Apply payments after download from bank?

How to apply payments on a bank download to open invoices? For example, I have an unpaid invoice. Before I could apply the payment in Quicken I downloaded transactions from my bank. So, now I have a deposit sitting in my business bank account and an open invoice in my invoice account. Is there a way to link them together? Do I need to delete the downloaded deposit and redo it manually?

Best Answer

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    When you downloaded transactions into your checking account, did you automatically accept them into the register?
    The best procedure I know of how to accept downloads and get them properly recorded into the Customer Invoices account, marking your invoices as paid in the process, is to ...
    • set your Checking account register to NOT automatically accept downloaded transactions into your register. This puts downloaded transactions into a Downloaded Transactions tab at the bottom of the checking account register
    • When you get a deposit from a customer showing up in the Downloaded Transactions tab switch over to the Customer Invoices register and record a New Customer Payment transaction, showing it as paid in the checking account.
    • Switch back to the Checking account register. The downloaded transaction should now show a status of Match and there will be a register transaction with the customer name and the amount paid. Accept this downloaded transaction.
    • Repeat for all other payments received.
    • Process all other downloaded checking account transactions.
    If you already accepted the downloaded transactions into the checking account register
    • switch to the Customer Invoices account and record New Customer Payment transactions as above.
    • switch back to the Checking account. You will now have the downloaded deposit transaction and the Customer Payment transaction side by side in the register ... basically duplicate transactions. Delete the downloaded deposit transaction to clear up this issue.
    Some users simply edit the deposit transaction, to use the customer name (spelled correctly!) and a category to transfer the amount into the [Customer Invoices] account. That may appear to be the easiest method, least amount of work, but it has the drawback that it does not mark any unpaid customer invoice as paid. The above (more cumbersome) procedures achieve that goal for you.

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    When you downloaded transactions into your checking account, did you automatically accept them into the register?
    The best procedure I know of how to accept downloads and get them properly recorded into the Customer Invoices account, marking your invoices as paid in the process, is to ...
    • set your Checking account register to NOT automatically accept downloaded transactions into your register. This puts downloaded transactions into a Downloaded Transactions tab at the bottom of the checking account register
    • When you get a deposit from a customer showing up in the Downloaded Transactions tab switch over to the Customer Invoices register and record a New Customer Payment transaction, showing it as paid in the checking account.
    • Switch back to the Checking account register. The downloaded transaction should now show a status of Match and there will be a register transaction with the customer name and the amount paid. Accept this downloaded transaction.
    • Repeat for all other payments received.
    • Process all other downloaded checking account transactions.
    If you already accepted the downloaded transactions into the checking account register
    • switch to the Customer Invoices account and record New Customer Payment transactions as above.
    • switch back to the Checking account. You will now have the downloaded deposit transaction and the Customer Payment transaction side by side in the register ... basically duplicate transactions. Delete the downloaded deposit transaction to clear up this issue.
    Some users simply edit the deposit transaction, to use the customer name (spelled correctly!) and a category to transfer the amount into the [Customer Invoices] account. That may appear to be the easiest method, least amount of work, but it has the drawback that it does not mark any unpaid customer invoice as paid. The above (more cumbersome) procedures achieve that goal for you.
  • Thanksegon
    Thanksegon Member
    Thanks for taking the time to write up such a detailed response. I'll change my download habits and will go through the more involved process you described. Thanks again.
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