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I need some advice. I am working on a quickbooks based

Customer Question
Good morning. I...

Good morning. I need some advice. I am working on a quickbooks based system for a t shirt company and I have a few issues I need to deal with. Can you help me?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Ok, First we accept payments from a credit card processing company. When the owner creates an invoice, he also accepts payment on that invoice via the qb system. The payment is then received into our bank account. how do I book the payment correctly at that point to be able to reconcile the bank account and not double book the sale?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

The other issue is similar. The company also utilized a pay pal account for group sales and the process is the same. I need to know how to book the actual income into the bank against the invoice already showing paid in the system. The system shows the invoice paid via paypal and then the actual deposit goes into our company checking account.

Submitted: 21 days ago.Category: Financial Software
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Answered in 2 hours by:
4/2/2018
Tech Support Rep: Emilee Weaver, Certified Public Accountant (CPA) replied 21 days ago
Emilee Weaver
Emilee Weaver, Certified Public Accountant (CPA)
Category: Financial Software
Satisfied Customers: 90
Experience: Quickbooks, Excel, ERP Experienced Professional
Verified

Hi there! I can help you with this. It sounds like you are using Quickbooks online, but can you confirm that's the version that you are using?

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Customer reply replied 21 days ago
Can you tell me how long it will be until I receive an answer to this question? Yes I am using quickbooks online
Tech Support Rep: Emilee Weaver, Certified Public Accountant (CPA) replied 21 days ago

So, when you see the payment in the bank transactions are, you want to "match" this payment with an existing invoice rather than just recording it to income. If you record it straight to income, then the income will be duplicated and the previous invoice that you created will still show as open in your books.

So, start in the banking window Go to Banking > For review. Find the transaction containing the deposit, click on the line of the transaction. Click on "Find match". You will see your previously created invoices that are still open (unpaid) and tick the checkbox next to the invoice or invoices that match the deposit. Then click Add and your deposit is matched in the system with your previously existing invoice.

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Emilee Weaver
Emilee Weaver
Emilee Weaver, Certified Public Accountant (CPA)
Category: Financial Software
Satisfied Customers: 90
90 Satisfied Customers
Experience: Quickbooks, Excel, ERP Experienced Professional

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