If we are receiving payments on a settled acct/invoices, should the deposit be posted as a negative? Can it be applied to a specific invoice or no? (there are many) The account is a settlement, therefore the payments are going to our accounts receivable. The payments are making our bank account balance rise but they’re being posted to the vendor as a negative and they aren’t being applied to specific invoices.

QB Issue Resolution:

Answer 1:

Hello there, @emilee.

 

Thanks for reaching out to the Community. I’m here to share some information about receiving payments in QuickBooks Online.

 

Once you receive payments from your client, the deposit shouldn’t post as a negative amount. However, this would show as negative on customer’s profile if there’s no invoices link to this payment.

 

You can apply the full payment amount to your customer’s future invoices once they are available. Do that and the negative amount will no longer show on their profile.

 

To link the payment to an invoice, follow the steps below:
1.    Go to the Plus (+) icon and select Invoice.
2.    Fill in the necessary information.
3.    Hit on the Save button.
4.    Click Receive payment at the top right, below the invoice amount.
5.    On the Credits section, select the payment which will now show as a credit.
6.    Once done, click the Save and close button. (Attached screenshots)

 

 

 

If you’re unable to link the payment, make sure that the account selected when the payment was recorded is Accounts Receivable (A/R). To verify, here’s how:
1.    Go to Accounting from the left panel and choose Chart of Accounts.
2.    Select the bank account where the deposit is deposited and click View register.
3.    Choose the deposit and click Edit.
4.    On the Bank Deposit screen, scroll down to Add funds to this deposit section and click on the deposit.
5.    Select Accounts Receivable as the Account for this transaction.
6.    Hit on Save and close.

 

Right after that, go back to the Receive Payment screen to link the payment to the invoice. Here’s how:
1.    Click the Plus (+) icon and select Receive Payment.
2.    Choose a customer and select the invoice.
3.    On the Credits section, place a check mark next to the deposit to link the two.
4.    Once done, click Save and close.

 

That should be it. Don’t hesitate to reach out to me if you have further questions. I’ll be here to help. Have a good one!

 

Answer 2:

Thanks for coming back to the Community, Emilee.

You’re on the right track in managing the open invoices. I’m here to ensure the transactions are properly recorded in your account.

If these are downloaded payments, matching them to the existing invoices will close out the transactions and keep your record in tiptop-shape. Once the transactions are downloaded, QBO suggests possible matches based on existing entries, such as payments from customers, so you don’t have to manually add them.

 

This helps avoid having a negative balance. To find matching transactions, follow these steps:

 

1. On the Banking page, select the For Review tab.
2. Locate the payments.
3. Click the Find match option.
4. Locate the invoices and select them one by one.
5. Verify that the total of the selected transactions is the same as the amount of the downloaded payments.
6. Click on Save.

To help give you a better idea on how QBO match downloaded transactions to existing transactions, check out this article: How to add and match downloaded banking transactions.

 

Let me know if you have additional questions about matching transactions. I’ll be glad to keep helping. Have a good one.

 

Resolution for Issue 'If we are receiving payments on a settled acct/invoices, should the deposit be posted as a negative? Can it be applied to a specific invoice or no? (there are many) The account is a settlement, therefore the payments are going to our accounts receivable. The payments are making our bank account balance rise but they’re being posted to the vendor as a negative and they aren’t being applied to specific invoices.' available: Yes (Solved).
Source: Intuit Community forum.

If we are receiving payments on a settled acct/invoices, should the deposit be posted as a negative? Can it be applied to a specific invoice or no? (there are many) The account is a settlement, therefore the payments are going to our accounts receivable. The payments are making our bank account balance rise but they’re being posted to the vendor as a negative and they aren’t being applied to specific invoices.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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