I would enter the supplier bill or sales invoice first, and then record
payments against them, either through the "Pay Bills" and "Receive
Payments" through the "+" menu or from the Sales or Expenses windows
directly. You should have to do a third matching step then.

*One other thing - the company credit card is also fed through. If I
allocate the credit card stat*

*ements to the relevant ledgers and then pay the bill from the bank account
these amounts will hit the expense accounts automatically from the credit
card statement (just as they would from the bank account) ?*


As far as QBO is concerned credit cards and bank accounts are handled the
same


Hope this helps.

Torben

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