How do I match up a negative quickbooks deposit?

It ‘s great to see you here, @ adamdingley ,

The summons of matching negative deposits from refunds greater than sales requires a few steps to do. But do n’t worry, I ‘ll be good here to guide you through that .

Step 1: Create the sales transaction and receive the payment to the Undeposited Funds report .

  1. Go to the + New icon and select Invoice or Sales Receipt.
  2. Enter the details of the sale then hit Save.
  3. On the same transaction, click Receive Payment. You can also close the invoice or sales receipt and go back the the + New icon and select Receive payment.
  4. Pick the invoice to pay and ensure the Deposit to field is showing Undeposited Funds.
  5. Hit Save and new.

Step 2: Create the Refund Receipt showing the original refund sum .

  1. From the + New button select Refund Receipt.
  2. Enter all the information with the correct date.
  3. The Refund From field has to have Undeposited Funds too.
  4. Lastly, click Save and new.

Step 3: Create a Journal submission to move the funds from Undeposited Funds account to Bank account .

  1. Go back to the + New button at the top, then choose Journal Entry.
  2. Set the date of the transaction that is same as bank posted transaction date.
  3. On the first distribution line of the Journal Entry, select the Bank Account.
  4. Enter the total amount that you received from the bank in the Credits column. The amount is the difference of the sale and the refund.
  5. On the second distribution line, choose Undeposited Funds.
  6. Set the Debits column to the same amount as the Credits column.
  7. Click Save and close. This will show a deduction from the bank account in the Bank Register in QBO.

Step 4: Group the Journal Entry with the payment and refund to create a $ 0 depository .

  1. Click the + New icon then Bank Deposit.
  2. Select the payments (negative and positive) and the Journal
  3. The entry you just created (the total should be zero).
  4. Click Save and close.
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once done, go back to  Banking page. You should be able to see Match option this time. If not, click that transaction row for refund acknowledge to find a match .

See this radio link to learn more about handling bank transactions in QuickBooks Online : Categorize and match on-line bank transactions in QuickBooks Online

Let me know the result in the comment. I want to make certain you ‘re all fix. If you have extra questions or clarifications, do n’t hesitate to get back to me anytime. Have a good one !

source : https://www.peterswar.net
Category : How

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